Bloomberg News

USDA Boxed Beef Cutout Closing Prices for June 28

June 28, 2012

June 28 (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: 196.12 180.33 Change from prior day: (1.81) 0.01 ------------------------------------------------------------------------------- Choice/Select spread: 15.79

Total Load Count (Cuts, Trimmings, Grids): 163 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 295.46 258.19 Primal Chuck 145.09 145.81 Primal Round 155.54 154.73 Primal Loin 308.41 252.95 Primal Brisket 140.23 140.89 Primal Short Plate 125.75 130.25 Primal Flank 107.11 100.67 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 06/27 81 69 22 44 216 197.93 180.32 06/26 60 61 18 42 181 197.74 180.22 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 197.19 180.12 -------------------------------------------------------------------------------- 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 74.64 loads 2,985,429 pounds Select Cuts 53.84 loads 2,153,734 pounds Trimmings 16.46 loads 658,351 pounds Ground Beef 18.09 load 723,716 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 18 22,266 580.00 662.00 600.14 112A 3 Rib, ribeye, bnls, light 14 40,771 632.85 745.00 647.09 112A 3 Rib, ribeye, bnls, heavy 42 165,052 632.85 741.64 689.13 113C 1 Chuck, semi-bnls, neck/off 9 91,602 172.00 198.00 182.49 114 1 Chuck, shoulder clod 15 76,600 183.00 195.25 187.11 114A 3 Chuck, shoulder clod, trmd 30 235,477 187.00 211.00 192.48 114D 3 Chuck, clod, top blade 5 6,912 295.00 300.00 297.56 114E 3 Chuck, clod, arm roast 7 14,195 215.00 248.00 231.40 114F 5 Chuck, clod tender (IM) 7 2,038 324.52 384.61 355.18 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 60 484,667 200.00 222.00 203.39 116B 1 Chuck, chuck tender (IM) 22 65,566 207.00 220.00 212.18

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 42 75,275 215.00 231.00 222.20 120A 3 Brisket, point/off, bnls 21 14,540 324.00 342.00 337.89 123A 3 Short Plate, short rib 25 30,623 235.00 351.00 322.61 130 4 Chuck, short rib 21 79,971 183.25 230.00 190.86 160 1 Round, bone-in 7 4,760 186.75 206.50 189.90 161 1 Round, boneless 5 10,626 202.00 205.00 202.12

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 49 280,437 200.00 227.75 210.85 168 1 Round, top inside round 22 89,394 191.37 205.00 195.79 168 3 Round, top inside round 29 186,993 197.50 215.00 204.91 169 5 Round, top inside, denuded 18 38,909 239.50 254.61 245.36

3 Round, top inside, side off 170 1 Round, bottom gooseneck 9 5,904 188.00 201.25 192.63 171B 3 Round, outside round 30 99,784 187.00 204.75 194.66 171C 3 Round, eye of round (IM) 35 76,243 198.70 222.60 208.61 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 15 6,589 680.00 701.00 686.32 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 5 1,936 692.00 709.50 700.78 180 3 Loin, strip, bnls, 0x1 25 40,454 700.00 815.00 770.92 184 1 Loin, top butt, bnls, heavy 4 1,169 338.00 356.00 349.26 184 3 Loin, top butt, boneless 37 103,489 339.46 380.00 358.73 185A 4 Loin, bottom sirloin, flap 21 34,495 446.00 485.00 469.80 185B 1 Loin, ball-tip, bnls, heavy 20 33,162 224.00 246.50 235.83 185C 1 Loin, sirloin, tri-tip (IM) 17 209,039 329.00 400.00 359.24 185D 4 Loin, tri-tip, pld (IM) 13 12,044 488.45 524.00 495.53 189A 4 Loin, tndrloin, trmd, heavy 42 81,073 941.00 1006.75 967.23 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 17 13,313 459.00 491.00 473.68 ------------------------------------------------------------------------------- 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 23 42,465 495.00 536.00 515.06 112A 3 Rib, ribeye, bnls, light 11 36,216 565.00 600.50 573.89 112A 3 Rib, ribeye, bnls, heavy 35 51,377 550.00 604.75 575.11 113C 1 Chuck, semi-bnls, neck/off 9 16,029 187.70 205.00 193.30 114 1 Chuck, shoulder clod 13 75,175 180.00 194.00 183.28 114A 3 Chuck, shoulder clod, trmd 21 119,935 193.00 207.00 196.21 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 9 3,035 310.00 340.00 329.11 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 30 158,598 200.00 220.00 206.01 116B 1 Chuck, chuck tender (IM) 14 46,498 210.00 220.00 214.11

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 12 53,598 213.00 228.00 225.11 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 6 5,844 220.00 325.00 266.86 130 4 Chuck, short rib 9 58,435 185.00 217.00 188.08 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 39 187,390 200.00 218.25 206.25 168 1 Round, top inside round 12 62,143 193.00 209.00 198.91 168 3 Round, top inside round 12 98,924 198.00 215.00 200.09 169 5 Round, top inside, denuded 9 7,314 242.00 254.89 244.01

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 5 14,427 182.00 200.00 187.37 171B 3 Round, outside round 19 100,202 186.00 201.00 191.23 171C 3 Round, eye of round (IM) 24 58,783 198.24 215.00 206.85 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 20 24,598 515.00 567.00 530.27 175 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 21 59,683 497.00 565.00 524.22 184 1 Loin, top butt, bnls, heavy 13 34,302 250.00 291.25 260.68 184 3 Loin, top butt, boneless 26 118,755 263.00 296.25 274.74 185A 4 Loin, bottom sirloin, flap 5 5,341 439.39 469.25 457.56 185B 1 Loin, ball-tip, bnls, heavy 15 31,752 216.00 239.61 228.21 185C 1 Loin, sirloin, tri-tip (IM) 20 216,808 301.00 344.89 324.82 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 25 45,389 876.00 917.30 887.17 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 9 6,771 424.00 456.00 430.68 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 22 16,561 103.16 140.00 120.92 121D 4 Plate, Inside Skirt (IM) 24 54,468 354.37 380.00 364.01 121C 4 Plate, Outside Skirt (IM) 20 22,516 532.00 561.00 549.93 121E 6 Outside Skirt, pld (IM) 16 14,663 728.00 813.50 749.95

Cap, Wedge Meat & (IM) Lean 42 216,959 227.00 246.00 232.99

Pectoral Meat 44 176,086 218.00 255.00 229.14 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 25 288,098 136.04 159.50 141.15 Ground Beef 75% 0 0 Ground Beef 81% 28 122,872 166.00 190.50 175.75 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 14 46,006 230.00 275.50 244.59 Ground Beef Chuck 80% 16 149,898 170.90 189.00 182.13 Ground Beef Round 85% 6 14,776 205.41 216.00 209.08 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% Blended Ground Beef 81% 10 48,098 194.51 211.30 199.46 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% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 17 490,351 49.00 58.00 52.79 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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