Bloomberg News

USDA Boxed Beef Cutout Closing Prices for July 12

July 12, 2012

July 12 (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: 186.03 173.42 Change from prior day: (1.78) (0.24) ------------------------------------------------------------------------------- Choice/Select spread: 12.62

Total Load Count (Cuts, Trimmings, Grids): 248 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 273.40 241.79 Primal Chuck 140.74 140.90 Primal Round 157.31 157.66 Primal Loin 278.99 236.01 Primal Brisket 135.58 135.47 Primal Short Plate 122.82 127.60 Primal Flank 106.09 94.35 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 07/11 95 74 22 40 232 187.81 173.66 07/10 95 74 27 36 233 188.35 174.34 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 190.58 174.73 -------------------------------------------------------------------------------- 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 126.24 loads 5,049,478 pounds Select Cuts 52.83 loads 2,113,085 pounds Trimmings 30.87 loads 1,234,653 pounds Ground Beef 38.07 load 1,522,660 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 25 41,724 550.00 640.00 590.24 112A 3 Rib, ribeye, bnls, light 13 48,872 589.74 710.00 600.00 112A 3 Rib, ribeye, bnls, heavy 61 180,431 589.74 710.00 634.03 113C 1 Chuck, semi-bnls, neck/off 5 21,072 182.00 195.00 184.22 114 1 Chuck, shoulder clod 19 130,667 171.00 189.00 174.66 114A 3 Chuck, shoulder clod, trmd 45 389,916 179.75 199.65 186.30 114D 3 Chuck, clod, top blade 14 24,307 268.00 305.50 290.07 114E 3 Chuck, clod, arm roast 10 34,152 207.40 230.00 213.47 114F 5 Chuck, clod tender (IM) 8 11,643 319.00 385.00 325.65 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 63 957,722 202.00 218.25 203.83 116B 1 Chuck, chuck tender (IM) 28 83,925 203.00 221.00 210.81

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 42 183,627 205.49 230.00 212.40 120A 3 Brisket, point/off, bnls 12 15,408 329.60 370.30 342.94 123A 3 Short Plate, short rib 23 66,837 237.00 355.00 274.50 130 4 Chuck, short rib 16 31,065 183.00 223.50 196.90 160 1 Round, bone-in 5 10,849 187.00 205.81 194.76 161 1 Round, boneless 5 3,221 202.00 212.50 204.12

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 46 136,290 210.00 228.25 214.68 168 1 Round, top inside round 38 324,417 187.00 207.25 194.30 168 3 Round, top inside round 37 241,716 197.00 218.00 202.06 169 5 Round, top inside, denuded 16 41,425 232.00 249.00 240.24

3 Round, top inside, side off 170 1 Round, bottom gooseneck 6 6,845 191.00 215.50 205.24 171B 3 Round, outside round 35 92,934 206.95 219.50 212.41 171C 3 Round, eye of round (IM) 34 77,156 204.65 225.00 212.74 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 20 64,019 539.86 650.00 555.86 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 15 17,645 555.00 626.00 602.27 180 3 Loin, strip, bnls, 0x1 29 117,090 585.00 720.00 632.91 184 1 Loin, top butt, bnls, heavy 6 7,109 324.50 335.00 334.16 184 3 Loin, top butt, boneless 29 316,557 295.00 360.00 318.31 185A 4 Loin, bottom sirloin, flap 41 101,402 448.50 486.00 469.07 185B 1 Loin, ball-tip, bnls, heavy 16 246,859 215.00 248.36 221.79 185C 1 Loin, sirloin, tri-tip (IM) 14 14,386 370.00 391.21 380.85 185D 4 Loin, tri-tip, pld (IM) 7 9,299 486.00 507.00 493.83 189A 4 Loin, tndrloin, trmd, heavy 34 81,389 886.00 1046.00 922.51 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 26 20,704 470.00 495.00 481.05 ------------------------------------------------------------------------------- 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 22 112,208 443.00 515.01 473.46 112A 3 Rib, ribeye, bnls, light 6 13,521 544.73 574.57 550.30 112A 3 Rib, ribeye, bnls, heavy 43 86,871 508.00 578.93 544.29 113C 1 Chuck, semi-bnls, neck/off 15 81,007 182.00 200.00 187.36 114 1 Chuck, shoulder clod 16 99,417 171.00 186.00 174.84 114A 3 Chuck, shoulder clod, trmd 18 112,211 181.00 202.25 184.60 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 4 5,682 310.00 355.00 315.65 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 30 154,769 200.00 217.50 204.61 116B 1 Chuck, chuck tender (IM) 21 112,175 203.00 220.00 207.54

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 17 33,216 206.50 223.00 210.97 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 12,209 237.00 356.00 255.99 130 4 Chuck, short rib 7 17,220 182.00 195.00 189.19 160 1 Round, bone-in 161 1 Round, boneless 6 3,173 195.00 212.33 203.91

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 22 62,950 211.00 228.25 213.56 168 1 Round, top inside round 17 52,371 190.08 204.00 196.50 168 3 Round, top inside round 23 139,008 193.00 213.60 204.20 169 5 Round, top inside, denuded

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 7 11,031 187.00 216.00 201.61 171B 3 Round, outside round 17 65,258 205.91 224.50 213.04 171C 3 Round, eye of round (IM) 25 80,773 204.73 225.00 210.81 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 15 9,591 497.99 521.00 514.69 175 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 26 63,888 437.64 517.21 465.87 184 1 Loin, top butt, bnls, heavy 18 49,746 240.00 259.34 244.59 184 3 Loin, top butt, boneless 25 39,098 259.64 285.00 264.71 185A 4 Loin, bottom sirloin, flap 10 35,407 436.00 461.25 442.60 185B 1 Loin, ball-tip, bnls, heavy 19 123,862 205.00 235.00 213.98 185C 1 Loin, sirloin, tri-tip (IM) 5 12,128 305.00 326.00 314.02 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 16 50,088 833.11 882.00 840.65 191A 4 Loin, butt tender, trimmed 9 52,397 765.00 863.00 780.33 193 4 Flank, flank steak (IM) 7 5,564 399.00 426.50 409.46 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 17 28,335 110.91 120.00 115.60 121D 4 Plate, Inside Skirt (IM) 36 114,708 357.59 380.00 363.69 121C 4 Plate, Outside Skirt (IM) 23 63,305 525.00 576.00 546.05 121E 6 Outside Skirt, pld (IM) 6 10,412 700.00 820.00 719.13

Cap, Wedge Meat & (IM) Lean 51 318,072 223.83 246.00 227.65

Pectoral Meat 33 31,234 217.69 245.00 229.75 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 29 304,318 127.00 148.00 132.02 Ground Beef 75% Ground Beef 81% 44 225,320 157.00 189.50 169.94 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 10 31,758 229.89 257.83 238.68 Ground Beef Chuck 80% 34 413,386 167.37 185.00 174.75 Ground Beef Round 85% 15 70,601 201.12 214.00 209.23 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% 0 0 Blended Ground Beef 81% 5 8,184 200.30 216.00 202.07 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% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 17 512,693 44.00 51.00 47.22 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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