Bloomberg News

USDA Boxed Beef Cutout Closing Prices for June 18

June 18, 2012

June 18 (Bloomberg) -- This table details boxed beef cutout prices supplied daily by the U.S. Department of Agriculture. Prices and loads traded are as of 3:00 p.m. U.S. central time.

Prices are determined from cuts in dollars a hundredweight and vary between higher-quality choice cuts and select beef cuts for sale f.o.b. Omaha, Nebraska.

CHOICE SELECT

600-900 600-900 ------------------------------------------------------------------------------- Current Cutout Values: 197.49 180.60 Change from prior day: (0.51) (0.51) ------------------------------------------------------------------------------- Choice/Select spread: 16.89

Total Load Count (Cuts, Trimmings, Grids): 182 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 303.90 257.41 Primal Chuck 150.89 148.43 Primal Round 155.97 155.82 Primal Loin 303.78 253.01 Primal Brisket 136.90 131.26 Primal Short Plate 123.23 128.44 Primal Flank 104.87 98.75 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 06/15 77 54 19 46 196 198.00 181.11 06/14 129 60 19 50 257 198.17 181.96 06/13 121 104 24 46 295 197.76 182.03 06/12 90 77 14 32 212 197.48 182.22 06/11 84 53 27 27 191 197.69 183.66 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 197.82 182.20 -------------------------------------------------------------------------------- NATIONAL BOXED BEEF CUTS - NEGOTIATED SALES FOB Plant basis negotiated sales for delivery within 0-21 day period. Prior days sales after 1:30pm are included.

CURRENT VOLUME - (one load equals 40,000 pounds)

Choice Cuts 97.42 loads 3,896,821 pounds Select Cuts 49.57 loads 1,982,960 pounds Trimmings 15.15 loads 606,082 pounds Ground Beef 19.88 load 795,137 pounds ------------------------------------------------------------------------------- Choice Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted

rades Pounds Range Average ------------------------------------------------------------------------------- 109E 1 Rib, ribeye, lip-on, bn-in 46 235,173 616.88 663.33 628.90 112A 3 Rib, ribeye, bnls, light 6 4,402 724.34 740.00 728.46 112A 3 Rib, ribeye, bnls, heavy 48 115,103 690.50 746.00 724.14 113C 1 Chuck, semi-bnls, neck/off 6 43,800 197.00 208.00 199.01 114 1 Chuck, shoulder clod 11 49,605 188.62 206.03 203.38 114A 3 Chuck, shoulder clod, trmd 24 92,588 203.30 225.00 206.49 114D 3 Chuck, clod, top blade 14 27,558 288.00 308.00 297.47 114E 3 Chuck, clod, arm roast 17 42,112 225.00 254.50 237.91 114F 5 Chuck, clod tender (IM) 8 9,112 345.00 387.44 349.21 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 46 194,550 210.00 228.30 216.72 116B 1 Chuck, chuck tender (IM) 29 90,601 209.31 218.50 212.66

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 43 149,128 206.20 226.00 216.77 120A 3 Brisket, point/off, bnls 16 21,981 326.00 342.60 330.84 123A 3 Short Plate, short rib 27 66,355 255.00 367.00 329.46 130 4 Chuck, short rib 27 80,846 184.20 227.00 197.76 160 1 Round, bone-in 3 8,173 189.00 190.00 189.42 161 1 Round, boneless 6 19,622 196.00 210.33 198.72

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 75 230,356 204.55 230.00 214.89 168 1 Round, top inside round 27 183,563 194.00 210.00 199.89 168 3 Round, top inside round 17 58,609 206.00 223.28 210.50 169 5 Round, top inside, denuded 32 150,326 237.40 256.00 244.96

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 60 546,301 179.43 204.00 187.89 171C 3 Round, eye of round (IM) 65 172,904 200.00 220.00 208.28 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 26 246,883 653.00 702.00 669.12 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 11 12,855 665.00 695.50 686.97 180 3 Loin, strip, bnls, 0x1 47 169,222 765.00 826.00 784.49 184 1 Loin, top butt, bnls, heavy 9 7,397 345.00 358.00 349.36 184 3 Loin, top butt, boneless 49 240,472 346.00 375.00 362.79 185A 4 Loin, bottom sirloin, flap 20 73,106 423.00 475.00 441.67 185B 1 Loin, ball-tip, bnls, heavy 15 14,510 235.00 250.00 242.11 185C 1 Loin, sirloin, tri-tip (IM) 5 5,619 365.00 395.00 369.58 185D 4 Loin, tri-tip, pld (IM) 4 2,239 476.00 507.89 477.94 189A 4 Loin, tndrloin, trmd, heavy 39 90,377 953.00 1016.00 973.71 191A 4 Loin, butt tender, trimmed 13 8,596 940.94 980.31 948.21 193 4 Flank, flank steak (IM) 20 26,873 454.31 477.00 465.57 ------------------------------------------------------------------------------- Select Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted

