Bloomberg News

USDA Boxed Beef Cutout Closing Prices for July 3

July 03, 2012

July 3 (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: 193.22 177.36 Change from prior day: (1.41) (0.25) ------------------------------------------------------------------------------- Choice/Select spread: 15.86

Total Load Count (Cuts, Trimmings, Grids): 277 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 297.17 250.03 Primal Chuck 143.27 144.81 Primal Round 154.91 154.35 Primal Loin 298.54 246.58 Primal Brisket 137.07 139.39 Primal Short Plate 123.51 128.30 Primal Flank 106.84 97.66 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 07/02 82 62 11 30 186 194.63 177.61 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 196.22 179.31 -------------------------------------------------------------------------------- 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 105.78 loads 4,231,076 pounds Select Cuts 90.18 loads 3,607,257 pounds Trimmings 27.53 loads 1,101,146 pounds Ground Beef 53.75 load 2,150,065 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 50 136,421 573.45 642.00 619.66 112A 3 Rib, ribeye, bnls, light 24 61,623 675.00 742.00 694.46 112A 3 Rib, ribeye, bnls, heavy 74 102,558 665.00 740.00 703.86 113C 1 Chuck, semi-bnls, neck/off 9 10,248 185.00 200.00 191.27 114 1 Chuck, shoulder clod 31 135,690 179.00 197.00 182.91 114A 3 Chuck, shoulder clod, trmd 54 306,370 187.00 203.33 189.71 114D 3 Chuck, clod, top blade 10 8,224 288.00 302.00 293.85 114E 3 Chuck, clod, arm roast 11 22,086 215.00 237.60 231.32 114F 5 Chuck, clod tender (IM) 21 21,536 323.00 380.00 346.46 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 84 342,351 199.50 224.98 205.95 116B 1 Chuck, chuck tender (IM) 42 77,280 203.94 225.00 213.44

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 65 191,675 208.94 233.00 217.48 120A 3 Brisket, point/off, bnls 37 29,187 330.00 369.41 339.51 123A 3 Short Plate, short rib 34 43,819 280.00 346.50 321.59 130 4 Chuck, short rib 35 68,576 183.50 228.00 195.76 160 1 Round, bone-in 8 15,932 185.50 207.00 193.21 161 1 Round, boneless 12 16,312 196.00 207.49 198.94

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 78 165,655 204.27 220.50 212.21 168 1 Round, top inside round 58 212,721 190.00 208.50 194.73 168 3 Round, top inside round 49 712,255 194.66 221.00 203.44 169 5 Round, top inside, denuded 44 133,718 231.00 250.11 243.19

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 9 9,669 188.00 200.28 192.05 171B 3 Round, outside round 76 246,190 184.64 213.00 195.44 171C 3 Round, eye of round (IM) 64 125,888 200.00 225.00 207.94 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 40 81,594 638.00 686.50 666.78 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 16 11,445 670.00 717.75 681.33 180 3 Loin, strip, bnls, 0x1 45 55,857 756.00 800.00 769.91 184 1 Loin, top butt, bnls, heavy 23 20,167 319.75 354.25 340.84 184 3 Loin, top butt, boneless 51 171,957 335.00 375.70 352.71 185A 4 Loin, bottom sirloin, flap 41 87,567 447.00 492.83 471.78 185B 1 Loin, ball-tip, bnls, heavy 20 34,725 216.00 249.28 235.97 185C 1 Loin, sirloin, tri-tip (IM) 14 22,312 359.64 390.00 372.48 185D 4 Loin, tri-tip, pld (IM) 25 26,009 485.00 511.00 495.91 189A 4 Loin, tndrloin, trmd, heavy 47 70,316 925.00 1000.28 957.28 191A 4 Loin, butt tender, trimmed 16 14,479 942.19 984.00 949.16 193 4 Flank, flank steak (IM) 36 25,203 470.00 496.00 480.29 ------------------------------------------------------------------------------- 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 38 123,003 490.00 532.50 497.67 112A 3 Rib, ribeye, bnls, light 26 34,218 553.00 600.70 569.63 112A 3 Rib, ribeye, bnls, heavy 83 267,545 544.86 600.70 564.50 113C 1 Chuck, semi-bnls, neck/off 17 34,439 185.00 200.00 191.95 114 1 Chuck, shoulder clod 20 191,929 178.00 200.07 182.42 114A 3 Chuck, shoulder clod, trmd 34 160,690 187.00 212.00 192.12 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 12 5,593 295.50 365.28 331.28 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 70 433,851 198.59 219.30 202.08 116B 1 Chuck, chuck tender (IM) 23 47,812 207.00 230.00 211.98

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 19 23,822 212.00 225.00 216.93 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 7 12,596 234.93 324.33 258.79 130 4 Chuck, short rib 16 54,620 175.00 210.00 185.72 160 1 Round, bone-in 161 1 Round, boneless 8 13,774 202.00 209.99 204.75

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 27 40,292 202.00 223.49 209.58 168 1 Round, top inside round 33 97,823 189.08 205.99 194.70 168 3 Round, top inside round 24 134,630 194.66 222.00 202.99 169 5 Round, top inside, denuded 7 4,766 233.00 248.49 235.27

3 Round, top inside, side off 170 1 Round, bottom gooseneck 4 1,497 189.00 197.50 191.56 171B 3 Round, outside round 40 145,245 185.00 211.00 196.91 171C 3 Round, eye of round (IM) 30 65,080 200.00 225.00 209.29 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 40 100,693 479.86 540.00 506.48 175 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 40 94,750 488.00 538.99 500.92 184 1 Loin, top butt, bnls, heavy 35 270,615 237.00 275.50 241.11 184 3 Loin, top butt, boneless 53 236,351 260.00 295.00 267.59 185A 4 Loin, bottom sirloin, flap 13 46,703 446.00 484.82 452.78 185B 1 Loin, ball-tip, bnls, heavy 34 221,975 217.00 238.99 221.62 185C 1 Loin, sirloin, tri-tip (IM) 11 85,139 305.00 330.00 311.59 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 48 99,365 859.00 956.00 876.44 191A 4 Loin, butt tender, trimmed 7 4,951 850.00 948.50 885.50 193 4 Flank, flank steak (IM) 20 54,638 405.00 451.00 420.04 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 11 34,397 111.85 120.00 112.62 121D 4 Plate, Inside Skirt (IM) 70 238,552 354.16 386.00 363.07 121C 4 Plate, Outside Skirt (IM) 27 69,895 515.00 580.00 531.56 121E 6 Outside Skirt, pld (IM) 18 38,226 694.50 817.70 724.47

Cap, Wedge Meat & (IM) Lean 74 208,351 222.00 250.00 231.09

Pectoral Meat 48 202,873 213.68 255.00 226.53 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 71 635,250 130.00 155.00 136.71 Ground Beef 75% Ground Beef 81% 109 604,914 162.00 200.99 175.45 Ground Beef 85% Ground Beef 90% Ground Beef 93% 34 119,758 230.00 267.50 247.42 Ground Beef Chuck 80% 55 448,616 170.00 201.00 178.40 Ground Beef Round 85% 36 113,131 206.00 217.00 210.57 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% 8 15,366 196.10 211.30 202.16 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 35 1,087,146 45.00 56.50 50.73 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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