Bloomberg News

USDA Boxed Beef Cutout Midday Prices for August 29

August 29, 2012

August 29 (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: 191.60 181.84 Change from prior day: (0.31) (0.10) ------------------------------------------------------------------------------- Choice/Select spread: 9.76

Total Load Count (Cuts, Trimmings, Grids): 134 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 292.09 257.93 Primal Chuck 159.04 154.55 Primal Round 167.05 163.68 Primal Loin 255.98 238.01 Primal Brisket 137.00 135.72 Primal Short Plate 128.01 132.12 Primal Flank 114.56 107.56 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 08/28 54 56 5 21 135 191.91 181.94 08/27 51 51 13 20 136 191.98 182.17 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 192.72 183.48 -------------------------------------------------------------------------------- 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 47.12 loads 1,884,870 pounds Select Cuts 43.08 loads 1,723,008 pounds Trimmings 5.51 loads 220,256 pounds Ground Beef 38.09 load 1,523,758 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 15 58,741 584.11 630.00 601.55 112A 3 Rib, ribeye, bnls, light 15 11,350 674.00 717.00 705.75 112A 3 Rib, ribeye, bnls, heavy 48 57,209 665.00 701.25 691.47 113C 1 Chuck, semi-bnls, neck/off 9 40,976 195.00 212.00 207.23 114 1 Chuck, shoulder clod 17 90,933 190.00 211.00 195.49 114A 3 Chuck, shoulder clod, trmd 31 160,574 202.25 219.50 206.87 114D 3 Chuck, clod, top blade 8 6,962 270.00 335.00 284.90 114E 3 Chuck, clod, arm roast 7 26,639 215.00 247.00 224.70 114F 5 Chuck, clod tender (IM) 13 10,655 325.00 375.00 362.42 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 51 146,357 225.00 239.00 229.80 116B 1 Chuck, chuck tender (IM) 19 21,492 234.00 245.00 236.98

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 46 93,843 205.00 225.00 216.71 120A 3 Brisket, point/off, bnls 12 9,316 354.00 375.00 365.57 123A 3 Short Plate, short rib 23 58,488 265.00 365.00 306.48 130 4 Chuck, short rib 21 28,503 183.00 230.00 200.38 160 1 Round, bone-in 3 2,981 200.00 206.00 202.95 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 41 127,929 217.00 239.39 223.79 168 1 Round, top inside round 29 51,496 195.00 215.00 207.76 168 3 Round, top inside round 13 32,550 210.00 226.70 216.39 169 5 Round, top inside, denuded 17 33,129 245.00 262.00 254.16

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 8 4,744 201.00 218.00 210.13 171B 3 Round, outside round 28 58,029 205.92 221.70 213.88 171C 3 Round, eye of round (IM) 37 67,660 223.00 241.60 229.28 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 20 21,388 500.00 525.00 502.10 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 23 16,955 455.00 495.00 462.52 180 3 Loin, strip, bnls, 0x1 30 35,454 515.07 568.00 532.53 184 1 Loin, top butt, bnls, heavy 23 11,305 300.00 319.50 301.47 184 3 Loin, top butt, boneless 29 75,506 306.00 331.00 313.33 185A 4 Loin, bottom sirloin, flap 28 74,076 380.00 436.00 409.35 185B 1 Loin, ball-tip, bnls, heavy 31 149,402 219.00 230.00 226.45 185C 1 Loin, sirloin, tri-tip (IM) 10 7,448 298.00 308.00 303.45 185D 4 Loin, tri-tip, pld (IM) 9 15,414 395.00 426.84 397.64 189A 4 Loin, tndrloin, trmd, heavy 35 34,244 962.78 1026.00 985.93 191A 4 Loin, butt tender, trimmed 3 1,000 900.00 900.00 900.00 193 4 Flank, flank steak (IM) 10 7,339 509.00 535.00 521.95 ------------------------------------------------------------------------------- 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 21 26,337 502.00 537.00 519.90 112A 3 Rib, ribeye, bnls, light 22 60,289 570.00 597.00 578.39 112A 3 Rib, ribeye, bnls, heavy 50 94,634 550.00 597.00 584.71 113C 1 Chuck, semi-bnls, neck/off 15 34,043 195.00 210.44 205.50 114 1 Chuck, shoulder clod 13 65,911 190.00 209.00 200.01 114A 3 Chuck, shoulder clod, trmd 14 38,385 205.22 219.00 212.57 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 17 21,432 317.00 325.00 322.47 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 42 555,669 210.00 236.70 213.24 116B 1 Chuck, chuck tender (IM) 13 12,307 229.27 240.00 233.87

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 13 22,915 205.80 225.00 215.96 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 7 5,940 260.00 318.01 283.69 130 4 Chuck, short rib 5 12,310 185.00 195.00 186.61 160 1 Round, bone-in 161 1 Round, boneless 8 14,919 199.22 213.00 209.15

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 24 66,991 220.00 236.00 223.78 168 1 Round, top inside round 23 39,672 197.00 213.00 204.24 168 3 Round, top inside round 21 66,836 205.00 226.70 209.96 169 5 Round, top inside, denuded 8 16,208 239.00 249.00 241.71

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 22 74,003 205.92 217.00 214.46 171C 3 Round, eye of round (IM) 24 58,282 217.00 242.00 225.83 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 23 30,811 465.00 500.32 469.96 175 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 28 35,423 465.00 512.00 490.84 184 1 Loin, top butt, bnls, heavy 15 18,262 265.00 270.50 265.71 184 3 Loin, top butt, boneless 29 48,925 265.00 287.00 277.47 185A 4 Loin, bottom sirloin, flap 6 7,758 390.00 414.00 400.64 185B 1 Loin, ball-tip, bnls, heavy 15 19,559 210.00 230.00 223.28 185C 1 Loin, sirloin, tri-tip (IM) 7 10,138 270.00 294.73 270.55 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 30 30,632 890.00 961.00 926.46 191A 4 Loin, butt tender, trimmed 10 3,153 849.75 898.44 857.18 193 4 Flank, flank steak (IM) 6 4,134 459.88 497.80 476.65 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 8 6,055 117.00 120.00 118.43 121D 4 Plate, Inside Skirt (IM) 20 24,415 346.00 385.00 351.22 121C 4 Plate, Outside Skirt (IM) 21 37,835 526.00 581.00 548.26 121E 6 Outside Skirt, pld (IM) 6 7,656 820.00 845.00 831.73

Cap, Wedge Meat & (IM) Lean 44 154,750 245.00 265.00 249.85

Pectoral Meat 29 172,179 242.00 269.50 255.58 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 54 385,727 148.00 176.00 155.89 Ground Beef 75% Ground Beef 81% 89 418,423 176.00 225.89 208.40 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 26 60,077 235.50 254.00 244.95 Ground Beef Chuck 80% 46 204,866 189.73 228.00 212.45 Ground Beef Round 85% 48 324,837 214.57 230.00 226.17 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% 0 0 Blended Ground Beef 81% 4 23,240 171.00 217.60 216.36 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 10 220,256 57.00 62.00 59.27 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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