Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 184.15 172.12 Change from prior day: 0.21 (0.45) ------------------------------------------------------------------------------- Choice/Select spread: 12.03

Total Load Count (Cuts, Trimmings, Grids): 108 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 274.34 239.16 Primal Chuck 139.95 138.31 Primal Round 157.64 157.84 Primal Loin 271.61 234.78 Primal Brisket 129.47 133.44 Primal Short Plate 123.79 128.92 Primal Flank 105.12 94.21 -------------------------------------------------------------------------------- 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 44.32 loads 1,772,644 pounds Select Cuts 25.17 loads 1,006,929 pounds Trimmings 9.96 loads 398,241 pounds Ground Beef 29.00 load 1,159,898 pounds ------------------------------------------------------------------------------- Choice Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted

rades Pounds Range Average ------------------------------------------------------------------------------- 109E Rib, ribeye, lip-on, bn-in 14 76,428 529.27 587.89 546.40 112A Rib, ribeye, bnls, light 5 6,375 652.39 684.00 663.83 112A Rib, ribeye, bnls, heavy 13 23,161 645.00 715.00 685.54 113C 1 Chuck, semi-bnls, neck/off 1 5,039 193.80 193.80 193.80 114 Chuck, shoulder clod 8 18,789 175.00 187.00 179.58 114A Chuck, shoulder clod, trmd 10 19,754 183.80 196.49 189.45 114D Chuck, clod, top blade 7 21,664 222.00 303.49 268.84 114E Chuck, clod, arm roast 6 21,901 200.00 254.99 214.68 114F Chuck, clod tender 6 7,544 320.00 355.00 323.17 115 Chuck, 2-piece, boneless 0 0 0.00 0.00 0.00 116A Chuck, roll, lxl, neck/off 31 204,609 191.00 224.49 208.88 116B Chuck, chuck tender 8 7,465 210.00 218.49 212.85

Chuck, roll, retail ready 3 5,592 202.12 230.00 222.49 120 Brisket, deckle-off, bnls 13 32,168 205.00 234.00 210.91 120A Brisket, point/off, bnls 7 2,755 335.00 365.00 351.07 123A Short Plate, short rib 12 29,516 250.00 351.00 335.85 130 Chuck, short rib 17 37,108 184.20 229.50 192.36 160 Round, bone-in 1 1,808 194.00 194.00 194.00 161 Round, boneless 4 12,824 200.00 204.15 202.57

Round, bnls/peeled heel-out 0 0 0.00 0.00 0.00 167A Round, knuckle, peeled 33 98,504 208.90 235.00 216.80 168 1 Round, top inside round 17 172,028 191.00 211.49 194.82 168 3 Round, top inside round 21 474,886 202.58 231.00 205.72 169 Round, top inside, denuded 10 60,903 236.27 245.00 238.06

Round, top inside, side off 1 1,482 231.00 231.00 231.00 170 Round, bottom gooseneck 0 0 0.00 0.00 0.00 171B Round, outside round 11 88,429 204.50 225.89 209.25 171C Round, eye of round 19 41,538 202.00 225.00 212.28 174 1 Loin, short loin, 2x3 1 521 558.80 558.80 558.80 174 3 Loin, short loin, 0x1 7 16,615 534.28 665.00 563.50 175 Loin, strip loin, 1x1 0 0 0.00 0.00 0.00 180 1 Loin, strip, bnls, heavy 0 0 0.00 0.00 0.00

Loin, strip loin bnls. 1x1 5 9,152 612.00 620.00 616.13 180 3 Loin, strip, bnls, 0x1 16 74,074 595.00 660.00 611.46 184 1 Loin, top butt, bnls, heavy 4 2,425 326.00 343.80 337.00 184 3 Loin, top butt, boneless 14 64,487 315.00 349.50 325.61 185A Loin, bottom sirloin, flap 10 20,088 460.50 486.00 472.15 185B Loin, ball-tip, bnls, heavy 14 17,717 220.00 245.00 229.94 185C Loin, sirloin, tri-tip 4 11,314 370.00 384.00 381.37 185D Loin, sirloin, tri-tip, pld 1 77 481.00 481.00 481.00 189A Loin, tndrloin, trmd, heavy 12 21,908 900.00 935.00 923.62 191A Loin, butt tender, trimmed 5 1,148 910.00 930.00 920.53 193 Flank, flank steak 6 11,515 470.00 485.49 479.33 ------------------------------------------------------------------------------- Select Cuts, Fat Limitations 1-6 (IM) = Individual Muscle IMPS/FL Sub-Primal # of Total Price Weighted

rades Pounds Range Average ------------------------------------------------------------------------------- 109E Rib, ribeye, lip-on, bn-in 6 8,323 478.00 510.00 486.66 112A Rib, ribeye, bnls, light 4 3,713 545.00 555.00 550.42 112A Rib, ribeye, bnls, heavy 11 25,420 533.59 571.00 539.80 113C 1 Chuck, semi-bnls, neck/off 6 25,496 187.49 199.49 188.66 114 Chuck, shoulder clod 11 226,957 174.00 183.39 179.60 114A Chuck, shoulder clod, trmd 6 21,548 178.73 196.49 186.50 114D Chuck, clod, top blade 12 8,371 269.17 332.03 277.56 114E Chuck, clod, arm roast 0 0 0.00 0.00 0.00 114F Chuck, clod tender 3 3,002 315.00 325.00 320.12 115 Chuck, 2-piece, boneless 0 0 0.00 0.00 0.00 116A Chuck, roll, lxl, neck/off 16 62,941 202.00 221.00 206.97 116B Chuck, chuck tender 7 8,841 211.00 231.00 214.84

