Bloomberg News

USDA Boxed Beef Cutout Closing Prices for July 23

July 23, 2012

July 23 (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: 178.77 170.69 Change from prior day: (0.54) (0.16) ------------------------------------------------------------------------------- Choice/Select spread: 8.08

Total Load Count (Cuts, Trimmings, Grids): 290 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 266.80 234.82 Primal Chuck 139.14 139.38 Primal Round 158.05 157.61 Primal Loin 250.92 230.27 Primal Brisket 129.51 127.42 Primal Short Plate 123.72 128.87 Primal Flank 105.37 95.63 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 07/20 95 59 17 28 198 179.31 170.85 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 182.07 172.05 -------------------------------------------------------------------------------- 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 130.09 loads 5,203,583 pounds Select Cuts 90.96 loads 3,638,516 pounds Trimmings 37.45 loads 1,498,004 pounds Ground Beef 31.07 load 1,242,944 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 19 230,670 510.75 567.00 547.94 112A 3 Rib, ribeye, bnls, light 24 75,260 583.00 671.00 607.25 112A 3 Rib, ribeye, bnls, heavy 42 103,338 569.16 667.00 601.33 113C 1 Chuck, semi-bnls, neck/off 4 4,838 189.50 195.00 193.10 114 1 Chuck, shoulder clod 20 147,826 172.00 187.00 181.59 114A 3 Chuck, shoulder clod, trmd 33 375,351 184.00 200.00 193.74 114D 3 Chuck, clod, top blade 8 29,708 270.00 308.00 281.28 114E 3 Chuck, clod, arm roast 11 67,781 213.00 239.65 216.14 114F 5 Chuck, clod tender (IM) 11 7,401 316.00 355.00 333.26 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 50 461,347 200.00 228.60 213.50 116B 1 Chuck, chuck tender (IM) 20 114,494 205.00 220.00 207.89

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 26 160,699 200.00 225.00 205.93 120A 3 Brisket, point/off, bnls 8 10,215 315.08 365.00 322.69 123A 3 Short Plate, short rib 23 53,142 236.00 370.00 335.48 130 4 Chuck, short rib 19 34,627 183.50 217.00 194.89 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 56 555,243 206.58 228.89 213.60 168 1 Round, top inside round 51 696,226 192.22 207.00 197.01 168 3 Round, top inside round 24 282,764 199.35 218.50 205.96 169 5 Round, top inside, denuded 23 216,060 233.38 247.00 238.62

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 4 18,405 201.00 210.00 209.61 171B 3 Round, outside round 59 382,907 206.05 230.60 216.81 171C 3 Round, eye of round (IM) 36 112,777 205.50 229.00 213.67 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 12 30,081 513.00 551.00 518.63 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 23 124,606 505.00 580.00 532.53 184 1 Loin, top butt, bnls, heavy 9 6,489 300.00 317.00 307.28 184 3 Loin, top butt, boneless 27 116,519 306.00 335.00 316.35 185A 4 Loin, bottom sirloin, flap 17 64,754 439.00 480.00 466.51 185B 1 Loin, ball-tip, bnls, heavy 13 61,872 225.00 247.00 230.55 185C 1 Loin, sirloin, tri-tip (IM) 11 50,805 333.34 375.00 338.63 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 31 211,668 848.39 962.00 869.57 191A 4 Loin, butt tender, trimmed 5 7,297 860.00 904.50 876.37 193 4 Flank, flank steak (IM) 13 25,306 466.50 496.00 481.52 ------------------------------------------------------------------------------- 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 8 28,062 460.00 503.89 474.88 112A 3 Rib, ribeye, bnls, light 10 28,187 491.00 557.00 506.57 112A 3 Rib, ribeye, bnls, heavy 28 87,032 510.00 549.82 521.93 113C 1 Chuck, semi-bnls, neck/off 9 48,131 190.00 196.89 191.12 114 1 Chuck, shoulder clod 33 985,652 175.00 190.80 179.59 114A 3 Chuck, shoulder clod, trmd 9 138,699 189.34 197.49 194.30 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 8 5,708 310.00 331.50 320.80 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 32 408,152 201.00 226.80 215.01 116B 1 Chuck, chuck tender (IM) 13 101,171 202.00 216.00 206.47

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 13 49,933 197.00 216.00 202.61 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 3 6,361 250.00 341.00 306.01 130 4 Chuck, short rib 9 41,451 185.00 210.00 189.34 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 25 452,106 210.00 222.60 211.49 168 1 Round, top inside round 28 312,883 193.00 208.49 196.21 168 3 Round, top inside round 5 19,244 203.00 213.00 206.97 169 5 Round, top inside, denuded 5 8,605 239.00 244.38 241.12

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 5 100,396 188.00 199.90 188.04 171B 3 Round, outside round 16 105,710 206.05 224.80 213.19 171C 3 Round, eye of round (IM) 4 10,652 215.00 225.00 218.22 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 12 17,657 469.72 503.00 477.33 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 14 61,211 452.00 505.00 471.86 184 1 Loin, top butt, bnls, heavy 12 35,292 240.00 263.00 245.33 184 3 Loin, top butt, boneless 17 63,016 250.00 276.00 258.54 185A 4 Loin, bottom sirloin, flap 8 36,527 440.01 450.00 445.17 185B 1 Loin, ball-tip, bnls, heavy 8 12,380 217.00 231.00 220.41 185C 1 Loin, sirloin, tri-tip (IM) 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 25 94,903 820.00 935.50 836.74 191A 4 Loin, butt tender, trimmed 4 3,931 812.00 837.00 824.24 193 4 Flank, flank steak (IM) 11 18,824 413.00 420.89 415.03 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 11 10,872 105.00 124.05 116.41 121D 4 Plate, Inside Skirt (IM) 24 49,774 354.00 385.70 364.99 121C 4 Plate, Outside Skirt (IM) 22 40,991 530.00 586.00 565.82 121E 6 Outside Skirt, pld (IM) 9 23,376 690.00 750.00 698.12

Cap, Wedge Meat & (IM) Lean 36 141,484 224.20 250.00 232.05

Pectoral Meat 36 336,048 215.00 245.00 216.53 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 38 469,156 120.76 147.00 131.04 Ground Beef 75% Ground Beef 81% 28 112,398 148.30 186.89 160.57 Ground Beef 85% 0 0 Ground Beef 90% Ground Beef 93% 13 78,367 210.90 246.75 215.31 Ground Beef Chuck 80% 27 275,740 148.30 176.80 165.69 Ground Beef Round 85% 7 61,300 201.00 210.00 203.66 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 29,901 182.60 197.74 195.57 Blended Ground Beef 85% 0 0 Blended Ground Beef 90% Blended Ground Beef 93% Blended Ground Beef Chuck 80% 0 0 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 39 1,372,004 41.64 49.00 45.97 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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