Trades Pounds Range Average ------------------------------------------------------------------------------- 109E 1 Rib, ribeye, lip-on, bn-in 11 14,705 507.00 540.69 520.10 112A 3 Rib, ribeye, bnls, light 12 36,492 559.00 596.00 590.29 112A 3 Rib, ribeye, bnls, heavy 31 63,072 574.00 598.00 585.03 113C 1 Chuck, semi-bnls, neck/off 7 12,036 190.21 205.00 198.02 114 1 Chuck, shoulder clod 7 27,068 194.00 203.00 195.69 114A 3 Chuck, shoulder clod, trmd 16 29,898 204.92 225.00 208.50 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 7 8,153 305.00 331.00 315.42 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 36 228,156 203.37 231.60 215.64 116B 1 Chuck, chuck tender (IM) 11 29,551 210.00 230.00 216.15

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 22 82,633 205.00 221.50 209.71 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 12 17,656 245.00 356.00 284.64 130 4 Chuck, short rib 11 34,998 183.50 225.00 191.42 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 12 17,165 204.55 218.00 210.21 168 1 Round, top inside round 15 57,450 195.00 206.15 196.92 168 3 Round, top inside round 11 40,474 206.00 220.00 209.08 169 5 Round, top inside, denuded

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 26 261,079 187.00 205.00 189.60 171C 3 Round, eye of round (IM) 16 58,754 204.85 222.00 211.49 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 17 37,099 512.00 560.00 528.69 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 16 17,693 504.00 565.00 518.90 184 1 Loin, top butt, bnls, heavy 19 157,171 270.00 296.00 271.73 184 3 Loin, top butt, boneless 24 147,419 277.00 309.95 288.88 185A 4 Loin, bottom sirloin, flap 5 9,441 455.88 480.00 465.86 185B 1 Loin, ball-tip, bnls, heavy 12 100,726 225.00 245.00 229.12 185C 1 Loin, sirloin, tri-tip (IM) 13 133,332 305.00 336.00 318.94 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 28 22,174 870.00 924.00 891.84 191A 4 Loin, butt tender, trimmed 6 3,933 906.00 920.00 919.04 193 4 Flank, flank steak (IM) 17 47,828 400.88 439.00 423.39 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 9 23,094 112.00 139.61 134.93 121D 4 Plate, Inside Skirt (IM) 42 213,219 352.00 380.00 360.51 121C 4 Plate, Outside Skirt (IM) 13 15,550 527.50 562.00 546.63 121E 6 Outside Skirt, pld (IM) 12 31,510 728.20 765.00 738.42

Cap, Wedge Meat & (IM) Lean 27 119,797 229.00 245.30 233.95

Pectoral Meat 23 101,257 232.60 250.00 234.17 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 21 147,159 146.00 157.00 149.62 Ground Beef 75% Ground Beef 81% 38 215,730 166.85 196.49 175.69 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 12 83,443 235.00 269.00 247.88 Ground Beef Chuck 80% 13 108,078 167.00 203.00 181.75 Ground Beef Round 85% 9 64,065 212.00 221.13 216.78 Ground Beef Sirloin 90% ------------------------------------------------------------------------------- BLENDED GB - STEER/HEIFER/COW SOURCE- 10 Pound Chub Basis - Coarse & Fine Grind ------------------------------------------------------------------------------- Blended Ground Beef 73% Blended Ground Beef 75% Blended Ground Beef 81% 7 65,558 194.60 230.00 223.26 Blended Ground Beef 85% Blended Ground Beef 90% Blended Ground Beef 93% Blended Ground Beef Chuck 80% Blended Ground Beef Round 85% Blended Ground Beef Sirloin 90% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 18 606,082 43.00 49.00 47.31 Frozen 50% lean trimmings 0 0 -------------------------------------------------------------------------------- FAT LIMITATIONS (FL) DESCRIPTION Maximum Average Fat Thickness Maximum Fat at any point 1. 3/4" (19mm) 1.0" 2. 1/4" (6mm) 1/2" 3. 1/8" (3mm) 1/4" 4. Practically free (75% surface lean exposed) 1/8" 5. Peeled/Denuded 1/8" 6. Peeled/Denuded, surface membrane removed 1/8" -------------------------------------------------------------------------------- Items that have no entries indicate there were trades but not reportable because they did not meet the daily 3/70/20 guideline. Please refer to weekly LM_XB459 as the item may qualify. --------------------------------------------------------------------------------

A cutout value is an average of the prices tallied for cuts of beef from cattle carcasses weighing 550-850 pounds. Cutout values are separated into three main product types. Fabricated loads are beef cuts taken from an animal's ribs, chuck, round, loin, brisket, short plate and flank; 50 percent loads are 50 percent lean beef trimmings. Ground loads may contain 73, 75, or 80 percent ground beef. A typical refrigerated truckload carries 40,000 pounds.

Choice 1-3 grade is a better grade than Select 1-3, partly because Choice cuts have more fat, or marbling, than Select cuts.

Grade quality is determined using a 1-5 yield grade scale. A rating of 1 is the highest ratio of muscle to fat, while 5 is the lowest. Marbling is an important flavor factor.


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