Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 192.48 182.27 Change from prior day: 0.94 1.59 ------------------------------------------------------------------------------- Choice/Select spread: 10.21

Total Load Count (Cuts, Trimmings, Grids): 109 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 294.39 250.43 Primal Chuck 162.16 159.88 Primal Round 172.97 170.39 Primal Loin 248.34 228.91 Primal Brisket 139.45 137.17 Primal Short Plate 127.38 132.20 Primal Flank 112.08 109.15 -------------------------------------------------------------------------------- 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 57.79 loads 2,311,660 pounds Select Cuts 25.94 loads 1,037,616 pounds Trimmings 9.72 loads 388,633 pounds Ground Beef 15.16 load 606,474 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 8 30,531 599.06 637.50 617.48 112A 3 Rib, ribeye, bnls, light 3 2,097 715.00 735.00 724.27 112A 3 Rib, ribeye, bnls, heavy 13 34,740 669.00 715.00 684.72 113C 1 Chuck, semi-bnls, neck/off 3 11,630 197.34 219.00 215.55 114 1 Chuck, shoulder clod 114A 3 Chuck, shoulder clod, trmd 8 68,938 214.20 232.00 229.67 114D 3 Chuck, clod, top blade 3 6,863 275.69 288.00 278.27 114E 3 Chuck, clod, arm roast 6 78,878 240.00 258.00 240.04 114F 5 Chuck, clod tender (IM) 3 12,295 335.00 385.58 336.57 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 24 495,962 260.00 290.00 277.40 116B 1 Chuck, chuck tender (IM) 4 12,665 247.50 265.00 252.19

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 8 32,095 210.00 233.30 220.25 120A 3 Brisket, point/off, bnls 3 2,520 348.00 378.00 353.08 123A 3 Short Plate, short rib 16 37,337 280.00 360.00 334.27 130 4 Chuck, short rib 9 6,728 197.88 224.00 207.66 160 1 Round, bone-in 3 9,905 207.00 210.58 207.60 161 1 Round, boneless 3 8,251 217.00 233.75 218.29

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 7 21,293 241.00 250.00 249.60 168 1 Round, top inside round 15 87,537 200.00 217.99 206.23 168 3 Round, top inside round 8 58,236 212.00 227.50 219.41 169 5 Round, top inside, denuded

3 Round, top inside, side off 170 1 Round, bottom gooseneck 3 1,414 203.00 218.00 213.54 171B 3 Round, outside round 38 812,255 219.00 235.00 227.98 171C 3 Round, eye of round (IM) 5 12,948 256.66 273.75 266.82 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 7 21,066 500.80 539.50 524.46 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 4 20,316 425.00 454.50 425.52 180 3 Loin, strip, bnls, 0x1 6 9,369 495.00 534.50 508.99 184 1 Loin, top butt, bnls, heavy 7 5,735 280.00 306.50 298.94 184 3 Loin, top butt, boneless 6 19,067 309.00 326.00 315.19 185A 4 Loin, bottom sirloin, flap 14 159,845 330.00 368.00 343.79 185B 1 Loin, ball-tip, bnls, heavy 8 23,850 230.00 246.00 235.68 185C 1 Loin, sirloin, tri-tip (IM) 4 4,014 265.00 282.00 277.91 185D 4 Loin, tri-tip, pld (IM) 3 4,794 357.00 391.00 372.25 189A 4 Loin, tndrloin, trmd, heavy 11 56,302 965.00 1030.00 982.57 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) ------------------------------------------------------------------------------- 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 6 3,095 484.65 535.00 502.00 112A 3 Rib, ribeye, bnls, light 112A 3 Rib, ribeye, bnls, heavy 9 20,752 545.00 565.00 555.92 113C 1 Chuck, semi-bnls, neck/off 5 35,536 208.00 209.00 208.81 114 1 Chuck, shoulder clod 114A 3 Chuck, shoulder clod, trmd 6 16,852 215.00 230.00 219.50 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 13 73,122 245.00 269.50 261.97 116B 1 Chuck, chuck tender (IM) 5 9,132 242.72 255.50 248.88

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 7 28,089 204.03 225.00 217.37 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 130 4 Chuck, short rib 160 1 Round, bone-in 0 0 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 7 49,243 233.00 243.00 238.95 168 1 Round, top inside round 5 10,064 200.63 208.42 205.70 168 3 Round, top inside round 3 20,695 212.00 224.60 219.47 169 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 15 134,695 216.00 237.00 231.65 171C 3 Round, eye of round (IM) 4 8,040 247.00 265.00 251.92 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 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 184 1 Loin, top butt, bnls, heavy 14 133,884 255.00 283.00 265.08 184 3 Loin, top butt, boneless 14 135,026 273.00 300.00 281.32 185A 4 Loin, bottom sirloin, flap (M) 185B 1 Loin, ball-tip, bnls, heavy 4 26,279 225.95 229.00 226.64 185C 1 Loin, sirloin, tri-tip (IM) 5 41,487 233.01 260.00 248.19 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 3 3,462 920.00 935.44 929.23 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 4 4,851 490.00 496.50 494.02 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 10 122,228 86.00 140.00 91.75 121D 4 Plate, Inside Skirt (IM) 23 81,527 343.00 375.00 349.26 121C 4 Plate, Outside Skirt (IM) 4 10,522 525.00 538.59 536.56 121E 6 Outside Skirt, pld (IM)

Cap, Wedge Meat & (IM) Lean 14 39,842 247.78 275.00 256.54

Pectoral Meat 10 21,831 249.03 273.00 261.39 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 4 5,435 152.00 166.50 165.42 Ground Beef 75% Ground Beef 81% 12 99,583 180.40 204.00 185.39 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 9 136,886 239.45 246.60 241.87 Ground Beef Chuck 80% 16 291,081 176.00 208.80 184.18 Ground Beef Round 85% 4 7,472 221.00 225.00 224.45 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% 3 14,717 194.06 205.25 199.15 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 11 348,383 55.88 57.50 56.87 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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