Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 186.74 173.81 Change from prior day: (1.07) 0.15 ------------------------------------------------------------------------------- Choice/Select spread: 12.94

Total Load Count (Cuts, Trimmings, Grids): 145 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 279.24 242.29 Primal Chuck 141.00 141.22 Primal Round 157.24 157.69 Primal Loin 278.62 236.79 Primal Brisket 135.77 135.73 Primal Short Plate 123.50 128.15 Primal Flank 106.38 94.70 -------------------------------------------------------------------------------- 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 90.89 loads 3,635,452 pounds Select Cuts 29.82 loads 1,192,729 pounds Trimmings 0.00 loads 0 pounds Ground Beef 24.01 load 960,341 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 12 26,205 585.00 640.00 594.17 112A 3 Rib, ribeye, bnls, light 4 7,582 612.00 710.00 623.25 112A 3 Rib, ribeye, bnls, heavy 35 82,687 620.00 710.00 673.14 113C 1 Chuck, semi-bnls, neck/off 3 11,015 182.00 192.49 182.63 114 1 Chuck, shoulder clod 12 64,311 171.00 186.24 175.53 114A 3 Chuck, shoulder clod, trmd 21 118,772 186.50 196.50 189.50 114D 3 Chuck, clod, top blade 8 13,259 268.00 305.50 281.69 114E 3 Chuck, clod, arm roast 6 5,006 210.15 230.00 213.69 114F 5 Chuck, clod tender (IM) 5 2,196 323.21 385.00 348.96 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 49 928,548 202.00 218.25 203.72 116B 1 Chuck, chuck tender (IM) 18 47,801 203.00 221.00 210.57

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 29 165,753 205.49 225.00 212.09 120A 3 Brisket, point/off, bnls 8 7,906 329.60 350.00 332.81 123A 3 Short Plate, short rib 22 52,347 237.00 355.00 283.22 130 4 Chuck, short rib 6 6,499 190.00 210.00 202.79 160 1 Round, bone-in 161 1 Round, boneless 4 2,562 202.00 212.50 203.47

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 34 85,344 210.00 228.25 214.39 168 1 Round, top inside round 26 162,132 187.00 207.25 193.93 168 3 Round, top inside round 29 216,615 197.00 214.50 201.60 169 5 Round, top inside, denuded 11 15,652 232.00 243.89 234.67

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 25 75,668 206.95 219.24 212.56 171C 3 Round, eye of round (IM) 19 42,921 206.25 225.00 212.72 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 14 48,799 539.86 650.00 551.95 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 9 10,567 615.00 622.50 619.55 180 3 Loin, strip, bnls, 0x1 17 72,360 610.00 720.00 638.87 184 1 Loin, top butt, bnls, heavy 4 6,216 330.02 335.00 334.75 184 3 Loin, top butt, boneless 22 282,299 295.00 360.00 318.98 185A 4 Loin, bottom sirloin, flap 30 53,713 448.50 484.60 470.34 185B 1 Loin, ball-tip, bnls, heavy 9 59,889 218.00 248.36 226.31 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 23 68,299 886.00 970.00 913.54 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 13 9,808 470.00 490.00 480.91 ------------------------------------------------------------------------------- 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 12 24,570 482.73 515.00 490.68 112A 3 Rib, ribeye, bnls, light 4 11,115 544.73 574.57 550.61 112A 3 Rib, ribeye, bnls, heavy 25 39,338 542.49 574.00 554.26 113C 1 Chuck, semi-bnls, neck/off 15 81,007 182.00 200.00 187.36 114 1 Chuck, shoulder clod 13 52,549 171.00 186.00 176.19 114A 3 Chuck, shoulder clod, trmd 13 56,533 182.00 202.25 185.62 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 20 88,405 200.00 217.50 204.68 116B 1 Chuck, chuck tender (IM) 10 58,909 203.00 216.00 204.94

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 11 27,042 206.50 223.00 210.48 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 3 11,258 250.00 321.34 255.97 130 4 Chuck, short rib 160 1 Round, bone-in 161 1 Round, boneless 3 1,277 202.00 202.00 202.00

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 13 30,499 211.00 228.25 215.39 168 1 Round, top inside round 11 35,972 190.08 202.00 196.24 168 3 Round, top inside round 17 122,875 196.36 213.60 204.73 169 5 Round, top inside, denuded

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 5 6,633 195.00 216.00 210.33 171B 3 Round, outside round 11 51,814 205.91 217.00 213.29 171C 3 Round, eye of round (IM) 14 39,272 204.73 225.00 210.20 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 14 9,393 497.99 520.00 514.56 175 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 16 20,170 480.00 517.21 486.49 184 1 Loin, top butt, bnls, heavy 13 40,058 240.00 259.34 244.89 184 3 Loin, top butt, boneless 18 23,768 259.73 282.21 262.40 185A 4 Loin, bottom sirloin, flap 7 21,246 438.00 461.25 442.93 185B 1 Loin, ball-tip, bnls, heavy 12 46,059 205.00 226.00 213.22 185C 1 Loin, sirloin, tri-tip (IM) 3 7,934 305.00 320.91 311.60 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 12 47,744 833.11 870.54 840.05 191A 4 Loin, butt tender, trimmed 4 10,058 840.00 863.00 843.44 193 4 Flank, flank steak (IM) 4 2,742 400.00 426.50 416.46 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 0 0 124 4 Rib, Back Ribs, Frozen 12 22,722 110.91 120.00 115.72 121D 4 Plate, Inside Skirt (IM) 24 47,123 357.59 380.00 364.47 121C 4 Plate, Outside Skirt (IM) 16 32,646 535.00 560.00 556.07 121E 6 Outside Skirt, pld (IM) 4 1,505 820.00 820.00 820.00

Cap, Wedge Meat & (IM) Lean 36 268,007 223.83 240.00 226.56

Pectoral Meat 20 13,474 224.50 245.00 233.13 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 23 267,836 127.00 144.50 130.80 Ground Beef 75% Ground Beef 81% 37 146,334 161.00 189.50 174.06 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 9 28,562 229.89 238.50 236.54 Ground Beef Chuck 80% 27 290,349 170.57 185.00 176.87 Ground Beef Round 85% 14 61,800 205.41 214.00 210.39 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% Blended Ground Beef 85% Blended Ground Beef 90% 0 0 Blended Ground Beef 93% Blended Ground Beef Chuck 80% 0 0 Blended Ground Beef Round 85% 0 0 Blended Ground Beef Sirloin 90% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 0 0 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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