Bloomberg News

USDA Boxed Beef Cutout Closing Prices for August 23

August 23, 2012

August 23 (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: 193.83 184.93 Change from prior day: 0.10 0.07 ------------------------------------------------------------------------------- Choice/Select spread: 8.90

Total Load Count (Cuts, Trimmings, Grids): 159 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 293.24 259.37 Primal Chuck 159.32 159.11 Primal Round 168.65 166.10 Primal Loin 262.97 242.45 Primal Brisket 138.96 134.14 Primal Short Plate 129.78 133.90 Primal Flank 113.17 108.91 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 08/22 82 71 39 42 234 193.73 184.86 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 193.18 184.91 -------------------------------------------------------------------------------- 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 53.70 loads 2,147,827 pounds Select Cuts 69.83 loads 2,793,109 pounds Trimmings 13.41 loads 536,504 pounds Ground Beef 22.17 load 886,676 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 13,187 593.00 646.00 610.48 112A 3 Rib, ribeye, bnls, light 19 38,993 666.00 716.00 687.55 112A 3 Rib, ribeye, bnls, heavy 41 110,654 653.00 700.30 678.68 113C 1 Chuck, semi-bnls, neck/off 3 5,080 207.50 214.00 208.59 114 1 Chuck, shoulder clod 11 28,077 202.00 214.00 208.90 114A 3 Chuck, shoulder clod, trmd 29 263,398 205.00 225.50 209.54 114D 3 Chuck, clod, top blade 4 4,945 275.00 287.00 281.20 114E 3 Chuck, clod, arm roast 10 65,277 220.00 270.00 230.60 114F 5 Chuck, clod tender (IM) 9 5,926 330.00 355.00 344.69 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 29 75,550 225.21 248.60 232.74 116B 1 Chuck, chuck tender (IM) 20 30,622 222.77 241.17 232.06

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 28 48,667 208.00 230.00 219.11 120A 3 Brisket, point/off, bnls 8 17,028 343.00 375.00 355.30 123A 3 Short Plate, short rib 21 25,884 276.00 356.00 328.01 130 4 Chuck, short rib 13 23,000 178.12 228.00 193.88 160 1 Round, bone-in 3 1,358 200.00 220.00 202.73 161 1 Round, boneless 4 6,494 205.25 223.75 208.53

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 32 116,468 224.21 243.50 233.24 168 1 Round, top inside round 17 68,655 207.50 222.00 212.19 168 3 Round, top inside round 19 102,618 214.00 230.21 217.46 169 5 Round, top inside, denuded 5 16,389 245.00 266.00 251.45

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 47 443,686 203.87 226.00 209.15 171C 3 Round, eye of round (IM) 23 53,639 228.31 245.00 236.09 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 9 7,639 526.00 550.00 534.59 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 3 3,369 480.00 494.00 485.77 180 3 Loin, strip, bnls, 0x1 26 68,478 530.11 581.00 556.56 184 1 Loin, top butt, bnls, heavy 4 2,659 307.00 314.50 310.37 184 3 Loin, top butt, boneless 40 139,052 297.00 342.30 310.78 185A 4 Loin, bottom sirloin, flap 18 51,964 412.48 446.00 421.99 185B 1 Loin, ball-tip, bnls, heavy 11 30,494 218.00 231.00 225.00 185C 1 Loin, sirloin, tri-tip (IM) 14 50,219 275.00 341.00 294.77 185D 4 Loin, tri-tip, pld (IM) 8 9,297 400.00 450.00 430.20 189A 4 Loin, tndrloin, trmd, heavy 24 55,729 976.00 1080.00 1005.68 191A 4 Loin, butt tender, trimmed 3 1,362 900.00 948.00 945.82 193 4 Flank, flank steak (IM) 15 19,354 470.00 530.00 492.86 ------------------------------------------------------------------------------- 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 37,883 488.00 536.15 494.14 112A 3 Rib, ribeye, bnls, light 6 7,939 548.00 601.00 564.15 112A 3 Rib, ribeye, bnls, heavy 20 34,241 550.11 598.21 576.98 113C 1 Chuck, semi-bnls, neck/off 7 24,081 204.24 210.00 208.93 114 1 Chuck, shoulder clod 17 373,790 189.00 209.00 192.90 114A 3 Chuck, shoulder clod, trmd 11 13,507 203.40 220.00 214.23 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 3 1,374 309.00 325.00 320.47 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 22 61,126 220.00 246.30 228.94 116B 1 Chuck, chuck tender (IM) 9 33,052 225.00 240.00 228.16

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 22 501,540 201.36 224.50 205.35 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 3 7,511 259.31 351.00 266.86 130 4 Chuck, short rib 11 13,196 178.12 215.50 190.91 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 11 35,119 228.98 244.21 232.09 168 1 Round, top inside round 13 75,759 203.77 221.75 207.49 168 3 Round, top inside round 30 894,513 208.40 228.00 208.84 169 5 Round, top inside, denuded

3 Round, top inside, side off 170 1 Round, bottom gooseneck 4 4,039 205.00 218.00 214.72 171B 3 Round, outside round 5 32,908 206.00 215.00 210.27 171C 3 Round, eye of round (IM) 13 35,097 226.00 244.21 231.12 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 7 4,152 490.00 522.28 511.24 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 15 129,351 428.00 560.00 459.28 184 1 Loin, top butt, bnls, heavy 4 4,556 274.50 283.80 276.31 184 3 Loin, top butt, boneless 24 80,330 279.20 306.21 287.68 185A 4 Loin, bottom sirloin, flap 9 53,334 379.00 435.00 395.46 185B 1 Loin, ball-tip, bnls, heavy 16 60,914 215.00 239.00 220.41 185C 1 Loin, sirloin, tri-tip (IM) 3 43,614 265.00 301.00 267.58 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 16 24,752 905.00 995.50 932.11 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 10 5,237 440.00 487.61 467.12 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 9 13,749 101.43 120.00 109.00 121D 4 Plate, Inside Skirt (IM) 17 39,988 350.00 365.00 357.83 121C 4 Plate, Outside Skirt (IM) 14 16,481 524.22 581.00 551.16 121E 6 Outside Skirt, pld (IM) 8 5,458 707.00 845.00 772.32

Cap, Wedge Meat & (IM) Lean 38 150,913 243.50 260.10 251.24

Pectoral Meat 22 21,396 243.50 268.64 255.88 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 21 205,779 139.92 174.00 159.41 Ground Beef 75% Ground Beef 81% 13 30,246 194.00 230.00 211.47 Ground Beef 85% Ground Beef 90% Ground Beef 93% 11 44,010 235.00 263.75 241.30 Ground Beef Chuck 80% 13 93,243 204.00 234.50 227.13 Ground Beef Round 85% 13 69,738 220.00 233.60 224.94 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 48,732 195.06 234.82 206.84 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 19 455,904 60.00 72.00 64.03 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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