Bloomberg News

USDA Boxed Beef Cutout Midday Prices for August 22

August 22, 2012

August 22 (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: 193.63 185.60 Change from prior day: (0.19) 0.30 ------------------------------------------------------------------------------- Choice/Select spread: 8.03

Total Load Count (Cuts, Trimmings, Grids): 150 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 291.82 257.22 Primal Chuck 158.65 157.35 Primal Round 169.44 168.30 Primal Loin 264.09 247.26 Primal Brisket 138.52 136.05 Primal Short Plate 127.19 131.38 Primal Flank 111.86 109.17 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 08/21 45 53 16 39 153 193.82 185.30 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 192.54 184.58 -------------------------------------------------------------------------------- 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 57.79 loads 2,311,653 pounds Select Cuts 41.87 loads 1,674,654 pounds Trimmings 20.46 loads 818,381 pounds Ground Beef 30.36 load 1,214,522 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 17 15,091 603.28 655.00 629.60 112A 3 Rib, ribeye, bnls, light 21 24,252 680.00 715.00 694.52 112A 3 Rib, ribeye, bnls, heavy 49 58,302 650.00 700.15 687.60 113C 1 Chuck, semi-bnls, neck/off 7 63,880 182.00 213.82 191.89 114 1 Chuck, shoulder clod 12 16,990 190.00 213.50 202.16 114A 3 Chuck, shoulder clod, trmd 25 36,458 210.00 225.00 217.12 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 8 6,234 225.34 240.66 234.31 114F 5 Chuck, clod tender (IM) 12 10,370 330.00 385.75 342.50 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 48 208,000 215.00 247.50 223.58 116B 1 Chuck, chuck tender (IM) 18 19,496 229.86 245.00 235.25

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 42 162,914 205.00 225.00 214.25 120A 3 Brisket, point/off, bnls 11 9,607 330.00 375.00 359.87 123A 3 Short Plate, short rib 21 50,410 275.00 365.00 313.22 130 4 Chuck, short rib 17 38,765 180.00 230.00 190.59 160 1 Round, bone-in 3 2,843 200.00 204.00 200.34 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 30 68,585 229.22 245.00 235.37 168 1 Round, top inside round 33 59,010 206.00 222.50 212.16 168 3 Round, top inside round 30 460,076 214.00 230.00 220.84 169 5 Round, top inside, denuded 20 25,154 250.50 266.00 254.20

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 6 1,288 200.00 218.28 212.04 171B 3 Round, outside round 40 403,541 198.00 225.00 209.93 171C 3 Round, eye of round (IM) 31 85,724 229.50 254.00 235.46 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 22 14,161 528.66 532.00 529.86 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 14 12,490 490.00 518.00 492.13 180 3 Loin, strip, bnls, 0x1 29 31,655 537.00 572.28 555.07 184 1 Loin, top butt, bnls, heavy 25 25,686 288.00 334.50 311.59 184 3 Loin, top butt, boneless 34 164,376 302.26 350.00 314.27 185A 4 Loin, bottom sirloin, flap 21 46,177 409.00 436.00 426.76 185B 1 Loin, ball-tip, bnls, heavy 20 39,697 217.00 234.50 220.62 185C 1 Loin, sirloin, tri-tip (IM) 8 5,597 300.00 321.50 306.57 185D 4 Loin, tri-tip, pld (IM) 11 28,078 400.00 453.00 407.07 189A 4 Loin, tndrloin, trmd, heavy 30 19,304 975.00 995.27 993.61 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 4 1,716 506.00 535.00 529.78 ------------------------------------------------------------------------------- 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 11 11,616 517.84 535.00 534.08 112A 3 Rib, ribeye, bnls, light 14 16,861 553.00 600.00 588.16 112A 3 Rib, ribeye, bnls, heavy 38 79,992 541.64 595.00 588.45 113C 1 Chuck, semi-bnls, neck/off 10 11,319 204.00 215.00 209.88 114 1 Chuck, shoulder clod 11 36,034 199.50 209.00 204.38 114A 3 Chuck, shoulder clod, trmd 17 74,166 207.00 220.89 214.57 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 13 10,296 320.00 355.00 328.26 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 26 248,345 215.00 235.00 223.03 116B 1 Chuck, chuck tender (IM) 10 28,130 229.86 241.00 233.77

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 21 110,632 208.00 219.50 209.71 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 1,468 260.00 325.75 302.83 130 4 Chuck, short rib 10 17,977 180.00 193.00 184.26 160 1 Round, bone-in 161 1 Round, boneless 5 5,384 210.00 219.00 212.39

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 22 41,000 229.22 240.50 235.70 168 1 Round, top inside round 13 18,545 210.00 214.00 211.22 168 3 Round, top inside round 11 14,855 218.00 225.00 221.24 169 5 Round, top inside, denuded 9 12,125 250.37 257.00 251.39

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 29 231,575 198.00 225.00 210.03 171C 3 Round, eye of round (IM) 21 46,694 219.28 240.00 230.10 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 33 63,956 490.00 527.28 493.97 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 22 23,636 515.40 532.00 525.43 184 1 Loin, top butt, bnls, heavy 24 30,667 270.00 295.54 277.80 184 3 Loin, top butt, boneless 46 219,921 280.00 305.00 285.12 185A 4 Loin, bottom sirloin, flap 3 4,959 429.00 439.00 433.51 185B 1 Loin, ball-tip, bnls, heavy 18 17,054 217.00 220.00 219.42 185C 1 Loin, sirloin, tri-tip (IM) 14 69,971 270.00 312.00 271.76 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 26 26,954 930.00 966.00 939.56 191A 4 Loin, butt tender, trimmed 3 2,388 850.00 850.00 850.00 193 4 Flank, flank steak (IM) 10 26,962 442.70 485.00 477.54 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 11 30,986 107.84 126.00 116.09 121D 4 Plate, Inside Skirt (IM) 18 17,279 346.00 369.28 357.46 121C 4 Plate, Outside Skirt (IM) 10 15,939 572.87 580.00 579.71 121E 6 Outside Skirt, pld (IM) 5 2,557 790.00 845.00 807.54

Cap, Wedge Meat & (IM) Lean 38 88,370 235.00 264.20 253.64

Pectoral Meat 28 47,992 249.50 270.00 257.57 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 48 164,264 168.00 179.89 170.56 Ground Beef 75% Ground Beef 81% 86 462,523 185.00 226.00 210.98 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 31 65,955 229.37 260.28 252.05 Ground Beef Chuck 80% 42 181,046 190.00 224.00 212.86 Ground Beef Round 85% 46 116,161 220.00 232.00 229.84 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 28,131 191.34 217.30 210.60 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% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 22 818,381 54.85 70.00 59.38 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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