Bloomberg News

USDA Boxed Beef Cutout Closing Prices for June 26

June 26, 2012

June 26 (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: 197.74 180.22 Change from prior day: 1.31 0.19 ------------------------------------------------------------------------------- Choice/Select spread: 17.52

Total Load Count (Cuts, Trimmings, Grids): 181 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 302.69 258.64 Primal Chuck 148.58 147.51 Primal Round 155.19 154.97 Primal Loin 308.22 250.33 Primal Brisket 138.47 138.47 Primal Short Plate 125.27 130.06 Primal Flank 107.22 99.80 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 06/25 95 65 29 14 203 196.43 180.03 06/22 69 64 13 25 171 196.63 180.09 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 197.24 180.27 -------------------------------------------------------------------------------- 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 59.68 loads 2,387,388 pounds Select Cuts 61.48 loads 2,459,251 pounds Trimmings 17.75 loads 709,969 pounds Ground Beef 41.96 load 1,678,478 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 24 60,427 597.00 661.00 620.60 112A 3 Rib, ribeye, bnls, light 7 4,974 731.25 752.00 741.98 112A 3 Rib, ribeye, bnls, heavy 45 63,024 672.00 751.05 715.75 113C 1 Chuck, semi-bnls, neck/off 7 9,847 189.22 202.00 198.75 114 1 Chuck, shoulder clod 11 38,491 189.00 199.61 191.17 114A 3 Chuck, shoulder clod, trmd 35 182,948 194.00 210.24 198.58 114D 3 Chuck, clod, top blade 9 21,125 292.63 300.00 298.97 114E 3 Chuck, clod, arm roast 9 65,255 213.71 240.21 216.67 114F 5 Chuck, clod tender (IM) 13 10,688 344.50 385.00 360.36 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 41 218,193 205.00 220.30 212.09 116B 1 Chuck, chuck tender (IM) 22 67,504 204.87 225.81 212.15

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 41 191,460 213.87 229.75 220.20 120A 3 Brisket, point/off, bnls 10 14,594 324.00 344.75 330.67 123A 3 Short Plate, short rib 14 33,570 225.00 340.00 291.93 130 4 Chuck, short rib 35 101,142 184.20 230.37 193.26 160 1 Round, bone-in 10 21,537 185.00 207.50 198.18 161 1 Round, boneless 5 4,610 200.00 209.61 203.99

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 34 95,508 202.00 227.75 211.85 168 1 Round, top inside round 39 131,483 190.14 209.00 198.14 168 3 Round, top inside round 32 136,375 202.00 226.00 207.52 169 5 Round, top inside, denuded 11 59,583 240.00 254.50 246.51

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 5 3,940 189.00 201.00 192.57 171B 3 Round, outside round 36 143,005 185.00 204.75 194.31 171C 3 Round, eye of round (IM) 40 59,575 204.10 221.30 212.86 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 22 60,016 660.00 709.75 684.51 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 9 8,643 672.75 719.00 698.63 180 3 Loin, strip, bnls, 0x1 19 37,251 789.00 836.00 808.35 184 1 Loin, top butt, bnls, heavy 11 16,152 344.80 360.00 347.01 184 3 Loin, top butt, boneless 20 45,082 359.75 379.65 368.80 185A 4 Loin, bottom sirloin, flap 20 49,207 469.50 496.00 481.55 185B 1 Loin, ball-tip, bnls, heavy 16 13,450 235.87 254.00 240.47 185C 1 Loin, sirloin, tri-tip (IM) 15 55,916 360.00 402.00 387.87 185D 4 Loin, tri-tip, pld (IM) 10 12,080 485.00 510.00 495.86 189A 4 Loin, tndrloin, trmd, heavy 29 66,882 950.00 995.00 967.45 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 17 15,496 467.00 496.00 478.70 ------------------------------------------------------------------------------- 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 15 35,840 500.00 543.03 512.36 112A 3 Rib, ribeye, bnls, light 9 9,864 580.00 599.00 591.84 112A 3 Rib, ribeye, bnls, heavy 32 38,605 578.00 603.61 589.04 113C 1 Chuck, semi-bnls, neck/off 16 48,854 190.00 205.00 194.51 114 1 Chuck, shoulder clod 5 35,777 185.00 195.00 189.81 114A 3 Chuck, shoulder clod, trmd 32 115,938 194.00 218.00 200.23 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 10 44,599 309.50 332.00 322.62 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 37 240,904 201.00 221.00 206.91 116B 1 Chuck, chuck tender (IM) 18 26,202 205.00 220.70 212.06

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 22 144,633 209.00 228.00 220.78 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 7 12,927 215.00 355.00 298.40 130 4 Chuck, short rib 18 68,271 178.00 210.00 189.23 160 1 Round, bone-in 161 1 Round, boneless 4 2,952 198.00 209.00 205.08

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 32 216,649 202.00 237.00 207.86 168 1 Round, top inside round 19 49,637 195.00 209.00 199.08 168 3 Round, top inside round 18 84,126 202.00 216.07 207.79 169 5 Round, top inside, denuded 4 9,535 240.00 245.00 241.89

3 Round, top inside, side off 170 1 Round, bottom gooseneck 4 3,456 188.44 196.61 189.36 171B 3 Round, outside round 23 152,499 187.00 202.00 194.36 171C 3 Round, eye of round (IM) 12 32,323 197.00 217.00 203.28 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 21 37,947 520.00 566.00 533.54 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 0 0 180 3 Loin, strip, bnls, 0x1 20 23,912 500.00 565.00 524.68 184 1 Loin, top butt, bnls, heavy 8 29,331 260.00 272.00 266.20 184 3 Loin, top butt, boneless 28 183,166 270.00 315.00 273.63 185A 4 Loin, bottom sirloin, flap 11 30,394 432.00 480.00 461.03 185B 1 Loin, ball-tip, bnls, heavy 14 64,446 215.99 235.00 220.54 185C 1 Loin, sirloin, tri-tip (IM) 7 36,568 308.00 331.25 312.13 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 25 39,872 876.00 975.00 899.72 191A 4 Loin, butt tender, trimmed 9 15,981 874.58 932.80 897.69 193 4 Flank, flank steak (IM) 24 32,367 410.00 450.00 423.04 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 121D 4 Plate, Inside Skirt (IM) 27 54,246 358.00 385.22 366.07 121C 4 Plate, Outside Skirt (IM) 17 18,823 534.08 560.00 549.10 121E 6 Outside Skirt, pld (IM) 14 22,157 728.70 812.00 759.06

Cap, Wedge Meat & (IM) Lean 46 223,452 224.20 250.00 229.63

Pectoral Meat 30 106,239 223.11 250.50 235.52 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 38 656,636 136.45 159.00 141.74 Ground Beef 75% Ground Beef 81% 38 289,967 170.00 205.99 176.84 Ground Beef 85% Ground Beef 90% Ground Beef 93% 23 128,154 235.00 268.00 252.57 Ground Beef Chuck 80% 18 149,751 173.97 196.00 184.54 Ground Beef Round 85% 15 62,910 200.00 225.00 210.73 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 28,585 197.30 212.00 200.19 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% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 12 290,669 50.55 59.00 54.93 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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