Bloomberg News

USDA Boxed Beef Cutout Midday Prices for November 13

November 13, 2012

November 13 (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: 194.04 175.63 Change from prior day: 0.74 1.92 ------------------------------------------------------------------------------- Choice/Select spread: 18.41

Total Load Count (Cuts, Trimmings, Grids): 99 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 318.71 241.78 Primal Chuck 157.91 158.87 Primal Round 165.42 162.43 Primal Loin 261.67 217.66 Primal Brisket 135.10 131.88 Primal Short Plate 125.59 128.87 Primal Flank 90.73 88.42 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 11/12 60 51 7 39 157 193.30 173.71 11/09 67 70 6 28 172 191.87 173.56 11/08 112 77 15 22 225 193.24 175.95 11/07 94 73 11 35 213 193.93 176.16 11/06 72 52 14 32 169 193.65 176.45 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 193.20 175.17 -------------------------------------------------------------------------------- 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 47.09 loads 1,883,494 pounds Select Cuts 38.18 loads 1,527,154 pounds Trimmings 0.00 loads 0 pounds Ground Beef 13.34 load 533,584 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 9 5,606 646.00 689.00 655.10 112A 3 Rib, ribeye, bnls, light 3 13,936 749.00 756.00 749.03 112A 3 Rib, ribeye, bnls, heavy 12 10,874 717.57 765.00 741.06 113C 1 Chuck, semi-bnls, neck/off 8 89,910 192.00 211.00 193.54 114 1 Chuck, shoulder clod 13 51,008 193.00 201.00 195.20 114A 3 Chuck, shoulder clod, trmd 21 117,061 197.00 231.00 208.80 114D 3 Chuck, clod, top blade 6 5,526 242.00 281.00 270.56 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 17 72,255 308.00 345.00 311.08 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 29 216,832 221.30 250.00 234.30 116B 1 Chuck, chuck tender (IM) 13 11,516 202.00 225.00 211.85

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 13 24,622 209.00 222.00 211.74 120A 3 Brisket, point/off, bnls 3 2,368 355.50 363.00 360.00 123A 3 Short Plate, short rib 11 16,504 300.00 363.00 332.74 130 4 Chuck, short rib 13 25,405 250.00 280.00 261.80 160 1 Round, bone-in 7 14,364 200.00 234.50 227.27 161 1 Round, boneless 4 7,064 208.25 227.50 212.33

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 30 105,019 218.00 243.00 222.76 168 1 Round, top inside round 21 173,273 199.00 219.00 201.66 168 3 Round, top inside round 16 134,936 202.00 226.00 215.45 169 5 Round, top inside, denuded 14 31,844 245.00 259.71 246.38

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 23 141,535 210.00 249.00 217.76 171C 3 Round, eye of round (IM) 24 61,943 221.74 265.00 245.93 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 11 10,097 484.26 532.00 497.04 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 0 0 180 3 Loin, strip, bnls, 0x1 27 43,265 487.00 540.00 497.53 184 1 Loin, top butt, bnls, heavy 6 2,672 280.00 322.29 307.35 184 3 Loin, top butt, boneless 17 118,435 300.00 330.83 302.25 185A 4 Loin, bottom sirloin, flap 13 46,922 330.00 363.00 348.04 185B 1 Loin, ball-tip, bnls, heavy 7 37,252 223.50 258.00 225.87 185C 1 Loin, sirloin, tri-tip (IM) 11 65,162 245.00 261.85 246.10 185D 4 Loin, tri-tip, pld (IM) 8 7,393 356.00 370.00 357.78 189A 4 Loin, tndrloin, trmd, heavy 7 4,647 1127.00 1195.00 1148.83 191A 4 Loin, butt tender, trimmed 5 1,431 1104.00 1197.49 1137.94 193 4 Flank, flank steak (IM) 21 45,528 325.44 344.00 334.62 ------------------------------------------------------------------------------- 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 11 27,928 450.00 500.00 459.93 112A 3 Rib, ribeye, bnls, light 3 30,626 501.20 561.00 503.84 112A 3 Rib, ribeye, bnls, heavy 16 18,307 480.00 552.00 511.40 113C 1 Chuck, semi-bnls, neck/off 8 8,821 197.00 225.00 205.93 114 1 Chuck, shoulder clod 7 33,417 189.37 203.25 196.12 114A 3 Chuck, shoulder clod, trmd 13 77,386 202.00 212.25 204.13 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 15 60,488 227.00 250.25 234.15 116B 1 Chuck, chuck tender (IM) 7 10,943 205.00 220.00 210.43

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 9 57,399 200.00 225.00 207.00 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 130 4 Chuck, short rib 11 73,163 225.00 253.00 251.11 160 1 Round, bone-in 161 1 Round, boneless 3 2,667 195.00 227.50 218.16

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 14 94,546 215.00 230.00 218.66 168 1 Round, top inside round 10 16,978 195.00 212.80 205.45 168 3 Round, top inside round 12 99,339 200.00 218.00 208.30 169 5 Round, top inside, denuded 7 45,559 234.00 259.22 242.31

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 3 4,904 187.00 211.00 191.38 171B 3 Round, outside round 17 114,121 210.00 240.00 218.07 171C 3 Round, eye of round (IM) 10 18,457 222.12 246.00 234.77 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 17 30,935 390.12 440.00 402.84 175 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 30 170,739 342.00 393.00 364.83 184 1 Loin, top butt, bnls, heavy 3 1,310 240.00 267.00 258.91 184 3 Loin, top butt, boneless 15 35,831 252.00 277.25 258.45 185A 4 Loin, bottom sirloin, flap 7 76,524 332.00 345.00 337.09 185B 1 Loin, ball-tip, bnls, heavy 13 149,977 215.00 251.25 225.08 185C 1 Loin, sirloin, tri-tip (IM) 7 53,258 245.00 271.25 245.82 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 12 12,400 850.00 907.25 869.11 191A 4 Loin, butt tender, trimmed 6 1,389 875.00 898.00 880.68 193 4 Flank, flank steak (IM) 13 47,118 307.00 340.00 318.87 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 0 0 121D 4 Plate, Inside Skirt (IM) 20 70,582 302.00 332.00 306.88 121C 4 Plate, Outside Skirt (IM) 8 5,817 450.03 485.00 464.29 121E 6 Outside Skirt, pld (IM)

Cap, Wedge Meat & (IM) Lean 21 95,876 242.00 264.20 249.30

Pectoral Meat 16 28,926 247.00 290.00 262.11 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 14 150,829 145.00 164.71 154.32 Ground Beef 75% 0 0 Ground Beef 81% 13 87,373 180.00 210.25 198.36 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 12 74,880 243.78 273.25 252.69 Ground Beef Chuck 80% 4 50,454 189.15 194.65 189.99 Ground Beef Round 85% 10 18,005 211.52 230.00 216.30 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 16,280 192.60 211.00 197.60 Blended Ground Beef 85% Blended Ground Beef 90% 0 0 Blended Ground Beef 93% 0 0 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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