Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 193.03 173.15 Change from prior day: (0.19) (1.15) ------------------------------------------------------------------------------- Choice/Select spread: 19.88

Total Load Count (Cuts, Trimmings, Grids): 127 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 314.76 241.30 Primal Chuck 155.22 152.24 Primal Round 164.64 163.66 Primal Loin 263.42 214.03 Primal Brisket 136.52 132.36 Primal Short Plate 126.01 129.58 Primal Flank 88.83 87.11 -------------------------------------------------------------------------------- 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 47.37 loads 1,894,751 pounds Select Cuts 42.70 loads 1,707,918 pounds Trimmings 0.00 loads 0 pounds Ground Beef 37.22 load 1,488,863 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 12 13,256 655.00 699.50 671.33 112A 3 Rib, ribeye, bnls, light 9 11,217 680.85 792.21 737.29 112A 3 Rib, ribeye, bnls, heavy 33 74,286 676.00 786.00 730.55 113C 1 Chuck, semi-bnls, neck/off 5 7,078 202.50 230.00 214.78 114 1 Chuck, shoulder clod 13 29,163 194.00 208.16 197.23 114A 3 Chuck, shoulder clod, trmd 30 176,225 200.00 225.11 206.34 114D 3 Chuck, clod, top blade 9 30,198 250.00 285.00 254.71 114E 3 Chuck, clod, arm roast 4 4,178 249.73 260.00 250.54 114F 5 Chuck, clod tender (IM) 7 25,077 285.00 360.00 299.18 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 33 203,905 223.74 255.50 233.24 116B 1 Chuck, chuck tender (IM) 18 71,451 205.50 230.00 211.00

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 32 130,094 203.00 218.00 211.01 120A 3 Brisket, point/off, bnls 10 11,687 340.00 376.70 355.53 123A 3 Short Plate, short rib 12 20,658 300.00 373.00 332.54 130 4 Chuck, short rib 14 19,105 235.00 275.00 257.14 160 1 Round, bone-in 161 1 Round, boneless 3 25,611 205.00 212.75 207.60

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 33 95,805 206.62 233.98 223.21 168 1 Round, top inside round 17 80,923 202.00 213.75 207.95 168 3 Round, top inside round 28 213,533 200.74 229.50 217.42 169 5 Round, top inside, denuded 10 14,686 245.00 260.00 249.26

3 Round, top inside, side off 170 1 Round, bottom gooseneck 4 4,332 205.50 220.00 208.19 171B 3 Round, outside round 31 158,824 210.00 229.70 217.92 171C 3 Round, eye of round (IM) 11 23,008 243.00 260.00 246.90 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 10 13,773 496.24 538.00 511.32 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 8 4,862 445.00 473.00 448.55 180 3 Loin, strip, bnls, 0x1 28 45,098 465.00 545.00 513.44 184 1 Loin, top butt, bnls, heavy 8 8,968 305.00 321.00 316.78 184 3 Loin, top butt, boneless 13 33,124 310.00 345.00 326.51 185A 4 Loin, bottom sirloin, flap 34 82,106 330.00 361.00 349.09 185B 1 Loin, ball-tip, bnls, heavy 8 13,782 220.00 245.00 233.38 185C 1 Loin, sirloin, tri-tip (IM) 3 3,310 250.00 280.00 256.09 185D 4 Loin, tri-tip, pld (IM) 5 6,131 350.00 367.00 362.59 189A 4 Loin, tndrloin, trmd, heavy 25 40,996 1118.40 1240.00 1184.16 191A 4 Loin, butt tender, trimmed 0 0 193 4 Flank, flank steak (IM) 19 32,610 320.00 351.00 331.85 ------------------------------------------------------------------------------- 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 17,725 451.14 515.50 468.65 112A 3 Rib, ribeye, bnls, light 9 86,222 500.00 516.00 503.77 112A 3 Rib, ribeye, bnls, heavy 31 63,205 470.00 574.11 507.87 113C 1 Chuck, semi-bnls, neck/off 7 19,286 198.00 215.00 204.24 114 1 Chuck, shoulder clod 8 106,293 190.00 210.70 191.79 114A 3 Chuck, shoulder clod, trmd 19 138,661 202.00 224.00 205.39 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 3 11,012 250.00 310.00 283.44 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 21 117,063 223.74 260.00 233.90 116B 1 Chuck, chuck tender (IM) 10 31,811 194.79 215.00 207.74

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 9 74,684 201.00 222.85 205.23 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 4 3,572 315.00 325.00 318.81 130 4 Chuck, short rib 7 4,080 224.20 265.50 232.71 160 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 17 62,423 206.62 244.00 217.95 168 1 Round, top inside round 8 51,454 191.59 203.00 202.33 168 3 Round, top inside round 5 20,538 200.74 218.00 217.20 169 5 Round, top inside, denuded 8 48,483 225.00 250.36 244.60

3 Round, top inside, side off 170 1 Round, bottom gooseneck 3 5,623 204.75 220.00 211.36 171B 3 Round, outside round 14 42,777 200.88 230.00 221.01 171C 3 Round, eye of round (IM) 7 11,622 217.74 240.00 225.34 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 5 2,647 395.00 450.00 419.93 175 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 18 78,857 370.00 414.33 375.58 184 1 Loin, top butt, bnls, heavy 9 13,208 201.62 270.00 244.86 184 3 Loin, top butt, boneless 9 4,949 260.00 280.00 272.42 185A 4 Loin, bottom sirloin, flap 12 58,787 315.00 354.00 331.82 185B 1 Loin, ball-tip, bnls, heavy 9 14,587 205.00 237.98 223.52 185C 1 Loin, sirloin, tri-tip (IM) 5 2,179 250.51 265.50 255.80 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 23 101,178 810.88 914.00 832.20 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 6 5,844 270.88 328.00 306.10 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 11 18,396 85.00 170.15 99.96 121D 4 Plate, Inside Skirt (IM) 12 26,690 308.00 340.00 316.51 121C 4 Plate, Outside Skirt (IM) 15 34,747 441.02 514.00 455.58 121E 6 Outside Skirt, pld (IM)

Cap, Wedge Meat & (IM) Lean 33 487,099 245.00 265.00 246.45

Pectoral Meat 17 29,436 241.00 275.50 251.00 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 24 787,740 140.00 154.50 140.46 Ground Beef 75% Ground Beef 81% 29 321,931 175.00 216.00 180.75 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 4 12,894 243.78 255.00 244.80 Ground Beef Chuck 80% 12 173,579 179.00 207.00 187.09 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% 4 38,200 193.15 206.30 196.27 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% 0 0 -------------------------------------------------------------------------------- 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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