Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 178.83 170.60 Change from prior day: (0.48) (0.25) ------------------------------------------------------------------------------- Choice/Select spread: 8.23

Total Load Count (Cuts, Trimmings, Grids): 215 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 267.61 233.89 Primal Chuck 139.27 139.69 Primal Round 158.03 157.58 Primal Loin 250.92 230.20 Primal Brisket 129.49 127.43 Primal Short Plate 122.95 128.05 Primal Flank 104.98 95.68 -------------------------------------------------------------------------------- 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 89.93 loads 3,597,323 pounds Select Cuts 70.56 loads 2,822,415 pounds Trimmings 28.79 loads 1,151,721 pounds Ground Beef 26.07 load 1,042,652 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 11 190,363 550.00 565.00 551.64 112A 3 Rib, ribeye, bnls, light 13 44,067 583.00 640.00 601.92 112A 3 Rib, ribeye, bnls, heavy 21 31,921 583.00 667.00 620.38 113C 1 Chuck, semi-bnls, neck/off 3 4,207 189.50 195.00 192.82 114 1 Chuck, shoulder clod 11 109,301 172.00 185.00 180.23 114A 3 Chuck, shoulder clod, trmd 26 356,231 184.00 198.00 193.68 114D 3 Chuck, clod, top blade 4 25,301 270.00 305.00 281.43 114E 3 Chuck, clod, arm roast 8 15,486 213.00 239.65 217.14 114F 5 Chuck, clod tender (IM) 8 4,894 316.00 355.00 337.81 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 24 251,231 207.00 224.00 214.61 116B 1 Chuck, chuck tender (IM) 7 8,951 212.00 220.00 213.32

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 14 104,994 200.00 225.00 206.32 120A 3 Brisket, point/off, bnls 6 8,991 315.08 365.00 320.57 123A 3 Short Plate, short rib 14 37,421 236.00 351.00 334.77 130 4 Chuck, short rib 6 19,773 187.00 201.99 193.87 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 40 478,403 206.58 228.89 213.37 168 1 Round, top inside round 40 626,690 192.22 207.00 197.01 168 3 Round, top inside round 14 244,434 200.00 215.89 205.16 169 5 Round, top inside, denuded 15 110,170 238.00 243.00 240.82

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 0 0 171B 3 Round, outside round 37 279,956 206.05 226.00 215.66 171C 3 Round, eye of round (IM) 20 30,008 209.18 229.00 218.90 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 7 21,640 513.00 542.80 516.14 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 0 0 180 3 Loin, strip, bnls, 0x1 14 66,951 505.00 575.00 517.55 184 1 Loin, top butt, bnls, heavy 7 4,988 300.00 317.00 304.94 184 3 Loin, top butt, boneless 16 75,656 310.00 335.00 316.82 185A 4 Loin, bottom sirloin, flap 14 63,729 454.28 480.00 466.70 185B 1 Loin, ball-tip, bnls, heavy 10 21,372 225.00 247.00 241.06 185C 1 Loin, sirloin, tri-tip (IM) 7 47,749 333.34 365.00 336.97 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 16 67,291 864.30 928.72 870.03 191A 4 Loin, butt tender, trimmed 3 3,204 875.00 898.62 896.34 193 4 Flank, flank steak (IM) 4 4,262 473.00 490.00 475.40 ------------------------------------------------------------------------------- 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 3 1,279 465.30 503.89 477.62 112A 3 Rib, ribeye, bnls, light 8 13,027 509.00 557.00 521.90 112A 3 Rib, ribeye, bnls, heavy 15 19,253 510.00 549.82 524.41 113C 1 Chuck, semi-bnls, neck/off 6 43,239 190.00 195.00 190.68 114 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) 5 3,684 310.00 331.50 320.60 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 20 258,171 206.58 226.80 214.74 116B 1 Chuck, chuck tender (IM) 4 7,881 206.75 215.89 208.34

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 7 34,935 197.00 213.54 203.16 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 130 4 Chuck, short rib 5 36,868 185.00 210.00 188.25 160 1 Round, bone-in 0 0 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 18 425,339 210.00 220.00 211.07 168 1 Round, top inside round 18 272,720 195.00 208.49 196.11 168 3 Round, top inside round 3 14,040 206.00 208.15 206.27 169 5 Round, top inside, denuded 3 5,758 239.00 240.00 239.67

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 3 99,980 188.00 188.00 188.00 171B 3 Round, outside round 12 101,384 206.05 224.80 212.91 171C 3 Round, eye of round (IM) 3 9,841 217.00 225.00 218.49 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 7 12,636 469.72 495.00 478.01 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 5 4,118 452.00 489.34 472.73 184 1 Loin, top butt, bnls, heavy 10 24,140 240.00 263.00 242.91 184 3 Loin, top butt, boneless 12 24,264 250.00 276.00 261.53 185A 4 Loin, bottom sirloin, flap 5 12,371 440.01 450.00 445.44 185B 1 Loin, ball-tip, bnls, heavy 5 5,593 217.00 224.80 219.66 185C 1 Loin, sirloin, tri-tip (IM) 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 17 88,208 820.00 836.39 833.70 191A 4 Loin, butt tender, trimmed 3 2,212 830.00 837.00 833.75 193 4 Flank, flank steak (IM) 8 16,351 413.00 420.89 414.96 ------------------------------------------------------------------------------- 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) 13 30,038 360.00 385.70 366.32 121C 4 Plate, Outside Skirt (IM) 12 11,101 530.00 576.00 551.29 121E 6 Outside Skirt, pld (IM) 6 14,516 690.00 742.20 700.84

Cap, Wedge Meat & (IM) Lean 16 59,724 227.00 242.20 235.83

Pectoral Meat 18 170,895 215.00 245.00 216.37 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 28 424,320 120.76 146.89 130.00 Ground Beef 75% Ground Beef 81% 21 92,378 148.30 186.89 160.51 Ground Beef 85% 0 0 Ground Beef 90% Ground Beef 93% 8 23,777 218.50 246.75 223.50 Ground Beef Chuck 80% 22 252,545 148.30 176.80 165.97 Ground Beef Round 85% 3 52,662 201.00 204.00 203.94 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% 0 0 Blended Ground Beef 81% 4 29,301 182.60 197.74 195.73 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 32 1,151,721 43.80 49.00 46.50 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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