Bloomberg News

USDA Boxed Beef Cutout Closing Prices for August 31

August 31, 2012

August 31 (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: 189.62 179.46 Change from prior day: (1.21) (0.57) ------------------------------------------------------------------------------- Choice/Select spread: 10.16

Total Load Count (Cuts, Trimmings, Grids): 146 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 290.45 254.08 Primal Chuck 158.32 153.36 Primal Round 166.15 160.36 Primal Loin 249.73 234.23 Primal Brisket 137.02 134.30 Primal Short Plate 127.60 131.87 Primal Flank 113.84 108.78 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 08/30 80 58 7 12 157 190.83 180.03 08/29 91 76 10 53 230 190.92 180.95 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 191.56 181.72 -------------------------------------------------------------------------------- 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 65.20 loads 2,608,022 pounds Select Cuts 41.99 loads 1,679,789 pounds Trimmings 13.50 loads 540,130 pounds Ground Beef 25.16 load 1,006,368 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 57,926 575.79 633.00 601.51 112A 3 Rib, ribeye, bnls, light 3 12,067 690.38 715.00 692.46 112A 3 Rib, ribeye, bnls, heavy 29 47,071 670.61 703.00 685.57 113C 1 Chuck, semi-bnls, neck/off 8 5,908 195.00 208.00 203.51 114 1 Chuck, shoulder clod 9 16,200 193.00 208.00 198.11 114A 3 Chuck, shoulder clod, trmd 21 113,004 200.50 218.00 207.68 114D 3 Chuck, clod, top blade 5 8,374 248.45 274.65 269.06 114E 3 Chuck, clod, arm roast 16 208,865 230.85 265.00 232.96 114F 5 Chuck, clod tender (IM) 5 2,614 334.00 383.00 346.12 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 39 138,875 215.00 241.89 232.76 116B 1 Chuck, chuck tender (IM) 24 41,139 230.00 245.00 239.35

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 24 80,883 206.00 229.00 210.17 120A 3 Brisket, point/off, bnls 3 3,429 342.00 375.00 354.70 123A 3 Short Plate, short rib 14 26,594 325.00 367.00 341.25 130 4 Chuck, short rib 23 48,535 188.00 224.00 197.43 160 1 Round, bone-in 7 17,284 200.00 216.75 201.75 161 1 Round, boneless 5 2,154 210.00 219.65 217.88

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 44 100,956 220.00 242.00 226.75 168 1 Round, top inside round 13 60,179 202.00 222.64 214.23 168 3 Round, top inside round 21 46,771 205.00 230.00 219.46 169 5 Round, top inside, denuded 21 62,210 242.50 260.00 251.65

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 7 26,070 191.50 218.00 197.89 171B 3 Round, outside round 33 115,415 204.80 225.00 215.58 171C 3 Round, eye of round (IM) 37 62,134 228.50 251.00 241.05 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 16 61,329 465.00 510.00 496.82 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 9 58,094 423.00 455.00 428.94 180 3 Loin, strip, bnls, 0x1 55 603,590 469.00 541.00 483.74 184 1 Loin, top butt, bnls, heavy 12 13,470 300.00 322.64 306.37 184 3 Loin, top butt, boneless 27 112,266 300.00 341.00 308.64 185A 4 Loin, bottom sirloin, flap 21 130,981 360.00 420.45 380.03 185B 1 Loin, ball-tip, bnls, heavy 21 30,542 219.73 236.00 230.95 185C 1 Loin, sirloin, tri-tip (IM) 4 13,067 285.00 300.00 289.89 185D 4 Loin, tri-tip, pld (IM) 9 4,851 388.00 424.00 399.66 189A 4 Loin, tndrloin, trmd, heavy 23 44,652 967.00 1022.00 982.89 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 9 7,260 490.50 539.98 502.89 ------------------------------------------------------------------------------- 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 8 4,715 502.25 538.00 519.57 112A 3 Rib, ribeye, bnls, light 5 5,684 576.14 585.00 580.63 112A 3 Rib, ribeye, bnls, heavy 35 44,945 560.00 606.00 575.15 113C 1 Chuck, semi-bnls, neck/off 6 21,061 195.00 210.00 197.38 114 1 Chuck, shoulder clod 13 77,959 188.25 209.00 192.70 114A 3 Chuck, shoulder clod, trmd 15 97,488 202.30 219.00 205.75 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 4 3,691 320.00 327.00 324.10 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 26 117,909 208.00 231.89 218.66 116B 1 Chuck, chuck tender (IM) 8 8,270 226.50 240.00 235.40

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 11 63,603 202.78 220.00 207.96 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 7 17,356 267.07 341.00 326.28 130 4 Chuck, short rib 9 16,533 182.00 196.00 187.73 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 15 49,989 210.63 229.02 221.52 168 1 Round, top inside round 20 351,286 191.00 213.75 191.42 168 3 Round, top inside round 15 100,309 200.00 222.00 204.13 169 5 Round, top inside, denuded 5 12,738 238.00 256.00 240.56

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 8 7,529 185.41 218.00 198.13 171B 3 Round, outside round 20 83,366 202.50 225.00 208.24 171C 3 Round, eye of round (IM) 15 45,124 218.71 235.00 226.29 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 16 60,201 440.03 475.50 457.80 175 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 18 38,324 438.00 502.25 448.48 184 1 Loin, top butt, bnls, heavy 9 36,099 260.00 290.00 273.42 184 3 Loin, top butt, boneless 20 21,918 273.50 309.00 292.08 185A 4 Loin, bottom sirloin, flap 10 94,861 351.00 404.96 367.02 185B 1 Loin, ball-tip, bnls, heavy 8 12,762 220.00 230.00 223.28 185C 1 Loin, sirloin, tri-tip (IM) 7 19,483 234.00 275.00 243.47 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 17 23,972 890.12 996.00 921.13 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 7 7,101 460.00 489.50 474.46 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 9 47,590 105.00 142.89 109.27 121D 4 Plate, Inside Skirt (IM) 25 102,003 338.74 368.75 348.95 121C 4 Plate, Outside Skirt (IM) 16 48,534 509.00 580.00 531.18 121E 6 Outside Skirt, pld (IM) 3 2,582 729.00 843.70 811.27

Cap, Wedge Meat & (IM) Lean 26 79,256 233.00 269.00 248.75

Pectoral Meat 24 41,297 245.00 274.50 249.83 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 20 253,222 139.29 179.89 148.53 Ground Beef 75% Ground Beef 81% 27 50,552 186.41 215.00 206.36 Ground Beef 85% Ground Beef 90% Ground Beef 93% 10 21,323 240.00 263.75 245.02 Ground Beef Chuck 80% 16 74,337 195.00 220.00 209.02 Ground Beef Round 85% 10 12,778 221.00 232.00 225.78 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 42,945 198.25 232.70 205.71 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 15 512,050 56.00 62.50 58.93 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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