Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 193.94 185.20 Change from prior day: 0.21 0.34 ------------------------------------------------------------------------------- Choice/Select spread: 8.74

Total Load Count (Cuts, Trimmings, Grids): 98 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 293.78 260.22 Primal Chuck 159.15 158.75 Primal Round 168.82 166.27 Primal Loin 262.77 243.18 Primal Brisket 138.78 135.23 Primal Short Plate 130.23 134.41 Primal Flank 115.48 108.95 -------------------------------------------------------------------------------- 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 35.49 loads 1,419,784 pounds Select Cuts 47.94 loads 1,917,647 pounds Trimmings 4.90 loads 196,092 pounds Ground Beef 9.96 load 398,459 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 13 12,526 593.00 646.00 610.19 112A 3 Rib, ribeye, bnls, light 16 36,053 666.00 716.00 687.11 112A 3 Rib, ribeye, bnls, heavy 27 72,702 660.00 700.30 683.33 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 11 28,077 202.00 214.00 208.90 114A 3 Chuck, shoulder clod, trmd 21 213,938 205.00 224.00 210.14 114D 3 Chuck, clod, top blade 4 4,945 275.00 287.00 281.20 114E 3 Chuck, clod, arm roast 5 46,647 220.00 265.00 224.18 114F 5 Chuck, clod tender (IM) 6 4,910 330.00 355.00 344.87 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 19 46,366 228.70 245.05 234.91 116B 1 Chuck, chuck tender (IM) 12 16,900 222.77 241.17 230.84

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 20 32,415 208.00 230.00 218.85 120A 3 Brisket, point/off, bnls 8 17,028 343.00 375.00 355.30 123A 3 Short Plate, short rib 18 21,584 277.00 345.00 327.58 130 4 Chuck, short rib 5 15,033 179.69 211.00 189.19 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 23 65,016 228.00 241.00 237.80 168 1 Round, top inside round 14 53,896 207.50 220.00 211.61 168 3 Round, top inside round 16 81,909 214.00 228.00 218.25 169 5 Round, top inside, denuded 3 2,083 257.12 266.00 264.04

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 27 236,923 203.87 226.00 207.96 171C 3 Round, eye of round (IM) 13 22,005 230.60 245.00 237.58 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 6 7,112 526.00 550.00 534.14 175 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 17 40,083 555.00 581.00 564.96 184 1 Loin, top butt, bnls, heavy 3 2,322 307.00 314.50 310.13 184 3 Loin, top butt, boneless 29 124,623 297.00 336.00 309.56 185A 4 Loin, bottom sirloin, flap 16 24,526 425.00 446.00 430.36 185B 1 Loin, ball-tip, bnls, heavy 9 24,599 218.00 225.00 224.53 185C 1 Loin, sirloin, tri-tip (IM) 8 19,157 295.74 341.00 309.54 185D 4 Loin, tri-tip, pld (IM) 5 6,146 400.00 450.00 436.77 189A 4 Loin, tndrloin, trmd, heavy 15 38,154 980.50 1026.00 995.79 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 7 6,193 483.11 515.00 508.95 ------------------------------------------------------------------------------- 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 7 5,035 520.00 536.15 533.68 112A 3 Rib, ribeye, bnls, light 3 1,789 580.00 601.00 583.87 112A 3 Rib, ribeye, bnls, heavy 12 26,370 570.00 595.00 581.52 113C 1 Chuck, semi-bnls, neck/off 5 21,320 204.24 210.00 208.83 114 1 Chuck, shoulder clod 16 373,638 189.00 209.00 192.90 114A 3 Chuck, shoulder clod, trmd 8 12,652 211.36 220.00 214.74 114D 3 Chuck, clod, top blade 0 0 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 15 42,185 220.00 246.30 230.29 116B 1 Chuck, chuck tender (IM) 6 25,331 225.00 240.00 227.20

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 9 107,549 201.36 224.50 206.65 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 130 4 Chuck, short rib 4 3,810 191.92 215.50 197.79 160 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 7 9,637 228.98 240.00 234.90 168 1 Round, top inside round 11 71,999 203.77 221.75 207.35 168 3 Round, top inside round 24 833,500 208.40 220.00 208.47 169 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 3 26,907 210.50 215.00 210.82 171C 3 Round, eye of round (IM) 8 18,328 228.98 236.00 231.37 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 6 3,811 490.00 522.28 512.24 175 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 10 63,729 428.00 560.00 453.59 184 1 Loin, top butt, bnls, heavy 3 3,847 274.50 275.00 274.93 184 3 Loin, top butt, boneless 16 28,216 280.00 305.00 291.16 185A 4 Loin, bottom sirloin, flap 5 44,603 379.00 429.80 391.98 185B 1 Loin, ball-tip, bnls, heavy 7 29,601 215.00 231.00 218.26 185C 1 Loin, sirloin, tri-tip (IM) 0 0 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 11 7,323 905.00 995.50 932.39 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 6 3,309 466.00 487.61 474.23 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 8 6,107 116.00 120.00 118.46 121D 4 Plate, Inside Skirt (IM) 13 35,017 350.00 365.00 357.95 121C 4 Plate, Outside Skirt (IM) 6 7,243 580.00 581.00 580.46 121E 6 Outside Skirt, pld (IM) 6 5,082 707.00 845.00 770.27

Cap, Wedge Meat & (IM) Lean 24 106,033 246.00 260.10 250.45

Pectoral Meat 14 10,926 248.00 268.64 258.42 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 15 77,146 139.92 174.00 159.14 Ground Beef 75% Ground Beef 81% 7 19,627 194.00 226.00 210.40 Ground Beef 85% Ground Beef 90% Ground Beef 93% 9 42,144 235.00 263.75 240.64 Ground Beef Chuck 80% 11 58,135 204.00 227.00 223.30 Ground Beef Round 85% 11 57,709 220.00 229.00 223.42 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% 4 35,852 195.06 234.82 209.12 Blended Ground Beef 85% Blended Ground Beef 90% 0 0 Blended Ground Beef 93% 0 0 Blended Ground Beef Chuck 80% Blended Ground Beef Round 85% 0 0 Blended Ground Beef Sirloin 90% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 12 196,092 61.00 72.00 65.83 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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