Bloomberg News

USDA Boxed Beef Cutout Closing Prices for June 29

June 29, 2012

June 29 (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: 194.66 178.09 Change from prior day: (1.46) (2.24) ------------------------------------------------------------------------------- Choice/Select spread: 16.57

Total Load Count (Cuts, Trimmings, Grids): 168 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 289.92 255.34 Primal Chuck 144.79 145.61 Primal Round 154.74 153.62 Primal Loin 305.84 247.11 Primal Brisket 139.67 135.00 Primal Short Plate 125.68 130.33 Primal Flank 107.38 98.07 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 06/28 75 54 16 18 163 196.12 180.33 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 196.97 180.20 -------------------------------------------------------------------------------- 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 75.54 loads 3,021,680 pounds Select Cuts 59.67 loads 2,386,621 pounds Trimmings 6.36 loads 254,429 pounds Ground Beef 26.30 load 1,052,033 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 19 50,861 598.63 665.00 610.38 112A 3 Rib, ribeye, bnls, light 3 2,528 698.50 716.00 713.58 112A 3 Rib, ribeye, bnls, heavy 24 49,545 699.00 743.00 720.49 113C 1 Chuck, semi-bnls, neck/off 6 63,851 188.00 205.00 188.22 114 1 Chuck, shoulder clod 12 32,812 184.00 205.00 187.20 114A 3 Chuck, shoulder clod, trmd 36 118,804 189.00 207.00 194.22 114D 3 Chuck, clod, top blade 5 10,954 265.00 303.33 294.02 114E 3 Chuck, clod, arm roast 5 2,431 215.00 231.85 219.24 114F 5 Chuck, clod tender (IM) 11 3,896 340.50 385.00 360.60 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 63 409,555 198.60 219.80 203.60 116B 1 Chuck, chuck tender (IM) 19 32,527 204.00 221.00 212.08

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 33 92,879 212.78 230.00 220.31 120A 3 Brisket, point/off, bnls 15 17,760 308.62 349.75 331.37 123A 3 Short Plate, short rib 13 19,480 225.00 355.00 310.87 130 4 Chuck, short rib 19 81,168 183.00 232.00 192.66 160 1 Round, bone-in 4 4,621 188.50 202.30 191.89 161 1 Round, boneless 4 15,653 198.00 207.50 199.75

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 57 221,300 200.00 227.75 211.47 168 1 Round, top inside round 36 341,950 191.00 207.00 194.23 168 3 Round, top inside round 36 164,414 199.00 224.42 205.33 169 5 Round, top inside, denuded 7 4,239 235.00 247.00 241.62

3 Round, top inside, side off 170 1 Round, bottom gooseneck 3 2,127 188.00 198.00 195.20 171B 3 Round, outside round 43 163,122 187.00 206.00 194.49 171C 3 Round, eye of round (IM) 22 35,306 200.00 220.00 211.15 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 13 44,309 669.75 710.00 681.32 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 6 5,472 695.00 708.00 697.03 180 3 Loin, strip, bnls, 0x1 26 39,409 712.52 816.00 778.47 184 1 Loin, top butt, bnls, heavy 4 3,497 350.00 360.00 356.06 184 3 Loin, top butt, boneless 13 38,790 357.00 380.00 362.78 185A 4 Loin, bottom sirloin, flap 23 23,707 446.00 485.50 471.53 185B 1 Loin, ball-tip, bnls, heavy 24 68,038 219.00 245.00 230.99 185C 1 Loin, sirloin, tri-tip (IM) 17 53,086 330.00 393.50 350.30 185D 4 Loin, tri-tip, pld (IM) 6 4,592 471.06 495.00 488.25 189A 4 Loin, tndrloin, trmd, heavy 32 112,745 942.00 1006.00 953.31 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 13 24,141 462.00 486.50 482.02 ------------------------------------------------------------------------------- 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 13 40,282 519.31 536.00 530.04 112A 3 Rib, ribeye, bnls, light 11 12,634 575.00 595.00 582.29 112A 3 Rib, ribeye, bnls, heavy 27 72,749 547.85 595.00 572.95 113C 1 Chuck, semi-bnls, neck/off 8 23,341 188.00 200.00 190.53 114 1 Chuck, shoulder clod 12 109,317 175.88 191.00 187.02 114A 3 Chuck, shoulder clod, trmd 22 76,249 186.00 203.40 193.89 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 13 24,627 310.00 330.00 311.02 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 24 226,397 200.00 215.80 203.41 116B 1 Chuck, chuck tender (IM) 6 14,800 205.00 217.00 208.28

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 19 252,836 203.00 228.00 209.71 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 7 9,151 220.00 355.00 277.50 130 4 Chuck, short rib 9 29,265 180.00 210.00 188.63 160 1 Round, bone-in 161 1 Round, boneless 6 11,161 188.55 207.50 199.89

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 16 66,182 205.00 225.00 210.20 168 1 Round, top inside round 15 124,933 191.00 203.00 194.86 168 3 Round, top inside round 10 36,121 199.39 215.00 204.86 169 5 Round, top inside, denuded 3 2,959 240.00 245.50 243.06

3 Round, top inside, side off 170 1 Round, bottom gooseneck 3 1,469 185.00 195.00 193.59 171B 3 Round, outside round 12 30,138 180.88 201.50 193.91 171C 3 Round, eye of round (IM) 9 16,585 208.00 215.00 212.22 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 13 125,676 471.58 536.00 499.72 175 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 21 28,563 487.40 547.00 505.34 184 1 Loin, top butt, bnls, heavy 7 10,029 260.00 276.00 265.33 184 3 Loin, top butt, boneless 26 170,057 261.00 289.62 268.87 185A 4 Loin, bottom sirloin, flap 7 32,550 442.50 471.50 452.35 185B 1 Loin, ball-tip, bnls, heavy 17 115,161 219.00 237.00 224.94 185C 1 Loin, sirloin, tri-tip (IM) 8 16,499 308.00 352.85 319.64 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 20 130,079 851.00 966.00 864.97 191A 4 Loin, butt tender, trimmed 0 0 193 4 Flank, flank steak (IM) 16 34,929 399.00 450.73 411.81 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 6 5,848 113.78 123.00 120.17 121D 4 Plate, Inside Skirt (IM) 41 170,978 345.00 381.00 363.77 121C 4 Plate, Outside Skirt (IM) 22 28,134 515.00 566.00 547.99 121E 6 Outside Skirt, pld (IM) 4 6,539 716.00 745.00 729.07

Cap, Wedge Meat & (IM) Lean 49 673,468 226.00 245.00 228.96

Pectoral Meat 17 26,350 219.00 255.00 230.85 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 19 270,435 129.62 153.39 137.68 Ground Beef 75% 0 0 Ground Beef 81% 37 277,541 170.00 201.25 179.31 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 6 7,095 243.50 265.00 247.00 Ground Beef Chuck 80% 13 62,427 176.00 200.00 184.01 Ground Beef Round 85% 15 80,783 205.62 218.00 210.85 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% 4 35,057 200.49 202.25 201.89 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% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 8 213,749 49.00 54.75 52.66 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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