Bloomberg News

USDA Boxed Beef Cutout Closing Prices for July 31

July 31, 2012

July 31 (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: 177.82 171.09 Change from prior day: 0.20 0.31 ------------------------------------------------------------------------------- Choice/Select spread: 6.73

Total Load Count (Cuts, Trimmings, Grids): 202 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 262.27 234.89 Primal Chuck 141.83 142.92 Primal Round 159.46 158.09 Primal Loin 245.30 228.74 Primal Brisket 128.08 125.81 Primal Short Plate 119.12 124.36 Primal Flank 106.60 94.57 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 07/30 70 41 12 28 150 177.62 170.78 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 177.83 170.99 -------------------------------------------------------------------------------- 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 81.03 loads 3,241,059 pounds Select Cuts 71.03 loads 2,841,005 pounds Trimmings 14.72 loads 588,866 pounds Ground Beef 34.72 load 1,388,945 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 32 108,555 527.18 570.00 541.09 112A 3 Rib, ribeye, bnls, light 9 40,126 568.75 629.00 578.84 112A 3 Rib, ribeye, bnls, heavy 64 198,907 568.75 631.01 576.02 113C 1 Chuck, semi-bnls, neck/off 7 36,442 189.50 206.00 192.43 114 1 Chuck, shoulder clod 25 119,192 180.00 197.30 183.47 114A 3 Chuck, shoulder clod, trmd 29 151,845 189.00 206.99 195.80 114D 3 Chuck, clod, top blade 11 10,821 280.00 304.65 285.94 114E 3 Chuck, clod, arm roast 9 34,091 208.00 240.00 221.10 114F 5 Chuck, clod tender (IM) 11 14,010 320.60 365.22 329.85 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 65 567,143 209.00 231.60 217.62 116B 1 Chuck, chuck tender (IM) 32 47,238 202.00 221.00 214.30

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 39 101,541 193.00 223.00 200.24 120A 3 Brisket, point/off, bnls 14 21,481 318.00 365.00 333.89 123A 3 Short Plate, short rib 32 39,287 255.00 365.00 326.59 130 4 Chuck, short rib 23 43,163 185.00 228.00 199.09 160 1 Round, bone-in 5 16,517 192.00 221.50 201.80 161 1 Round, boneless 9 24,450 196.00 211.65 201.85

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 45 99,196 210.00 231.01 220.54 168 1 Round, top inside round 32 162,883 189.37 214.68 199.03 168 3 Round, top inside round 22 85,776 203.00 224.00 211.01 169 5 Round, top inside, denuded 20 47,762 234.00 251.00 240.81

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 61 377,813 200.75 229.60 212.08 171C 3 Round, eye of round (IM) 49 103,670 205.79 232.60 217.62 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 24 49,712 484.03 524.66 501.99 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 5 5,469 452.75 508.89 463.93 180 3 Loin, strip, bnls, 0x1 50 84,455 484.00 553.00 515.84 184 1 Loin, top butt, bnls, heavy 13 10,829 299.77 314.36 302.13 184 3 Loin, top butt, boneless 22 117,854 295.00 333.75 303.01 185A 4 Loin, bottom sirloin, flap 20 49,766 430.00 471.00 445.26 185B 1 Loin, ball-tip, bnls, heavy 21 26,383 217.00 231.50 224.23 185C 1 Loin, sirloin, tri-tip (IM) 8 31,510 328.63 342.00 331.63 185D 4 Loin, tri-tip, pld (IM) 12 16,353 448.63 497.00 465.23 189A 4 Loin, tndrloin, trmd, heavy 32 92,989 859.60 941.00 872.97 191A 4 Loin, butt tender, trimmed 8 13,788 788.78 875.00 846.32 193 4 Flank, flank steak (IM) 23 18,469 475.00 492.00 487.71 ------------------------------------------------------------------------------- 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 23 17,587 449.65 480.00 460.50 112A 3 Rib, ribeye, bnls, light 13 73,546 497.86 537.19 515.83 112A 3 Rib, ribeye, bnls, heavy 47 88,589 490.00 542.00 510.92 113C 1 Chuck, semi-bnls, neck/off 12 28,897 189.50 203.75 192.87 114 1 Chuck, shoulder clod 6 8,606 181.00 197.65 185.55 114A 3 Chuck, shoulder clod, trmd 15 44,034 189.58 210.34 199.54 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 5 24,751 305.00 330.00 306.30 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 33 202,332 205.00 226.00 216.02 116B 1 Chuck, chuck tender (IM) 16 33,964 205.00 214.00 209.64

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 16 95,329 193.66 213.25 197.23 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 8 8,134 255.00 320.00 282.27 130 4 Chuck, short rib 10 22,206 178.00 210.00 187.88 160 1 Round, bone-in 161 1 Round, boneless 7 9,815 201.00 214.65 205.32

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 17 29,051 212.00 224.00 220.01 168 1 Round, top inside round 14 221,972 194.50 208.75 196.28 168 3 Round, top inside round 11 31,699 204.01 220.65 209.63 169 5 Round, top inside, denuded

3 Round, top inside, side off 170 1 Round, bottom gooseneck 4 42,714 199.00 216.98 199.11 171B 3 Round, outside round 26 320,104 205.45 219.00 207.86 171C 3 Round, eye of round (IM) 23 96,478 205.00 227.00 210.44 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 28 25,968 450.00 502.65 470.61 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 33 39,330 462.00 500.57 473.64 184 1 Loin, top butt, bnls, heavy 11 112,502 240.00 265.00 247.00 184 3 Loin, top butt, boneless 44 631,110 243.00 279.00 253.43 185A 4 Loin, bottom sirloin, flap 18 51,078 420.00 445.00 425.62 185B 1 Loin, ball-tip, bnls, heavy 13 46,022 216.00 226.25 217.87 185C 1 Loin, sirloin, tri-tip (IM) 12 64,627 285.00 314.00 288.55 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 22 23,631 830.00 920.00 852.61 191A 4 Loin, butt tender, trimmed 8 4,627 789.63 848.00 808.31 193 4 Flank, flank steak (IM) 30 62,750 394.87 432.65 403.55 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 8 10,897 113.00 126.00 122.44 121D 4 Plate, Inside Skirt (IM) 39 156,176 338.16 375.30 345.03 121C 4 Plate, Outside Skirt (IM) 18 82,774 474.75 549.82 496.06 121E 6 Outside Skirt, pld (IM) 5 13,590 650.00 742.40 670.93

Cap, Wedge Meat & (IM) Lean 35 112,391 230.00 249.00 235.19

Pectoral Meat 38 168,781 217.82 249.99 222.74 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 25 231,382 127.00 147.00 137.02 Ground Beef 75% Ground Beef 81% 40 294,086 152.00 177.72 165.36 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 25 118,007 210.00 255.25 227.68 Ground Beef Chuck 80% 14 232,056 161.00 177.50 170.64 Ground Beef Round 85% 11 31,167 201.00 211.00 209.15 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% 15 67,450 176.20 195.92 187.34 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 28 588,866 43.50 48.50 45.66 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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