Bloomberg News

USDA Boxed Beef Cutout Closing Prices for August 21

August 21, 2012

August 21 (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: 193.82 185.30 Change from prior day: (0.03) 0.05 ------------------------------------------------------------------------------- Choice/Select spread: 8.51

Total Load Count (Cuts, Trimmings, Grids): 153 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 290.09 255.06 Primal Chuck 158.70 157.93 Primal Round 169.23 167.74 Primal Loin 266.55 247.48 Primal Brisket 138.40 135.54 Primal Short Plate 125.64 130.10 Primal Flank 112.23 108.45 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 08/20 57 29 0 24 109 193.85 185.25 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 191.62 183.89 -------------------------------------------------------------------------------- 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 45.01 loads 1,800,316 pounds Select Cuts 52.58 loads 2,103,086 pounds Trimmings 15.78 loads 631,350 pounds Ground Beef 39.33 load 1,573,147 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 14 21,587 573.00 625.00 585.47 112A 3 Rib, ribeye, bnls, light 8 8,724 673.00 702.00 698.72 112A 3 Rib, ribeye, bnls, heavy 55 56,744 650.00 700.00 671.49 113C 1 Chuck, semi-bnls, neck/off 5 5,530 209.00 221.00 210.85 114 1 Chuck, shoulder clod 14 23,830 195.00 216.00 201.50 114A 3 Chuck, shoulder clod, trmd 21 65,131 211.36 222.00 215.11 114D 3 Chuck, clod, top blade 13 9,156 260.00 304.00 278.25 114E 3 Chuck, clod, arm roast 9 13,101 230.00 260.00 242.78 114F 5 Chuck, clod tender (IM) 8 9,325 344.48 386.00 347.35 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 49 154,147 224.87 249.60 232.86 116B 1 Chuck, chuck tender (IM) 24 20,054 220.00 242.00 234.69

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 48 115,013 200.00 227.75 213.43 120A 3 Brisket, point/off, bnls 23 20,797 329.97 381.00 351.92 123A 3 Short Plate, short rib 19 36,683 285.21 356.00 324.48 130 4 Chuck, short rib 25 37,472 171.00 236.00 196.62 160 1 Round, bone-in 11 18,165 200.00 226.50 214.70 161 1 Round, boneless 3 9,193 205.00 211.20 206.69

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 46 98,984 228.58 245.00 236.83 168 1 Round, top inside round 20 72,048 206.00 221.00 211.68 168 3 Round, top inside round 22 133,200 213.00 231.00 220.00 169 5 Round, top inside, denuded 11 13,960 245.00 269.00 257.04

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 0 0 171B 3 Round, outside round 46 177,445 210.00 235.25 215.07 171C 3 Round, eye of round (IM) 47 78,261 228.00 248.00 235.11 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 29 38,921 518.00 555.00 525.88 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 10 11,737 491.00 507.50 498.87 180 3 Loin, strip, bnls, 0x1 40 23,860 537.00 582.00 553.32 184 1 Loin, top butt, bnls, heavy 15 13,843 300.00 329.00 314.72 184 3 Loin, top butt, boneless 13 36,762 320.40 350.00 325.24 185A 4 Loin, bottom sirloin, flap 23 43,972 409.00 456.00 428.18 185B 1 Loin, ball-tip, bnls, heavy 12 137,202 209.00 225.00 213.28 185C 1 Loin, sirloin, tri-tip (IM) 7 26,081 299.72 321.50 308.78 185D 4 Loin, tri-tip, pld (IM) 16 16,419 412.45 455.00 427.66 189A 4 Loin, tndrloin, trmd, heavy 19 23,949 980.33 1052.00 1015.68 191A 4 Loin, butt tender, trimmed 8 3,053 914.20 946.00 925.74 193 4 Flank, flank steak (IM) 28 23,839 470.00 524.72 492.96 ------------------------------------------------------------------------------- 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 22 47,172 494.00 521.00 508.07 112A 3 Rib, ribeye, bnls, light 8 53,113 555.00 589.00 571.78 112A 3 Rib, ribeye, bnls, heavy 50 93,240 540.00 595.00 564.48 113C 1 Chuck, semi-bnls, neck/off 18 37,984 204.00 218.75 206.80 114 1 Chuck, shoulder clod 5 50,755 207.00 212.00 211.59 114A 3 Chuck, shoulder clod, trmd 27 151,062 211.36 227.25 215.09 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 10 21,728 322.00 335.00 328.40 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 31 177,001 220.00 248.25 228.66 116B 1 Chuck, chuck tender (IM) 12 45,689 226.00 240.00 228.74

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 16 108,427 204.50 219.25 208.87 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 10 20,733 264.00 331.00 276.08 130 4 Chuck, short rib 12 17,871 188.00 200.00 192.09 160 1 Round, bone-in 161 1 Round, boneless 7 12,304 202.25 222.25 211.42

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 27 73,798 228.87 244.25 234.72 168 1 Round, top inside round 14 72,941 205.14 223.75 209.72 168 3 Round, top inside round 19 128,895 213.00 234.00 216.56 169 5 Round, top inside, denuded 5 22,097 245.00 262.00 253.03

3 Round, top inside, side off 170 1 Round, bottom gooseneck 5 3,886 201.00 223.25 208.08 171B 3 Round, outside round 22 59,827 210.00 229.00 214.77 171C 3 Round, eye of round (IM) 25 74,699 221.73 242.00 230.59 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 15 26,991 480.90 528.98 496.94 175 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 25 43,687 490.00 533.98 498.80 184 1 Loin, top butt, bnls, heavy 6 57,988 272.72 284.27 273.65 184 3 Loin, top butt, boneless 15 32,855 280.00 306.00 286.32 185A 4 Loin, bottom sirloin, flap 12 23,202 389.00 436.00 407.82 185B 1 Loin, ball-tip, bnls, heavy 34 183,480 200.00 231.65 207.06 185C 1 Loin, sirloin, tri-tip (IM) 7 58,321 269.48 294.00 282.85 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 26 58,948 887.00 986.00 911.03 191A 4 Loin, butt tender, trimmed 12 7,432 825.00 869.00 837.97 193 4 Flank, flank steak (IM) 17 19,518 444.00 489.36 476.01 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 9 4,595 108.95 124.40 120.74 121D 4 Plate, Inside Skirt (IM) 33 69,535 346.00 365.00 352.76 121C 4 Plate, Outside Skirt (IM) 27 90,571 509.00 560.00 520.19 121E 6 Outside Skirt, pld (IM) 4 9,052 762.80 825.00 793.10

Cap, Wedge Meat & (IM) Lean 34 162,242 240.00 262.00 247.29

Pectoral Meat 31 62,322 243.00 275.00 262.67 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 55 382,665 157.62 177.33 169.26 Ground Beef 75% Ground Beef 81% 39 170,376 189.00 230.00 216.50 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 19 143,464 230.69 269.25 246.63 Ground Beef Chuck 80% 30 536,969 189.42 233.00 198.57 Ground Beef Round 85% 15 41,656 218.00 231.00 223.30 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 65,404 177.56 216.60 206.44 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 23 631,350 53.00 63.00 57.43 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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