Bloomberg News

USDA Boxed Beef Cutout Closing Prices for November 15

November 15, 2012

November 15 (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: 192.93 173.13 Change from prior day: (0.29) (1.17) ------------------------------------------------------------------------------- Choice/Select spread: 19.81

Total Load Count (Cuts, Trimmings, Grids): 194 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 314.96 241.37 Primal Chuck 154.97 152.07 Primal Round 164.50 163.80 Primal Loin 263.85 214.41 Primal Brisket 136.25 132.20 Primal Short Plate 124.87 128.57 Primal Flank 88.53 86.73 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 11/14 104 92 4 40 240 193.22 174.30 11/13 82 86 7 19 195 193.39 174.59 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 193.00 174.42 -------------------------------------------------------------------------------- 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 73.85 loads 2,953,948 pounds Select Cuts 64.24 loads 2,569,427 pounds Trimmings 9.59 loads 383,484 pounds Ground Beef 46.50 load 1,859,856 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 19 39,795 655.00 703.00 668.93 112A 3 Rib, ribeye, bnls, light 9 11,217 680.85 792.21 737.29 112A 3 Rib, ribeye, bnls, heavy 38 88,762 676.00 786.00 727.44 113C 1 Chuck, semi-bnls, neck/off 7 14,351 196.00 230.00 206.85 114 1 Chuck, shoulder clod 20 62,197 194.00 208.16 197.97 114A 3 Chuck, shoulder clod, trmd 47 289,388 200.00 225.11 207.89 114D 3 Chuck, clod, top blade 13 62,114 250.00 285.00 262.80 114E 3 Chuck, clod, arm roast 5 10,996 249.73 269.00 261.99 114F 5 Chuck, clod tender (IM) 9 30,537 283.31 360.00 297.24 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 51 331,000 223.74 255.50 233.20 116B 1 Chuck, chuck tender (IM) 25 75,592 205.50 230.00 211.16

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 41 139,361 199.00 221.53 210.65 120A 3 Brisket, point/off, bnls 10 11,687 340.00 376.70 355.53 123A 3 Short Plate, short rib 17 30,878 300.00 373.00 336.96 130 4 Chuck, short rib 19 25,743 225.00 275.00 255.60 160 1 Round, bone-in 161 1 Round, boneless 8 26,944 205.00 222.50 208.20

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 46 210,991 206.62 233.98 219.41 168 1 Round, top inside round 25 124,059 200.00 213.75 207.19 168 3 Round, top inside round 46 409,407 208.50 229.50 216.77 169 5 Round, top inside, denuded 13 19,977 245.00 260.00 248.79

3 Round, top inside, side off 170 1 Round, bottom gooseneck 10 7,452 200.00 220.00 206.09 171B 3 Round, outside round 44 193,132 210.00 229.70 218.44 171C 3 Round, eye of round (IM) 19 35,751 219.50 260.00 244.88 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 15 18,910 496.24 538.00 514.38 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 9 6,428 445.00 473.00 447.68 180 3 Loin, strip, bnls, 0x1 31 57,500 465.00 545.00 509.35 184 1 Loin, top butt, bnls, heavy 10 9,969 301.00 321.00 316.66 184 3 Loin, top butt, boneless 18 35,714 306.86 345.00 325.81 185A 4 Loin, bottom sirloin, flap 43 168,957 330.00 365.00 352.33 185B 1 Loin, ball-tip, bnls, heavy 10 17,628 220.00 245.00 232.49 185C 1 Loin, sirloin, tri-tip (IM) 8 27,909 250.00 317.00 261.85 185D 4 Loin, tri-tip, pld (IM) 7 8,355 350.00 367.00 362.13 189A 4 Loin, tndrloin, trmd, heavy 28 43,926 1118.40 1240.00 1182.46 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 23 36,930 320.00 351.00 333.87 ------------------------------------------------------------------------------- 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 15 23,291 451.14 515.50 469.31 112A 3 Rib, ribeye, bnls, light 10 90,240 500.00 523.00 504.63 112A 3 Rib, ribeye, bnls, heavy 37 65,975 470.00 574.11 508.41 113C 1 Chuck, semi-bnls, neck/off 7 19,286 198.00 215.00 204.24 114 1 Chuck, shoulder clod 10 128,999 190.00 210.70 193.24 114A 3 Chuck, shoulder clod, trmd 29 192,026 195.00 224.00 205.49 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 4 11,488 250.00 310.00 284.54 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 35 206,400 223.74 260.00 232.51 116B 1 Chuck, chuck tender (IM) 15 38,490 194.79 215.00 207.99

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 14 105,225 201.00 222.85 204.60 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 8 9,564 303.00 355.00 334.34 130 4 Chuck, short rib 11 11,328 224.20 265.50 227.86 160 1 Round, bone-in 161 1 Round, boneless 4 3,472 180.00 214.00 208.44

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 24 89,940 206.62 244.00 219.44 168 1 Round, top inside round 18 97,769 195.00 219.00 202.87 168 3 Round, top inside round 15 44,170 200.74 222.00 215.82 169 5 Round, top inside, denuded 10 50,538 225.00 252.00 244.87

3 Round, top inside, side off 170 1 Round, bottom gooseneck 5 14,761 203.41 220.00 206.62 171B 3 Round, outside round 17 55,450 212.05 230.00 221.99 171C 3 Round, eye of round (IM) 13 20,283 217.74 244.75 229.32 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 8 4,109 395.00 450.00 415.90 175 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 20 81,598 370.00 414.33 375.75 184 1 Loin, top butt, bnls, heavy 12 17,714 201.62 270.00 249.09 184 3 Loin, top butt, boneless 15 18,890 247.00 280.00 258.50 185A 4 Loin, bottom sirloin, flap 23 171,033 315.00 354.00 337.01 185B 1 Loin, ball-tip, bnls, heavy 12 27,239 205.00 241.00 227.50 185C 1 Loin, sirloin, tri-tip (IM) 13 20,391 248.59 265.50 253.94 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 29 109,647 810.88 914.00 833.26 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 9 9,716 270.88 328.00 308.72 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 13 23,151 85.00 170.15 99.03 121D 4 Plate, Inside Skirt (IM) 54 309,795 289.00 340.00 310.82 121C 4 Plate, Outside Skirt (IM) 29 91,808 441.02 514.00 453.76 121E 6 Outside Skirt, pld (IM) 4 2,148 670.00 705.00 698.34

Cap, Wedge Meat & (IM) Lean 45 523,692 245.00 267.50 246.72

Pectoral Meat 22 35,691 241.00 276.00 251.80 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 35 865,627 140.00 175.22 141.42 Ground Beef 75% Ground Beef 81% 44 506,087 175.00 216.00 180.43 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 7 18,109 243.78 278.00 252.70 Ground Beef Chuck 80% 19 204,598 179.00 207.00 187.59 Ground Beef Round 85% 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 46,440 191.60 206.30 195.86 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 12 309,434 72.82 80.00 75.88 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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