Bloomberg News

USDA Boxed Beef Cutout Closing Prices for October 24

October 24, 2012

October 24 (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: 199.38 183.92 Change from prior day: 0.86 0.58 ------------------------------------------------------------------------------- Choice/Select spread: 15.46

Total Load Count (Cuts, Trimmings, Grids): 189 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 297.33 249.13 Primal Chuck 174.60 165.41 Primal Round 180.09 175.14 Primal Loin 257.27 227.94 Primal Brisket 139.45 138.32 Primal Short Plate 125.08 129.27 Primal Flank 99.32 92.95 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 10/23 53 57 13 40 163 198.52 183.34 10/22 51 61 25 24 160 198.35 181.53 10/19 60 75 20 8 164 196.68 180.45 10/18 69 56 25 17 167 196.81 180.88 10/17 70 80 21 44 214 195.71 180.75 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 197.21 181.39 -------------------------------------------------------------------------------- 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 68.24 loads 2,729,557 pounds Select Cuts 72.54 loads 2,901,666 pounds Trimmings 14.39 loads 575,429 pounds Ground Beef 34.31 load 1,372,571 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 37 49,621 615.00 650.00 640.92 112A 3 Rib, ribeye, bnls, light 15 56,829 690.00 745.00 697.75 112A 3 Rib, ribeye, bnls, heavy 101 179,855 650.00 728.00 683.92 113C 1 Chuck, semi-bnls, neck/off 7 7,981 220.00 236.00 224.89 114 1 Chuck, shoulder clod 20 64,800 202.00 217.00 207.20 114A 3 Chuck, shoulder clod, trmd 50 141,920 214.24 225.55 219.48 114D 3 Chuck, clod, top blade 8 30,777 270.00 295.00 273.64 114E 3 Chuck, clod, arm roast 12 38,759 240.00 275.00 269.50 114F 5 Chuck, clod tender (IM) 18 13,712 327.50 375.00 343.31 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 55 85,565 307.00 331.00 321.06 116B 1 Chuck, chuck tender (IM) 38 117,482 210.00 234.00 219.05

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 90 421,067 211.00 230.00 216.61 120A 3 Brisket, point/off, bnls 23 9,102 366.00 380.00 377.48 123A 3 Short Plate, short rib 42 52,574 310.00 367.00 329.87 130 4 Chuck, short rib 57 43,266 235.00 270.00 249.95 160 1 Round, bone-in 4 8,347 216.00 222.00 219.65 161 1 Round, boneless 6 13,991 211.00 231.00 220.60

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 79 159,161 235.00 255.00 243.50 168 1 Round, top inside round 89 95,528 210.00 230.00 216.66 168 3 Round, top inside round 21 152,551 221.00 240.00 232.73 169 5 Round, top inside, denuded 23 22,226 245.08 273.00 258.06

3 Round, top inside, side off 170 1 Round, bottom gooseneck 7 26,312 212.50 226.00 220.03 171B 3 Round, outside round 44 55,473 250.98 284.00 267.88 171C 3 Round, eye of round (IM) 52 44,549 264.00 277.00 270.84 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 31 56,391 495.71 531.00 513.66 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 24 22,627 430.00 469.50 443.88 180 3 Loin, strip, bnls, 0x1 77 68,950 510.00 561.00 529.28 184 1 Loin, top butt, bnls, heavy 27 18,218 300.00 320.00 309.10 184 3 Loin, top butt, boneless 50 36,419 311.00 336.00 329.97 185A 4 Loin, bottom sirloin, flap 57 86,167 349.00 386.00 363.42 185B 1 Loin, ball-tip, bnls, heavy 49 67,537 220.00 251.28 235.53 185C 1 Loin, sirloin, tri-tip (IM) 17 73,999 245.00 279.00 250.31 185D 4 Loin, tri-tip, pld (IM) 30 17,024 355.00 381.00 363.69 189A 4 Loin, tndrloin, trmd, heavy 64 85,596 1003.00 1143.00 1062.02 191A 4 Loin, butt tender, trimmed 4 14,314 959.00 975.00 960.02 193 4 Flank, flank steak (IM) 21 29,342 383.97 466.00 406.32 ------------------------------------------------------------------------------- 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 20 168,413 459.60 499.00 474.52 112A 3 Rib, ribeye, bnls, light 20 16,357 545.00 598.75 563.82 112A 3 Rib, ribeye, bnls, heavy 67 223,751 517.00 580.00 534.61 113C 1 Chuck, semi-bnls, neck/off 11 12,297 213.88 225.00 219.64 114 1 Chuck, shoulder clod 14 158,104 199.00 209.00 200.30 114A 3 Chuck, shoulder clod, trmd 29 141,630 210.00 225.55 217.75 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 13 7,423 265.00 325.00 294.86 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 63 168,453 255.00 282.00 268.12 116B 1 Chuck, chuck tender (IM) 28 103,912 208.13 228.00 213.94

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 31 167,927 210.96 225.00 215.45 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 11 24,205 260.03 320.00 291.07 130 4 Chuck, short rib 24 20,957 225.00 265.00 243.77 160 1 Round, bone-in 161 1 Round, boneless 8 5,144 207.00 232.98 225.34

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 30 110,008 238.00 255.00 243.48 168 1 Round, top inside round 43 189,470 202.00 224.10 208.35 168 3 Round, top inside round 38 101,237 209.00 229.00 219.28 169 5 Round, top inside, denuded 9 9,458 244.00 259.00 256.04

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 9 12,482 206.05 227.00 217.13 171B 3 Round, outside round 31 66,516 243.28 274.00 267.33 171C 3 Round, eye of round (IM) 37 125,392 226.97 256.00 231.42 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 33 24,046 400.09 447.89 429.88 175 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 39 171,158 353.78 423.00 377.04 184 1 Loin, top butt, bnls, heavy 19 23,955 244.00 270.00 257.59 184 3 Loin, top butt, boneless 36 53,651 263.69 285.00 274.47 185A 4 Loin, bottom sirloin, flap 24 92,595 325.00 365.00 342.39 185B 1 Loin, ball-tip, bnls, heavy 27 39,386 223.00 240.00 236.75 185C 1 Loin, sirloin, tri-tip (IM) 12 61,693 240.00 269.00 249.99 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 43 87,764 897.00 1072.00 929.65 191A 4 Loin, butt tender, trimmed 9 36,425 875.00 920.00 890.91 193 4 Flank, flank steak (IM) 9 33,944 350.00 400.00 367.86 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 12 54,358 88.00 111.46 92.24 121D 4 Plate, Inside Skirt (IM) 35 103,365 311.00 347.00 318.45 121C 4 Plate, Outside Skirt (IM) 22 37,919 476.00 537.22 506.83 121E 6 Outside Skirt, pld (IM) 12 32,595 720.00 870.00 777.52

Cap, Wedge Meat & (IM) Lean 68 263,921 230.00 272.60 257.56

Pectoral Meat 46 101,525 248.21 290.00 273.63 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 63 308,903 144.90 169.50 158.01 Ground Beef 75% Ground Beef 81% 103 404,195 176.00 208.50 194.19 Ground Beef 85% Ground Beef 90% Ground Beef 93% 34 94,122 249.00 278.28 255.51 Ground Beef Chuck 80% 44 237,095 194.00 205.51 200.26 Ground Beef Round 85% 39 173,697 212.00 236.00 220.69 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% 4 5,200 194.70 208.70 196.59 Blended Ground Beef 85% Blended Ground Beef 90% Blended Ground Beef 93% Blended Ground Beef Chuck 80% 0 0 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 28 514,199 60.20 71.00 65.12 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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