Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 193.74 177.63 Change from prior day: (0.89) 0.02 ------------------------------------------------------------------------------- Choice/Select spread: 16.10

Total Load Count (Cuts, Trimmings, Grids): 157 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 297.64 250.15 Primal Chuck 143.62 146.17 Primal Round 155.18 154.34 Primal Loin 300.01 245.90 Primal Brisket 136.73 139.52 Primal Short Plate 123.51 128.21 Primal Flank 106.93 97.74 -------------------------------------------------------------------------------- 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 59.14 loads 2,365,736 pounds Select Cuts 53.55 loads 2,142,108 pounds Trimmings 8.39 loads 335,414 pounds Ground Beef 35.55 load 1,421,929 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 37 112,535 600.00 642.00 623.20 112A 3 Rib, ribeye, bnls, light 16 46,840 675.00 730.00 687.86 112A 3 Rib, ribeye, bnls, heavy 54 72,994 665.00 731.50 700.35 113C 1 Chuck, semi-bnls, neck/off 7 5,181 185.00 200.00 194.40 114 1 Chuck, shoulder clod 18 41,220 180.00 191.50 185.07 114A 3 Chuck, shoulder clod, trmd 32 182,605 187.00 199.50 189.73 114D 3 Chuck, clod, top blade 9 8,143 288.00 302.00 293.80 114E 3 Chuck, clod, arm roast 7 17,719 231.50 237.60 234.87 114F 5 Chuck, clod tender (IM) 16 14,457 323.00 380.00 349.17 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 61 216,422 199.59 224.98 206.90 116B 1 Chuck, chuck tender (IM) 26 33,353 203.94 220.00 212.05

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 51 134,227 192.00 233.00 215.97 120A 3 Brisket, point/off, bnls 27 21,163 330.00 366.00 337.56 123A 3 Short Plate, short rib 26 29,779 280.00 335.00 317.84 130 4 Chuck, short rib 21 44,748 187.75 228.00 197.53 160 1 Round, bone-in 7 14,971 185.50 207.00 193.29 161 1 Round, boneless 8 9,528 196.00 205.28 198.17

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 54 95,397 204.27 220.50 212.13 168 1 Round, top inside round 40 117,196 193.00 208.50 195.90 168 3 Round, top inside round 17 96,677 200.94 218.00 204.62 169 5 Round, top inside, denuded 33 111,124 231.00 250.11 244.16

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 4 2,456 198.00 200.28 199.33 171B 3 Round, outside round 59 167,953 184.64 210.00 194.46 171C 3 Round, eye of round (IM) 47 100,866 200.00 224.00 206.74 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 29 77,457 638.00 686.50 666.57 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 12 7,573 670.00 717.75 680.16 180 3 Loin, strip, bnls, 0x1 26 34,998 758.00 798.00 771.11 184 1 Loin, top butt, bnls, heavy 15 11,761 332.00 354.25 343.45 184 3 Loin, top butt, boneless 39 119,819 344.00 375.70 359.24 185A 4 Loin, bottom sirloin, flap 31 68,602 447.00 485.63 469.00 185B 1 Loin, ball-tip, bnls, heavy 15 17,573 238.41 249.28 244.99 185C 1 Loin, sirloin, tri-tip (IM) 10 13,434 359.64 380.50 367.13 185D 4 Loin, tri-tip, pld (IM) 17 7,856 491.50 511.00 499.59 189A 4 Loin, tndrloin, trmd, heavy 34 33,241 925.00 986.00 959.20 191A 4 Loin, butt tender, trimmed 14 13,701 942.19 984.00 949.16 193 4 Flank, flank steak (IM) 27 15,758 470.00 489.24 478.61 ------------------------------------------------------------------------------- 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 22 42,166 490.28 532.50 504.26 112A 3 Rib, ribeye, bnls, light 17 17,976 553.00 600.70 574.98 112A 3 Rib, ribeye, bnls, heavy 50 184,544 544.86 600.70 563.71 113C 1 Chuck, semi-bnls, neck/off 10 19,381 189.75 200.00 193.22 114 1 Chuck, shoulder clod 12 140,795 178.00 194.50 181.95 114A 3 Chuck, shoulder clod, trmd 22 90,025 190.00 202.99 193.14 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 9 3,525 295.50 338.00 320.04 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 41 203,502 200.00 214.30 204.07 116B 1 Chuck, chuck tender (IM) 11 27,911 207.00 221.00 210.93

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 15 20,279 212.00 225.00 216.35 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 12,386 234.93 324.33 258.54 130 4 Chuck, short rib 11 34,597 184.00 210.00 189.96 160 1 Round, bone-in 161 1 Round, boneless 7 13,641 202.00 209.99 204.77

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 17 31,093 202.00 215.50 207.72 168 1 Round, top inside round 22 34,565 193.71 205.99 195.95 168 3 Round, top inside round 14 68,276 202.00 213.41 204.93 169 5 Round, top inside, denuded

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 32 117,861 185.00 211.00 197.05 171C 3 Round, eye of round (IM) 19 41,949 200.00 221.00 210.63 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 29 59,624 497.00 540.00 517.68 175 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 27 65,835 488.00 538.99 500.74 184 1 Loin, top butt, bnls, heavy 18 40,983 245.00 273.67 258.57 184 3 Loin, top butt, boneless 42 216,209 260.00 290.00 267.37 185A 4 Loin, bottom sirloin, flap 5 4,374 451.00 484.82 463.32 185B 1 Loin, ball-tip, bnls, heavy 21 143,993 217.00 238.99 222.42 185C 1 Loin, sirloin, tri-tip (IM) 9 72,243 305.00 330.00 311.87 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 26 52,184 859.00 908.91 870.28 191A 4 Loin, butt tender, trimmed 5 2,607 850.00 948.50 890.11 193 4 Flank, flank steak (IM) 15 49,630 405.00 448.00 418.15 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 9 29,069 111.85 120.00 112.57 121D 4 Plate, Inside Skirt (IM) 39 97,392 355.00 386.00 360.63 121C 4 Plate, Outside Skirt (IM) 17 54,820 517.75 557.75 527.46 121E 6 Outside Skirt, pld (IM) 9 24,324 700.00 754.60 729.32

Cap, Wedge Meat & (IM) Lean 48 137,257 224.20 250.00 230.64

Pectoral Meat 33 165,969 213.68 255.00 227.30 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 47 281,860 130.29 153.00 136.77 Ground Beef 75% Ground Beef 81% 77 451,346 162.00 196.50 176.49 Ground Beef 85% Ground Beef 90% Ground Beef 93% 29 104,376 230.00 267.50 247.16 Ground Beef Chuck 80% 40 343,024 171.49 201.00 178.31 Ground Beef Round 85% 27 85,434 206.00 211.00 210.41 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% Blended Ground Beef 85% Blended Ground Beef 90% 0 0 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 12 321,414 49.00 55.50 52.78 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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