Bloomberg News

USDA Boxed Beef Cutout Closing Prices for August 20

August 20, 2012

August 20 (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: 193.85 185.25 Change from prior day: 0.82 0.53 ------------------------------------------------------------------------------- Choice/Select spread: 8.60

Total Load Count (Cuts, Trimmings, Grids): 109 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 288.83 255.99 Primal Chuck 160.54 158.97 Primal Round 168.80 167.36 Primal Loin 266.18 246.27 Primal Brisket 135.99 134.31 Primal Short Plate 124.87 129.95 Primal Flank 111.68 106.92 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 08/17 40 30 5 15 90 193.03 184.72 08/16 68 39 25 38 170 191.48 184.40 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 8 20 131 186.89 179.42 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 190.23 182.73 -------------------------------------------------------------------------------- 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 56.59 loads 2,263,710 pounds Select Cuts 29.02 loads 1,160,742 pounds Trimmings 0.00 loads 0 pounds Ground Beef 23.70 load 947,886 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 94,209 578.00 620.00 588.81 112A 3 Rib, ribeye, bnls, light 10 11,594 670.00 715.00 697.60 112A 3 Rib, ribeye, bnls, heavy 24 45,130 644.00 715.70 672.61 113C 1 Chuck, semi-bnls, neck/off 4 13,717 202.00 214.50 202.75 114 1 Chuck, shoulder clod 11 103,749 204.00 214.89 204.70 114A 3 Chuck, shoulder clod, trmd 22 121,479 211.65 235.00 216.16 114D 3 Chuck, clod, top blade 15 48,342 273.00 299.48 279.66 114E 3 Chuck, clod, arm roast 12 48,976 226.59 253.67 235.96 114F 5 Chuck, clod tender (IM) 13 11,544 330.60 391.00 345.13 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 43 242,644 220.00 249.00 232.70 116B 1 Chuck, chuck tender (IM) 19 69,946 221.08 242.17 235.13

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 16 47,601 208.00 230.00 217.54 120A 3 Brisket, point/off, bnls 12 14,353 347.50 365.00 355.68 123A 3 Short Plate, short rib 17 49,964 270.00 368.00 334.98 130 4 Chuck, short rib 11 41,885 188.01 215.00 198.05 160 1 Round, bone-in 4 1,512 200.00 220.00 206.09 161 1 Round, boneless 5 10,020 206.00 221.99 212.17

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 37 148,387 226.00 242.00 235.00 168 1 Round, top inside round 6 7,894 213.00 221.12 214.05 168 3 Round, top inside round 16 113,971 213.00 230.00 220.42 169 5 Round, top inside, denuded 20 98,727 252.27 268.00 255.94

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 37 241,363 209.67 235.60 216.58 171C 3 Round, eye of round (IM) 31 77,561 230.00 247.70 236.97 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 20 70,876 522.00 551.00 525.82 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 3 1,121 495.00 528.00 507.55 180 3 Loin, strip, bnls, 0x1 30 75,005 525.00 577.25 554.72 184 1 Loin, top butt, bnls, heavy 4 2,181 320.00 325.00 320.86 184 3 Loin, top butt, boneless 32 83,526 324.00 353.00 334.25 185A 4 Loin, bottom sirloin, flap 15 36,951 415.00 449.82 433.69 185B 1 Loin, ball-tip, bnls, heavy 13 70,757 218.00 245.78 221.16 185C 1 Loin, sirloin, tri-tip (IM) 4 2,832 310.00 323.00 319.78 185D 4 Loin, tri-tip, pld (IM) 3 5,121 414.00 454.00 451.11 189A 4 Loin, tndrloin, trmd, heavy 24 37,577 970.60 1023.00 985.97 191A 4 Loin, butt tender, trimmed 10 8,421 900.00 933.75 924.95 193 4 Flank, flank steak (IM) 11 10,418 515.60 535.55 529.02 ------------------------------------------------------------------------------- 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 3,767 515.00 532.25 524.15 112A 3 Rib, ribeye, bnls, light 11 71,277 579.00 600.00 579.77 112A 3 Rib, ribeye, bnls, heavy 27 109,960 525.00 605.50 566.75 113C 1 Chuck, semi-bnls, neck/off 4 2,287 190.50 216.25 203.11 114 1 Chuck, shoulder clod 4 19,406 202.00 218.25 206.12 114A 3 Chuck, shoulder clod, trmd 5 10,150 216.60 225.00 217.85 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 6 7,928 313.00 331.00 324.77 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 13 58,964 226.60 245.00 235.50 116B 1 Chuck, chuck tender (IM) 5 6,304 223.60 240.00 232.87

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 14 94,569 208.13 218.00 209.75 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 10,323 275.00 341.00 317.26 130 4 Chuck, short rib 9 15,496 189.00 211.00 199.40 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 9 9,311 220.00 244.25 235.75 168 1 Round, top inside round 6 32,086 202.75 218.43 204.97 168 3 Round, top inside round 9 29,349 215.00 233.00 223.03 169 5 Round, top inside, denuded 3 27,754 256.78 265.40 265.08

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 4 6,600 189.80 219.98 192.28 171B 3 Round, outside round 10 59,005 210.00 222.80 213.75 171C 3 Round, eye of round (IM) 10 27,163 220.00 243.75 236.63 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 9 82,802 505.11 533.00 505.74 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 0 0 180 3 Loin, strip, bnls, 0x1 10 7,851 515.46 553.00 533.97 184 1 Loin, top butt, bnls, heavy 4 12,705 262.00 291.00 278.30 184 3 Loin, top butt, boneless 11 57,207 272.76 300.00 283.73 185A 4 Loin, bottom sirloin, flap 5 10,986 405.00 430.00 419.13 185B 1 Loin, ball-tip, bnls, heavy 9 20,140 216.00 231.25 219.48 185C 1 Loin, sirloin, tri-tip (IM) 9 13,793 265.12 305.64 276.08 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 9 18,853 923.75 932.12 928.61 191A 4 Loin, butt tender, trimmed 9 14,073 828.50 852.00 834.71 193 4 Flank, flank steak (IM) 9 11,073 478.87 491.00 481.08 ------------------------------------------------------------------------------- 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) 36 151,373 339.73 380.00 351.61 121C 4 Plate, Outside Skirt (IM) 11 14,811 535.00 575.00 558.46 121E 6 Outside Skirt, pld (IM) 9 13,224 790.00 820.00 806.93

Cap, Wedge Meat & (IM) Lean 27 164,227 230.00 260.00 247.41

Pectoral Meat 21 26,572 242.00 273.59 254.33 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 27 346,859 157.62 181.00 167.99 Ground Beef 75% Ground Beef 81% 20 170,652 190.00 223.75 201.62 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 14 34,765 240.00 265.25 249.33 Ground Beef Chuck 80% 9 72,346 209.00 220.75 215.57 Ground Beef Round 85% 16 94,071 216.81 226.13 220.03 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% 7 39,600 197.75 219.45 200.78 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 0 0 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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