Bloomberg News

USDA Boxed Beef Cutout Closing Prices for November 1

November 01, 2012

November 1 (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: 193.50 176.30 Change from prior day: (1.27) (0.35) ------------------------------------------------------------------------------- Choice/Select spread: 17.20

Total Load Count (Cuts, Trimmings, Grids): 196 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 304.81 240.58 Primal Chuck 158.64 158.14 Primal Round 173.61 165.32 Primal Loin 257.63 219.15 Primal Brisket 133.31 132.77 Primal Short Plate 124.29 128.48 Primal Flank 91.15 89.74 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 10/31 87 85 8 48 228 194.77 176.65 10/30 44 78 19 22 163 198.17 177.88 10/29 61 48 14 28 151 197.50 179.08 10/26 43 65 0 26 134 196.82 179.70 10/25 51 45 17 37 151 199.37 182.55 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 197.33 179.17 -------------------------------------------------------------------------------- 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 84.78 loads 3,391,339 pounds Select Cuts 68.67 loads 2,746,976 pounds Trimmings 9.97 loads 398,660 pounds Ground Beef 32.41 load 1,296,224 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 24 19,641 600.00 663.00 629.29 112A 3 Rib, ribeye, bnls, light 4 5,025 736.78 760.00 740.68 112A 3 Rib, ribeye, bnls, heavy 61 110,418 667.72 725.00 698.55 113C 1 Chuck, semi-bnls, neck/off 8 50,729 208.20 230.00 213.15 114 1 Chuck, shoulder clod 15 37,600 190.00 215.00 196.70 114A 3 Chuck, shoulder clod, trmd 74 421,626 199.25 230.00 206.17 114D 3 Chuck, clod, top blade 9 8,758 260.00 291.00 272.90 114E 3 Chuck, clod, arm roast 6 12,963 251.03 272.00 266.69 114F 5 Chuck, clod tender (IM) 8 4,931 320.00 375.00 344.20 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 118 671,223 240.00 311.00 250.57 116B 1 Chuck, chuck tender (IM) 23 61,957 197.69 228.00 208.37

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 80 367,565 199.00 235.00 205.19 120A 3 Brisket, point/off, bnls 20 13,664 350.00 388.50 370.60 123A 3 Short Plate, short rib 35 32,427 310.00 366.00 337.32 130 4 Chuck, short rib 46 53,768 224.69 271.00 252.73 160 1 Round, bone-in 4 6,910 210.00 232.00 217.70 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 83 160,475 223.34 254.00 232.96 168 1 Round, top inside round 62 72,225 205.00 225.00 217.05 168 3 Round, top inside round 23 116,959 212.00 237.50 222.56 169 5 Round, top inside, denuded 13 23,469 250.00 267.00 261.94

3 Round, top inside, side off 170 1 Round, bottom gooseneck 10 27,813 198.00 221.50 204.29 171B 3 Round, outside round 48 141,060 220.00 275.00 250.46 171C 3 Round, eye of round (IM) 42 51,615 247.00 289.00 264.83 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 19 42,358 465.00 545.75 501.46 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 7 10,142 440.00 469.50 448.64 180 3 Loin, strip, bnls, 0x1 65 76,221 500.00 546.00 520.92 184 1 Loin, top butt, bnls, heavy 15 8,471 295.00 320.00 317.60 184 3 Loin, top butt, boneless 46 82,096 309.62 335.00 318.11 185A 4 Loin, bottom sirloin, flap 54 111,281 324.00 381.00 356.86 185B 1 Loin, ball-tip, bnls, heavy 30 76,723 216.00 249.50 227.95 185C 1 Loin, sirloin, tri-tip (IM) 15 41,205 250.00 279.00 262.58 185D 4 Loin, tri-tip, pld (IM) 22 20,669 360.00 381.00 363.43 189A 4 Loin, tndrloin, trmd, heavy 61 80,680 1044.00 1222.00 1091.88 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 25 39,461 336.65 386.00 356.30 ------------------------------------------------------------------------------- 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 16 41,410 473.00 513.00 482.36 112A 3 Rib, ribeye, bnls, light 7 50,541 495.00 570.00 519.76 112A 3 Rib, ribeye, bnls, heavy 28 73,732 470.00 580.00 517.03 113C 1 Chuck, semi-bnls, neck/off 10 23,825 201.39 217.00 215.03 114 1 Chuck, shoulder clod 11 41,880 195.00 205.00 198.93 114A 3 Chuck, shoulder clod, trmd 25 64,486 196.59 225.00 209.13 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 31 295,948 229.90 275.00 238.71 116B 1 Chuck, chuck tender (IM) 15 65,578 204.01 220.00 206.10

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 14 66,754 202.00 226.00 206.68 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 4 3,900 300.00 320.00 309.54 130 4 Chuck, short rib 18 21,764 224.69 265.00 249.25 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 26 162,680 220.00 247.00 231.00 168 1 Round, top inside round 19 274,758 195.00 212.00 198.18 168 3 Round, top inside round 23 110,843 209.00 224.00 212.98 169 5 Round, top inside, denuded 10 13,833 246.00 265.61 248.60

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 6 14,424 195.00 220.00 205.60 171B 3 Round, outside round 9 60,509 216.30 259.50 223.29 171C 3 Round, eye of round (IM) 31 114,751 214.69 248.41 223.16 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 18 62,660 402.44 445.00 416.54 175 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 21 109,815 358.00 429.00 391.91 184 1 Loin, top butt, bnls, heavy 8 12,733 255.00 292.00 266.41 184 3 Loin, top butt, boneless 15 153,706 255.00 282.00 260.33 185A 4 Loin, bottom sirloin, flap 9 21,871 331.00 363.00 345.08 185B 1 Loin, ball-tip, bnls, heavy 12 55,233 212.00 240.00 227.54 185C 1 Loin, sirloin, tri-tip (IM) 12 60,643 240.74 268.00 256.16 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 16 100,852 874.59 965.00 892.29 191A 4 Loin, butt tender, trimmed 4 2,727 875.00 940.00 880.55 193 4 Flank, flank steak (IM) 6 7,727 346.00 367.00 352.24 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 12 323,918 71.46 115.00 72.04 121D 4 Plate, Inside Skirt (IM) 37 184,125 296.00 340.00 305.65 121C 4 Plate, Outside Skirt (IM) 17 45,410 441.90 525.00 478.69 121E 6 Outside Skirt, pld (IM) 4 6,236 720.00 775.75 734.81

Cap, Wedge Meat & (IM) Lean 46 177,687 238.00 275.00 251.12

Pectoral Meat 21 47,665 253.00 277.50 261.61 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 38 562,544 141.40 164.00 143.87 Ground Beef 75% Ground Beef 81% 30 256,402 167.00 205.00 179.34 Ground Beef 85% 0 0 Ground Beef 90% Ground Beef 93% 19 94,650 235.00 278.00 237.97 Ground Beef Chuck 80% 14 117,705 180.00 207.80 196.15 Ground Beef Round 85% 6 11,958 213.87 223.00 215.77 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% 10 20,549 171.95 208.30 194.40 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 16 389,910 62.85 75.00 68.28 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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