Bloomberg News

USDA Boxed Beef Cutout Closing Prices for July 18

July 18, 2012

July 18 (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: 182.16 172.50 Change from prior day: (2.29) (0.36) ------------------------------------------------------------------------------- Choice/Select spread: 9.66

Total Load Count (Cuts, Trimmings, Grids): 274 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 268.16 236.02 Primal Chuck 143.54 141.98 Primal Round 158.43 158.87 Primal Loin 259.30 232.90 Primal Brisket 131.82 132.38 Primal Short Plate 122.48 127.19 Primal Flank 106.85 93.92 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 07/17 69 73 27 36 204 184.45 172.86 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 185.22 172.94 -------------------------------------------------------------------------------- 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 109.40 loads 4,376,122 pounds Select Cuts 78.13 loads 3,125,365 pounds Trimmings 21.00 loads 840,169 pounds Ground Beef 65.14 load 2,605,666 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 37 40,479 540.11 610.00 569.37 112A 3 Rib, ribeye, bnls, light 26 88,973 575.00 666.00 588.72 112A 3 Rib, ribeye, bnls, heavy 105 135,911 575.00 705.00 626.08 113C 1 Chuck, semi-bnls, neck/off 12 23,207 189.00 200.65 193.86 114 1 Chuck, shoulder clod 22 89,954 174.00 195.05 178.09 114A 3 Chuck, shoulder clod, trmd 82 239,176 183.00 207.00 187.73 114D 3 Chuck, clod, top blade 9 11,391 295.00 305.00 298.94 114E 3 Chuck, clod, arm roast 11 13,254 210.00 230.00 217.14 114F 5 Chuck, clod tender (IM) 13 68,804 306.00 355.00 308.39 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 105 207,638 199.00 223.89 212.44 116B 1 Chuck, chuck tender (IM) 41 75,623 204.00 220.00 210.09

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 80 214,882 200.00 225.00 211.42 120A 3 Brisket, point/off, bnls 26 22,866 320.00 365.00 348.35 123A 3 Short Plate, short rib 35 44,659 298.00 381.00 325.19 130 4 Chuck, short rib 37 47,464 183.00 230.00 191.37 160 1 Round, bone-in 4 10,641 187.00 198.00 188.40 161 1 Round, boneless 10 37,152 197.00 214.00 200.17

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 91 145,257 211.24 231.00 216.88 168 1 Round, top inside round 58 151,224 193.00 210.50 199.17 168 3 Round, top inside round 26 461,577 200.00 213.00 204.13 169 5 Round, top inside, denuded 25 57,614 230.00 255.00 235.83

3 Round, top inside, side off 170 1 Round, bottom gooseneck 3 1,194 215.28 218.00 217.22 171B 3 Round, outside round 70 282,211 196.00 230.60 214.79 171C 3 Round, eye of round (IM) 60 80,302 209.00 231.00 217.05 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 34 116,880 491.00 585.05 508.31 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 21 38,268 535.50 550.00 540.36 180 3 Loin, strip, bnls, 0x1 54 549,327 500.00 635.00 522.22 184 1 Loin, top butt, bnls, heavy 21 17,427 305.00 335.77 310.84 184 3 Loin, top butt, boneless 53 230,431 300.00 342.00 309.56 185A 4 Loin, bottom sirloin, flap 50 71,590 439.00 481.00 466.55 185B 1 Loin, ball-tip, bnls, heavy 38 33,448 224.75 255.77 235.58 185C 1 Loin, sirloin, tri-tip (IM) 18 54,821 357.89 382.80 365.23 185D 4 Loin, tri-tip, pld (IM) 20 33,894 485.00 507.00 493.53 189A 4 Loin, tndrloin, trmd, heavy 86 157,812 840.00 995.00 868.01 191A 4 Loin, butt tender, trimmed 7 1,978 900.00 939.84 914.58 193 4 Flank, flank steak (IM) 29 86,050 470.00 497.00 488.24 ------------------------------------------------------------------------------- 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 32 47,196 460.00 500.28 476.04 112A 3 Rib, ribeye, bnls, light 24 99,296 495.00 560.00 503.51 112A 3 Rib, ribeye, bnls, heavy 68 190,392 524.00 563.00 532.82 113C 1 Chuck, semi-bnls, neck/off 15 29,517 189.00 195.95 193.97 114 1 Chuck, shoulder clod 20 95,230 174.00 195.00 180.96 114A 3 Chuck, shoulder clod, trmd 28 164,632 183.00 216.00 188.44 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 18 57,623 306.00 361.47 308.92 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 43 169,973 205.00 220.00 213.09 116B 1 Chuck, chuck tender (IM) 21 22,610 204.00 221.21 212.54

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 29 149,407 202.00 223.00 210.04 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 3,119 250.00 325.84 291.75 130 4 Chuck, short rib 16 37,127 190.00 252.33 204.81 160 1 Round, bone-in 161 1 Round, boneless 4 1,298 204.00 205.18 204.37

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 39 87,882 211.00 219.50 215.98 168 1 Round, top inside round 31 77,123 194.00 204.24 199.38 168 3 Round, top inside round 25 77,635 200.00 220.65 206.51 169 5 Round, top inside, denuded 8 7,190 239.00 250.50 240.35

3 Round, top inside, side off 170 1 Round, bottom gooseneck 3 2,232 195.84 220.65 202.73 171B 3 Round, outside round 42 158,461 210.00 222.25 216.45 171C 3 Round, eye of round (IM) 23 44,394 211.63 225.00 216.70 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 36 48,164 478.00 505.50 490.38 175 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 48 127,665 437.85 506.25 467.94 184 1 Loin, top butt, bnls, heavy 31 279,119 235.00 250.00 238.49 184 3 Loin, top butt, boneless 51 127,100 245.85 266.00 254.42 185A 4 Loin, bottom sirloin, flap 10 37,387 439.00 453.00 444.66 185B 1 Loin, ball-tip, bnls, heavy 20 50,415 213.00 225.20 219.12 185C 1 Loin, sirloin, tri-tip (IM) 9 75,373 286.00 315.00 306.47 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 58 324,211 814.21 885.00 825.38 191A 4 Loin, butt tender, trimmed 7 3,579 810.00 850.00 834.91 193 4 Flank, flank steak (IM) 18 42,362 383.45 429.98 398.37 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 14 33,473 113.00 125.00 119.26 121D 4 Plate, Inside Skirt (IM) 36 126,213 355.59 384.00 360.48 121C 4 Plate, Outside Skirt (IM) 29 58,393 525.00 560.65 545.45 121E 6 Outside Skirt, pld (IM) 7 15,323 681.00 735.00 692.42

Cap, Wedge Meat & (IM) Lean 58 246,870 230.00 251.00 233.12

Pectoral Meat 46 146,858 215.00 245.00 223.98 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 80 609,212 125.00 148.89 131.65 Ground Beef 75% Ground Beef 81% 108 674,672 148.00 194.28 160.71 Ground Beef 85% Ground Beef 90% Ground Beef 93% 41 249,583 213.00 235.00 217.91 Ground Beef Chuck 80% 52 353,076 155.00 186.00 166.82 Ground Beef Round 85% 44 173,540 200.00 214.00 204.75 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% 7 13,748 190.98 208.60 194.00 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 28 823,869 45.00 49.60 47.93 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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