Bloomberg News

USDA Boxed Beef Cutout Closing Prices for July 30

July 30, 2012

July 30 (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: 177.62 170.78 Change from prior day: 0.68 0.75 ------------------------------------------------------------------------------- Choice/Select spread: 6.84

Total Load Count (Cuts, Trimmings, Grids): 150 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 262.97 233.07 Primal Chuck 141.02 142.32 Primal Round 158.12 158.08 Primal Loin 246.37 228.81 Primal Brisket 127.02 124.02 Primal Short Plate 120.65 126.02 Primal Flank 106.00 95.56 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 07/27 64 67 23 29 183 176.94 170.03 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 178.06 170.97 -------------------------------------------------------------------------------- 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 69.61 loads 2,784,393 pounds Select Cuts 40.53 loads 1,621,216 pounds Trimmings 12.11 loads 484,201 pounds Ground Beef 28.15 load 1,125,922 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 19 144,418 519.00 571.00 532.27 112A 3 Rib, ribeye, bnls, light 8 44,726 587.58 631.00 599.12 112A 3 Rib, ribeye, bnls, heavy 30 126,433 580.00 635.50 599.29 113C 1 Chuck, semi-bnls, neck/off 3 44,860 172.00 196.00 174.10 114 1 Chuck, shoulder clod 9 89,834 179.00 190.00 185.83 114A 3 Chuck, shoulder clod, trmd 23 215,965 190.00 203.75 194.58 114D 3 Chuck, clod, top blade 6 5,896 282.00 295.00 285.15 114E 3 Chuck, clod, arm roast 8 51,962 210.00 240.13 213.99 114F 5 Chuck, clod tender (IM) 10 19,157 315.29 356.00 325.52 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 41 311,251 205.00 225.00 213.53 116B 1 Chuck, chuck tender (IM) 11 25,150 202.89 217.50 209.30

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 18 78,004 199.00 225.00 204.31 120A 3 Brisket, point/off, bnls 12 14,158 308.53 365.00 326.38 123A 3 Short Plate, short rib 16 41,438 265.00 361.00 340.25 130 4 Chuck, short rib 13 70,514 183.13 227.57 196.31 160 1 Round, bone-in 5 7,798 190.00 195.00 191.55 161 1 Round, boneless 3 1,220 200.00 214.50 207.38

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 44 215,820 213.00 230.00 217.86 168 1 Round, top inside round 21 154,025 188.28 206.50 198.63 168 3 Round, top inside round 19 147,173 199.50 215.00 207.28 169 5 Round, top inside, denuded 21 108,308 230.00 249.50 235.01

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 29 111,700 207.00 229.60 214.09 171C 3 Round, eye of round (IM) 25 47,676 211.60 229.50 215.22 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 14 37,731 499.84 527.00 515.14 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 5 3,066 480.00 485.00 480.80 180 3 Loin, strip, bnls, 0x1 31 126,275 477.88 551.50 503.16 184 1 Loin, top butt, bnls, heavy 6 5,979 305.00 316.27 307.02 184 3 Loin, top butt, boneless 21 90,594 294.00 335.00 301.28 185A 4 Loin, bottom sirloin, flap 21 89,491 437.00 465.00 446.49 185B 1 Loin, ball-tip, bnls, heavy 14 55,209 212.30 230.00 216.77 185C 1 Loin, sirloin, tri-tip (IM) 8 23,427 321.50 356.00 329.23 185D 4 Loin, tri-tip, pld (IM) 6 27,993 475.00 495.00 480.44 189A 4 Loin, tndrloin, trmd, heavy 36 129,446 848.75 942.00 862.12 191A 4 Loin, butt tender, trimmed 9 10,229 860.00 880.00 867.11 193 4 Flank, flank steak (IM) 6 3,041 476.00 495.50 488.18 ------------------------------------------------------------------------------- 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 14 62,406 415.00 485.00 450.83 112A 3 Rib, ribeye, bnls, light 8 11,268 492.16 531.10 518.91 112A 3 Rib, ribeye, bnls, heavy 17 87,522 500.00 534.50 510.65 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 6 24,266 178.00 186.50 183.47 114A 3 Chuck, shoulder clod, trmd 9 42,897 187.32 200.00 194.84 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 6 6,240 313.87 331.00 319.29 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 19 78,080 209.00 226.00 217.31 116B 1 Chuck, chuck tender (IM) 4 7,040 209.00 217.50 214.11

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 14 130,004 192.00 201.84 198.13 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 8 28,241 242.29 350.00 280.33 130 4 Chuck, short rib 6 37,893 185.00 206.00 187.50 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 8 46,185 213.00 224.50 214.51 168 1 Round, top inside round 20 114,529 195.73 213.28 198.93 168 3 Round, top inside round 4 13,302 203.50 225.00 208.44 169 5 Round, top inside, denuded 5 5,868 234.70 254.00 239.55

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 5 1,355 199.84 218.00 212.72 171B 3 Round, outside round 8 17,445 209.00 229.50 216.54 171C 3 Round, eye of round (IM) 10 29,520 207.31 220.00 211.58 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 14 151,857 463.74 482.00 471.69 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 0 0 180 3 Loin, strip, bnls, 0x1 11 32,499 437.78 482.00 464.36 184 1 Loin, top butt, bnls, heavy 11 68,279 236.00 265.00 249.55 184 3 Loin, top butt, boneless 25 199,539 248.00 280.00 257.51 185A 4 Loin, bottom sirloin, flap 10 73,302 423.80 444.00 430.64 185B 1 Loin, ball-tip, bnls, heavy 10 26,260 215.00 231.00 217.91 185C 1 Loin, sirloin, tri-tip (IM) 7 29,400 290.00 319.89 298.44 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 14 21,985 838.75 872.00 854.91 191A 4 Loin, butt tender, trimmed 6 5,618 789.63 835.00 798.79 193 4 Flank, flank steak (IM) 3 10,871 410.00 435.00 412.27 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 121D 4 Plate, Inside Skirt (IM) 11 60,835 355.00 380.00 359.16 121C 4 Plate, Outside Skirt (IM) 20 74,048 490.00 577.00 532.79 121E 6 Outside Skirt, pld (IM) 6 15,275 650.00 742.20 674.02

Cap, Wedge Meat & (IM) Lean 24 73,958 209.30 247.50 236.09

Pectoral Meat 14 16,661 219.45 250.00 232.51 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 22 322,367 125.00 143.00 131.32 Ground Beef 75% Ground Beef 81% 37 160,857 150.75 189.89 162.17 Ground Beef 85% Ground Beef 90% Ground Beef 93% 16 62,641 214.55 254.50 229.72 Ground Beef Chuck 80% 25 376,356 157.00 176.90 168.50 Ground Beef Round 85% 3 2,285 201.00 203.00 202.00 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% 11 75,652 187.45 195.92 191.53 Blended Ground Beef 85% 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 13 339,491 43.50 47.00 44.98 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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