Bloomberg News

USDA Boxed Beef Cutout Closing Prices for July 2

July 02, 2012

July 2 (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: 194.63 177.61 Change from prior day: (0.03) (0.48) ------------------------------------------------------------------------------- Choice/Select spread: 17.02

Total Load Count (Cuts, Trimmings, Grids): 186 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 298.18 251.62 Primal Chuck 145.16 146.78 Primal Round 155.17 154.56 Primal Loin 301.06 244.65 Primal Brisket 137.73 134.77 Primal Short Plate 124.85 129.57 Primal Flank 107.23 97.19 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 06/29 76 60 6 26 168 194.66 178.09 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 196.58 179.80 -------------------------------------------------------------------------------- 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 82.49 loads 3,299,798 pounds Select Cuts 62.29 loads 2,491,403 pounds Trimmings 10.94 loads 437,406 pounds Ground Beef 30.46 load 1,218,355 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 21 144,412 582.00 642.00 614.16 112A 3 Rib, ribeye, bnls, light 15 26,142 646.00 745.00 708.35 112A 3 Rib, ribeye, bnls, heavy 33 49,304 686.00 737.00 720.16 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 9 102,622 173.00 191.50 179.63 114A 3 Chuck, shoulder clod, trmd 18 149,819 192.50 209.50 194.95 114D 3 Chuck, clod, top blade 12 48,560 274.16 308.00 278.03 114E 3 Chuck, clod, arm roast 6 46,192 215.00 240.00 218.74 114F 5 Chuck, clod tender (IM) 8 8,459 337.00 392.00 350.08 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 47 183,209 200.00 220.60 205.41 116B 1 Chuck, chuck tender (IM) 23 73,852 206.00 221.50 213.43

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 26 128,620 212.00 228.00 216.75 120A 3 Brisket, point/off, bnls 4 2,531 331.99 345.00 342.71 123A 3 Short Plate, short rib 19 48,109 263.50 367.00 331.33 130 4 Chuck, short rib 18 52,739 182.00 230.00 195.16 160 1 Round, bone-in 161 1 Round, boneless 6 2,438 194.00 210.00 206.21

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 39 116,101 202.73 223.21 213.30 168 1 Round, top inside round 19 73,571 195.00 203.50 195.85 168 3 Round, top inside round 26 269,729 199.00 215.00 205.23 169 5 Round, top inside, denuded 16 56,882 234.35 250.00 243.34

3 Round, top inside, side off 170 1 Round, bottom gooseneck 5 2,319 191.00 211.00 192.78 171B 3 Round, outside round 39 406,376 187.00 210.00 197.05 171C 3 Round, eye of round (IM) 41 70,634 201.00 220.00 210.87 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 5 2,891 665.00 693.39 673.09 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 11 9,021 685.00 708.00 695.48 180 3 Loin, strip, bnls, 0x1 32 157,699 758.00 800.50 761.81 184 1 Loin, top butt, bnls, heavy 7 5,811 350.00 355.00 350.47 184 3 Loin, top butt, boneless 23 99,816 330.00 375.00 345.05 185A 4 Loin, bottom sirloin, flap 23 43,114 447.22 486.50 471.82 185B 1 Loin, ball-tip, bnls, heavy 17 26,950 230.50 247.83 241.30 185C 1 Loin, sirloin, tri-tip (IM) 14 44,274 357.00 386.25 367.34 185D 4 Loin, tri-tip, pld (IM) 4 2,192 491.00 497.00 492.13 189A 4 Loin, tndrloin, trmd, heavy 38 110,743 943.45 1001.05 961.06 191A 4 Loin, butt tender, trimmed 7 1,485 950.48 975.00 959.49 193 4 Flank, flank steak (IM) 14 9,758 467.00 492.00 479.28 ------------------------------------------------------------------------------- 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 11 5,012 505.00 537.50 522.36 112A 3 Rib, ribeye, bnls, light 11 82,540 549.50 597.00 557.16 112A 3 Rib, ribeye, bnls, heavy 33 134,292 549.50 595.00 566.21 113C 1 Chuck, semi-bnls, neck/off 15 19,435 188.25 197.50 193.63 114 1 Chuck, shoulder clod 8 68,923 177.00 199.50 181.14 114A 3 Chuck, shoulder clod, trmd 14 68,695 192.00 201.99 195.16 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 7 8,891 310.00 331.50 318.66 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 31 157,620 200.00 219.70 206.02 116B 1 Chuck, chuck tender (IM) 18 64,208 207.65 220.00 211.94

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 17 73,099 213.50 228.00 223.05 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 6 19,919 220.00 356.00 308.76 130 4 Chuck, short rib 14 97,518 182.00 211.00 186.49 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 12 27,948 203.28 216.20 208.35 168 1 Round, top inside round 9 86,799 195.00 202.83 195.23 168 3 Round, top inside round 17 481,449 198.00 211.00 201.85 169 5 Round, top inside, denuded 0 0

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 20 115,512 192.64 210.00 197.95 171C 3 Round, eye of round (IM) 9 10,779 203.00 220.00 208.18 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 9 10,469 500.00 541.00 506.69 175 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 12 82,349 479.20 530.00 497.04 184 1 Loin, top butt, bnls, heavy 13 145,457 245.00 285.00 254.93 184 3 Loin, top butt, boneless 17 52,576 253.45 290.00 267.70 185A 4 Loin, bottom sirloin, flap 6 41,885 447.22 485.00 461.90 185B 1 Loin, ball-tip, bnls, heavy 9 18,448 203.00 233.50 221.56 185C 1 Loin, sirloin, tri-tip (IM) 6 28,898 305.00 335.00 328.52 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 19 36,075 875.00 905.00 888.29 191A 4 Loin, butt tender, trimmed 4 2,211 860.00 872.00 865.59 193 4 Flank, flank steak (IM) 18 40,209 390.00 445.00 412.17 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 8 5,830 115.39 120.00 119.52 121D 4 Plate, Inside Skirt (IM) 44 406,859 355.00 380.00 357.49 121C 4 Plate, Outside Skirt (IM) 8 7,196 549.71 587.00 563.15 121E 6 Outside Skirt, pld (IM) 6 17,106 705.00 752.40 718.54

Cap, Wedge Meat & (IM) Lean 36 119,555 227.00 250.00 230.69

Pectoral Meat 30 117,352 218.00 255.00 228.05 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 29 372,586 129.00 151.00 133.59 Ground Beef 75% Ground Beef 81% 45 375,070 162.00 190.50 166.48 Ground Beef 85% 0 0 Ground Beef 90% Ground Beef 93% 14 70,143 230.00 259.50 246.29 Ground Beef Chuck 80% 22 270,044 177.90 203.06 193.00 Ground Beef Round 85% 3 8,099 209.00 220.00 219.29 Ground Beef Sirloin 90% 0 0 ------------------------------------------------------------------------------- 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 28,432 200.25 214.60 201.39 Blended Ground Beef 85% Blended Ground Beef 90% Blended Ground Beef 93% Blended Ground Beef Chuck 80% 0 0 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 18 437,406 47.50 54.00 51.18 Frozen 50% lean trimmings 0 0 -------------------------------------------------------------------------------- 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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