Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 197.48 181.27 Change from prior day: (1.89) (1.28) ------------------------------------------------------------------------------- Choice/Select spread: 16.21

Total Load Count (Cuts, Trimmings, Grids): 83 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 296.96 245.35 Primal Chuck 168.12 162.78 Primal Round 179.20 172.29 Primal Loin 259.92 224.87 Primal Brisket 139.38 137.23 Primal Short Plate 124.45 128.57 Primal Flank 91.57 91.37 -------------------------------------------------------------------------------- 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 24.61 loads 984,488 pounds Select Cuts 36.63 loads 1,465,084 pounds Trimmings 0.00 loads 0 pounds Ground Beef 22.25 load 889,945 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 10 33,029 599.00 664.29 604.25 112A 3 Rib, ribeye, bnls, light 6 12,429 695.25 735.00 699.86 112A 3 Rib, ribeye, bnls, heavy 13 14,504 675.00 724.00 682.60 113C 1 Chuck, semi-bnls, neck/off 3 5,275 218.72 225.00 220.09 114 1 Chuck, shoulder clod 5 14,566 196.00 214.99 200.30 114A 3 Chuck, shoulder clod, trmd 20 48,093 205.00 225.00 216.12 114D 3 Chuck, clod, top blade 4 35,653 261.65 275.00 262.41 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 7 8,298 325.00 375.00 343.79 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 13 63,599 275.00 322.00 286.92 116B 1 Chuck, chuck tender (IM) 11 12,952 218.00 228.00 221.33

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 12 27,189 216.05 230.00 223.20 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 4 11,608 310.00 365.00 348.44 130 4 Chuck, short rib 14 68,388 184.20 270.00 201.99 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 19 28,647 240.00 277.00 251.14 168 1 Round, top inside round 13 28,403 203.74 232.99 216.04 168 3 Round, top inside round 8 33,075 218.00 233.00 221.45 169 5 Round, top inside, denuded 3 3,963 262.00 265.00 262.26

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 15 26,290 255.00 278.00 266.86 171C 3 Round, eye of round (IM) 17 74,763 235.00 288.00 253.73 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 8 23,570 500.43 545.00 537.11 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 6 4,305 442.00 495.00 444.20 180 3 Loin, strip, bnls, 0x1 10 27,364 485.00 551.00 499.29 184 1 Loin, top butt, bnls, heavy 4 4,045 310.00 320.00 317.62 184 3 Loin, top butt, boneless 9 7,074 319.00 337.00 323.95 185A 4 Loin, bottom sirloin, flap 8 26,154 350.06 370.00 362.79 185B 1 Loin, ball-tip, bnls, heavy 15 38,680 220.00 246.00 240.81 185C 1 Loin, sirloin, tri-tip (IM) 7 34,065 245.00 275.00 258.69 185D 4 Loin, tri-tip, pld (IM) 3 3,404 350.00 372.00 366.50 189A 4 Loin, tndrloin, trmd, heavy 5 5,047 1004.00 1095.00 1056.77 191A 4 Loin, butt tender, trimmed 3 6,200 959.00 1043.00 1004.42 193 4 Flank, flank steak (IM) 7 67,134 340.00 416.24 351.49 ------------------------------------------------------------------------------- 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 5 3,533 465.43 500.00 478.47 112A 3 Rib, ribeye, bnls, light 112A 3 Rib, ribeye, bnls, heavy 15 23,234 525.39 561.00 540.14 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 16 189,067 199.07 236.00 215.17 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 20 96,980 249.58 280.00 262.40 116B 1 Chuck, chuck tender (IM) 7 7,793 210.00 224.00 215.17

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 8 108,548 209.57 225.00 215.62 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 3 9,091 300.00 355.00 350.77 130 4 Chuck, short rib 13 67,927 184.20 225.00 194.35 160 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 8 141,673 234.00 250.00 240.02 168 1 Round, top inside round 3 2,211 207.89 217.00 215.29 168 3 Round, top inside round 10 52,339 208.00 232.00 211.71 169 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 171B 3 Round, outside round 9 59,626 245.00 270.00 248.96 171C 3 Round, eye of round (IM) 8 8,031 228.00 252.00 233.54 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 8 6,543 425.50 447.89 435.61 175 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 5 68,567 383.50 423.00 417.13 184 1 Loin, top butt, bnls, heavy 3 42,988 253.29 260.28 255.16 184 3 Loin, top butt, boneless 11 9,496 268.64 296.00 275.51 185A 4 Loin, bottom sirloin, flap 7 128,597 332.00 342.00 332.31 185B 1 Loin, ball-tip, bnls, heavy 9 7,354 234.00 248.00 237.77 185C 1 Loin, sirloin, tri-tip (IM) 6 21,155 241.42 260.00 242.25 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 13 65,560 864.00 920.00 899.94 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 3 3,004 360.57 384.65 361.88 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 0 0 124 4 Rib, Back Ribs, Frozen 13 105,123 77.00 110.00 77.75 121D 4 Plate, Inside Skirt (IM) 11 69,621 310.00 339.00 314.96 121C 4 Plate, Outside Skirt (IM) 10 41,504 479.08 514.00 494.87 121E 6 Outside Skirt, pld (IM) 0 0

Cap, Wedge Meat & (IM) Lean 25 202,184 249.70 276.00 253.43

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% 14 141,621 147.57 170.89 153.64 Ground Beef 75% Ground Beef 81% 29 287,035 176.00 205.00 180.73 Ground Beef 85% 0 0 Ground Beef 90% 0 0 Ground Beef 93% 7 3,508 252.00 278.00 254.56 Ground Beef Chuck 80% 18 256,462 185.00 203.00 190.53 Ground Beef Round 85% 10 34,536 214.00 218.00 215.65 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% 6 119,173 192.51 199.00 198.60 Blended Ground Beef 85% Blended Ground Beef 90% 0 0 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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