Chuck, roll, retail ready 1 1,510 230.00 230.00 230.00 120 Brisket, deckle-off, bnls 7 17,581 200.00 232.00 206.47 120A Brisket, point/off, bnls 1 627 328.00 328.00 328.00 123A Short Plate, short rib 1 671 325.73 325.73 325.73 130 Chuck, short rib 8 26,104 184.20 201.00 188.34 160 Round, bone-in 0 0 0.00 0.00 0.00 161 Round, boneless 1 3,282 207.00 207.00 207.00

Round, bnls/peeled heel-out 0 0 0.00 0.00 0.00 167A Round, knuckle, peeled 10 31,245 212.89 225.00 218.66 168 1 Round, top inside round 12 80,533 188.00 211.49 193.04 168 3 Round, top inside round 7 32,290 196.00 217.00 207.79 169 Round, top inside, denuded 1 1,873 241.00 241.00 241.00

Round, top inside, side off 0 0 0.00 0.00 0.00 170 Round, bottom gooseneck 2 78,474 185.00 185.00 185.00 171B Round, outside round 7 9,430 215.00 224.80 220.64 171C Round, eye of round 6 24,994 204.00 222.00 207.96 174 1 Loin, short loin, 2x3 2 1,117 455.00 477.00 460.30 174 3 Loin, short loin, 0x1 3 996 498.00 515.76 508.26 175 Loin, strip loin, 1x1 2 2,293 404.95 421.00 416.43 180 1 Loin, strip, bnls, heavy 0 0 0.00 0.00 0.00

Loin, strip loin bnls. 1x1 2 447 430.00 464.00 451.22 180 3 Loin, strip, bnls, 0x1 6 26,326 465.79 511.49 470.93 184 1 Loin, top butt, bnls, heavy 4 23,239 244.30 253.50 247.70 184 3 Loin, top butt, boneless 8 59,541 256.60 272.00 259.24 185A Loin, bottom sirloin, flap 4 4,819 443.50 474.49 464.43 185B Loin, ball-tip, bnls, heavy 2 540 215.00 234.00 220.56 185C Loin, sirloin, tri-tip 3 38,572 294.23 322.89 295.40 185D Loin, sirloin, tri-tip, pld 0 0 0.00 0.00 0.00 189A Loin, tndrloin, trmd, heavy 7 14,603 840.00 860.00 844.54 191A Loin, butt tender, trimmed 1 367 879.65 879.65 879.65 193 Flank, flank steak 7 12,045 400.00 441.00 408.22 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS, Fat imitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 8 14,447 139.20 198.00 161.93 124F 4 Rib, Back Ribs, Frozen 6 13,312 110.00 125.00 120.83 121D 4 Plate, Inside Skirt 7 6,098 363.05 380.00 373.57 121C 4 Plate, Outside Skirt 11 31,749 528.00 582.00 554.35 121E 6 Plate, Outside Skirt, pld 5 11,544 687.00 700.00 696.44

4 Cap and Wedge Meat 14 79,659 225.00 244.50 229.16

4 Pectoral Meat 7 11,322 221.54 252.80 230.41 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis- Coarse & Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 13 58,958 127.00 152.89 130.35 Ground Beef 75% 1 18,081 138.75 138.75 138.75 Ground Beef 81% 24 194,787 155.00 184.49 162.08 Ground Beef 85% 0 0 0.00 0.00 0.00 Ground Beef 90% 2 28,647 190.72 214.77 206.93 Ground Beef 93% 10 26,085 221.16 259.00 234.10 Ground Beef Chuck 26 591,254 160.00 184.80 172.42 Ground Beef Round 12 82,238 204.27 217.00 205.95 Ground Beef Sirloin 2 9,795 260.00 260.00 260.00 ------------------------------------------------------------------------------- BLENDED GB - STEER/HEIFER/COW SOURC - 10 Pound Chub Basis- Coarse & Fine Grind ------------------------------------------------------------------------------- Blended Ground Beef 73% 4 13,796 149.25 158.43 152.32 Blended Ground Beef 75% 2 15,050 155.08 157.00 155.85 Blended Ground Beef 81% 9 54,337 189.00 200.43 194.04 Blended Ground Beef 85% 3 17,210 218.25 218.25 218.25 Blended Ground Beef 90% 1 320 235.00 235.00 235.00 Blended Ground Beef 93% 6 18,987 240.25 252.25 251.51 Blended Ground Beef Chuck 1 4,352 170.25 170.25 170.25 Blended Ground Beef Round 6 26,001 216.25 237.06 229.66 Blended Ground Beef Sirloin 0 0 0.00 0.00 0.00 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - FRESH COMBOS & FROZEN BOXED -------------------------------------------------------------------------------- Fresh 50% lean trimmings 12 356,241 43.00 50.34 47.34 Frozen 50% lean trimmings 1 42,000 48.00 48.00 48.00 Fresh 65% lean trimmings 4 140,000 100.88 100.88 100.88 Frozen 65% lean trimmings 0 0 0.00 0.00 0.00 Fresh 75% lean trimmings 0 0 0.00 0.00 0.00 Frozen 75% lean trimmings 0 0 0.00 0.00 0.00 Fresh 85% lean trimmings 0 0 0.00 0.00 0.00 Frozen 85% lean trimmings 0 0 0.00 0.00 0.00 Fresh 90% lean trimmings 0 0 0.00 0.00 0.00 Frozen 90% lean trimmings 0 0 0.00 0.00 0.00 -------------------------------------------------------------------------------- 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" --------------------------------------------------------------------------------

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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