Bloomberg News

USDA Boxed Beef Cutout Closing Prices for August 24

August 24, 2012

August 24 (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: 192.14 183.53 Change from prior day: (1.69) (1.40) ------------------------------------------------------------------------------- Choice/Select spread: 8.61

Total Load Count (Cuts, Trimmings, Grids): 165 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 290.30 253.39 Primal Chuck 157.56 159.31 Primal Round 167.32 164.36 Primal Loin 261.01 241.39 Primal Brisket 139.34 133.66 Primal Short Plate 127.82 131.45 Primal Flank 113.26 109.89 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 08/23 54 70 13 22 159 193.83 184.93 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 193.65 185.01 -------------------------------------------------------------------------------- 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 78.22 loads 3,128,812 pounds Select Cuts 53.74 loads 2,149,747 pounds Trimmings 7.31 loads 292,523 pounds Ground Beef 25.74 load 1,029,713 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 10 21,142 569.65 630.00 603.62 112A 3 Rib, ribeye, bnls, light 4 14,573 648.00 698.65 674.98 112A 3 Rib, ribeye, bnls, heavy 21 20,956 670.00 700.00 695.48 113C 1 Chuck, semi-bnls, neck/off 4 8,964 187.78 208.00 206.04 114 1 Chuck, shoulder clod 6 6,949 198.00 211.98 204.53 114A 3 Chuck, shoulder clod, trmd 17 54,422 207.00 219.00 212.04 114D 3 Chuck, clod, top blade 6 52,066 265.00 301.00 267.22 114E 3 Chuck, clod, arm roast 9 44,929 224.14 242.07 228.14 114F 5 Chuck, clod tender (IM) 8 21,820 330.00 396.00 338.24 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 46 507,520 223.92 245.65 229.94 116B 1 Chuck, chuck tender (IM) 10 7,080 225.00 242.00 234.05

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 24 44,484 205.00 230.00 212.95 120A 3 Brisket, point/off, bnls 5 2,524 340.00 362.50 345.27 123A 3 Short Plate, short rib 10 15,094 260.00 350.00 329.33 130 4 Chuck, short rib 23 52,277 184.20 230.00 195.79 160 1 Round, bone-in 3 6,381 203.00 210.87 203.96 161 1 Round, boneless 5 14,008 208.00 222.00 211.66

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 39 85,082 223.00 245.00 233.15 168 1 Round, top inside round 16 48,381 198.90 225.05 208.84 168 3 Round, top inside round 11 28,641 219.00 228.00 221.96 169 5 Round, top inside, denuded 5 14,449 252.00 266.00 259.45

3 Round, top inside, side off 170 1 Round, bottom gooseneck 4 1,564 206.50 218.00 213.85 171B 3 Round, outside round 42 402,161 208.00 226.15 210.67 171C 3 Round, eye of round (IM) 17 28,154 228.00 247.60 237.69 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 11 29,448 498.45 533.00 516.18 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 5 3,979 480.00 490.00 481.35 180 3 Loin, strip, bnls, 0x1 14 13,549 528.84 566.00 543.92 184 1 Loin, top butt, bnls, heavy 10 12,583 307.00 321.00 310.71 184 3 Loin, top butt, boneless 31 245,806 297.00 337.65 306.31 185A 4 Loin, bottom sirloin, flap 18 73,970 399.88 436.00 410.51 185B 1 Loin, ball-tip, bnls, heavy 27 69,870 212.78 235.00 224.60 185C 1 Loin, sirloin, tri-tip (IM) 9 31,038 276.88 310.00 284.33 185D 4 Loin, tri-tip, pld (IM) 3 5,479 406.00 431.79 410.72 189A 4 Loin, tndrloin, trmd, heavy 15 5,760 978.75 1036.00 995.70 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 13 12,137 487.00 535.00 507.57 ------------------------------------------------------------------------------- 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 4 12,187 485.00 535.00 490.80 112A 3 Rib, ribeye, bnls, light 7 16,493 553.92 601.00 573.54 112A 3 Rib, ribeye, bnls, heavy 16 59,326 542.10 596.00 562.28 113C 1 Chuck, semi-bnls, neck/off 5 10,442 206.50 210.00 208.80 114 1 Chuck, shoulder clod 9 131,563 196.00 211.80 199.64 114A 3 Chuck, shoulder clod, trmd 15 111,355 208.50 222.00 211.82 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 12 9,717 320.00 330.00 321.78 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 13 89,378 213.50 244.98 217.97 116B 1 Chuck, chuck tender (IM) 6 11,490 231.42 245.00 237.42

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 13 94,589 204.10 221.00 206.40 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 11 20,241 253.84 340.00 294.82 130 4 Chuck, short rib 14 60,741 185.00 225.00 190.61 160 1 Round, bone-in 161 1 Round, boneless 6 11,330 205.00 222.00 209.73

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 11 72,950 220.00 245.00 226.02 168 1 Round, top inside round 9 37,122 198.00 218.75 202.64 168 3 Round, top inside round 19 135,321 195.63 227.00 204.93 169 5 Round, top inside, denuded 4 7,225 243.00 257.00 247.05

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 17 103,046 206.92 221.00 212.07 171C 3 Round, eye of round (IM) 12 12,918 230.50 245.00 236.11 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 15 129,007 455.00 520.50 459.22 175 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 49,126 454.00 525.00 457.17 184 1 Loin, top butt, bnls, heavy 14 182,574 270.00 286.50 270.48 184 3 Loin, top butt, boneless 13 98,423 268.00 309.00 279.99 185A 4 Loin, bottom sirloin, flap 10 33,658 375.00 436.00 396.48 185B 1 Loin, ball-tip, bnls, heavy 16 60,701 213.00 231.00 222.39 185C 1 Loin, sirloin, tri-tip (IM) 14 131,061 254.00 292.00 270.87 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 10 14,403 887.10 991.00 937.96 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 6 11,329 431.00 485.00 478.98 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 5 8,022 108.64 130.00 121.66 121D 4 Plate, Inside Skirt (IM) 20 122,064 343.00 374.50 348.31 121C 4 Plate, Outside Skirt (IM) 19 98,968 510.00 580.00 515.51 121E 6 Outside Skirt, pld (IM) 5 6,031 800.00 843.90 809.58

Cap, Wedge Meat & (IM) Lean 27 106,704 240.00 260.00 250.11

Pectoral Meat 21 63,794 235.00 265.00 247.38 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 16 303,650 140.12 175.00 154.63 Ground Beef 75% Ground Beef 81% 35 367,578 168.00 230.50 181.07 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 8 37,397 220.46 260.00 238.64 Ground Beef Chuck 80% 11 80,161 195.69 227.00 211.63 Ground Beef Round 85% 4 18,629 213.92 228.00 221.97 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 52,813 183.15 216.00 188.78 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% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 7 208,523 62.50 68.50 64.83 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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