Bloomberg News

USDA Boxed Beef Cutout Closing Prices for October 17

October 17, 2012

October 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: 195.71 180.75 Change from prior day: 0.61 0.20 ------------------------------------------------------------------------------- Choice/Select spread: 14.96

Total Load Count (Cuts, Trimmings, Grids): 214 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 292.89 243.10 Primal Chuck 171.38 162.56 Primal Round 177.67 172.52 Primal Loin 249.57 222.58 Primal Brisket 138.88 137.52 Primal Short Plate 123.86 128.67 Primal Flank 101.38 97.68 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 10/16 69 58 18 28 173 195.10 180.55 10/15 64 51 13 23 152 193.96 178.89 10/12 66 55 7 21 150 191.67 177.04 10/11 114 70 19 41 243 191.31 177.32 10/10 138 121 24 59 342 190.98 176.92 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 192.61 178.15 -------------------------------------------------------------------------------- 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 69.69 loads 2,787,644 pounds Select Cuts 80.17 loads 3,206,677 pounds Trimmings 20.74 loads 829,761 pounds Ground Beef 43.87 load 1,754,884 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 31 43,719 598.00 672.40 628.71 112A 3 Rib, ribeye, bnls, light 14 10,217 685.00 750.00 718.64 112A 3 Rib, ribeye, bnls, heavy 77 98,889 646.00 743.00 681.13 113C 1 Chuck, semi-bnls, neck/off 7 9,071 215.00 235.00 233.28 114 1 Chuck, shoulder clod 8 37,335 195.61 211.00 201.79 114A 3 Chuck, shoulder clod, trmd 37 139,798 205.00 225.00 216.14 114D 3 Chuck, clod, top blade 16 32,058 250.07 300.00 280.26 114E 3 Chuck, clod, arm roast 13 23,155 259.00 270.00 265.96 114F 5 Chuck, clod tender (IM) 14 11,005 321.00 392.00 341.38 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 56 136,119 290.00 337.00 318.15 116B 1 Chuck, chuck tender (IM) 33 87,287 215.00 240.00 224.89

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 62 134,226 208.00 231.00 221.09 120A 3 Brisket, point/off, bnls 17 10,866 352.00 380.00 366.10 123A 3 Short Plate, short rib 33 49,625 299.75 366.00 328.45 130 4 Chuck, short rib 47 71,359 225.00 266.00 244.26 160 1 Round, bone-in 5 9,699 204.50 222.00 213.18 161 1 Round, boneless 5 8,688 220.50 239.60 221.89

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 68 76,846 229.00 257.00 246.73 168 1 Round, top inside round 60 99,449 201.94 220.00 208.65 168 3 Round, top inside round 33 286,001 209.73 230.00 221.60 169 5 Round, top inside, denuded 25 202,469 239.00 260.10 258.81

3 Round, top inside, side off 170 1 Round, bottom gooseneck 3 2,426 216.00 220.00 217.13 171B 3 Round, outside round 37 131,895 229.00 274.50 260.94 171C 3 Round, eye of round (IM) 38 39,195 246.63 280.00 266.34 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 32 25,463 495.00 526.85 499.89 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 16 12,705 435.00 460.00 444.17 180 3 Loin, strip, bnls, 0x1 78 156,431 490.00 533.09 510.30 184 1 Loin, top butt, bnls, heavy 31 26,200 285.00 317.28 300.73 184 3 Loin, top butt, boneless 35 154,514 307.00 330.00 315.85 185A 4 Loin, bottom sirloin, flap 49 85,815 328.00 406.00 357.62 185B 1 Loin, ball-tip, bnls, heavy 47 58,830 217.07 251.89 234.40 185C 1 Loin, sirloin, tri-tip (IM) 16 53,203 233.04 282.00 246.07 185D 4 Loin, tri-tip, pld (IM) 15 26,403 344.00 371.58 361.65 189A 4 Loin, tndrloin, trmd, heavy 64 109,502 978.67 1122.00 1013.14 191A 4 Loin, butt tender, trimmed 3 1,213 1009.00 1010.00 1009.75 193 4 Flank, flank steak (IM) 17 72,274 415.00 466.00 425.97 ------------------------------------------------------------------------------- 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 27 23,655 450.00 511.32 472.37 112A 3 Rib, ribeye, bnls, light 26 148,112 510.00 600.00 520.15 112A 3 Rib, ribeye, bnls, heavy 61 168,404 510.00 563.00 527.41 113C 1 Chuck, semi-bnls, neck/off 26 74,491 207.00 227.00 214.68 114 1 Chuck, shoulder clod 15 41,917 195.00 208.00 199.05 114A 3 Chuck, shoulder clod, trmd 31 133,166 207.00 217.00 213.19 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 6 4,486 325.00 375.00 340.37 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 56 295,880 242.00 290.30 267.68 116B 1 Chuck, chuck tender (IM) 18 19,497 218.00 236.00 225.59

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 26 119,124 208.13 226.00 214.68 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 14 46,117 265.00 325.00 308.81 130 4 Chuck, short rib 22 32,458 215.26 260.00 233.36 160 1 Round, bone-in 161 1 Round, boneless 3 5,944 219.00 219.00 219.00

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 35 218,903 231.00 251.00 240.26 168 1 Round, top inside round 42 171,578 201.29 213.00 204.56 168 3 Round, top inside round 33 115,453 208.00 220.00 212.94 169 5 Round, top inside, denuded 11 25,759 245.00 260.00 246.36

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 38 231,424 229.00 269.00 254.26 171C 3 Round, eye of round (IM) 38 165,509 225.90 256.00 233.23 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 40 128,218 400.00 443.00 423.23 175 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 33 148,571 385.45 415.00 395.81 184 1 Loin, top butt, bnls, heavy 14 15,619 246.00 266.00 256.38 184 3 Loin, top butt, boneless 33 45,006 262.00 288.00 271.09 185A 4 Loin, bottom sirloin, flap 17 108,929 330.00 370.00 357.11 185B 1 Loin, ball-tip, bnls, heavy 37 82,590 213.00 244.00 229.18 185C 1 Loin, sirloin, tri-tip (IM) 14 65,879 235.00 266.58 240.93 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 44 99,248 865.00 1082.00 907.92 191A 4 Loin, butt tender, trimmed 8 4,965 870.00 900.00 882.27 193 4 Flank, flank steak (IM) 21 60,965 380.00 461.11 402.33 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 14 10,028 101.89 130.00 107.38 121D 4 Plate, Inside Skirt (IM) 35 209,544 322.56 353.25 326.18 121C 4 Plate, Outside Skirt (IM) 19 85,178 480.79 590.00 503.26 121E 6 Outside Skirt, pld (IM) 10 8,668 795.00 880.00 828.11

Cap, Wedge Meat & (IM) Lean 73 163,493 247.37 293.00 261.28

Pectoral Meat 46 95,784 249.00 289.00 266.30 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 63 358,354 149.00 171.00 157.03 Ground Beef 75% Ground Beef 81% 93 489,211 178.00 214.00 188.73 Ground Beef 85% Ground Beef 90% Ground Beef 93% 38 96,784 239.68 263.28 249.46 Ground Beef Chuck 80% 55 327,681 180.00 204.00 192.17 Ground Beef Round 85% 44 160,836 190.00 222.00 216.97 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% 6 25,960 188.30 206.70 197.57 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 30 758,101 52.85 64.50 59.18 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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