Bloomberg News

USDA Boxed Beef Cutout Closing Prices for August 16

August 16, 2012

August 16 (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: 191.48 184.40 Change from prior day: 0.96 1.16 ------------------------------------------------------------------------------- Choice/Select spread: 7.07

Total Load Count (Cuts, Trimmings, Grids): 170 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 283.48 258.10 Primal Chuck 157.53 158.69 Primal Round 167.82 166.90 Primal Loin 263.88 243.26 Primal Brisket 134.79 132.51 Primal Short Plate 123.62 128.74 Primal Flank 111.00 104.27 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 08/15 73 62 28 36 198 190.52 183.24 08/14 55 49 18 30 151 189.21 181.84 08/13 60 43 12 20 135 186.89 179.42 08/10 69 59 40 15 182 184.95 177.65 08/09 76 63 16 34 189 182.52 176.63 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 186.82 179.75 -------------------------------------------------------------------------------- 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 67.67 loads 2,706,637 pounds Select Cuts 39.43 loads 1,577,360 pounds Trimmings 25.47 loads 1,018,907 pounds Ground Beef 37.52 load 1,500,779 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 13 177,790 544.50 600.00 570.72 112A 3 Rib, ribeye, bnls, light 9 11,903 642.78 706.00 673.61 112A 3 Rib, ribeye, bnls, heavy 33 50,464 637.00 693.00 657.65 113C 1 Chuck, semi-bnls, neck/off 5 10,048 190.50 205.00 201.74 114 1 Chuck, shoulder clod 13 36,639 200.00 208.00 202.91 114A 3 Chuck, shoulder clod, trmd 29 80,014 207.00 225.00 214.25 114D 3 Chuck, clod, top blade 10 18,976 260.00 305.00 286.00 114E 3 Chuck, clod, arm roast 16 32,976 226.78 265.00 234.86 114F 5 Chuck, clod tender (IM) 17 12,390 300.00 384.58 332.41 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 37 114,779 220.00 245.00 232.64 116B 1 Chuck, chuck tender (IM) 21 21,445 213.50 237.00 224.99

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 32 73,433 202.00 230.00 211.23 120A 3 Brisket, point/off, bnls 10 14,170 331.00 365.00 346.99 123A 3 Short Plate, short rib 17 15,291 275.00 373.50 323.30 130 4 Chuck, short rib 33 227,735 184.25 230.00 188.55 160 1 Round, bone-in 4 4,403 199.00 210.00 201.52 161 1 Round, boneless 5 25,298 206.50 215.00 212.05

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 42 81,691 230.00 245.00 234.44 168 1 Round, top inside round 25 172,549 201.00 220.00 208.82 168 3 Round, top inside round 23 99,759 213.50 229.00 220.25 169 5 Round, top inside, denuded 11 29,809 245.00 268.00 254.22

3 Round, top inside, side off 170 1 Round, bottom gooseneck 9 26,328 200.00 220.00 203.87 171B 3 Round, outside round 45 320,008 207.50 226.00 213.66 171C 3 Round, eye of round (IM) 44 65,537 225.50 250.00 236.96 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 20 70,819 511.00 550.00 520.88 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 6 4,744 446.00 507.15 489.28 180 3 Loin, strip, bnls, 0x1 31 52,453 530.00 581.00 556.21 184 1 Loin, top butt, bnls, heavy 13 9,318 310.00 332.42 321.73 184 3 Loin, top butt, boneless 15 47,098 314.50 341.00 325.75 185A 4 Loin, bottom sirloin, flap 28 51,387 420.78 446.00 427.85 185B 1 Loin, ball-tip, bnls, heavy 15 109,609 215.00 228.00 219.32 185C 1 Loin, sirloin, tri-tip (IM) 9 6,416 293.50 324.00 313.24 185D 4 Loin, tri-tip, pld (IM) 4 5,347 414.00 465.00 454.36 189A 4 Loin, tndrloin, trmd, heavy 20 35,232 967.67 1040.00 999.03 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 26 23,968 479.00 535.00 506.74 ------------------------------------------------------------------------------- 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 5 6,611 501.78 522.00 509.03 112A 3 Rib, ribeye, bnls, light 7 5,241 545.00 600.00 569.75 112A 3 Rib, ribeye, bnls, heavy 19 17,748 560.57 595.00 579.45 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 5 23,965 190.00 205.00 200.07 114A 3 Chuck, shoulder clod, trmd 18 80,558 198.40 218.00 213.66 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 22 88,634 218.50 245.50 228.23 116B 1 Chuck, chuck tender (IM) 10 42,293 219.78 235.00 230.39

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 18 55,755 202.00 216.00 208.23 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 5,165 275.00 351.00 292.96 130 4 Chuck, short rib 14 153,767 181.67 216.48 186.21 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 18 69,688 229.00 245.00 232.06 168 1 Round, top inside round 13 45,937 201.00 215.12 208.24 168 3 Round, top inside round 14 59,584 208.00 233.00 216.27 169 5 Round, top inside, denuded 7 13,239 228.45 255.00 249.11

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 3 3,709 193.00 205.00 198.55 171B 3 Round, outside round 27 199,864 208.00 226.00 212.61 171C 3 Round, eye of round (IM) 20 27,994 221.00 245.00 232.96 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 10 7,980 465.00 525.00 479.12 175 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 16 51,327 468.00 550.00 487.21 184 1 Loin, top butt, bnls, heavy 13 68,659 253.00 284.00 271.54 184 3 Loin, top butt, boneless 14 13,311 273.45 303.00 291.74 185A 4 Loin, bottom sirloin, flap 8 40,973 383.50 410.00 400.21 185B 1 Loin, ball-tip, bnls, heavy 16 42,019 198.45 225.00 216.79 185C 1 Loin, sirloin, tri-tip (IM) 11 46,470 262.95 301.00 271.65 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 10 9,782 907.74 970.50 916.91 191A 4 Loin, butt tender, trimmed 6 11,463 819.37 860.00 833.95 193 4 Flank, flank steak (IM) 5 7,811 430.00 471.50 452.84 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 8 12,179 110.54 121.00 112.53 121D 4 Plate, Inside Skirt (IM) 29 128,135 345.00 365.00 352.56 121C 4 Plate, Outside Skirt (IM) 20 30,116 503.79 581.00 527.52 121E 6 Outside Skirt, pld (IM) 6 7,430 775.00 830.00 805.10

Cap, Wedge Meat & (IM) Lean 47 260,914 225.63 264.00 250.47

Pectoral Meat 29 56,725 228.45 268.75 252.28 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 18 366,978 148.88 175.44 160.57 Ground Beef 75% 0 0 Ground Beef 81% 28 311,195 176.60 218.50 193.13 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 5 5,374 235.50 258.75 250.90 Ground Beef Chuck 80% 15 113,567 193.59 221.00 211.53 Ground Beef Round 85% 10 139,729 214.35 226.00 216.50 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% 6 34,810 178.30 215.60 198.34 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% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 30 966,047 46.00 53.00 49.01 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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