Bloomberg News

USDA Boxed Beef Cutout Closing Prices for August 27

August 27, 2012

August 27 (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: 191.98 182.17 Change from prior day: (0.16) (1.36) ------------------------------------------------------------------------------- Choice/Select spread: 9.81

Total Load Count (Cuts, Trimmings, Grids): 136 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 296.01 255.60 Primal Chuck 157.35 155.18 Primal Round 167.04 164.57 Primal Loin 258.62 240.44 Primal Brisket 138.03 132.33 Primal Short Plate 126.21 130.23 Primal Flank 113.50 107.48 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 08/24 78 54 7 26 165 192.14 183.53 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 193.47 184.77 -------------------------------------------------------------------------------- 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 51.39 loads 2,055,427 pounds Select Cuts 51.48 loads 2,059,202 pounds Trimmings 13.04 loads 521,753 pounds Ground Beef 20.24 load 809,404 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 26 226,395 567.09 607.00 600.27 112A 3 Rib, ribeye, bnls, light 3 3,465 697.00 700.00 697.65 112A 3 Rib, ribeye, bnls, heavy 24 31,250 671.00 702.00 692.37 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 4 16,141 195.00 210.11 196.17 114A 3 Chuck, shoulder clod, trmd 18 82,231 207.00 223.00 210.76 114D 3 Chuck, clod, top blade 7 10,969 268.50 297.00 274.81 114E 3 Chuck, clod, arm roast 7 9,905 233.00 252.25 241.14 114F 5 Chuck, clod tender (IM) 8 7,993 335.50 360.00 344.69 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 19 93,824 218.92 244.89 229.53 116B 1 Chuck, chuck tender (IM) 15 44,792 225.00 240.00 228.27

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 18 30,418 207.50 229.50 218.10 120A 3 Brisket, point/off, bnls 12 19,669 347.50 375.00 354.60 123A 3 Short Plate, short rib 15 36,207 264.00 367.00 325.99 130 4 Chuck, short rib 12 40,592 185.00 217.00 191.54 160 1 Round, bone-in 161 1 Round, boneless 4 13,533 206.50 217.89 210.74

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 43 233,722 215.00 241.00 224.53 168 1 Round, top inside round 9 28,403 211.84 222.11 213.55 168 3 Round, top inside round 20 103,828 217.89 238.00 222.34 169 5 Round, top inside, denuded 17 84,450 246.00 263.15 255.56

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 3 2,584 206.00 216.00 209.12 171B 3 Round, outside round 21 121,554 205.00 229.60 211.56 171C 3 Round, eye of round (IM) 32 64,436 228.50 249.50 237.89 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 21 84,113 474.90 544.50 513.01 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 9 8,432 476.00 498.00 484.14 180 3 Loin, strip, bnls, 0x1 27 71,447 519.12 560.60 550.06 184 1 Loin, top butt, bnls, heavy 8 4,954 300.00 321.00 311.04 184 3 Loin, top butt, boneless 33 200,662 305.00 334.50 321.63 185A 4 Loin, bottom sirloin, flap 12 15,014 402.30 436.00 421.10 185B 1 Loin, ball-tip, bnls, heavy 13 57,228 210.00 231.00 226.10 185C 1 Loin, sirloin, tri-tip (IM) 3 3,519 300.00 308.00 306.40 185D 4 Loin, tri-tip, pld (IM) 3 4,986 405.00 414.50 412.98 189A 4 Loin, tndrloin, trmd, heavy 28 42,263 960.00 1072.00 988.84 191A 4 Loin, butt tender, trimmed 8 14,641 915.00 925.60 917.17 193 4 Flank, flank steak (IM) 9 7,180 495.00 535.00 509.40 ------------------------------------------------------------------------------- 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 12 35,030 516.00 535.00 533.18 112A 3 Rib, ribeye, bnls, light 4 4,262 580.00 580.00 580.00 112A 3 Rib, ribeye, bnls, heavy 29 73,187 565.00 595.00 574.99 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 5 29,579 198.00 208.04 200.93 114A 3 Chuck, shoulder clod, trmd 13 150,213 204.33 214.24 207.94 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 11 41,742 320.00 330.00 321.96 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 19 130,126 211.49 235.25 215.82 116B 1 Chuck, chuck tender (IM) 11 111,495 223.27 240.63 225.45

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 9 137,824 200.00 220.00 202.93 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 8 21,288 267.11 341.00 329.77 130 4 Chuck, short rib 8 24,621 191.00 211.00 197.68 160 1 Round, bone-in 0 0 161 1 Round, boneless 3 1,579 204.92 218.75 210.62

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 10 34,876 223.00 233.00 231.53 168 1 Round, top inside round 12 60,975 201.00 217.25 205.62 168 3 Round, top inside round 8 27,610 207.00 219.24 211.35 169 5 Round, top inside, denuded

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 0 0 171B 3 Round, outside round 6 27,479 201.00 216.00 204.11 171C 3 Round, eye of round (IM) 16 43,341 220.73 246.00 237.88 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 15 136,541 461.50 502.50 484.01 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 0 0 180 3 Loin, strip, bnls, 0x1 8 11,229 465.00 515.30 482.93 184 1 Loin, top butt, bnls, heavy 7 80,086 270.00 283.00 275.30 184 3 Loin, top butt, boneless 22 394,247 273.70 305.00 276.25 185A 4 Loin, bottom sirloin, flap 7 19,347 385.00 410.00 390.72 185B 1 Loin, ball-tip, bnls, heavy 7 23,549 200.00 220.12 215.91 185C 1 Loin, sirloin, tri-tip (IM) 11 80,093 262.00 290.00 265.80 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 19 28,931 915.00 991.00 935.01 191A 4 Loin, butt tender, trimmed 3 1,726 838.50 852.00 849.95 193 4 Flank, flank steak (IM) 8 41,684 459.30 490.00 463.40 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 6 5,680 112.50 142.89 120.25 121D 4 Plate, Inside Skirt (IM) 22 110,313 345.00 375.00 355.19 121C 4 Plate, Outside Skirt (IM) 5 6,880 530.00 610.00 567.75 121E 6 Outside Skirt, pld (IM) 16 19,063 773.00 845.00 799.10

Cap, Wedge Meat & (IM) Lean 31 201,989 241.85 265.00 246.09

Pectoral Meat 30 57,615 242.50 273.75 251.15 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 26 448,169 137.00 176.11 151.61 Ground Beef 75% Ground Beef 81% 26 109,640 168.00 225.89 186.23 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 7 8,732 245.50 265.25 258.28 Ground Beef Chuck 80% 18 89,267 180.31 234.00 221.33 Ground Beef Round 85% 8 18,843 220.00 234.00 223.40 Ground Beef Sirloin 90% ------------------------------------------------------------------------------- BLENDED GB - STEER/HEIFER/COW SOURCE- 10 Pound Chub Basis - Coarse & Fine Grind ------------------------------------------------------------------------------- Blended Ground Beef 73% 0 0 Blended Ground Beef 75% 0 0 Blended Ground Beef 81% 4 14,333 195.00 222.45 207.59 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 16 521,753 55.05 66.50 58.51 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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