Bloomberg News

USDA Boxed Beef Cutout Midday Prices for July 10

July 10, 2012

July 10 (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: 190.09 174.80 Change from prior day: (0.42) (0.27) ------------------------------------------------------------------------------- Choice/Select spread: 15.29

Total Load Count (Cuts, Trimmings, Grids): 119 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 293.49 250.13 Primal Chuck 143.80 142.17 Primal Round 156.04 155.45 Primal Loin 284.11 237.96 Primal Brisket 134.59 135.46 Primal Short Plate 124.25 129.09 Primal Flank 106.90 95.58 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 07/09 121 53 10 19 203 190.51 175.07 07/06 66 45 19 26 156 192.65 174.71 07/05 100 65 26 36 226 193.57 175.84 07/03 106 90 28 54 277 193.22 177.36 07/02 82 62 11 30 186 194.63 177.61 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 192.92 176.12 -------------------------------------------------------------------------------- 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 51.29 loads 2,051,477 pounds Select Cuts 37.74 loads 1,509,653 pounds Trimmings 11.87 loads 474,848 pounds Ground Beef 17.90 load 715,974 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 24 59,278 580.00 634.00 598.30 112A 3 Rib, ribeye, bnls, light 7 3,589 682.00 702.00 691.50 112A 3 Rib, ribeye, bnls, heavy 42 36,509 674.50 718.73 705.72 113C 1 Chuck, semi-bnls, neck/off 7 72,067 188.00 196.59 190.92 114 1 Chuck, shoulder clod 17 88,796 178.00 192.49 183.32 114A 3 Chuck, shoulder clod, trmd 26 133,318 179.75 198.00 186.51 114D 3 Chuck, clod, top blade 8 9,309 266.21 302.00 290.88 114E 3 Chuck, clod, arm roast 9 26,783 215.00 232.00 228.41 114F 5 Chuck, clod tender (IM) 7 6,327 329.00 385.82 348.21 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 37 167,974 197.00 215.00 203.47 116B 1 Chuck, chuck tender (IM) 20 93,820 208.00 227.00 213.15

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 21 111,868 204.00 225.50 214.07 120A 3 Brisket, point/off, bnls 11 4,531 341.00 367.00 351.35 123A 3 Short Plate, short rib 9 3,341 308.00 321.49 313.51 130 4 Chuck, short rib 22 61,645 180.00 229.00 192.43 160 1 Round, bone-in 5 5,171 187.00 207.00 192.22 161 1 Round, boneless 5 12,642 199.00 206.00 200.94

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 38 99,906 207.07 224.49 212.15 168 1 Round, top inside round 26 99,242 192.63 205.00 196.20 168 3 Round, top inside round 12 50,755 199.20 222.00 207.48 169 5 Round, top inside, denuded 19 69,437 236.00 253.00 244.82

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 37 148,259 190.00 219.70 206.65 171C 3 Round, eye of round (IM) 34 93,967 204.00 226.00 209.38 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 19 37,508 583.66 672.00 625.64 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 3 4,509 588.20 619.00 611.17 180 3 Loin, strip, bnls, 0x1 24 34,970 675.00 757.00 721.50 184 1 Loin, top butt, bnls, heavy 7 9,013 334.03 350.00 342.26 184 3 Loin, top butt, boneless 16 54,958 318.00 360.00 342.61 185A 4 Loin, bottom sirloin, flap 15 29,251 460.00 481.00 472.71 185B 1 Loin, ball-tip, bnls, heavy 12 62,759 220.00 245.00 223.99 185C 1 Loin, sirloin, tri-tip (IM) 5 7,429 355.00 380.00 356.28 185D 4 Loin, tri-tip, pld (IM) 9 2,873 485.00 508.00 497.36 189A 4 Loin, tndrloin, trmd, heavy 23 125,165 900.00 960.00 910.33 191A 4 Loin, butt tender, trimmed 8 7,316 933.54 973.00 935.63 193 4 Flank, flank steak (IM) 20 15,819 464.39 486.00 480.24 ------------------------------------------------------------------------------- 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 18,768 480.00 515.00 492.94 112A 3 Rib, ribeye, bnls, light 7 26,033 542.00 567.00 545.67 112A 3 Rib, ribeye, bnls, heavy 28 36,206 527.12 585.00 552.09 113C 1 Chuck, semi-bnls, neck/off 12 19,148 185.00 200.50 191.10 114 1 Chuck, shoulder clod 10 33,289 181.50 192.00 184.79 114A 3 Chuck, shoulder clod, trmd 10 21,874 187.00 201.49 191.15 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 8 28,519 294.91 365.28 300.31 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 21 115,543 197.00 213.00 203.25 116B 1 Chuck, chuck tender (IM) 16 44,145 202.00 227.00 210.06

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 12 74,864 203.00 224.80 212.99 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 12,990 236.00 325.82 252.56 130 4 Chuck, short rib 6 25,590 188.00 199.00 189.88 160 1 Round, bone-in 161 1 Round, boneless 4 7,095 199.00 215.49 201.54

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 9 29,725 206.00 217.25 212.08 168 1 Round, top inside round 11 19,577 192.63 204.80 196.78 168 3 Round, top inside round 10 33,312 199.20 217.00 203.01 169 5 Round, top inside, denuded 6 39,603 238.00 251.00 241.24

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 5 10,189 190.00 209.49 195.03 171B 3 Round, outside round 15 65,835 190.00 220.00 207.66 171C 3 Round, eye of round (IM) 12 27,805 200.00 226.00 208.12 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 17 11,543 475.72 516.14 498.06 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 27 60,606 478.00 530.00 495.89 184 1 Loin, top butt, bnls, heavy 8 28,753 240.00 252.34 247.21 184 3 Loin, top butt, boneless 10 54,131 249.00 277.03 264.96 185A 4 Loin, bottom sirloin, flap 11 183,141 440.00 458.50 440.37 185B 1 Loin, ball-tip, bnls, heavy 11 60,823 215.00 240.49 216.31 185C 1 Loin, sirloin, tri-tip (IM) 4 15,679 300.00 318.60 300.89 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 26 88,077 831.00 886.49 844.92 191A 4 Loin, butt tender, trimmed 5 16,146 820.00 860.00 824.04 193 4 Flank, flank steak (IM) 9 19,897 383.45 429.50 399.75 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 9 14,011 112.50 119.50 116.31 121D 4 Plate, Inside Skirt (IM) 24 92,104 357.00 382.00 365.58 121C 4 Plate, Outside Skirt (IM) 15 48,432 507.00 570.00 533.73 121E 6 Outside Skirt, pld (IM) 4 26,851 685.00 685.00 685.00

Cap, Wedge Meat & (IM) Lean 33 107,890 216.00 246.50 227.93

Pectoral Meat 20 43,496 224.54 242.00 229.77 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 13 155,568 129.00 153.00 135.87 Ground Beef 75% Ground Beef 81% 22 111,199 174.00 191.00 176.83 Ground Beef 85% Ground Beef 90% Ground Beef 93% 14 80,712 235.41 266.00 240.87 Ground Beef Chuck 80% 12 96,032 171.66 186.99 177.79 Ground Beef Round 85% 5 68,468 205.00 216.00 206.30 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% 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 19 464,348 46.00 54.00 49.32 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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