Bloomberg News

USDA Boxed Beef Cutout Closing Prices for July 19

July 19, 2012

July 19 (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: 180.58 171.87 Change from prior day: (1.58) (0.63) ------------------------------------------------------------------------------- Choice/Select spread: 8.71

Total Load Count (Cuts, Trimmings, Grids): 194 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 269.25 238.09 Primal Chuck 142.18 140.90 Primal Round 158.21 158.77 Primal Loin 254.04 231.09 Primal Brisket 130.05 130.76 Primal Short Plate 122.06 126.72 Primal Flank 106.18 93.09 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 07/18 109 78 21 65 274 182.16 172.50 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 184.09 172.71 -------------------------------------------------------------------------------- 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 86.71 loads 3,468,390 pounds Select Cuts 64.37 loads 2,574,733 pounds Trimmings 6.94 loads 277,728 pounds Ground Beef 36.37 load 1,454,863 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 17 16,753 534.69 608.00 561.30 112A 3 Rib, ribeye, bnls, light 7 37,657 586.00 666.00 618.29 112A 3 Rib, ribeye, bnls, heavy 80 193,376 586.00 689.00 620.48 113C 1 Chuck, semi-bnls, neck/off 8 22,912 189.50 195.10 193.61 114 1 Chuck, shoulder clod 20 74,178 174.00 198.00 181.92 114A 3 Chuck, shoulder clod, trmd 38 123,682 179.07 202.98 189.87 114D 3 Chuck, clod, top blade 8 7,610 280.00 309.50 294.42 114E 3 Chuck, clod, arm roast 5 11,588 215.00 239.93 220.38 114F 5 Chuck, clod tender (IM) 8 8,899 315.00 385.82 332.35 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 54 251,183 209.80 222.00 213.55 116B 1 Chuck, chuck tender (IM) 16 26,086 212.00 218.50 213.86

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 53 346,337 199.00 229.50 202.20 120A 3 Brisket, point/off, bnls 17 30,921 320.00 365.00 342.47 123A 3 Short Plate, short rib 22 30,733 250.00 366.00 329.80 130 4 Chuck, short rib 42 64,942 185.00 230.00 198.05 160 1 Round, bone-in 3 3,976 190.00 214.00 190.90 161 1 Round, boneless 3 5,433 202.00 217.50 202.90

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 49 78,972 206.74 230.82 218.44 168 1 Round, top inside round 42 171,985 194.55 205.64 197.16 168 3 Round, top inside round 26 112,572 204.14 218.75 207.80 169 5 Round, top inside, denuded 18 75,266 222.75 255.00 241.09

3 Round, top inside, side off 170 1 Round, bottom gooseneck 6 10,137 200.00 219.25 204.21 171B 3 Round, outside round 34 104,168 208.00 227.21 213.56 171C 3 Round, eye of round (IM) 32 43,524 202.07 225.00 217.74 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 19 60,910 521.93 580.00 540.82 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 12 20,960 524.00 575.00 533.31 180 3 Loin, strip, bnls, 0x1 53 405,881 520.00 641.00 531.34 184 1 Loin, top butt, bnls, heavy 7 10,918 305.00 334.00 308.39 184 3 Loin, top butt, boneless 32 228,208 300.00 338.00 309.36 185A 4 Loin, bottom sirloin, flap 30 76,146 461.83 481.00 470.32 185B 1 Loin, ball-tip, bnls, heavy 20 21,178 218.00 254.00 226.91 185C 1 Loin, sirloin, tri-tip (IM) 18 18,334 363.88 385.00 373.76 185D 4 Loin, tri-tip, pld (IM) 7 7,456 478.00 511.00 489.89 189A 4 Loin, tndrloin, trmd, heavy 73 353,970 850.00 976.00 862.65 191A 4 Loin, butt tender, trimmed 7 21,878 868.00 920.00 880.81 193 4 Flank, flank steak (IM) 26 41,750 465.00 495.00 474.72 ------------------------------------------------------------------------------- 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 23 57,724 457.00 484.00 470.93 112A 3 Rib, ribeye, bnls, light 12 167,677 495.00 555.00 506.79 112A 3 Rib, ribeye, bnls, heavy 25 134,041 472.00 559.50 529.21 113C 1 Chuck, semi-bnls, neck/off 13 24,032 189.00 199.50 193.59 114 1 Chuck, shoulder clod 11 67,776 174.00 185.00 181.24 114A 3 Chuck, shoulder clod, trmd 32 136,877 181.74 207.00 187.48 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 7 26,607 303.55 355.00 305.60 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 35 191,448 204.50 221.00 213.85 116B 1 Chuck, chuck tender (IM) 12 32,398 208.00 216.00 211.19

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 22 221,844 199.00 220.14 205.05 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 7 8,272 300.00 356.00 330.06 130 4 Chuck, short rib 16 28,267 185.00 211.00 190.56 160 1 Round, bone-in 161 1 Round, boneless 6 5,000 197.00 207.00 202.93

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 17 30,114 206.74 223.00 217.24 168 1 Round, top inside round 28 98,677 193.00 208.50 198.02 168 3 Round, top inside round 11 31,240 204.00 215.00 208.89 169 5 Round, top inside, denuded 6 7,195 238.00 252.75 239.69

3 Round, top inside, side off 170 1 Round, bottom gooseneck 3 3,451 201.50 218.00 215.05 171B 3 Round, outside round 18 36,323 213.00 225.00 217.24 171C 3 Round, eye of round (IM) 15 23,007 204.00 223.00 216.30 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 13 12,493 485.00 503.35 490.29 175 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 22 82,695 460.00 505.00 467.97 184 1 Loin, top butt, bnls, heavy 17 55,011 239.00 253.00 248.20 184 3 Loin, top butt, boneless 26 130,053 240.88 270.00 252.66 185A 4 Loin, bottom sirloin, flap 5 12,846 444.00 480.00 461.81 185B 1 Loin, ball-tip, bnls, heavy 17 54,292 215.00 241.21 218.02 185C 1 Loin, sirloin, tri-tip (IM) 11 13,442 265.85 319.82 287.13 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 41 329,555 810.88 869.00 820.19 191A 4 Loin, butt tender, trimmed 5 46,387 770.71 813.40 773.08 193 4 Flank, flank steak (IM) 23 85,029 383.45 430.00 391.13 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 20 133,542 110.00 128.00 110.82 121D 4 Plate, Inside Skirt (IM) 30 131,343 352.00 371.00 355.43 121C 4 Plate, Outside Skirt (IM) 32 59,420 515.00 581.00 547.16 121E 6 Outside Skirt, pld (IM) 4 6,561 735.00 820.00 741.95

Cap, Wedge Meat & (IM) Lean 62 234,061 224.20 246.00 231.56

Pectoral Meat 43 92,125 215.74 250.00 224.78 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 23 159,141 129.00 149.50 131.45 Ground Beef 75% Ground Beef 81% 64 737,054 144.00 183.50 152.66 Ground Beef 85% Ground Beef 90% Ground Beef 93% 7 39,657 219.70 250.75 226.88 Ground Beef Chuck 80% 23 271,669 148.30 174.39 161.67 Ground Beef Round 85% 9 38,381 200.00 211.00 202.79 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% 6 16,623 193.30 206.06 198.07 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 10 233,908 46.00 47.50 46.89 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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