Bloomberg News

USDA Boxed Beef Cutout Closing Prices for July 17

July 17, 2012

July 17 (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: 184.45 172.86 Change from prior day: 0.61 0.67 ------------------------------------------------------------------------------- Choice/Select spread: 11.60

Total Load Count (Cuts, Trimmings, Grids): 204 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 274.28 239.27 Primal Chuck 141.25 140.58 Primal Round 158.16 158.81 Primal Loin 270.53 234.46 Primal Brisket 130.36 132.28 Primal Short Plate 123.32 128.25 Primal Flank 105.96 94.28 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 07/16 80 48 22 42 192 183.84 172.19 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 186.00 173.24 -------------------------------------------------------------------------------- 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 69.39 loads 2,775,742 pounds Select Cuts 72.87 loads 2,914,806 pounds Trimmings 26.69 loads 1,067,540 pounds Ground Beef 35.51 load 1,420,476 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 75,708 524.00 639.50 557.68 112A 3 Rib, ribeye, bnls, light 8 42,909 608.00 675.00 616.79 112A 3 Rib, ribeye, bnls, heavy 49 55,453 608.00 693.60 651.37 113C 1 Chuck, semi-bnls, neck/off 14 92,416 189.00 215.00 192.14 114 1 Chuck, shoulder clod 29 117,406 176.80 189.00 181.24 114A 3 Chuck, shoulder clod, trmd 32 151,056 184.65 214.52 191.25 114D 3 Chuck, clod, top blade 9 50,995 269.00 302.83 275.40 114E 3 Chuck, clod, arm roast 8 104,583 209.00 232.00 211.02 114F 5 Chuck, clod tender (IM) 14 13,548 311.50 360.25 326.03 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 53 161,903 204.00 231.00 213.89 116B 1 Chuck, chuck tender (IM) 26 36,100 207.00 233.00 212.51

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 41 300,935 200.00 227.00 206.64 120A 3 Brisket, point/off, bnls 16 5,098 320.00 370.00 341.44 123A 3 Short Plate, short rib 18 36,174 250.00 348.00 324.71 130 4 Chuck, short rib 35 66,943 188.00 247.00 195.93 160 1 Round, bone-in 8 25,275 187.00 216.50 201.45 161 1 Round, boneless 5 23,934 197.00 210.00 199.32

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 48 106,158 210.00 240.00 218.28 168 1 Round, top inside round 31 142,697 191.00 214.00 196.50 168 3 Round, top inside round 22 244,827 200.00 220.50 206.12 169 5 Round, top inside, denuded 19 34,938 230.00 252.50 240.76

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 39 129,789 206.00 235.00 216.54 171C 3 Round, eye of round (IM) 48 98,455 206.00 236.00 215.29 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 18 62,015 515.61 610.00 543.93 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 5 3,166 584.00 621.30 601.13 180 3 Loin, strip, bnls, 0x1 30 32,868 580.35 686.00 606.51 184 1 Loin, top butt, bnls, heavy 8 8,285 324.83 334.50 327.51 184 3 Loin, top butt, boneless 11 42,108 316.00 350.04 332.37 185A 4 Loin, bottom sirloin, flap 26 54,087 445.00 481.00 473.86 185B 1 Loin, ball-tip, bnls, heavy 13 53,131 218.00 247.00 225.55 185C 1 Loin, sirloin, tri-tip (IM) 9 20,820 364.52 380.00 369.34 185D 4 Loin, tri-tip, pld (IM) 8 4,062 485.00 532.82 498.31 189A 4 Loin, tndrloin, trmd, heavy 27 40,549 873.00 940.04 907.08 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 23 14,875 443.28 490.00 479.86 ------------------------------------------------------------------------------- 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 14 28,618 452.26 504.00 462.65 112A 3 Rib, ribeye, bnls, light 9 36,400 509.00 564.00 534.62 112A 3 Rib, ribeye, bnls, heavy 45 80,570 509.00 564.00 535.45 113C 1 Chuck, semi-bnls, neck/off 15 30,299 183.00 200.50 192.72 114 1 Chuck, shoulder clod 12 76,874 174.50 188.00 178.90 114A 3 Chuck, shoulder clod, trmd 23 133,621 182.00 204.00 187.85 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 10 16,342 308.00 365.28 315.11 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 36 163,618 191.00 225.50 213.58 116B 1 Chuck, chuck tender (IM) 13 25,800 208.00 216.00 210.64

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 31 139,776 202.00 223.76 209.30 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 14 58,953 240.00 351.00 259.62 130 4 Chuck, short rib 14 34,712 182.00 220.00 190.34 160 1 Round, bone-in 161 1 Round, boneless 8 15,100 194.00 237.00 215.52

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 24 91,658 209.00 225.20 216.30 168 1 Round, top inside round 17 70,140 193.00 213.50 200.33 168 3 Round, top inside round 16 45,077 204.50 230.50 207.57 169 5 Round, top inside, denuded 3 5,557 240.00 245.00 241.68

3 Round, top inside, side off 170 1 Round, bottom gooseneck 6 32,612 192.00 199.23 193.50 171B 3 Round, outside round 26 102,849 205.46 222.00 216.95 171C 3 Round, eye of round (IM) 19 66,690 205.00 226.00 211.99 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 17 30,174 475.00 518.00 487.01 175 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 31 39,186 463.26 510.30 476.11 184 1 Loin, top butt, bnls, heavy 25 327,317 234.00 251.00 238.67 184 3 Loin, top butt, boneless 46 579,793 245.00 267.50 252.29 185A 4 Loin, bottom sirloin, flap 6 32,373 435.00 466.95 443.19 185B 1 Loin, ball-tip, bnls, heavy 19 139,448 203.00 241.00 214.74 185C 1 Loin, sirloin, tri-tip (IM) 7 71,801 299.00 335.51 302.67 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 34 40,679 790.00 873.25 843.60 191A 4 Loin, butt tender, trimmed 8 12,622 800.00 852.80 803.10 193 4 Flank, flank steak (IM) 19 76,163 383.45 430.28 397.57 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 4 1,508 112.95 120.00 116.34 121D 4 Plate, Inside Skirt (IM) 30 56,348 354.00 380.25 364.12 121C 4 Plate, Outside Skirt (IM) 18 64,090 519.00 580.00 537.19 121E 6 Outside Skirt, pld (IM) 6 11,383 695.60 825.70 731.36

Cap, Wedge Meat & (IM) Lean 37 142,592 227.00 252.00 234.28

Pectoral Meat 26 162,427 212.00 239.50 222.52 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 26 224,806 128.00 152.83 136.19 Ground Beef 75% Ground Beef 81% 49 541,101 150.00 185.50 164.63 Ground Beef 85% Ground Beef 90% Ground Beef 93% 21 131,457 220.70 260.50 235.71 Ground Beef Chuck 80% 15 237,077 155.00 185.00 167.29 Ground Beef Round 85% 7 45,779 193.00 214.00 201.05 Ground Beef Sirloin 90% 0 0 ------------------------------------------------------------------------------- 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% 13 76,404 187.00 212.00 195.69 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 22 468,410 44.50 52.00 48.32 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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