Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 189.86 179.59 Change from prior day: (0.97) (0.44) ------------------------------------------------------------------------------- Choice/Select spread: 10.28

Total Load Count (Cuts, Trimmings, Grids): 97 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 290.48 254.39 Primal Chuck 157.99 153.17 Primal Round 166.01 160.70 Primal Loin 251.27 234.44 Primal Brisket 137.02 134.28 Primal Short Plate 127.97 132.16 Primal Flank 114.26 109.08 -------------------------------------------------------------------------------- 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 39.40 loads 1,575,885 pounds Select Cuts 30.00 loads 1,199,918 pounds Trimmings 7.50 loads 299,874 pounds Ground Beef 19.77 load 790,673 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 49,186 595.50 620.00 603.60 112A 3 Rib, ribeye, bnls, light 112A 3 Rib, ribeye, bnls, heavy 21 33,081 670.61 700.00 684.19 113C 1 Chuck, semi-bnls, neck/off 4 3,700 203.00 208.00 206.91 114 1 Chuck, shoulder clod 5 12,306 195.21 207.00 198.76 114A 3 Chuck, shoulder clod, trmd 18 87,687 202.00 218.00 207.57 114D 3 Chuck, clod, top blade 3 7,871 270.00 274.65 270.36 114E 3 Chuck, clod, arm roast 14 202,532 230.85 265.00 232.20 114F 5 Chuck, clod tender (IM) 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 25 122,172 220.00 241.00 233.42 116B 1 Chuck, chuck tender (IM) 11 16,631 230.00 245.00 240.89

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 17 72,820 206.00 229.00 209.67 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 10 18,072 325.00 356.00 340.81 130 4 Chuck, short rib 14 22,599 189.00 224.00 200.06 160 1 Round, bone-in 6 10,075 200.00 216.75 201.57 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 31 78,343 220.00 240.50 225.50 168 1 Round, top inside round 9 34,480 202.00 222.64 214.29 168 3 Round, top inside round 14 16,205 209.73 230.00 221.07 169 5 Round, top inside, denuded 19 60,071 242.50 260.00 251.72

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 4 1,082 201.00 218.00 206.75 171B 3 Round, outside round 23 92,311 204.80 225.00 216.40 171C 3 Round, eye of round (IM) 26 47,165 234.27 251.00 242.34 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 10 46,016 475.00 510.00 497.20 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 5 22,282 423.00 445.00 426.61 180 3 Loin, strip, bnls, 0x1 31 207,624 490.00 541.00 502.82 184 1 Loin, top butt, bnls, heavy 7 8,823 300.00 322.64 309.61 184 3 Loin, top butt, boneless 20 93,041 301.45 341.00 307.49 185A 4 Loin, bottom sirloin, flap 11 34,270 385.00 420.45 406.52 185B 1 Loin, ball-tip, bnls, heavy 13 26,762 219.73 236.00 231.07 185C 1 Loin, sirloin, tri-tip (IM) 185D 4 Loin, tri-tip, pld (IM) 6 3,125 388.00 422.00 404.41 189A 4 Loin, tndrloin, trmd, heavy 17 32,427 969.00 1010.00 987.81 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 5 2,637 490.50 535.00 505.41 ------------------------------------------------------------------------------- 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 4,640 502.25 538.00 519.57 112A 3 Rib, ribeye, bnls, light 4 3,850 576.14 595.00 579.32 112A 3 Rib, ribeye, bnls, heavy 27 36,838 560.00 606.00 577.09 113C 1 Chuck, semi-bnls, neck/off 5 19,444 195.00 210.00 197.58 114 1 Chuck, shoulder clod 11 65,403 188.25 209.00 191.05 114A 3 Chuck, shoulder clod, trmd 12 86,935 202.30 219.00 205.24 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 18 101,623 208.00 229.73 219.06 116B 1 Chuck, chuck tender (IM) 5 4,207 235.00 240.00 235.64

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 6 46,518 206.00 220.00 207.46 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 13,960 310.00 341.00 333.54 130 4 Chuck, short rib 4 10,409 189.00 195.00 189.17 160 1 Round, bone-in 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 8 26,127 219.75 229.02 222.60 168 1 Round, top inside round 12 318,299 191.00 199.00 191.02 168 3 Round, top inside round 10 50,429 201.00 218.00 206.76 169 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 5 4,513 198.00 218.00 204.01 171B 3 Round, outside round 12 53,334 203.70 225.00 207.70 171C 3 Round, eye of round (IM) 8 15,017 218.71 235.00 227.75 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 12 24,940 455.00 475.50 468.84 175 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 15 17,651 438.00 502.25 457.81 184 1 Loin, top butt, bnls, heavy 4 9,537 265.00 290.00 278.38 184 3 Loin, top butt, boneless 15 17,257 275.00 309.00 294.19 185A 4 Loin, bottom sirloin, flap 6 36,021 375.00 404.96 377.72 185B 1 Loin, ball-tip, bnls, heavy 6 12,455 220.00 229.00 223.17 185C 1 Loin, sirloin, tri-tip (IM) 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 11 8,927 914.61 996.00 944.81 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 3 1,770 472.95 486.00 480.51 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 8 47,528 105.00 130.00 109.22 121D 4 Plate, Inside Skirt (IM) 16 71,864 338.74 360.11 348.94 121C 4 Plate, Outside Skirt (IM) 12 45,330 509.00 580.00 531.46 121E 6 Outside Skirt, pld (IM) 0 0

Cap, Wedge Meat & (IM) Lean 14 40,139 233.00 266.00 251.09

Pectoral Meat 13 29,743 245.00 269.64 249.80 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 16 202,508 139.29 165.00 148.17 Ground Beef 75% Ground Beef 81% 22 34,740 186.41 215.00 205.44 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 6 18,110 240.00 253.00 242.55 Ground Beef Chuck 80% 13 68,806 195.00 220.00 208.31 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% 4 22,945 198.25 218.60 208.79 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 9 299,874 59.00 62.50 60.34 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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