Bloomberg News

USDA Boxed Beef Cutout Closing Prices for July 16

July 16, 2012

July 16 (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: 183.84 172.19 Change from prior day: (0.10) (0.38) ------------------------------------------------------------------------------- Choice/Select spread: 11.65

Total Load Count (Cuts, Trimmings, Grids): 192 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 274.56 239.59 Primal Chuck 139.95 138.26 Primal Round 157.90 158.09 Primal Loin 269.73 234.58 Primal Brisket 129.30 133.67 Primal Short Plate 123.81 128.89 Primal Flank 105.47 94.41 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 07/13 88 63 6 18 174 183.94 172.57 07/12 126 53 31 38 248 186.03 173.42 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 187.33 173.81 -------------------------------------------------------------------------------- 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 79.72 loads 3,188,842 pounds Select Cuts 47.52 loads 1,900,962 pounds Trimmings 22.10 loads 884,015 pounds Ground Beef 42.41 load 1,696,415 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 21 93,006 529.27 589.00 547.76 112A 3 Rib, ribeye, bnls, light 5 6,375 652.39 684.00 663.83 112A 3 Rib, ribeye, bnls, heavy 24 46,727 629.41 715.00 664.89 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 20 84,203 175.00 187.00 179.02 114A 3 Chuck, shoulder clod, trmd 33 125,201 183.80 209.00 191.99 114D 3 Chuck, clod, top blade 14 29,573 293.00 308.00 299.09 114E 3 Chuck, clod, arm roast 10 38,174 200.00 242.86 220.50 114F 5 Chuck, clod tender (IM) 8 8,297 320.00 355.00 325.68 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 56 310,665 191.00 227.89 210.82 116B 1 Chuck, chuck tender (IM) 16 26,790 207.00 218.49 213.41

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 25 182,803 200.00 234.00 204.16 120A 3 Brisket, point/off, bnls 13 11,944 320.00 365.00 339.48 123A 3 Short Plate, short rib 18 39,015 290.00 367.00 336.35 130 4 Chuck, short rib 26 67,217 183.69 230.00 190.68 160 1 Round, bone-in 5 8,161 190.00 198.00 193.22 161 1 Round, boneless 5 13,657 200.00 214.50 203.30

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 57 284,642 208.90 235.00 217.67 168 1 Round, top inside round 24 262,412 191.00 211.49 194.90 168 3 Round, top inside round 36 539,877 202.58 231.00 205.81 169 5 Round, top inside, denuded 17 77,233 236.27 266.00 238.72

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 32 141,041 200.00 235.00 212.76 171C 3 Round, eye of round (IM) 35 57,494 202.00 225.00 213.48 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 20 92,215 513.66 665.00 539.40 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 9 14,654 592.50 620.00 611.34 180 3 Loin, strip, bnls, 0x1 26 91,522 595.00 661.50 613.78 184 1 Loin, top butt, bnls, heavy 5 2,817 326.00 343.80 336.03 184 3 Loin, top butt, boneless 19 90,029 315.00 349.50 329.03 185A 4 Loin, bottom sirloin, flap 16 27,007 460.50 486.00 471.44 185B 1 Loin, ball-tip, bnls, heavy 20 21,067 220.00 245.00 230.90 185C 1 Loin, sirloin, tri-tip (IM) 7 15,594 369.00 384.00 378.29 185D 4 Loin, tri-tip, pld (IM) 5 6,662 486.00 509.00 489.98 189A 4 Loin, tndrloin, trmd, heavy 16 37,574 885.00 935.00 912.64 191A 4 Loin, butt tender, trimmed 7 1,536 910.00 958.00 929.78 193 4 Flank, flank steak (IM) 16 22,223 466.50 488.00 480.05 ------------------------------------------------------------------------------- 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 12 14,484 469.00 510.00 481.66 112A 3 Rib, ribeye, bnls, light 4 3,713 545.00 555.00 550.42 112A 3 Rib, ribeye, bnls, heavy 22 51,669 530.00 571.00 538.33 113C 1 Chuck, semi-bnls, neck/off 9 44,620 187.49 199.49 189.84 114 1 Chuck, shoulder clod 18 356,050 174.00 183.39 179.05 114A 3 Chuck, shoulder clod, trmd 14 41,712 178.73 196.49 188.73 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 3 3,002 315.00 325.00 320.12 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 36 270,586 202.00 224.49 208.57 116B 1 Chuck, chuck tender (IM) 10 17,593 209.00 231.00 213.77

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 9 28,266 200.00 218.45 209.35 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 2,765 260.00 341.00 323.96 130 4 Chuck, short rib 15 39,414 184.00 211.00 189.44 160 1 Round, bone-in 0 0 161 1 Round, boneless 3 5,932 199.00 214.50 205.21

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 25 106,427 209.00 225.00 218.12 168 1 Round, top inside round 13 80,931 188.00 211.49 193.03 168 3 Round, top inside round 11 50,511 196.00 217.00 206.56 169 5 Round, top inside, denuded

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 3 81,035 185.00 216.00 185.98 171B 3 Round, outside round 13 20,213 212.26 229.49 220.95 171C 3 Round, eye of round (IM) 15 78,555 204.00 226.00 213.14 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 9 19,590 490.85 515.76 496.34 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 12 30,220 465.50 511.49 472.22 184 1 Loin, top butt, bnls, heavy 6 25,391 244.30 253.50 247.94 184 3 Loin, top butt, boneless 16 115,843 256.60 272.00 259.15 185A 4 Loin, bottom sirloin, flap 5 6,189 443.00 474.49 459.68 185B 1 Loin, ball-tip, bnls, heavy 7 10,705 215.00 234.00 226.85 185C 1 Loin, sirloin, tri-tip (IM) 6 59,553 288.27 327.00 294.03 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 9 17,006 840.00 861.00 845.77 191A 4 Loin, butt tender, trimmed 5 3,606 829.62 848.00 837.99 193 4 Flank, flank steak (IM) 14 28,220 398.50 430.85 404.37 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 7 13,890 110.00 125.00 120.61 121D 4 Plate, Inside Skirt (IM) 29 93,948 361.00 380.00 364.33 121C 4 Plate, Outside Skirt (IM) 12 31,821 528.00 582.00 554.36 121E 6 Outside Skirt, pld (IM) 6 17,994 687.00 700.00 696.14

Cap, Wedge Meat & (IM) Lean 25 194,083 225.00 244.50 230.17

Pectoral Meat 18 85,603 218.00 252.80 225.62 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 23 227,060 127.00 152.89 132.71 Ground Beef 75% Ground Beef 81% 34 265,435 149.78 184.49 159.97 Ground Beef 85% 0 0 Ground Beef 90% Ground Beef 93% 18 49,922 220.50 259.00 230.18 Ground Beef Chuck 80% 32 659,758 160.00 184.80 171.96 Ground Beef Round 85% 15 97,047 201.00 217.00 205.57 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% 17 107,916 189.00 201.31 196.09 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 24 716,015 43.00 53.00 48.10 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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