Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 184.44 172.82 Change from prior day: (0.01) (0.04) ------------------------------------------------------------------------------- Choice/Select spread: 11.62

Total Load Count (Cuts, Trimmings, Grids): 166 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 274.00 236.63 Primal Chuck 144.06 142.20 Primal Round 158.53 159.08 Primal Loin 266.05 233.34 Primal Brisket 131.40 132.70 Primal Short Plate 122.86 127.57 Primal Flank 106.85 93.82 -------------------------------------------------------------------------------- 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 68.64 loads 2,745,764 pounds Select Cuts 38.95 loads 1,558,099 pounds Trimmings 14.26 loads 570,309 pounds Ground Beef 43.83 load 1,753,218 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 18 27,572 540.11 610.00 568.24 112A 3 Rib, ribeye, bnls, light 15 11,655 608.00 666.00 642.18 112A 3 Rib, ribeye, bnls, heavy 48 62,005 622.89 705.00 652.06 113C 1 Chuck, semi-bnls, neck/off 12 23,207 189.00 200.65 193.86 114 1 Chuck, shoulder clod 15 55,864 176.00 195.05 178.68 114A 3 Chuck, shoulder clod, trmd 51 227,150 183.00 207.00 187.45 114D 3 Chuck, clod, top blade 8 8,796 295.00 305.00 297.74 114E 3 Chuck, clod, arm roast 6 12,172 210.00 230.00 217.38 114F 5 Chuck, clod tender (IM) 11 66,826 306.00 355.00 308.23 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 51 139,082 209.00 223.89 215.03 116B 1 Chuck, chuck tender (IM) 17 20,287 208.00 217.89 212.68

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 40 141,410 200.00 225.00 210.32 120A 3 Brisket, point/off, bnls 17 12,104 330.00 365.00 357.10 123A 3 Short Plate, short rib 19 35,282 298.00 381.00 331.72 130 4 Chuck, short rib 16 41,046 183.00 230.00 191.26 160 1 Round, bone-in 3 10,487 187.00 195.18 188.26 161 1 Round, boneless 7 35,646 197.00 214.00 199.97

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 51 95,427 211.24 236.00 217.01 168 1 Round, top inside round 29 56,925 194.00 210.50 199.16 168 3 Round, top inside round 22 452,274 204.00 213.00 204.12 169 5 Round, top inside, denuded 20 49,400 231.54 255.00 235.37

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 43 133,254 211.00 228.50 215.85 171C 3 Round, eye of round (IM) 35 46,862 209.00 231.00 215.54 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 26 35,842 500.28 585.05 544.85 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 14 29,487 540.00 541.25 540.06 180 3 Loin, strip, bnls, 0x1 30 261,018 502.81 634.00 529.04 184 1 Loin, top butt, bnls, heavy 15 13,604 305.00 323.00 311.82 184 3 Loin, top butt, boneless 31 43,295 315.00 337.00 322.48 185A 4 Loin, bottom sirloin, flap 23 45,587 439.00 481.00 463.44 185B 1 Loin, ball-tip, bnls, heavy 25 29,490 224.75 245.00 234.80 185C 1 Loin, sirloin, tri-tip (IM) 13 34,259 357.89 381.00 365.06 185D 4 Loin, tri-tip, pld (IM) 10 17,024 490.00 542.89 491.67 189A 4 Loin, tndrloin, trmd, heavy 30 37,088 890.00 935.00 900.22 191A 4 Loin, butt tender, trimmed 4 1,246 900.00 929.99 908.18 193 4 Flank, flank steak (IM) 28 85,662 470.00 497.00 488.28 ------------------------------------------------------------------------------- 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 25 24,879 460.00 500.28 479.58 112A 3 Rib, ribeye, bnls, light 18 48,765 497.85 560.00 508.25 112A 3 Rib, ribeye, bnls, heavy 42 120,679 524.00 563.00 532.41 113C 1 Chuck, semi-bnls, neck/off 12 27,196 193.00 195.95 194.22 114 1 Chuck, shoulder clod 14 88,628 176.00 195.00 181.25 114A 3 Chuck, shoulder clod, trmd 21 78,161 186.20 202.28 191.62 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 15 52,563 306.00 361.47 308.77 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 30 125,120 207.00 219.00 213.66 116B 1 Chuck, chuck tender (IM) 13 13,540 209.00 221.21 213.34

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 18 92,727 204.59 223.00 211.74 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 3 2,630 250.00 325.84 286.33 130 4 Chuck, short rib 10 24,838 190.00 195.00 192.21 160 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 30 61,311 211.24 218.30 216.47 168 1 Round, top inside round 25 74,230 194.00 204.24 199.36 168 3 Round, top inside round 18 29,785 201.00 220.65 208.45 169 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 171B 3 Round, outside round 32 95,559 214.00 221.00 216.49 171C 3 Round, eye of round (IM) 16 16,989 212.00 225.00 216.01 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 28 36,733 478.00 505.50 490.83 175 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 34 51,560 467.00 505.00 479.87 184 1 Loin, top butt, bnls, heavy 17 32,833 236.00 250.00 240.16 184 3 Loin, top butt, boneless 36 46,288 246.21 266.00 257.07 185A 4 Loin, bottom sirloin, flap 5 19,124 439.00 452.70 444.79 185B 1 Loin, ball-tip, bnls, heavy 15 31,087 215.00 225.20 221.90 185C 1 Loin, sirloin, tri-tip (IM) 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 33 83,190 815.00 885.00 827.92 191A 4 Loin, butt tender, trimmed 5 2,157 840.00 850.00 848.70 193 4 Flank, flank steak (IM) 11 23,442 383.45 429.98 395.86 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 13 33,300 113.00 125.00 119.28 121D 4 Plate, Inside Skirt (IM) 25 48,968 357.00 380.00 364.07 121C 4 Plate, Outside Skirt (IM) 21 37,209 536.00 560.00 552.83 121E 6 Outside Skirt, pld (IM) 5 12,116 687.00 735.00 693.97

Cap, Wedge Meat & (IM) Lean 45 140,333 230.00 245.00 233.64

Pectoral Meat 25 39,913 223.00 245.00 233.18 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 56 400,130 129.00 148.89 131.41 Ground Beef 75% Ground Beef 81% 85 488,108 148.00 189.89 159.95 Ground Beef 85% Ground Beef 90% Ground Beef 93% 41 249,583 213.00 235.00 217.91 Ground Beef Chuck 80% 48 297,220 155.00 186.00 167.34 Ground Beef Round 85% 39 124,645 200.00 214.00 205.23 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% 4 11,108 190.98 208.60 193.36 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 20 557,009 45.00 49.60 47.78 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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