Bloomberg News

USDA Boxed Beef Cutout Closing Prices for October 26

October 26, 2012

October 26 (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: 196.82 179.70 Change from prior day: (2.55) (2.85) ------------------------------------------------------------------------------- Choice/Select spread: 17.12

Total Load Count (Cuts, Trimmings, Grids): 134 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 296.78 239.86 Primal Chuck 167.58 161.39 Primal Round 178.98 171.58 Primal Loin 258.46 223.52 Primal Brisket 137.48 135.57 Primal Short Plate 124.31 128.43 Primal Flank 91.13 91.27 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 10/25 51 45 17 37 151 199.37 182.55 10/24 68 73 14 34 189 199.38 183.92 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 198.46 182.36 -------------------------------------------------------------------------------- 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 43.02 loads 1,720,837 pounds Select Cuts 64.66 loads 2,586,527 pounds Trimmings 0.00 loads 0 pounds Ground Beef 25.96 load 1,038,287 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 34,271 599.00 664.29 604.93 112A 3 Rib, ribeye, bnls, light 12 70,570 685.00 736.00 716.94 112A 3 Rib, ribeye, bnls, heavy 23 29,560 647.38 724.00 676.03 113C 1 Chuck, semi-bnls, neck/off 5 20,013 206.45 225.00 210.32 114 1 Chuck, shoulder clod 9 18,864 196.00 216.00 202.77 114A 3 Chuck, shoulder clod, trmd 26 67,462 190.00 225.00 215.31 114D 3 Chuck, clod, top blade 7 36,615 260.07 287.50 262.79 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 9 9,844 325.00 375.00 341.18 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 15 91,391 275.00 322.00 295.02 116B 1 Chuck, chuck tender (IM) 15 20,155 197.00 228.00 218.54

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 29 162,858 200.00 230.00 212.87 120A 3 Brisket, point/off, bnls 4 1,219 360.00 387.00 379.76 123A 3 Short Plate, short rib 11 28,534 270.00 365.00 318.46 130 4 Chuck, short rib 18 71,414 184.20 270.00 204.06 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 35 83,765 227.00 277.00 245.44 168 1 Round, top inside round 15 38,058 203.74 232.99 216.57 168 3 Round, top inside round 13 45,115 205.00 236.00 222.18 169 5 Round, top inside, denuded 4 4,024 262.00 265.00 262.29

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 4 3,949 199.50 226.00 210.10 171B 3 Round, outside round 23 57,085 254.00 279.00 264.02 171C 3 Round, eye of round (IM) 23 77,603 235.00 288.00 253.86 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 10 42,977 480.00 545.00 511.64 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 8 6,296 442.00 495.00 450.65 180 3 Loin, strip, bnls, 0x1 25 60,947 485.00 547.00 496.50 184 1 Loin, top butt, bnls, heavy 7 7,295 299.99 327.00 312.63 184 3 Loin, top butt, boneless 23 96,033 286.63 337.00 312.17 185A 4 Loin, bottom sirloin, flap 12 40,110 350.06 371.00 364.78 185B 1 Loin, ball-tip, bnls, heavy 18 53,535 220.00 247.00 236.07 185C 1 Loin, sirloin, tri-tip (IM) 13 53,702 245.00 275.00 263.36 185D 4 Loin, tri-tip, pld (IM) 7 5,600 350.00 395.00 364.85 189A 4 Loin, tndrloin, trmd, heavy 8 8,994 1004.00 1107.00 1056.95 191A 4 Loin, butt tender, trimmed 4 10,654 959.00 1043.00 985.85 193 4 Flank, flank steak (IM) 9 108,046 340.00 416.24 349.04 ------------------------------------------------------------------------------- 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 9 5,007 462.00 500.00 476.14 112A 3 Rib, ribeye, bnls, light 9 88,100 475.00 557.00 495.02 112A 3 Rib, ribeye, bnls, heavy 25 33,874 514.00 561.00 534.45 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 8 29,137 198.00 210.00 203.52 114A 3 Chuck, shoulder clod, trmd 22 232,464 199.07 236.00 213.56 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 3 6,071 294.00 325.00 322.43 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 31 150,207 249.58 280.00 262.33 116B 1 Chuck, chuck tender (IM) 14 40,049 197.00 224.00 211.90

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 17 340,180 205.00 226.00 209.52 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 4 21,201 269.00 355.00 304.06 130 4 Chuck, short rib 17 72,757 184.20 252.00 197.32 160 1 Round, bone-in 0 0 161 1 Round, boneless 3 2,526 226.00 230.00 227.58

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 17 192,632 231.88 250.00 238.83 168 1 Round, top inside round 9 47,413 205.00 217.50 207.17 168 3 Round, top inside round 16 98,647 208.00 232.00 213.11 169 5 Round, top inside, denuded 4 2,211 247.00 262.00 252.49

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 3 2,558 199.50 220.00 207.71 171B 3 Round, outside round 12 68,986 244.99 270.00 248.57 171C 3 Round, eye of round (IM) 11 27,737 227.00 254.50 230.54 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 15 33,781 380.00 447.89 397.08 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 0 0 180 3 Loin, strip, bnls, 0x1 12 92,103 351.00 423.00 404.56 184 1 Loin, top butt, bnls, heavy 5 46,491 253.29 266.00 255.91 184 3 Loin, top butt, boneless 15 12,127 255.00 296.00 271.82 185A 4 Loin, bottom sirloin, flap 10 166,007 325.00 342.00 330.66 185B 1 Loin, ball-tip, bnls, heavy 15 39,272 217.00 252.50 221.57 185C 1 Loin, sirloin, tri-tip (IM) 8 23,332 241.42 265.00 244.13 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 17 72,161 894.00 932.11 905.44 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 7 24,796 350.21 384.65 355.30 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 14 111,091 71.35 110.00 77.41 121D 4 Plate, Inside Skirt (IM) 20 133,357 305.50 339.00 313.18 121C 4 Plate, Outside Skirt (IM) 15 71,429 479.08 514.50 494.95 121E 6 Outside Skirt, pld (IM)

Cap, Wedge Meat & (IM) Lean 47 446,786 248.00 276.00 251.91

Pectoral Meat 15 25,380 242.00 280.00 255.55 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 20 173,681 147.57 170.89 154.57 Ground Beef 75% Ground Beef 81% 40 362,775 176.00 214.00 181.53 Ground Beef 85% 0 0 Ground Beef 90% 0 0 Ground Beef 93% 8 5,905 252.00 278.00 261.84 Ground Beef Chuck 80% 18 256,462 185.00 203.00 190.53 Ground Beef Round 85% 17 44,409 208.29 235.00 217.99 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% 8 131,735 192.51 199.30 198.44 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 0 0 Frozen 50% lean trimmings 0 0 -------------------------------------------------------------------------------- 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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