Bloomberg News

USDA Boxed Beef Cutout Closing Prices for July 20

July 20, 2012

July 20 (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: 179.31 170.85 Change from prior day: (1.27) (1.02) ------------------------------------------------------------------------------- Choice/Select spread: 8.46

Total Load Count (Cuts, Trimmings, Grids): 198 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 265.83 234.56 Primal Chuck 141.70 140.18 Primal Round 158.64 158.48 Primal Loin 250.61 229.78 Primal Brisket 128.34 128.80 Primal Short Plate 122.32 127.34 Primal Flank 104.85 92.80 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 07/19 87 64 7 36 194 180.58 171.87 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 183.00 172.40 -------------------------------------------------------------------------------- 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 94.89 loads 3,795,417 pounds Select Cuts 58.51 loads 2,340,255 pounds Trimmings 17.17 loads 686,687 pounds Ground Beef 27.73 load 1,109,394 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 82,705 517.00 581.00 551.81 112A 3 Rib, ribeye, bnls, light 12 90,065 570.63 645.00 579.72 112A 3 Rib, ribeye, bnls, heavy 47 203,567 570.63 680.00 610.06 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 9 22,703 174.96 189.00 180.60 114A 3 Chuck, shoulder clod, trmd 36 256,771 185.00 202.00 194.76 114D 3 Chuck, clod, top blade 3 8,654 299.00 303.75 300.51 114E 3 Chuck, clod, arm roast 7 12,931 228.00 229.60 229.56 114F 5 Chuck, clod tender (IM) 12 11,459 319.83 355.00 332.75 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 47 420,754 211.00 228.60 222.79 116B 1 Chuck, chuck tender (IM) 16 96,707 207.30 220.00 209.05

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 28 131,336 199.00 230.00 203.36 120A 3 Brisket, point/off, bnls 13 21,630 308.72 365.00 335.37 123A 3 Short Plate, short rib 11 34,547 235.00 335.65 254.07 130 4 Chuck, short rib 24 43,624 189.75 230.00 201.70 160 1 Round, bone-in 4 4,875 193.50 204.68 198.35 161 1 Round, boneless 6 4,675 204.52 215.00 213.37

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 36 160,848 215.00 230.00 219.45 168 1 Round, top inside round 23 136,983 192.00 213.00 199.94 168 3 Round, top inside round 21 65,482 190.00 218.00 206.28 169 5 Round, top inside, denuded 18 53,272 235.00 248.00 242.81

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 4 1,882 206.00 218.00 210.49 171B 3 Round, outside round 43 265,984 206.20 230.60 214.31 171C 3 Round, eye of round (IM) 36 122,256 205.03 225.00 217.48 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 25 257,306 510.76 570.00 514.69 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 10 60,903 454.00 548.00 471.77 180 3 Loin, strip, bnls, 0x1 34 320,330 505.89 580.00 526.92 184 1 Loin, top butt, bnls, heavy 6 3,819 292.34 317.64 300.19 184 3 Loin, top butt, boneless 18 86,841 293.00 333.00 312.85 185A 4 Loin, bottom sirloin, flap 11 25,925 458.72 479.00 469.97 185B 1 Loin, ball-tip, bnls, heavy 13 12,360 215.50 245.00 235.78 185C 1 Loin, sirloin, tri-tip (IM) 18 28,279 332.00 381.00 355.92 185D 4 Loin, tri-tip, pld (IM) 6 4,026 485.28 498.00 490.16 189A 4 Loin, tndrloin, trmd, heavy 49 417,117 841.86 929.00 860.14 191A 4 Loin, butt tender, trimmed 7 9,980 770.71 875.60 851.05 193 4 Flank, flank steak (IM) 12 13,595 466.50 495.00 476.83 ------------------------------------------------------------------------------- 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 10 33,571 447.00 505.65 462.46 112A 3 Rib, ribeye, bnls, light 9 172,738 495.85 515.00 506.97 112A 3 Rib, ribeye, bnls, heavy 35 97,597 497.85 571.89 516.03 113C 1 Chuck, semi-bnls, neck/off 3 1,379 192.50 196.50 195.20 114 1 Chuck, shoulder clod 18 381,763 174.96 185.00 179.70 114A 3 Chuck, shoulder clod, trmd 17 127,198 189.10 198.00 194.94 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 5 3,051 309.00 320.00 314.62 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 24 123,145 210.00 223.00 216.14 116B 1 Chuck, chuck tender (IM) 12 43,283 202.00 217.89 207.31

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 11 111,206 197.00 220.00 200.08 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 9 16,865 237.00 320.00 267.71 130 4 Chuck, short rib 10 20,422 183.69 201.00 192.26 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 24 133,512 212.00 231.00 216.66 168 1 Round, top inside round 15 127,954 195.00 213.75 202.87 168 3 Round, top inside round 18 142,283 186.62 215.00 202.83 169 5 Round, top inside, denuded 4 7,197 238.00 239.00 238.19

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 0 0 171B 3 Round, outside round 23 154,522 210.00 225.15 214.63 171C 3 Round, eye of round (IM) 8 17,663 210.10 225.00 220.79 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 10 45,637 472.00 500.00 474.73 175 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 8 46,071 472.20 492.65 473.53 184 1 Loin, top butt, bnls, heavy 14 68,451 239.00 262.00 242.20 184 3 Loin, top butt, boneless 12 24,353 243.00 267.65 253.43 185A 4 Loin, bottom sirloin, flap 9 40,334 439.00 476.00 445.21 185B 1 Loin, ball-tip, bnls, heavy 5 31,036 216.00 230.00 216.93 185C 1 Loin, sirloin, tri-tip (IM) 6 4,811 263.00 315.00 288.61 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 19 144,728 816.07 850.00 836.48 191A 4 Loin, butt tender, trimmed 6 5,734 820.06 877.31 823.10 193 4 Flank, flank steak (IM) 11 6,457 383.45 430.00 405.89 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 3 3,240 115.98 120.00 119.89 121D 4 Plate, Inside Skirt (IM) 29 59,799 350.00 380.00 360.44 121C 4 Plate, Outside Skirt (IM) 12 13,011 509.00 560.00 543.22 121E 6 Outside Skirt, pld (IM) 8 15,473 705.60 735.00 720.54

Cap, Wedge Meat & (IM) Lean 40 98,740 225.00 249.20 233.37

Pectoral Meat 37 135,059 215.00 243.75 221.00 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 27 220,697 129.66 148.00 136.02 Ground Beef 75% Ground Beef 81% 29 380,652 146.75 182.00 162.77 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 9 21,213 212.72 260.00 226.35 Ground Beef Chuck 80% 14 301,024 155.00 170.67 161.09 Ground Beef Round 85% 7 35,340 201.00 209.00 203.78 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% 5 34,002 183.60 196.00 192.48 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 15 462,687 45.50 49.19 47.01 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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