Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 181.03 171.97 Change from prior day: (1.13) (0.53) ------------------------------------------------------------------------------- Choice/Select spread: 9.07

Total Load Count (Cuts, Trimmings, Grids): 120 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 269.82 238.02 Primal Chuck 142.64 141.17 Primal Round 158.33 158.85 Primal Loin 254.55 230.91 Primal Brisket 132.09 131.43 Primal Short Plate 122.22 126.84 Primal Flank 106.31 93.16 -------------------------------------------------------------------------------- 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 52.16 loads 2,086,568 pounds Select Cuts 45.51 loads 1,820,498 pounds Trimmings 0.00 loads 0 pounds Ground Beef 21.86 load 874,432 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 12 11,331 554.00 608.00 568.97 112A 3 Rib, ribeye, bnls, light 4 19,594 586.00 645.00 590.50 112A 3 Rib, ribeye, bnls, heavy 57 103,546 613.50 678.00 633.83 113C 1 Chuck, semi-bnls, neck/off 4 5,352 193.00 195.10 193.58 114 1 Chuck, shoulder clod 13 25,970 174.00 194.98 183.48 114A 3 Chuck, shoulder clod, trmd 22 85,552 182.73 202.98 189.55 114D 3 Chuck, clod, top blade 6 5,328 280.00 305.00 291.56 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 8 7,223 311.50 385.82 336.34 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 40 110,363 209.80 222.00 216.08 116B 1 Chuck, chuck tender (IM) 12 12,105 212.98 218.50 215.46

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 33 105,185 200.00 229.50 205.33 120A 3 Brisket, point/off, bnls 11 26,424 325.00 365.00 342.88 123A 3 Short Plate, short rib 15 14,425 294.00 366.00 335.04 130 4 Chuck, short rib 31 43,861 185.00 230.00 197.91 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 38 60,357 212.50 230.82 217.93 168 1 Round, top inside round 30 60,444 196.82 202.00 199.34 168 3 Round, top inside round 17 42,326 204.28 218.00 208.70 169 5 Round, top inside, denuded 10 59,912 236.00 255.00 241.82

3 Round, top inside, side off 170 1 Round, bottom gooseneck 5 8,599 200.00 219.25 203.88 171B 3 Round, outside round 21 56,488 210.00 224.32 214.80 171C 3 Round, eye of round (IM) 23 38,053 210.90 225.00 218.69 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 13 13,945 521.93 580.00 550.37 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 5 9,049 530.00 575.00 543.57 180 3 Loin, strip, bnls, 0x1 25 336,693 520.00 641.00 526.76 184 1 Loin, top butt, bnls, heavy 4 4,329 305.00 334.00 308.91 184 3 Loin, top butt, boneless 29 226,814 300.00 338.00 309.23 185A 4 Loin, bottom sirloin, flap 17 33,804 466.00 481.00 469.85 185B 1 Loin, ball-tip, bnls, heavy 18 19,737 218.00 254.00 225.76 185C 1 Loin, sirloin, tri-tip (IM) 14 14,886 363.88 385.00 373.73 185D 4 Loin, tri-tip, pld (IM) 4 6,052 486.00 502.00 490.59 189A 4 Loin, tndrloin, trmd, heavy 54 277,905 850.00 976.00 864.78 191A 4 Loin, butt tender, trimmed 3 5,840 883.55 900.00 883.94 193 4 Flank, flank steak (IM) 17 36,193 465.00 495.00 473.70 ------------------------------------------------------------------------------- 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 20 53,627 459.00 484.00 471.33 112A 3 Rib, ribeye, bnls, light 9 164,229 495.00 535.00 506.01 112A 3 Rib, ribeye, bnls, heavy 15 119,935 523.65 559.50 530.89 113C 1 Chuck, semi-bnls, neck/off 6 7,836 189.00 198.00 193.95 114 1 Chuck, shoulder clod 8 21,952 174.00 185.00 180.68 114A 3 Chuck, shoulder clod, trmd 20 95,578 183.68 198.00 186.16 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 19 89,193 204.50 221.00 214.96 116B 1 Chuck, chuck tender (IM) 9 22,017 208.00 216.00 211.59

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 13 137,451 201.05 220.14 206.17 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 4 2,688 300.00 320.00 307.52 130 4 Chuck, short rib 10 9,573 185.00 211.00 192.49 160 1 Round, bone-in 161 1 Round, boneless 4 3,137 197.00 207.00 203.13

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 11 22,791 215.00 220.00 217.32 168 1 Round, top inside round 16 33,791 195.00 208.50 198.75 168 3 Round, top inside round 8 14,984 205.50 215.00 210.42 169 5 Round, top inside, denuded 3 6,042 238.00 239.00 238.16

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 12 21,233 215.00 225.00 218.52 171C 3 Round, eye of round (IM) 9 16,074 204.00 223.00 216.06 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 12 12,295 485.00 503.35 490.14 175 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 18 73,125 460.00 505.00 466.08 184 1 Loin, top butt, bnls, heavy 11 34,676 239.00 253.00 248.96 184 3 Loin, top butt, boneless 17 121,148 250.00 265.50 252.58 185A 4 Loin, bottom sirloin, flap (M) 185B 1 Loin, ball-tip, bnls, heavy 9 39,387 215.00 225.00 216.75 185C 1 Loin, sirloin, tri-tip (IM) 7 5,783 300.00 319.82 308.78 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 29 306,196 815.00 845.00 819.87 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 17 76,319 383.45 430.00 390.43 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 18 131,585 110.00 128.00 110.76 121D 4 Plate, Inside Skirt (IM) 9 24,739 357.00 366.00 360.21 121C 4 Plate, Outside Skirt (IM) 17 29,994 515.00 581.00 538.38 121E 6 Outside Skirt, pld (IM)

Cap, Wedge Meat & (IM) Lean 41 158,268 224.20 245.00 230.92

Pectoral Meat 26 57,342 221.00 245.00 225.39 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 12 84,210 129.00 149.50 130.81 Ground Beef 75% Ground Beef 81% 40 392,483 144.00 183.50 152.26 Ground Beef 85% 0 0 Ground Beef 90% Ground Beef 93% 6 36,477 219.70 249.00 224.80 Ground Beef Chuck 80% 14 148,707 163.00 174.39 165.99 Ground Beef Round 85% 8 37,813 200.00 211.00 202.69 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 15,823 196.25 206.06 198.12 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 0 0 Frozen 50% lean trimmings 0 0 -------------------------------------------------------------------------------- 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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