Bloomberg News

USDA Boxed Beef Cutout Closing Prices for October 11

October 11, 2012

October 11 (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: 191.31 177.32 Change from prior day: 0.33 0.40 ------------------------------------------------------------------------------- Choice/Select spread: 14.00

Total Load Count (Cuts, Trimmings, Grids): 243 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 287.45 242.16 Primal Chuck 165.61 157.73 Primal Round 170.86 167.94 Primal Loin 245.97 218.08 Primal Brisket 136.63 134.11 Primal Short Plate 125.88 131.13 Primal Flank 106.80 99.91 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 10/10 138 121 24 59 342 190.98 176.92 10/09 112 68 16 42 237 191.20 177.29 10/08 67 40 10 21 138 190.57 176.42 10/05 54 62 16 20 151 189.99 175.64 10/04 79 82 21 29 211 191.35 177.09 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 190.82 176.67 -------------------------------------------------------------------------------- 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 113.60 loads 4,544,036 pounds Select Cuts 70.02 loads 2,800,896 pounds Trimmings 18.59 loads 743,685 pounds Ground Beef 40.89 load 1,635,565 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 12 40,499 575.00 630.80 586.26 112A 3 Rib, ribeye, bnls, light 7 15,381 675.00 745.00 689.30 112A 3 Rib, ribeye, bnls, heavy 53 167,984 640.00 703.26 654.54 113C 1 Chuck, semi-bnls, neck/off 4 18,543 213.00 225.00 213.95 114 1 Chuck, shoulder clod 15 69,930 192.30 210.00 197.22 114A 3 Chuck, shoulder clod, trmd 52 616,177 203.00 227.25 208.25 114D 3 Chuck, clod, top blade 7 32,962 265.00 281.00 274.22 114E 3 Chuck, clod, arm roast 14 9,531 250.00 270.00 261.34 114F 5 Chuck, clod tender (IM) 11 12,020 320.00 375.00 337.83 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 36 173,445 290.00 327.00 302.10 116B 1 Chuck, chuck tender (IM) 16 50,958 227.50 251.00 233.38

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 59 417,764 202.99 230.00 213.97 120A 3 Brisket, point/off, bnls 12 9,626 349.00 380.00 368.09 123A 3 Short Plate, short rib 25 41,916 290.00 373.00 333.97 130 4 Chuck, short rib 25 118,476 203.00 245.50 227.12 160 1 Round, bone-in 4 7,511 207.00 224.00 209.72 161 1 Round, boneless 4 8,472 217.50 228.25 220.12

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 59 414,983 230.00 252.00 238.99 168 1 Round, top inside round 45 79,961 200.00 218.00 205.62 168 3 Round, top inside round 37 655,614 205.00 230.00 213.45 169 5 Round, top inside, denuded 9 10,456 239.00 255.00 241.53

3 Round, top inside, side off 170 1 Round, bottom gooseneck 4 6,283 205.00 221.00 214.98 171B 3 Round, outside round 47 338,113 233.00 258.00 238.24 171C 3 Round, eye of round (IM) 34 110,331 245.50 279.60 261.02 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 19 37,194 480.00 520.50 493.24 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 13 17,459 427.00 447.00 435.92 180 3 Loin, strip, bnls, 0x1 35 136,041 476.00 535.00 508.03 184 1 Loin, top butt, bnls, heavy 18 12,710 289.96 309.00 297.15 184 3 Loin, top butt, boneless 44 92,424 295.50 331.00 311.03 185A 4 Loin, bottom sirloin, flap 40 69,178 330.00 371.00 347.56 185B 1 Loin, ball-tip, bnls, heavy 22 38,037 225.00 244.50 235.47 185C 1 Loin, sirloin, tri-tip (IM) 15 34,558 240.00 280.80 257.04 185D 4 Loin, tri-tip, pld (IM) 11 15,638 335.00 370.61 345.65 189A 4 Loin, tndrloin, trmd, heavy 47 238,432 950.00 1119.00 978.60 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 15 31,544 460.00 491.00 468.87 ------------------------------------------------------------------------------- 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 17 65,624 450.00 500.56 467.13 112A 3 Rib, ribeye, bnls, light 12 98,906 489.21 597.00 519.00 112A 3 Rib, ribeye, bnls, heavy 45 308,672 489.21 555.00 514.28 113C 1 Chuck, semi-bnls, neck/off 7 10,115 215.00 240.00 220.92 114 1 Chuck, shoulder clod 18 46,406 192.30 205.00 196.86 114A 3 Chuck, shoulder clod, trmd 33 339,508 202.00 230.00 205.86 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 7 25,519 277.00 325.00 286.99 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 41 345,707 254.70 277.11 263.64 116B 1 Chuck, chuck tender (IM) 10 53,620 219.00 240.50 221.14

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 15 52,638 206.88 226.00 210.52 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 3 2,802 300.00 356.00 316.59 130 4 Chuck, short rib 9 56,039 214.00 240.00 231.08 160 1 Round, bone-in 161 1 Round, boneless 4 3,309 212.00 219.00 216.74

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 27 87,268 230.00 251.00 237.74 168 1 Round, top inside round 22 77,239 194.96 209.25 200.85 168 3 Round, top inside round 24 244,796 210.00 221.00 211.67 169 5 Round, top inside, denuded 7 25,847 239.00 250.00 246.33

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 6 24,597 202.00 220.00 205.29 171B 3 Round, outside round 27 116,755 222.68 246.00 231.49 171C 3 Round, eye of round (IM) 15 39,482 234.00 256.00 238.59 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 12 20,106 400.00 437.65 410.04 175 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 21 162,678 349.21 415.50 353.84 184 1 Loin, top butt, bnls, heavy 10 14,527 245.00 280.00 261.82 184 3 Loin, top butt, boneless 15 33,421 256.43 276.50 266.78 185A 4 Loin, bottom sirloin, flap 15 101,089 319.00 335.00 330.50 185B 1 Loin, ball-tip, bnls, heavy 13 45,764 215.00 247.00 226.98 185C 1 Loin, sirloin, tri-tip (IM) 13 46,347 241.42 265.00 245.15 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 14 34,851 876.00 940.00 884.33 191A 4 Loin, butt tender, trimmed 3 20,503 835.00 900.61 835.97 193 4 Flank, flank steak (IM) 4 4,483 429.90 470.00 449.46 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 9 2,062 106.00 120.00 113.01 121D 4 Plate, Inside Skirt (IM) 20 67,639 326.00 360.00 341.54 121C 4 Plate, Outside Skirt (IM) 17 19,703 522.84 590.00 551.14 121E 6 Outside Skirt, pld (IM) 3 1,050 835.00 875.00 856.48

Cap, Wedge Meat & (IM) Lean 42 172,641 242.00 275.00 255.34

Pectoral Meat 32 55,888 237.00 265.00 255.68 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 45 405,363 140.55 163.00 151.14 Ground Beef 75% Ground Beef 81% 37 256,024 161.00 201.50 172.69 Ground Beef 85% Ground Beef 90% Ground Beef 93% 6 16,420 239.00 266.50 250.28 Ground Beef Chuck 80% 13 147,498 182.00 195.00 190.03 Ground Beef Round 85% 5 19,395 210.71 215.00 211.88 Ground Beef Sirloin 90% 0 0 ------------------------------------------------------------------------------- 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% 9 43,788 183.30 200.70 193.43 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% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 17 523,185 50.00 54.00 52.03 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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