Bloomberg News

USDA Boxed Beef Cutout Closing Prices for September 17

September 17, 2012

September 17 (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: 193.05 182.46 Change from prior day: 1.51 1.78 ------------------------------------------------------------------------------- Choice/Select spread: 10.59

Total Load Count (Cuts, Trimmings, Grids): 171 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 296.51 250.41 Primal Chuck 162.37 160.16 Primal Round 173.28 170.81 Primal Loin 249.48 229.32 Primal Brisket 138.96 136.36 Primal Short Plate 127.22 132.05 Primal Flank 111.89 108.45 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 09/14 59 53 21 22 155 191.54 180.68 09/13 90 104 13 34 241 191.40 179.95 09/12 81 89 8 57 236 191.71 179.70 09/11 75 78 21 29 202 191.53 179.20 09/10 47 55 12 37 151 191.32 180.68 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 191.50 180.04 -------------------------------------------------------------------------------- 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 90.64 loads 3,625,405 pounds Select Cuts 47.69 loads 1,907,705 pounds Trimmings 11.74 loads 469,635 pounds Ground Beef 21.21 load 848,351 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 13 58,946 599.06 637.50 612.37 112A 3 Rib, ribeye, bnls, light 6 79,195 694.00 735.00 715.16 112A 3 Rib, ribeye, bnls, heavy 32 56,888 669.00 718.00 689.38 113C 1 Chuck, semi-bnls, neck/off 3 11,630 197.34 219.00 215.55 114 1 Chuck, shoulder clod 6 45,948 205.00 210.00 205.12 114A 3 Chuck, shoulder clod, trmd 12 116,623 214.20 235.00 229.61 114D 3 Chuck, clod, top blade 5 8,667 270.00 288.00 277.88 114E 3 Chuck, clod, arm roast 13 94,386 240.00 289.25 243.09 114F 5 Chuck, clod tender (IM) 4 18,206 335.00 355.48 342.59 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 32 525,472 260.00 293.00 277.76 116B 1 Chuck, chuck tender (IM) 8 19,797 245.50 268.75 253.58

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 21 68,771 207.00 233.30 216.87 120A 3 Brisket, point/off, bnls 5 4,488 348.00 378.00 356.25 123A 3 Short Plate, short rib 20 44,269 280.00 367.00 335.36 130 4 Chuck, short rib 12 10,841 195.00 224.00 208.77 160 1 Round, bone-in 6 30,587 205.00 210.58 207.05 161 1 Round, boneless 6 14,728 215.00 234.50 217.46

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 30 179,561 232.50 255.00 247.14 168 1 Round, top inside round 16 94,953 200.00 217.99 206.45 168 3 Round, top inside round 12 74,931 212.00 231.00 221.27 169 5 Round, top inside, denuded 10 36,503 245.00 271.00 258.50

3 Round, top inside, side off 170 1 Round, bottom gooseneck 4 2,354 203.00 218.00 214.92 171B 3 Round, outside round 48 854,876 217.50 236.00 228.06 171C 3 Round, eye of round (IM) 22 42,052 240.70 273.75 262.20 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 18 124,537 500.80 539.50 514.27 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 4 20,316 425.00 454.50 425.52 180 3 Loin, strip, bnls, 0x1 24 48,017 495.00 534.50 507.84 184 1 Loin, top butt, bnls, heavy 10 6,997 280.00 306.50 296.52 184 3 Loin, top butt, boneless 28 274,349 305.00 330.00 310.39 185A 4 Loin, bottom sirloin, flap 18 162,071 330.00 370.89 344.00 185B 1 Loin, ball-tip, bnls, heavy 11 27,573 227.50 246.00 235.83 185C 1 Loin, sirloin, tri-tip (IM) 18 124,329 240.00 282.00 241.74 185D 4 Loin, tri-tip, pld (IM) 4 22,535 357.00 391.00 368.90 189A 4 Loin, tndrloin, trmd, heavy 25 98,180 965.00 1122.00 988.00 191A 4 Loin, butt tender, trimmed 3 2,791 940.00 995.00 942.00 193 4 Flank, flank steak (IM) 13 15,870 485.00 526.00 496.60 ------------------------------------------------------------------------------- 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 5,180 484.65 535.00 501.19 112A 3 Rib, ribeye, bnls, light 112A 3 Rib, ribeye, bnls, heavy 32 82,465 539.54 577.89 552.06 113C 1 Chuck, semi-bnls, neck/off 5 35,536 208.00 209.00 208.81 114 1 Chuck, shoulder clod 4 14,107 206.00 218.00 211.78 114A 3 Chuck, shoulder clod, trmd 13 64,014 214.20 235.00 220.32 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 4 2,999 310.00 325.00 317.12 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 24 164,449 245.00 279.00 266.93 116B 1 Chuck, chuck tender (IM) 6 10,864 242.72 255.50 248.42

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 12 71,113 204.03 225.00 211.52 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 3 4,830 270.00 341.00 293.76 130 4 Chuck, short rib 4 10,832 186.98 218.00 205.59 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 14 77,374 233.00 245.00 239.29 168 1 Round, top inside round 10 56,946 200.63 208.42 203.79 168 3 Round, top inside round 7 69,405 212.00 235.00 221.09 169 5 Round, top inside, denuded

3 Round, top inside, side off 170 1 Round, bottom gooseneck 0 0 171B 3 Round, outside round 22 196,340 216.00 237.00 231.59 171C 3 Round, eye of round (IM) 12 46,893 243.00 268.75 253.29 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 3 14,210 410.26 457.50 416.79 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 7 6,939 405.56 415.00 410.42 184 1 Loin, top butt, bnls, heavy 17 154,910 247.00 283.00 262.65 184 3 Loin, top butt, boneless 20 149,374 273.00 300.00 281.49 185A 4 Loin, bottom sirloin, flap 4 43,947 349.00 354.00 349.92 185B 1 Loin, ball-tip, bnls, heavy 11 68,125 225.95 231.89 227.35 185C 1 Loin, sirloin, tri-tip (IM) 12 86,479 233.01 270.00 244.25 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 17 17,167 910.00 938.75 920.97 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 8 10,866 450.00 496.50 477.48 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 12 124,367 86.00 140.00 91.96 121D 4 Plate, Inside Skirt (IM) 34 142,787 343.00 380.00 350.29 121C 4 Plate, Outside Skirt (IM) 6 11,931 515.00 543.00 534.33 121E 6 Outside Skirt, pld (IM) 4 7,099 800.00 830.00 801.35

Cap, Wedge Meat & (IM) Lean 32 223,866 244.90 280.00 249.47

Pectoral Meat 17 25,012 249.03 273.00 260.47 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 10 55,579 145.00 166.50 157.38 Ground Beef 75% Ground Beef 81% 26 120,114 180.00 209.75 187.09 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 17 209,469 239.45 255.00 244.45 Ground Beef Chuck 80% 22 351,087 176.00 202.00 184.02 Ground Beef Round 85% 7 11,168 220.56 230.00 224.33 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 18,878 194.06 209.60 200.12 Blended Ground Beef 85% Blended Ground Beef 90% 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 14 429,385 55.16 57.50 56.63 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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