Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 194.69 178.46 Change from prior day: (1.43) (1.87) ------------------------------------------------------------------------------- Choice/Select spread: 16.24

Total Load Count (Cuts, Trimmings, Grids): 108 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 288.83 256.24 Primal Chuck 144.85 145.05 Primal Round 154.80 153.44 Primal Loin 306.27 249.53 Primal Brisket 139.70 133.93 Primal Short Plate 126.00 130.58 Primal Flank 107.59 98.01 -------------------------------------------------------------------------------- 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 48.38 loads 1,935,221 pounds Select Cuts 35.38 loads 1,415,103 pounds Trimmings 5.43 loads 217,107 pounds Ground Beef 18.89 load 755,666 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 7 5,446 651.00 665.00 654.83 112A 3 Rib, ribeye, bnls, light 112A 3 Rib, ribeye, bnls, heavy 22 42,625 699.00 743.00 722.24 113C 1 Chuck, semi-bnls, neck/off 5 63,787 188.00 198.00 188.20 114 1 Chuck, shoulder clod 7 12,979 187.00 205.00 190.26 114A 3 Chuck, shoulder clod, trmd 24 78,840 189.00 207.00 194.27 114D 3 Chuck, clod, top blade 3 10,556 291.88 296.00 294.30 114E 3 Chuck, clod, arm roast 3 1,941 215.00 226.50 216.37 114F 5 Chuck, clod tender (IM) 9 2,545 340.50 385.00 350.40 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 43 174,252 198.60 219.80 206.14 116B 1 Chuck, chuck tender (IM) 14 24,677 204.00 220.00 211.98

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 21 66,735 213.00 230.00 219.92 120A 3 Brisket, point/off, bnls 7 6,941 330.00 349.75 338.65 123A 3 Short Plate, short rib 12 19,418 225.00 355.00 311.15 130 4 Chuck, short rib 13 28,481 187.00 232.00 203.04 160 1 Round, bone-in 3 4,111 190.00 202.30 192.31 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 39 149,208 200.00 227.75 211.78 168 1 Round, top inside round 23 177,168 192.15 207.00 195.25 168 3 Round, top inside round 21 75,476 199.39 224.42 206.56 169 5 Round, top inside, denuded 5 3,376 235.00 245.00 240.41

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 34 128,327 187.00 206.00 194.68 171C 3 Round, eye of round (IM) 19 32,787 200.00 220.00 210.87 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 8 9,839 680.00 710.00 686.47 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 5 5,082 695.00 700.00 696.18 180 3 Loin, strip, bnls, 0x1 16 28,805 712.52 812.00 774.61 184 1 Loin, top butt, bnls, heavy 4 3,497 350.00 360.00 356.06 184 3 Loin, top butt, boneless 9 27,582 357.00 380.00 363.69 185A 4 Loin, bottom sirloin, flap 17 19,504 446.00 485.50 471.48 185B 1 Loin, ball-tip, bnls, heavy 18 41,914 222.85 245.00 235.72 185C 1 Loin, sirloin, tri-tip (IM) 13 24,089 360.48 393.50 373.55 185D 4 Loin, tri-tip, pld (IM) 5 4,301 473.50 495.00 489.41 189A 4 Loin, tndrloin, trmd, heavy 25 92,206 942.00 1006.00 952.80 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 8 32,469 523.39 536.00 530.45 112A 3 Rib, ribeye, bnls, light 6 6,276 576.00 595.00 584.30 112A 3 Rib, ribeye, bnls, heavy 21 36,741 547.85 595.00 581.78 113C 1 Chuck, semi-bnls, neck/off 7 21,331 188.00 200.00 190.01 114 1 Chuck, shoulder clod 6 27,843 175.88 191.00 183.92 114A 3 Chuck, shoulder clod, trmd 13 57,299 186.00 203.00 193.78 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 12 23,727 310.00 337.55 310.56 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 16 167,216 200.00 215.80 203.75 116B 1 Chuck, chuck tender (IM) 3 10,922 205.00 217.00 207.52

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 12 199,745 203.00 223.79 206.33 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 7,744 220.00 355.00 287.95 130 4 Chuck, short rib 5 26,435 180.00 206.00 187.61 160 1 Round, bone-in 161 1 Round, boneless 4 4,753 188.55 198.00 196.47

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 14 64,938 205.00 225.00 210.22 168 1 Round, top inside round 7 56,220 194.00 203.00 194.95 168 3 Round, top inside round 6 18,185 199.39 215.00 204.57 169 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 9 23,723 180.88 201.50 193.56 171C 3 Round, eye of round (IM) 7 10,854 208.00 215.00 211.93 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 9 25,723 471.58 536.00 496.64 175 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 16 25,558 487.40 545.00 503.46 184 1 Loin, top butt, bnls, heavy 6 9,653 260.00 276.00 265.46 184 3 Loin, top butt, boneless 19 43,769 261.00 281.00 267.35 185A 4 Loin, bottom sirloin, flap 3 1,586 442.50 471.50 456.60 185B 1 Loin, ball-tip, bnls, heavy 11 37,412 220.00 237.00 226.66 185C 1 Loin, sirloin, tri-tip (IM) 7 14,917 308.00 352.85 320.66 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 15 53,932 851.00 966.00 878.71 191A 4 Loin, butt tender, trimmed 0 0 193 4 Flank, flank steak (IM) 11 27,593 399.00 450.73 408.57 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 5 4,395 113.78 123.00 120.94 121D 4 Plate, Inside Skirt (IM) 26 49,676 345.00 381.00 374.83 121C 4 Plate, Outside Skirt (IM) 21 27,981 515.00 566.00 547.90 121E 6 Outside Skirt, pld (IM)

Cap, Wedge Meat & (IM) Lean 40 551,000 226.00 245.00 227.92

Pectoral Meat 15 24,516 219.00 255.00 230.74 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 8 127,139 129.62 153.39 134.11 Ground Beef 75% 0 0 Ground Beef 81% 29 219,381 175.00 201.25 180.21 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 5 5,493 243.50 265.00 245.30 Ground Beef Chuck 80% 10 53,220 176.00 200.00 184.60 Ground Beef Round 85% 6 11,079 205.69 218.00 210.23 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% 3 33,297 200.49 202.25 201.96 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 7 176,427 49.00 54.75 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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