Bloomberg News

USDA Boxed Beef Cutout Midday Prices for July 27

July 27, 2012

July 27 (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: 177.17 170.32 Change from prior day: (1.08) (1.01) ------------------------------------------------------------------------------- Choice/Select spread: 6.85

Total Load Count (Cuts, Trimmings, Grids): 114 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 259.72 232.01 Primal Chuck 140.57 140.79 Primal Round 157.57 157.67 Primal Loin 247.34 230.19 Primal Brisket 126.31 123.77 Primal Short Plate 120.89 126.19 Primal Flank 105.45 92.86 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 07/26 74 62 25 33 194 178.25 171.33 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 178.53 171.13 -------------------------------------------------------------------------------- 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 37.80 loads 1,511,891 pounds Select Cuts 43.52 loads 1,740,750 pounds Trimmings 17.61 loads 704,288 pounds Ground Beef 15.17 load 606,701 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 9 22,688 521.85 571.00 528.62 112A 3 Rib, ribeye, bnls, light 112A 3 Rib, ribeye, bnls, heavy 26 35,502 568.92 635.00 610.74 113C 1 Chuck, semi-bnls, neck/off 3 16,675 186.10 194.01 193.42 114 1 Chuck, shoulder clod 4 21,313 180.00 187.30 181.53 114A 3 Chuck, shoulder clod, trmd 25 80,684 187.21 208.00 194.55 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 5 6,803 217.30 239.85 230.84 114F 5 Chuck, clod tender (IM) 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 29 299,320 205.00 228.00 213.83 116B 1 Chuck, chuck tender (IM) 7 22,041 205.00 215.00 206.48

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 29 265,718 194.00 225.00 199.00 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 6 3,978 255.00 346.50 298.94 130 4 Chuck, short rib 7 18,007 190.00 226.00 200.93 160 1 Round, bone-in 0 0 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 17 56,870 210.00 230.65 216.99 168 1 Round, top inside round 9 64,559 192.74 202.99 195.98 168 3 Round, top inside round 13 66,707 200.00 217.00 206.49 169 5 Round, top inside, denuded 4 1,674 239.00 250.00 244.90

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 4 1,645 213.00 221.00 214.38 171B 3 Round, outside round 14 38,684 205.00 223.00 213.88 171C 3 Round, eye of round (IM) 17 19,376 211.00 228.00 216.87 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 9 15,211 490.75 530.00 500.92 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 7 8,749 480.00 493.00 480.99 180 3 Loin, strip, bnls, 0x1 15 133,001 480.00 541.00 491.25 184 1 Loin, top butt, bnls, heavy 8 9,075 304.99 316.00 307.53 184 3 Loin, top butt, boneless 8 14,122 310.14 325.00 318.21 185A 4 Loin, bottom sirloin, flap 14 17,464 444.00 471.00 449.83 185B 1 Loin, ball-tip, bnls, heavy 9 15,017 220.00 225.00 223.42 185C 1 Loin, sirloin, tri-tip (IM) 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 23 72,899 845.00 900.00 855.08 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 5 1,302 487.00 496.21 490.59 ------------------------------------------------------------------------------- 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 6 21,842 442.65 481.00 450.24 112A 3 Rib, ribeye, bnls, light 6 19,248 488.92 531.62 515.89 112A 3 Rib, ribeye, bnls, heavy 14 48,242 488.92 537.00 511.73 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 5 23,925 179.50 193.00 181.88 114A 3 Chuck, shoulder clod, trmd 5 17,284 191.00 204.00 192.64 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 11 61,980 210.00 224.00 215.75 116B 1 Chuck, chuck tender (IM) 5 75,825 200.00 215.00 200.75

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 27 738,688 194.00 213.00 194.46 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 8 54,479 243.00 365.50 274.72 130 4 Chuck, short rib 6 20,472 190.00 210.00 193.98 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 8 12,017 218.69 231.00 223.24 168 1 Round, top inside round 168 3 Round, top inside round 4 10,698 203.00 217.00 212.21 169 5 Round, top inside, denuded

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 5 50,067 205.00 218.00 210.22 171C 3 Round, eye of round (IM) 8 10,490 209.21 226.50 213.09 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 6 5,174 474.14 475.00 474.95 175 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 4 23,505 456.25 469.83 463.11 184 1 Loin, top butt, bnls, heavy 5 3,181 238.63 268.00 250.52 184 3 Loin, top butt, boneless 7 13,578 255.00 282.00 263.37 185A 4 Loin, bottom sirloin, flap 7 26,381 422.00 465.00 434.62 185B 1 Loin, ball-tip, bnls, heavy 3 2,456 220.00 235.50 227.08 185C 1 Loin, sirloin, tri-tip (IM) 5 34,014 293.00 310.55 304.85 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 8 70,906 832.34 865.30 839.78 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 5 4,265 109.00 120.50 113.89 121D 4 Plate, Inside Skirt (IM) 11 54,134 344.26 365.64 348.15 121C 4 Plate, Outside Skirt (IM) 21 98,787 509.79 567.00 536.93 121E 6 Outside Skirt, pld (IM)

Cap, Wedge Meat & (IM) Lean 23 325,320 226.00 245.54 228.42

Pectoral Meat 7 16,247 218.00 239.21 225.82 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 10 72,424 125.00 140.89 130.20 Ground Beef 75% 0 0 Ground Beef 81% 20 269,891 148.00 192.00 150.36 Ground Beef 85% 0 0 Ground Beef 90% 0 0 Ground Beef 93% Ground Beef Chuck 80% 5 22,434 162.50 171.00 163.31 Ground Beef Round 85% 8 28,259 203.00 205.00 203.14 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% 3 24,213 183.00 196.25 193.08 Blended Ground Beef 85% 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 23 704,288 38.00 48.00 44.37 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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