Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 178.39 171.44 Change from prior day: 0.30 (0.02) ------------------------------------------------------------------------------- Choice/Select spread: 6.95

Total Load Count (Cuts, Trimmings, Grids): 106 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 263.32 235.98 Primal Chuck 140.18 141.21 Primal Round 158.28 158.44 Primal Loin 249.64 230.91 Primal Brisket 129.11 124.52 Primal Short Plate 122.74 127.98 Primal Flank 105.90 94.67 -------------------------------------------------------------------------------- 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 41.87 loads 1,674,986 pounds Select Cuts 39.48 loads 1,579,179 pounds Trimmings 12.34 loads 493,547 pounds Ground Beef 12.38 load 495,057 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 17 27,409 515.00 573.00 540.56 112A 3 Rib, ribeye, bnls, light 6 3,194 613.71 645.50 633.41 112A 3 Rib, ribeye, bnls, heavy 46 183,051 570.00 651.00 587.80 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 9 20,171 170.00 187.30 181.80 114A 3 Chuck, shoulder clod, trmd 32 89,382 188.00 202.00 194.62 114D 3 Chuck, clod, top blade 7 3,814 284.50 307.00 298.40 114E 3 Chuck, clod, arm roast 4 1,352 214.00 228.00 219.08 114F 5 Chuck, clod tender (IM) 5 7,055 318.00 355.00 319.93 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 32 82,985 205.00 227.70 217.42 116B 1 Chuck, chuck tender (IM) 17 30,843 205.00 218.50 208.31

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 31 143,249 194.00 220.00 199.29 120A 3 Brisket, point/off, bnls 11 8,560 318.40 365.00 342.28 123A 3 Short Plate, short rib 21 28,246 285.00 356.00 334.77 130 4 Chuck, short rib 10 18,585 190.00 230.00 210.20 160 1 Round, bone-in 6 9,831 191.50 203.00 194.01 161 1 Round, boneless 4 10,277 196.00 210.50 198.79

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 40 79,666 217.40 228.13 220.64 168 1 Round, top inside round 28 115,435 193.08 206.50 197.20 168 3 Round, top inside round 14 95,014 201.00 214.50 201.73 169 5 Round, top inside, denuded 5 7,908 239.00 247.00 242.03

3 Round, top inside, side off 170 1 Round, bottom gooseneck 8 11,598 192.00 219.25 194.72 171B 3 Round, outside round 29 85,007 205.87 228.00 214.98 171C 3 Round, eye of round (IM) 29 88,171 200.00 232.60 208.39 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 17 22,802 491.13 527.00 503.40 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 5 7,488 475.00 485.00 477.24 180 3 Loin, strip, bnls, 0x1 29 60,203 492.78 551.00 522.78 184 1 Loin, top butt, bnls, heavy 5 3,722 294.00 317.64 305.36 184 3 Loin, top butt, boneless 31 63,843 290.00 325.00 307.18 185A 4 Loin, bottom sirloin, flap 19 37,881 435.00 460.78 450.58 185B 1 Loin, ball-tip, bnls, heavy 17 19,766 215.00 236.00 224.07 185C 1 Loin, sirloin, tri-tip (IM) 7 10,515 340.89 370.00 347.29 185D 4 Loin, tri-tip, pld (IM) 7 8,406 477.00 499.00 485.29 189A 4 Loin, tndrloin, trmd, heavy 34 44,673 847.78 941.00 869.28 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 13 9,452 471.00 500.13 481.83 ------------------------------------------------------------------------------- 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 9 33,883 440.00 482.50 448.97 112A 3 Rib, ribeye, bnls, light 8 19,479 524.00 562.00 542.63 112A 3 Rib, ribeye, bnls, heavy 25 73,612 483.00 537.00 499.64 113C 1 Chuck, semi-bnls, neck/off 11 10,708 192.50 201.00 194.54 114 1 Chuck, shoulder clod 11 20,796 170.00 191.00 184.96 114A 3 Chuck, shoulder clod, trmd 12 59,656 187.40 197.00 190.49 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 5 21,492 284.50 329.50 306.24 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 16 112,588 209.25 226.00 214.15 116B 1 Chuck, chuck tender (IM) 7 15,532 208.00 215.00 208.88

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 29 505,783 192.35 213.50 194.02 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 130 4 Chuck, short rib 8 8,602 190.00 212.00 195.09 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 12 59,999 215.00 231.00 216.99 168 1 Round, top inside round 16 43,370 193.49 206.50 198.19 168 3 Round, top inside round 8 58,432 203.00 213.50 207.79 169 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 6 30,740 212.95 229.50 215.40 171C 3 Round, eye of round (IM) 13 39,569 200.00 226.50 209.84 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 11 9,976 470.00 513.00 476.11 175 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 12 13,165 460.00 510.00 478.27 184 1 Loin, top butt, bnls, heavy 10 21,973 241.00 254.00 244.61 184 3 Loin, top butt, boneless 13 11,325 245.85 278.00 257.27 185A 4 Loin, bottom sirloin, flap 8 13,051 426.59 458.02 434.27 185B 1 Loin, ball-tip, bnls, heavy 7 18,407 213.50 225.00 219.32 185C 1 Loin, sirloin, tri-tip (IM) 13 118,683 286.00 305.00 294.59 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 13 29,094 820.00 850.00 845.43 191A 4 Loin, butt tender, trimmed 3 11,642 786.50 799.69 799.27 193 4 Flank, flank steak (IM) 8 10,717 390.00 430.13 395.79 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 17 30,851 109.85 135.00 113.76 121D 4 Plate, Inside Skirt (IM) 9 13,915 359.65 383.75 368.48 121C 4 Plate, Outside Skirt (IM) 15 28,674 525.00 585.00 557.67 121E 6 Outside Skirt, pld (IM) 4 5,551 651.00 720.00 660.37

Cap, Wedge Meat & (IM) Lean 33 75,113 229.00 250.00 238.33

Pectoral Meat 22 130,271 220.00 250.00 221.54 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 37 187,217 127.65 147.00 133.75 Ground Beef 75% 0 0 Ground Beef 81% 28 188,715 153.00 178.00 164.43 Ground Beef 85% Ground Beef 90% Ground Beef 93% 3 1,278 216.00 223.50 219.56 Ground Beef Chuck 80% 13 99,670 158.00 175.00 164.52 Ground Beef Round 85% 3 2,280 201.00 201.00 201.00 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% Blended Ground Beef 85% Blended Ground Beef 90% 0 0 Blended Ground Beef 93% 0 0 Blended Ground Beef Chuck 80% Blended Ground Beef Round 85% 0 0 Blended Ground Beef Sirloin 90% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 12 414,497 40.00 47.48 43.89 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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