Bloomberg News

USDA Boxed Beef Cutout Closing Prices for June 22

June 22, 2012

June 22 (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: 196.63 180.09 Change from prior day: (0.58) 0.13 ------------------------------------------------------------------------------- Choice/Select spread: 16.54

Total Load Count (Cuts, Trimmings, Grids): 171 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 304.03 262.72 Primal Chuck 147.54 145.94 Primal Round 154.32 153.93 Primal Loin 304.92 251.50 Primal Brisket 138.05 136.29 Primal Short Plate 125.42 130.36 Primal Flank 105.94 98.23 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 06/21 88 75 29 33 225 197.21 179.96 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 197.73 180.59 -------------------------------------------------------------------------------- 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 68.73 loads 2,749,392 pounds Select Cuts 63.58 loads 2,543,139 pounds Trimmings 13.11 loads 524,564 pounds Ground Beef 25.21 load 1,008,544 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 21 31,028 631.33 665.00 646.50 112A 3 Rib, ribeye, bnls, light 12 52,087 657.00 741.00 685.43 112A 3 Rib, ribeye, bnls, heavy 31 58,828 650.00 756.00 712.21 113C 1 Chuck, semi-bnls, neck/off 12 48,218 190.00 210.00 196.64 114 1 Chuck, shoulder clod 17 136,823 179.00 201.50 188.36 114A 3 Chuck, shoulder clod, trmd 37 215,006 190.00 212.00 198.38 114D 3 Chuck, clod, top blade 7 5,144 270.00 302.00 296.48 114E 3 Chuck, clod, arm roast 4 29,844 216.00 244.00 221.91 114F 5 Chuck, clod tender (IM) 11 10,586 336.50 385.76 345.29 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 65 351,357 206.00 228.00 211.95 116B 1 Chuck, chuck tender (IM) 34 79,871 198.00 220.00 214.99

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 35 95,217 210.00 229.75 216.30 120A 3 Brisket, point/off, bnls 16 24,220 310.00 345.00 336.43 123A 3 Short Plate, short rib 19 290,897 199.00 361.00 208.24 130 4 Chuck, short rib 24 83,347 189.00 231.00 194.20 160 1 Round, bone-in 5 4,130 189.50 201.50 194.83 161 1 Round, boneless 5 7,624 196.00 208.50 203.19

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 56 266,056 200.00 229.75 207.89 168 1 Round, top inside round 29 176,327 195.00 208.99 198.34 168 3 Round, top inside round 22 51,209 203.50 220.00 212.58 169 5 Round, top inside, denuded 6 48,272 247.00 252.00 248.67

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 6 8,843 191.00 196.00 191.72 171B 3 Round, outside round 40 182,632 184.38 204.75 192.77 171C 3 Round, eye of round (IM) 29 68,333 190.00 215.50 205.51 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 12 6,926 676.50 710.00 698.47 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 8 3,858 673.78 701.00 691.95 180 3 Loin, strip, bnls, 0x1 24 51,640 783.50 832.00 803.64 184 1 Loin, top butt, bnls, heavy 6 5,530 348.78 361.00 350.53 184 3 Loin, top butt, boneless 27 56,639 356.60 380.00 363.62 185A 4 Loin, bottom sirloin, flap 14 16,091 460.00 485.00 479.08 185B 1 Loin, ball-tip, bnls, heavy 15 23,278 225.00 254.00 240.79 185C 1 Loin, sirloin, tri-tip (IM) 6 13,517 323.00 374.00 343.78 185D 4 Loin, tri-tip, pld (IM) 4 5,947 472.50 487.00 481.75 189A 4 Loin, tndrloin, trmd, heavy 28 49,396 950.00 1071.00 985.64 191A 4 Loin, butt tender, trimmed 4 1,549 938.00 973.00 967.24 193 4 Flank, flank steak (IM) 19 17,077 462.00 481.00 470.39 ------------------------------------------------------------------------------- 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 12 30,484 501.46 536.00 528.98 112A 3 Rib, ribeye, bnls, light 16 32,672 549.30 602.00 583.97 112A 3 Rib, ribeye, bnls, heavy 32 50,455 545.63 597.00 582.76 113C 1 Chuck, semi-bnls, neck/off 12 62,513 190.00 205.00 193.22 114 1 Chuck, shoulder clod 5 34,070 184.50 200.41 187.67 114A 3 Chuck, shoulder clod, trmd 19 61,334 194.00 211.00 201.28 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 5 11,902 310.00 336.50 330.94 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 36 261,371 204.00 222.00 211.22 116B 1 Chuck, chuck tender (IM) 9 37,341 210.00 227.00 213.13

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 21 97,222 203.63 228.00 212.90 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 14 238,986 199.00 321.00 211.35 130 4 Chuck, short rib 17 49,471 181.00 225.00 188.51 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 31 178,089 195.00 218.30 206.17 168 1 Round, top inside round 17 91,261 197.00 208.50 199.76 168 3 Round, top inside round 12 48,580 202.67 218.00 208.17 169 5 Round, top inside, denuded 6 8,346 239.00 254.36 241.02

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 4 1,491 192.50 200.00 198.49 171B 3 Round, outside round 20 82,396 184.79 200.00 191.70 171C 3 Round, eye of round (IM) 12 15,836 197.00 215.00 206.21 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 15 18,717 508.05 562.00 531.52 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 19 40,878 490.88 565.00 506.23 184 1 Loin, top butt, bnls, heavy 16 124,225 266.00 297.00 270.24 184 3 Loin, top butt, boneless 26 83,576 278.24 309.45 285.52 185A 4 Loin, bottom sirloin, flap 9 70,889 421.63 476.00 425.18 185B 1 Loin, ball-tip, bnls, heavy 6 5,919 225.00 236.50 227.98 185C 1 Loin, sirloin, tri-tip (IM) 11 11,760 310.64 343.78 321.17 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 23 146,746 840.85 960.00 882.23 191A 4 Loin, butt tender, trimmed 5 1,281 895.88 933.00 902.72 193 4 Flank, flank steak (IM) 15 17,327 400.00 450.52 419.41 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 12 70,410 97.61 140.00 104.71 121D 4 Plate, Inside Skirt (IM) 48 225,633 358.00 380.00 361.15 121C 4 Plate, Outside Skirt (IM) 22 19,460 514.30 562.00 539.54 121E 6 Outside Skirt, pld (IM)

Cap, Wedge Meat & (IM) Lean 46 389,576 220.85 255.00 229.18

Pectoral Meat 15 13,510 224.00 260.00 235.76 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 25 317,901 140.00 158.00 145.46 Ground Beef 75% Ground Beef 81% 37 241,593 156.00 195.50 169.46 Ground Beef 85% Ground Beef 90% Ground Beef 93% 19 37,250 220.82 264.50 243.18 Ground Beef Chuck 80% 12 65,814 174.00 190.00 180.66 Ground Beef Round 85% 19 123,300 203.58 224.94 206.21 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% 5 43,263 198.00 212.25 202.16 Blended Ground Beef 85% Blended Ground Beef 90% 0 0 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 14 477,734 41.45 58.00 48.45 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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