Bloomberg News

USDA Boxed Beef Cutout Closing Prices for July 26

July 26, 2012

July 26 (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: 178.25 171.33 Change from prior day: 0.16 (0.13) ------------------------------------------------------------------------------- Choice/Select spread: 6.92

Total Load Count (Cuts, Trimmings, Grids): 194 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 263.29 235.80 Primal Chuck 140.27 141.27 Primal Round 158.02 158.20 Primal Loin 249.19 230.64 Primal Brisket 128.71 124.66 Primal Short Plate 122.74 127.98 Primal Flank 106.05 94.41 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 07/25 109 62 39 59 268 178.09 171.46 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 179.00 171.24 -------------------------------------------------------------------------------- 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 73.86 loads 2,954,578 pounds Select Cuts 62.47 loads 2,498,925 pounds Trimmings 24.65 loads 985,981 pounds Ground Beef 33.22 load 1,328,655 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 28 52,857 515.00 573.00 542.78 112A 3 Rib, ribeye, bnls, light 11 22,495 592.00 645.50 606.58 112A 3 Rib, ribeye, bnls, heavy 60 245,319 560.00 651.00 585.79 113C 1 Chuck, semi-bnls, neck/off 4 50,566 188.00 201.00 188.29 114 1 Chuck, shoulder clod 15 53,417 170.00 192.50 182.11 114A 3 Chuck, shoulder clod, trmd 42 193,261 188.00 202.00 192.90 114D 3 Chuck, clod, top blade 7 3,814 284.50 307.00 298.40 114E 3 Chuck, clod, arm roast 6 7,419 214.00 230.00 227.79 114F 5 Chuck, clod tender (IM) 9 27,519 284.50 355.00 310.30 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 45 140,865 205.00 227.70 217.21 116B 1 Chuck, chuck tender (IM) 20 34,547 205.00 218.50 209.02

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 43 239,383 194.00 220.00 199.95 120A 3 Brisket, point/off, bnls 14 10,780 295.00 365.00 335.99 123A 3 Short Plate, short rib 32 76,110 236.50 356.00 293.74 130 4 Chuck, short rib 18 32,263 190.00 230.00 206.69 160 1 Round, bone-in 6 9,831 191.50 203.00 194.01 161 1 Round, boneless 5 10,567 196.00 210.50 199.09

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 55 182,692 211.00 230.10 216.68 168 1 Round, top inside round 37 227,825 193.08 206.50 196.69 168 3 Round, top inside round 28 178,880 201.00 216.00 203.81 169 5 Round, top inside, denuded 10 17,269 230.00 247.00 239.97

3 Round, top inside, side off 170 1 Round, bottom gooseneck 10 12,029 192.00 221.00 195.15 171B 3 Round, outside round 40 141,496 205.87 230.60 214.67 171C 3 Round, eye of round (IM) 44 125,342 200.00 232.60 210.91 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 22 24,257 491.13 527.00 504.32 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 6 9,423 475.00 487.75 479.40 180 3 Loin, strip, bnls, 0x1 37 144,872 478.00 551.00 505.00 184 1 Loin, top butt, bnls, heavy 5 3,722 294.00 317.64 305.36 184 3 Loin, top butt, boneless 38 122,211 290.00 326.00 308.69 185A 4 Loin, bottom sirloin, flap 25 47,717 435.00 475.00 452.44 185B 1 Loin, ball-tip, bnls, heavy 21 36,571 213.00 236.00 221.32 185C 1 Loin, sirloin, tri-tip (IM) 7 10,515 340.89 370.00 347.29 185D 4 Loin, tri-tip, pld (IM) 8 8,483 465.00 499.00 485.10 189A 4 Loin, tndrloin, trmd, heavy 43 74,533 844.00 956.00 866.83 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 15 13,289 471.00 500.13 481.92 ------------------------------------------------------------------------------- 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 12 63,515 440.00 482.50 448.12 112A 3 Rib, ribeye, bnls, light 12 26,149 501.59 562.00 533.01 112A 3 Rib, ribeye, bnls, heavy 33 113,424 483.00 546.00 502.14 113C 1 Chuck, semi-bnls, neck/off 14 43,221 188.00 201.00 189.66 114 1 Chuck, shoulder clod 13 33,880 170.00 191.00 183.68 114A 3 Chuck, shoulder clod, trmd 16 80,808 187.00 197.11 191.78 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 9 25,108 269.00 329.50 308.05 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 23 135,154 201.62 226.00 214.47 116B 1 Chuck, chuck tender (IM) 14 41,111 205.00 218.21 208.53

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 41 729,626 189.00 213.50 194.90 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 42,915 225.00 300.00 234.20 130 4 Chuck, short rib 10 13,755 190.00 212.00 193.93 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 23 95,538 204.07 231.00 217.36 168 1 Round, top inside round 22 79,551 193.49 206.50 197.53 168 3 Round, top inside round 18 201,473 201.00 213.50 204.66 169 5 Round, top inside, denuded 7 7,470 227.00 245.00 235.77

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 7 54,228 212.95 220.00 216.35 171C 3 Round, eye of round (IM) 14 43,664 200.00 226.50 210.13 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 14 16,540 458.45 486.00 471.30 175 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 17 15,660 460.00 510.00 478.78 184 1 Loin, top butt, bnls, heavy 14 38,920 237.00 268.00 242.33 184 3 Loin, top butt, boneless 19 59,266 245.85 278.00 258.62 185A 4 Loin, bottom sirloin, flap 9 15,695 426.59 458.02 435.91 185B 1 Loin, ball-tip, bnls, heavy 9 27,289 213.50 225.00 218.53 185C 1 Loin, sirloin, tri-tip (IM) 15 120,546 286.00 305.00 294.67 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 16 33,608 809.00 864.00 844.11 191A 4 Loin, butt tender, trimmed 4 13,081 782.72 799.69 797.45 193 4 Flank, flank steak (IM) 12 19,149 390.00 431.00 395.42 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 19 37,324 109.85 135.00 114.65 121D 4 Plate, Inside Skirt (IM) 12 23,553 356.00 383.75 364.71 121C 4 Plate, Outside Skirt (IM) 22 35,758 524.21 586.00 559.05 121E 6 Outside Skirt, pld (IM) 7 7,716 651.00 820.00 671.86

Cap, Wedge Meat & (IM) Lean 56 199,049 217.00 250.00 236.83

Pectoral Meat 37 227,782 220.00 250.00 223.57 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 52 440,798 125.50 147.00 132.48 Ground Beef 75% 0 0 Ground Beef 81% 55 596,505 147.50 179.75 155.27 Ground Beef 85% Ground Beef 90% Ground Beef 93% 10 19,671 215.00 253.75 221.86 Ground Beef Chuck 80% 24 191,022 151.55 175.00 163.49 Ground Beef Round 85% 3 2,280 201.00 201.00 201.00 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% Blended Ground Beef 81% 4 9,284 182.60 194.43 189.33 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 24 903,431 40.00 47.48 44.57 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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