Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 197.61 179.94 Change from prior day: 1.18 (0.09) ------------------------------------------------------------------------------- Choice/Select spread: 17.67

Total Load Count (Cuts, Trimmings, Grids): 100 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 304.26 258.23 Primal Chuck 148.36 147.11 Primal Round 155.19 155.19 Primal Loin 307.45 250.03 Primal Brisket 137.65 137.11 Primal Short Plate 124.78 129.56 Primal Flank 107.16 99.75 -------------------------------------------------------------------------------- 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 31.39 loads 1,255,797 pounds Select Cuts 37.16 loads 1,486,235 pounds Trimmings 5.65 loads 225,900 pounds Ground Beef 25.57 load 1,022,615 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 14 18,891 623.89 660.00 643.94 112A 3 Rib, ribeye, bnls, light 3 2,428 731.25 752.00 742.49 112A 3 Rib, ribeye, bnls, heavy 27 34,144 700.00 751.05 731.72 113C 1 Chuck, semi-bnls, neck/off 5 6,812 193.00 202.00 200.65 114 1 Chuck, shoulder clod 8 24,706 191.00 199.61 191.93 114A 3 Chuck, shoulder clod, trmd 20 136,409 194.00 209.33 198.63 114D 3 Chuck, clod, top blade 7 19,219 292.63 300.00 298.99 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 9 7,219 347.00 385.00 357.48 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 20 115,018 210.00 220.30 214.02 116B 1 Chuck, chuck tender (IM) 10 24,662 209.00 225.81 214.80

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 23 98,440 214.73 228.00 217.47 120A 3 Brisket, point/off, bnls 3 6,979 324.00 342.00 325.18 123A 3 Short Plate, short rib 6 2,595 225.00 335.00 267.45 130 4 Chuck, short rib 14 25,621 184.20 228.00 201.68 160 1 Round, bone-in 9 20,952 187.00 207.50 198.55 161 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 14 21,005 207.50 221.50 212.59 168 1 Round, top inside round 31 100,059 190.14 205.61 197.74 168 3 Round, top inside round 14 81,387 204.00 226.00 207.65 169 5 Round, top inside, denuded 6 13,771 240.00 254.50 243.54

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 4 3,030 190.00 201.00 193.64 171B 3 Round, outside round 27 117,528 185.00 203.00 193.94 171C 3 Round, eye of round (IM) 17 18,976 205.00 221.30 209.75 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 11 10,038 660.00 702.00 679.94 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 5 3,280 672.75 716.00 689.40 180 3 Loin, strip, bnls, 0x1 9 10,490 791.00 836.00 810.46 184 1 Loin, top butt, bnls, heavy 10 14,753 344.80 360.00 346.63 184 3 Loin, top butt, boneless 10 16,061 365.00 379.65 369.76 185A 4 Loin, bottom sirloin, flap 13 18,337 459.95 496.00 481.55 185B 1 Loin, ball-tip, bnls, heavy 7 5,538 238.03 245.00 241.60 185C 1 Loin, sirloin, tri-tip (IM) 4 11,874 360.00 371.25 368.71 185D 4 Loin, tri-tip, pld (IM) 9 8,219 485.00 510.00 496.27 189A 4 Loin, tndrloin, trmd, heavy 19 45,368 950.00 995.00 969.36 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 11 10,623 477.00 496.00 481.50 ------------------------------------------------------------------------------- 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 9 29,009 500.00 543.03 506.64 112A 3 Rib, ribeye, bnls, light 6 7,240 580.00 595.00 589.57 112A 3 Rib, ribeye, bnls, heavy 21 29,647 578.00 603.61 588.91 113C 1 Chuck, semi-bnls, neck/off 9 29,819 190.00 202.75 194.76 114 1 Chuck, shoulder clod 5 35,777 185.00 195.00 189.81 114A 3 Chuck, shoulder clod, trmd 18 60,874 194.00 210.00 199.59 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 5 7,491 315.00 331.25 318.87 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 25 205,857 201.00 218.17 205.62 116B 1 Chuck, chuck tender (IM) 9 15,281 205.00 217.00 211.86

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 12 23,987 209.00 228.00 217.75 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 4 3,096 215.00 325.79 253.70 130 4 Chuck, short rib 10 27,313 178.00 202.00 188.03 160 1 Round, bone-in 161 1 Round, boneless 3 1,999 198.00 207.00 203.21

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 16 121,707 202.00 237.00 207.87 168 1 Round, top inside round 10 32,976 195.00 209.00 198.16 168 3 Round, top inside round 14 63,629 202.00 216.05 207.57 169 5 Round, top inside, denuded

3 Round, top inside, side off 170 1 Round, bottom gooseneck 3 1,299 188.44 196.61 190.26 171B 3 Round, outside round 16 132,207 187.00 202.00 194.94 171C 3 Round, eye of round (IM) 6 18,268 200.50 217.00 205.25 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 16 18,844 520.00 566.00 531.68 175 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 8 9,568 527.00 565.00 542.65 184 1 Loin, top butt, bnls, heavy 5 7,699 260.00 272.00 269.69 184 3 Loin, top butt, boneless 23 179,929 270.00 315.00 273.43 185A 4 Loin, bottom sirloin, flap 6 9,779 456.00 480.00 463.68 185B 1 Loin, ball-tip, bnls, heavy 11 39,489 215.99 235.00 221.51 185C 1 Loin, sirloin, tri-tip (IM) 4 6,468 315.00 319.00 317.01 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 17 30,937 876.39 972.00 895.00 191A 4 Loin, butt tender, trimmed 6 8,177 913.00 932.80 914.30 193 4 Flank, flank steak (IM) 15 11,550 410.00 450.00 420.57 ------------------------------------------------------------------------------- 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) 16 22,801 358.00 385.22 369.81 121C 4 Plate, Outside Skirt (IM) 10 10,081 534.08 557.00 547.91 121E 6 Outside Skirt, pld (IM) 5 14,332 728.70 776.00 761.86

Cap, Wedge Meat & (IM) Lean 27 174,818 224.20 250.00 228.58

Pectoral Meat 16 85,117 224.49 246.61 234.92 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 25 379,970 136.45 159.00 141.46 Ground Beef 75% 0 0 Ground Beef 81% 22 121,812 170.44 205.80 182.82 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 17 116,387 235.00 268.00 253.54 Ground Beef Chuck 80% 13 115,245 173.97 196.00 183.17 Ground Beef Round 85% 7 26,520 200.00 220.00 211.86 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% 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 4 138,900 50.55 54.00 52.39 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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