Bloomberg News

USDA Boxed Beef Cutout Midday Prices for June 21

June 21, 2012

June 21 (Bloomberg) -- This table details boxed beef cutout prices supplied daily by the U.S. Department of Agriculture. Prices and loads traded are as of 11:30 a.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: 197.55 180.65 Change from prior day: (0.45) 0.43 ------------------------------------------------------------------------------- Choice/Select spread: 16.90

Total Load Count (Cuts, Trimmings, Grids): 128 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 308.03 263.05 Primal Chuck 146.84 145.13 Primal Round 155.47 155.45 Primal Loin 306.94 253.19 Primal Brisket 139.46 140.21 Primal Short Plate 123.91 127.68 Primal Flank 106.66 100.01 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 06/20 98 96 12 43 249 198.00 180.22 06/19 67 68 25 32 192 197.94 181.03 06/18 97 50 15 20 182 197.49 180.60 06/15 77 54 19 46 196 198.00 181.11 06/14 129 60 19 50 257 198.17 181.96 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 197.92 180.99 -------------------------------------------------------------------------------- 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 63.59 loads 2,543,440 pounds Select Cuts 36.12 loads 1,444,689 pounds Trimmings 11.36 loads 454,342 pounds Ground Beef 16.73 load 669,085 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 10 20,117 636.10 660.00 645.42 112A 3 Rib, ribeye, bnls, light 9 11,492 706.74 745.00 732.76 112A 3 Rib, ribeye, bnls, heavy 28 120,994 709.00 747.00 731.04 113C 1 Chuck, semi-bnls, neck/off 7 22,891 195.00 202.00 197.59 114 1 Chuck, shoulder clod 11 59,927 188.00 207.00 190.35 114A 3 Chuck, shoulder clod, trmd 22 123,428 195.29 217.00 200.84 114D 3 Chuck, clod, top blade 11 20,831 281.23 302.00 295.59 114E 3 Chuck, clod, arm roast 8 120,639 225.00 233.00 225.25 114F 5 Chuck, clod tender (IM) 6 12,045 345.00 380.00 348.63 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 22 80,921 206.55 221.00 214.37 116B 1 Chuck, chuck tender (IM) 19 35,931 210.00 218.00 214.89

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 21 42,014 213.00 230.00 221.57 120A 3 Brisket, point/off, bnls 18 19,737 308.58 345.00 325.79 123A 3 Short Plate, short rib 5 6,695 314.60 335.00 324.79 130 4 Chuck, short rib 12 24,666 189.13 221.00 192.00 160 1 Round, bone-in 3 4,736 190.00 194.00 191.20 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 55 671,957 202.20 222.00 204.53 168 1 Round, top inside round 21 118,841 193.00 206.00 198.37 168 3 Round, top inside round 18 169,844 203.75 215.00 208.60 169 5 Round, top inside, denuded 12 17,387 241.35 256.00 248.08

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 38 188,400 184.63 205.00 191.47 171C 3 Round, eye of round (IM) 34 97,455 203.00 220.45 208.89 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 12 19,926 649.13 703.50 661.94 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 6 6,588 695.00 716.00 695.83 180 3 Loin, strip, bnls, 0x1 21 80,630 761.00 827.00 788.20 184 1 Loin, top butt, bnls, heavy 184 3 Loin, top butt, boneless 17 57,307 358.58 376.00 365.12 185A 4 Loin, bottom sirloin, flap 20 43,957 454.00 486.00 477.31 185B 1 Loin, ball-tip, bnls, heavy 15 42,716 225.00 252.55 234.92 185C 1 Loin, sirloin, tri-tip (IM) 9 15,913 364.49 371.00 365.72 185D 4 Loin, tri-tip, pld (IM) 5 9,522 485.00 517.00 495.24 189A 4 Loin, tndrloin, trmd, heavy 19 20,047 967.00 1003.65 988.17 191A 4 Loin, butt tender, trimmed 7 5,233 899.13 980.00 902.03 193 4 Flank, flank steak (IM) 10 8,374 453.00 480.60 465.59 ------------------------------------------------------------------------------- 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 38,452 520.00 550.00 536.22 112A 3 Rib, ribeye, bnls, light 6 25,432 592.00 602.00 595.62 112A 3 Rib, ribeye, bnls, heavy 19 23,342 578.92 606.00 593.05 113C 1 Chuck, semi-bnls, neck/off 6 17,770 198.00 202.10 201.07 114 1 Chuck, shoulder clod 5 6,682 191.10 200.00 194.07 114A 3 Chuck, shoulder clod, trmd 11 25,108 198.00 211.00 202.23 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 4 9,287 315.00 355.68 319.20 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 20 61,899 212.00 222.23 215.98 116B 1 Chuck, chuck tender (IM) 11 35,767 205.00 217.00 209.40

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 11 19,607 209.68 231.00 219.45 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 4 6,761 220.00 326.82 271.76 130 4 Chuck, short rib 5 9,130 187.00 223.50 190.35 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 15 62,850 203.00 218.25 207.78 168 1 Round, top inside round 12 50,483 193.00 208.80 198.40 168 3 Round, top inside round 5 37,682 199.10 213.00 201.31 169 5 Round, top inside, denuded 4 2,369 242.00 250.25 243.45

3 Round, top inside, side off 170 1 Round, bottom gooseneck 3 45,108 187.00 200.00 188.34 171B 3 Round, outside round 21 110,195 187.58 200.00 191.48 171C 3 Round, eye of round (IM) 15 160,423 203.00 216.00 204.78 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 14 33,667 523.81 560.00 549.96 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 7 10,445 520.00 567.00 539.79 184 1 Loin, top butt, bnls, heavy 4 11,348 270.00 279.50 276.28 184 3 Loin, top butt, boneless 15 96,103 271.00 292.00 276.74 185A 4 Loin, bottom sirloin, flap 10 32,746 450.00 470.00 455.33 185B 1 Loin, ball-tip, bnls, heavy 10 36,630 219.05 240.50 228.08 185C 1 Loin, sirloin, tri-tip (IM) 8 29,475 310.00 341.00 324.89 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 8 6,032 910.00 966.00 917.90 191A 4 Loin, butt tender, trimmed 6 2,726 907.00 932.00 923.60 193 4 Flank, flank steak (IM) 9 28,395 398.45 435.00 406.47 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 19 183,148 99.40 123.00 101.38 121D 4 Plate, Inside Skirt (IM) 23 83,692 355.00 380.00 359.34 121C 4 Plate, Outside Skirt (IM) 15 31,650 540.00 580.00 568.70 121E 6 Outside Skirt, pld (IM) 10 19,901 735.00 816.00 746.93

Cap, Wedge Meat & (IM) Lean 38 218,015 224.00 250.00 230.78

Pectoral Meat 16 20,133 232.00 250.00 239.17 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 13 177,475 143.40 163.74 145.44 Ground Beef 75% Ground Beef 81% 25 193,220 155.00 215.00 180.35 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 10 29,329 242.50 275.50 250.04 Ground Beef Chuck 80% 7 79,037 163.00 192.35 174.95 Ground Beef Round 85% 3 3,459 213.35 217.00 215.08 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% 0 0 Blended Ground Beef 81% Blended Ground Beef 85% Blended Ground Beef 90% 0 0 Blended Ground Beef 93% Blended Ground Beef Chuck 80% 0 0 Blended Ground Beef Round 85% Blended Ground Beef Sirloin 90% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 12 445,592 47.00 57.00 52.90 Frozen 50% lean trimmings -------------------------------------------------------------------------------- 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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