Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 180.14 170.73 Change from prior day: (0.44) (1.14) ------------------------------------------------------------------------------- Choice/Select spread: 9.40

Total Load Count (Cuts, Trimmings, Grids): 99 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 263.87 234.67 Primal Chuck 142.31 139.70 Primal Round 158.87 158.43 Primal Loin 254.41 229.67 Primal Brisket 128.36 129.29 Primal Short Plate 122.53 127.68 Primal Flank 104.75 92.74 -------------------------------------------------------------------------------- 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 29.15 loads 1,165,858 pounds Select Cuts 34.66 loads 1,386,554 pounds Trimmings 16.77 loads 670,704 pounds Ground Beef 18.12 load 724,847 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 8 13,503 517.00 581.00 539.87 112A 3 Rib, ribeye, bnls, light 11 89,178 570.63 645.00 579.77 112A 3 Rib, ribeye, bnls, heavy 27 85,527 570.63 680.00 591.05 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 114A 3 Chuck, shoulder clod, trmd 10 33,605 189.10 202.00 195.86 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 5 6,065 327.50 355.00 341.27 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 21 69,995 207.00 222.00 217.89 116B 1 Chuck, chuck tender (IM) 7 7,101 211.98 219.65 214.62

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 12 42,583 199.00 230.00 206.95 120A 3 Brisket, point/off, bnls 5 5,261 335.00 351.00 341.07 123A 3 Short Plate, short rib 8 33,758 235.00 335.65 253.98 130 4 Chuck, short rib 13 13,854 190.00 230.00 206.95 160 1 Round, bone-in 3 4,503 193.50 202.00 197.83 161 1 Round, boneless 4 2,159 204.52 213.65 211.74

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 12 38,324 215.00 223.00 219.72 168 1 Round, top inside round 10 20,419 195.00 213.00 202.63 168 3 Round, top inside round 11 33,169 200.00 218.00 209.45 169 5 Round, top inside, denuded 6 5,398 235.00 248.00 244.84

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 16 41,664 209.00 227.21 219.97 171C 3 Round, eye of round (IM) 16 76,725 205.03 225.00 216.98 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 11 154,325 510.76 570.00 513.47 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 5 6,043 530.00 543.00 531.53 180 3 Loin, strip, bnls, 0x1 15 41,559 511.00 580.00 531.35 184 1 Loin, top butt, bnls, heavy 4 2,383 300.00 317.64 304.91 184 3 Loin, top butt, boneless 7 13,999 314.50 333.00 320.85 185A 4 Loin, bottom sirloin, flap 4 8,065 470.00 476.00 471.10 185B 1 Loin, ball-tip, bnls, heavy 6 7,587 225.00 245.00 240.34 185C 1 Loin, sirloin, tri-tip (IM) 8 12,321 350.13 379.50 355.63 185D 4 Loin, tri-tip, pld (IM) 5 3,825 485.50 498.00 490.41 189A 4 Loin, tndrloin, trmd, heavy 24 113,849 841.86 929.00 873.14 191A 4 Loin, butt tender, trimmed 3 2,336 770.71 770.71 770.71 193 4 Flank, flank steak (IM) 5 7,498 466.50 495.00 474.53 ------------------------------------------------------------------------------- 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 5 21,664 447.00 505.65 453.10 112A 3 Rib, ribeye, bnls, light 7 170,405 500.00 515.00 507.09 112A 3 Rib, ribeye, bnls, heavy 23 57,981 497.85 567.00 516.79 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 15 363,503 179.50 185.00 179.73 114A 3 Chuck, shoulder clod, trmd 6 29,424 189.10 195.00 193.05 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 13 66,305 211.49 223.00 217.00 116B 1 Chuck, chuck tender (IM) 8 41,722 202.00 215.11 207.06

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 5 44,913 199.00 212.00 201.62 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 6 11,282 250.00 320.00 281.88 130 4 Chuck, short rib 5 5,074 183.69 201.00 193.18 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 8 6,868 218.00 230.65 220.16 168 1 Round, top inside round 6 22,468 195.00 201.00 199.24 168 3 Round, top inside round 7 71,592 203.00 213.00 204.33 169 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 12 63,055 213.00 225.15 215.14 171C 3 Round, eye of round (IM) 4 4,434 210.10 217.00 214.26 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 5 2,671 478.00 495.00 487.09 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 7 43,735 472.20 492.65 473.18 184 1 Loin, top butt, bnls, heavy 11 59,096 239.00 262.00 241.94 184 3 Loin, top butt, boneless 3 15,926 251.00 267.65 252.56 185A 4 Loin, bottom sirloin, flap 4 22,719 445.09 476.00 446.87 185B 1 Loin, ball-tip, bnls, heavy 185C 1 Loin, sirloin, tri-tip (IM) 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 13 140,168 828.00 847.87 836.80 191A 4 Loin, butt tender, trimmed 4 4,824 820.06 877.31 821.87 193 4 Flank, flank steak (IM) 6 5,246 383.45 420.00 404.44 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 121D 4 Plate, Inside Skirt (IM) 18 31,404 357.00 380.00 362.72 121C 4 Plate, Outside Skirt (IM) 8 8,210 509.00 560.00 546.36 121E 6 Outside Skirt, pld (IM) 4 8,865 706.00 735.00 731.27

Cap, Wedge Meat & (IM) Lean 15 35,311 225.00 249.20 233.93

Pectoral Meat 22 77,054 215.07 243.75 223.43 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 19 154,937 129.66 148.00 134.25 Ground Beef 75% Ground Beef 81% 17 221,033 146.75 178.15 160.37 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 4 3,696 212.72 258.15 227.79 Ground Beef Chuck 80% 10 236,644 155.00 170.67 160.99 Ground Beef Round 85% 6 34,437 201.00 209.00 203.82 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% Blended Ground Beef 85% Blended Ground Beef 90% 0 0 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 14 460,704 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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