Bloomberg News

USDA Boxed Beef Cutout Midday Prices for July 25

July 25, 2012

July 25 (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: 178.27 171.35 Change from prior day: 0.03 0.00 ------------------------------------------------------------------------------- Choice/Select spread: 6.92

Total Load Count (Cuts, Trimmings, Grids): 184 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 264.25 234.58 Primal Chuck 140.27 140.62 Primal Round 158.61 158.51 Primal Loin 247.64 231.68 Primal Brisket 130.62 126.01 Primal Short Plate 122.87 127.96 Primal Flank 106.20 94.41 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 07/24 106 64 20 24 213 178.24 171.35 07/23 130 91 37 31 290 178.77 170.69 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 179.81 171.45 -------------------------------------------------------------------------------- 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 77.09 loads 3,083,439 pounds Select Cuts 44.76 loads 1,790,322 pounds Trimmings 17.79 loads 711,421 pounds Ground Beef 43.99 load 1,759,629 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 31 71,381 530.00 572.00 540.46 112A 3 Rib, ribeye, bnls, light 25 46,085 588.00 637.00 601.02 112A 3 Rib, ribeye, bnls, heavy 129 123,515 575.14 651.00 612.23 113C 1 Chuck, semi-bnls, neck/off 3 7,049 186.00 193.00 188.19 114 1 Chuck, shoulder clod 16 135,407 173.00 199.00 180.97 114A 3 Chuck, shoulder clod, trmd 56 266,419 185.00 203.00 190.56 114D 3 Chuck, clod, top blade 3 4,592 290.00 300.00 296.25 114E 3 Chuck, clod, arm roast 4 79,260 209.00 214.25 209.18 114F 5 Chuck, clod tender (IM) 14 16,070 298.00 364.18 317.72 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 82 285,822 205.00 228.00 214.56 116B 1 Chuck, chuck tender (IM) 39 100,594 205.00 220.00 208.59

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 68 120,816 197.59 221.00 208.87 120A 3 Brisket, point/off, bnls 23 20,065 325.00 365.00 346.47 123A 3 Short Plate, short rib 69 60,614 250.00 365.00 303.13 130 4 Chuck, short rib 24 19,557 183.00 212.00 191.97 160 1 Round, bone-in 11 13,586 190.00 209.50 191.52 161 1 Round, boneless 7 11,722 196.00 209.00 203.92

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 65 83,469 210.00 230.00 218.22 168 1 Round, top inside round 60 141,566 193.00 208.00 199.38 168 3 Round, top inside round 24 73,395 199.00 218.00 206.45 169 5 Round, top inside, denuded 19 24,441 236.00 253.00 239.63

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 13 11,483 190.50 218.00 199.85 171B 3 Round, outside round 52 181,628 207.00 222.50 212.28 171C 3 Round, eye of round (IM) 43 47,998 210.00 234.00 216.88 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 22 47,380 493.47 527.00 498.65 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 21 15,181 475.00 530.00 487.25 180 3 Loin, strip, bnls, 0x1 81 70,245 501.00 575.00 530.17 184 1 Loin, top butt, bnls, heavy 47 29,228 295.00 311.50 302.54 184 3 Loin, top butt, boneless 63 249,846 290.00 334.00 309.03 185A 4 Loin, bottom sirloin, flap 76 83,437 428.50 476.00 451.84 185B 1 Loin, ball-tip, bnls, heavy 31 49,496 215.00 242.41 221.58 185C 1 Loin, sirloin, tri-tip (IM) 11 8,042 356.00 376.89 366.29 185D 4 Loin, tri-tip, pld (IM) 20 23,129 471.00 499.00 480.73 189A 4 Loin, tndrloin, trmd, heavy 103 235,841 848.00 935.00 862.38 191A 4 Loin, butt tender, trimmed 5 1,056 880.00 880.00 880.00 193 4 Flank, flank steak (IM) 18 10,124 481.00 497.00 489.93 ------------------------------------------------------------------------------- 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 21 51,496 441.46 484.00 456.76 112A 3 Rib, ribeye, bnls, light 25 148,938 500.00 547.33 502.60 112A 3 Rib, ribeye, bnls, heavy 57 164,186 492.00 549.00 523.04 113C 1 Chuck, semi-bnls, neck/off 9 14,517 193.00 198.50 194.27 114 1 Chuck, shoulder clod 6 8,129 180.26 191.00 186.33 114A 3 Chuck, shoulder clod, trmd 19 90,855 184.25 200.00 191.45 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 13 9,659 310.00 331.00 317.16 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 36 107,460 206.00 228.00 219.87 116B 1 Chuck, chuck tender (IM) 13 21,264 201.00 212.18 205.20

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 26 201,960 196.00 216.00 198.96 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 4 5,272 229.00 251.00 243.42 130 4 Chuck, short rib 10 18,570 159.00 195.00 190.32 160 1 Round, bone-in 161 1 Round, boneless 5 7,527 188.00 207.00 201.65

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 26 55,629 215.00 228.50 219.12 168 1 Round, top inside round 19 44,103 195.00 211.00 199.76 168 3 Round, top inside round 18 95,155 199.00 216.00 202.64 169 5 Round, top inside, denuded 7 6,988 239.00 254.00 243.79

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 24 76,311 207.00 226.00 215.26 171C 3 Round, eye of round (IM) 19 42,379 207.50 226.25 212.54 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 26 40,492 464.08 489.00 473.14 175 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 40 95,059 446.72 478.89 464.27 184 1 Loin, top butt, bnls, heavy 22 34,288 241.00 264.00 245.46 184 3 Loin, top butt, boneless 41 85,904 251.00 277.00 262.15 185A 4 Loin, bottom sirloin, flap 5 44,547 420.00 456.00 423.50 185B 1 Loin, ball-tip, bnls, heavy 20 29,503 207.00 232.89 217.32 185C 1 Loin, sirloin, tri-tip (IM) 4 1,690 305.00 330.01 312.70 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 33 27,372 828.26 906.00 852.73 191A 4 Loin, butt tender, trimmed 10 5,020 790.01 850.00 806.56 193 4 Flank, flank steak (IM) 6 10,041 403.00 430.22 411.83 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 5 13,925 114.00 122.00 120.42 121D 4 Plate, Inside Skirt (IM) 26 44,234 352.00 380.41 362.04 121C 4 Plate, Outside Skirt (IM) 22 64,378 532.00 561.65 540.82 121E 6 Outside Skirt, pld (IM) 7 7,720 714.00 820.00 735.46

Cap, Wedge Meat & (IM) Lean 40 101,272 220.00 243.50 235.63

Pectoral Meat 36 204,328 215.00 250.00 219.04 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 53 537,334 122.34 143.00 131.22 Ground Beef 75% Ground Beef 81% 77 505,711 153.00 172.30 160.26 Ground Beef 85% 0 0 Ground Beef 90% Ground Beef 93% 26 104,519 212.00 230.00 219.20 Ground Beef Chuck 80% 39 180,165 155.00 176.00 163.64 Ground Beef Round 85% 40 230,915 200.00 211.00 205.37 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% 0 0 Blended Ground Beef 81% 3 4,720 182.60 185.30 183.34 Blended Ground Beef 85% 0 0 Blended Ground Beef 90% Blended Ground Beef 93% Blended Ground Beef Chuck 80% 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 22 711,421 44.00 49.19 46.99 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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