Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 190.96 183.66 Change from prior day: 0.44 0.42 ------------------------------------------------------------------------------- Choice/Select spread: 7.30

Total Load Count (Cuts, Trimmings, Grids): 95 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 282.84 257.41 Primal Chuck 156.76 156.71 Primal Round 168.01 166.99 Primal Loin 262.37 242.85 Primal Brisket 135.04 132.39 Primal Short Plate 123.57 128.62 Primal Flank 112.49 104.44 -------------------------------------------------------------------------------- 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 37.60 loads 1,503,863 pounds Select Cuts 18.64 loads 745,509 pounds Trimmings 18.60 loads 743,992 pounds Ground Beef 20.58 load 823,114 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 10 173,122 554.10 590.00 570.40 112A 3 Rib, ribeye, bnls, light 6 9,223 642.78 676.00 666.56 112A 3 Rib, ribeye, bnls, heavy 17 19,075 640.00 693.00 670.39 113C 1 Chuck, semi-bnls, neck/off 5 10,048 190.50 205.00 201.74 114 1 Chuck, shoulder clod 9 24,380 200.00 208.00 203.33 114A 3 Chuck, shoulder clod, trmd 15 36,442 209.30 225.00 215.76 114D 3 Chuck, clod, top blade 7 11,660 281.00 305.00 286.80 114E 3 Chuck, clod, arm roast 8 6,907 235.00 265.00 249.62 114F 5 Chuck, clod tender (IM) 6 5,553 349.65 396.00 358.34 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 20 64,238 220.00 240.00 231.63 116B 1 Chuck, chuck tender (IM) 16 16,133 213.50 235.00 223.92

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 15 33,479 202.00 230.00 213.81 120A 3 Brisket, point/off, bnls 7 6,947 331.00 365.00 346.54 123A 3 Short Plate, short rib 11 8,871 275.00 345.00 323.94 130 4 Chuck, short rib 12 17,637 192.86 230.00 202.22 160 1 Round, bone-in 161 1 Round, boneless 5 25,298 206.50 215.00 212.05

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 24 47,528 230.00 245.00 233.41 168 1 Round, top inside round 15 111,778 201.00 220.00 208.29 168 3 Round, top inside round 13 37,700 213.50 228.59 221.51 169 5 Round, top inside, denuded 9 16,186 245.00 268.00 256.93

3 Round, top inside, side off 170 1 Round, bottom gooseneck 5 24,555 200.00 220.00 203.49 171B 3 Round, outside round 21 133,980 208.50 226.00 216.09 171C 3 Round, eye of round (IM) 26 31,021 225.50 240.00 236.71 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 12 59,639 511.00 546.39 518.97 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 14 17,374 530.00 581.00 544.40 184 1 Loin, top butt, bnls, heavy 8 4,110 313.50 326.00 320.78 184 3 Loin, top butt, boneless 6 17,270 314.50 332.00 322.47 185A 4 Loin, bottom sirloin, flap 14 28,726 420.78 435.00 425.19 185B 1 Loin, ball-tip, bnls, heavy 13 92,155 215.00 241.39 219.60 185C 1 Loin, sirloin, tri-tip (IM) 185D 4 Loin, tri-tip, pld (IM) 3 1,817 414.00 451.00 433.68 189A 4 Loin, tndrloin, trmd, heavy 11 15,146 970.00 985.00 975.84 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 7 4,404 510.00 535.00 519.78 ------------------------------------------------------------------------------- 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 3 3,965 505.00 522.00 512.61 112A 3 Rib, ribeye, bnls, light 5 4,282 545.00 590.00 563.89 112A 3 Rib, ribeye, bnls, heavy 7 5,527 569.50 580.00 578.56 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 3 18,354 190.00 201.00 199.36 114A 3 Chuck, shoulder clod, trmd 9 25,443 209.30 218.00 211.98 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 12 35,984 218.50 245.50 228.71 116B 1 Chuck, chuck tender (IM) 7 39,559 225.00 235.00 231.05

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 12 37,663 202.00 216.00 206.50 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 3 2,927 275.00 325.86 303.94 130 4 Chuck, short rib 3 2,235 195.00 216.48 214.15 160 1 Round, bone-in 0 0 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 5 13,276 230.00 240.00 232.71 168 1 Round, top inside round 4 21,737 201.00 210.00 203.29 168 3 Round, top inside round 7 30,846 208.00 223.00 214.27 169 5 Round, top inside, denuded 3 6,275 254.00 260.00 254.30

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 11 22,089 208.00 226.00 219.00 171C 3 Round, eye of round (IM) 11 12,176 223.00 245.00 233.12 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 4 5,980 465.00 509.50 472.30 175 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 6 40,536 470.10 525.00 477.73 184 1 Loin, top butt, bnls, heavy 5 52,207 253.00 284.00 269.33 184 3 Loin, top butt, boneless 8 8,830 277.50 300.00 290.34 185A 4 Loin, bottom sirloin, flap 5 22,378 383.50 408.59 397.41 185B 1 Loin, ball-tip, bnls, heavy 12 28,209 215.00 225.00 216.67 185C 1 Loin, sirloin, tri-tip (IM) 6 12,098 262.95 301.00 273.90 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 7 4,292 907.74 970.50 919.89 191A 4 Loin, butt tender, trimmed 5 11,318 819.37 850.00 833.61 193 4 Flank, flank steak (IM) 3 3,514 415.00 443.00 429.17 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 6 8,425 110.54 120.00 112.45 121D 4 Plate, Inside Skirt (IM) 21 110,768 345.00 365.00 352.47 121C 4 Plate, Outside Skirt (IM) 7 6,494 510.00 562.00 540.38 121E 6 Outside Skirt, pld (IM) 3 2,609 775.00 820.00 778.52

Cap, Wedge Meat & (IM) Lean 17 76,998 237.67 260.00 249.56

Pectoral Meat 20 47,159 238.50 266.00 252.68 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 11 302,258 148.88 173.00 159.96 Ground Beef 75% 0 0 Ground Beef 81% 15 224,568 181.00 218.50 191.08 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% Ground Beef Chuck 80% 7 36,308 209.00 221.00 220.01 Ground Beef Round 85% 5 133,163 215.88 219.94 216.38 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 27,090 199.00 214.30 201.68 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 22 743,992 46.00 53.00 48.92 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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