Bloomberg News

USDA Boxed Beef Cutout Closing Prices for November 19

November 19, 2012

November 19 (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: 194.17 172.97 Change from prior day: 1.15 (0.11) ------------------------------------------------------------------------------- Choice/Select spread: 21.20

Total Load Count (Cuts, Trimmings, Grids): 237 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 325.95 239.24 Primal Chuck 156.20 154.11 Primal Round 166.25 164.48 Primal Loin 260.43 210.90 Primal Brisket 136.68 133.35 Primal Short Plate 124.14 128.25 Primal Flank 88.37 87.78 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 11/16 87 69 18 33 207 193.02 173.08 11/15 74 64 10 47 194 192.93 173.13 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 193.17 173.76 -------------------------------------------------------------------------------- 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 88.34 loads 3,533,677 pounds Select Cuts 94.31 loads 3,772,364 pounds Trimmings 31.28 loads 1,251,168 pounds Ground Beef 23.46 load 938,302 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 37 177,893 661.50 709.28 671.18 112A 3 Rib, ribeye, bnls, light 5 7,045 743.11 790.00 765.63 112A 3 Rib, ribeye, bnls, heavy 32 28,797 720.12 800.00 759.80 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 8 20,931 199.00 209.40 203.17 114A 3 Chuck, shoulder clod, trmd 29 272,990 206.00 220.20 212.08 114D 3 Chuck, clod, top blade 18 46,102 258.00 290.00 272.17 114E 3 Chuck, clod, arm roast 6 7,597 248.25 270.00 260.84 114F 5 Chuck, clod tender (IM) 15 74,629 280.00 324.65 287.65 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 42 407,462 223.45 253.00 234.26 116B 1 Chuck, chuck tender (IM) 19 51,339 205.25 233.00 218.11

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 33 187,602 204.00 224.54 211.50 120A 3 Brisket, point/off, bnls 15 22,690 340.00 381.00 356.30 123A 3 Short Plate, short rib 29 55,092 315.00 376.00 338.87 130 4 Chuck, short rib 28 66,471 220.00 281.00 264.42 160 1 Round, bone-in 6 15,052 195.25 232.50 211.44 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 56 267,280 215.00 246.00 222.94 168 1 Round, top inside round 15 74,394 204.10 217.28 208.72 168 3 Round, top inside round 20 118,724 213.35 229.33 217.31 169 5 Round, top inside, denuded 23 107,604 245.00 255.60 252.25

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 43 166,967 215.00 244.00 224.27 171C 3 Round, eye of round (IM) 46 136,220 235.00 268.00 242.37 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 25 82,130 479.04 550.00 491.64 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 12 18,140 422.00 523.00 444.38 180 3 Loin, strip, bnls, 0x1 47 140,953 485.00 548.37 501.48 184 1 Loin, top butt, bnls, heavy 15 9,755 278.50 315.00 299.72 184 3 Loin, top butt, boneless 32 154,532 300.00 330.00 313.85 185A 4 Loin, bottom sirloin, flap 36 91,882 341.00 366.00 360.59 185B 1 Loin, ball-tip, bnls, heavy 17 211,665 222.00 245.00 235.20 185C 1 Loin, sirloin, tri-tip (IM) 14 111,203 260.00 283.00 265.47 185D 4 Loin, tri-tip, pld (IM) 13 12,678 346.00 376.04 356.91 189A 4 Loin, tndrloin, trmd, heavy 30 67,952 1135.00 1297.00 1166.18 191A 4 Loin, butt tender, trimmed 9 8,366 1095.60 1230.00 1106.70 193 4 Flank, flank steak (IM) 20 10,346 320.00 355.00 330.41 ------------------------------------------------------------------------------- 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 14 36,419 465.00 530.00 477.40 112A 3 Rib, ribeye, bnls, light 7 56,783 471.28 546.28 504.29 112A 3 Rib, ribeye, bnls, heavy 35 105,314 459.55 560.00 498.51 113C 1 Chuck, semi-bnls, neck/off 5 4,883 205.00 219.25 206.55 114 1 Chuck, shoulder clod 11 55,508 190.00 215.21 201.85 114A 3 Chuck, shoulder clod, trmd 15 268,969 202.17 219.25 208.69 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 8 22,422 240.00 310.00 246.90 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 47 1,057,813 225.74 255.58 230.46 116B 1 Chuck, chuck tender (IM) 12 16,670 204.00 225.00 211.12

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 13 108,154 198.00 220.21 204.16 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 5 6,274 315.00 355.00 332.53 130 4 Chuck, short rib 12 17,964 225.00 271.00 251.40 160 1 Round, bone-in 161 1 Round, boneless 4 5,142 211.92 230.00 216.85

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 23 197,235 211.00 235.25 221.19 168 1 Round, top inside round 14 30,714 200.00 223.00 211.53 168 3 Round, top inside round 13 254,187 212.12 223.00 215.91 169 5 Round, top inside, denuded

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 14 101,932 208.00 228.00 218.91 171C 3 Round, eye of round (IM) 16 35,040 223.00 245.00 234.86 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 26 39,448 362.36 430.58 392.67 175 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 17 52,392 340.00 391.00 362.75 184 1 Loin, top butt, bnls, heavy 9 27,218 240.00 262.90 244.91 184 3 Loin, top butt, boneless 21 44,439 242.00 280.00 251.75 185A 4 Loin, bottom sirloin, flap 17 122,612 340.00 361.00 347.15 185B 1 Loin, ball-tip, bnls, heavy 7 11,473 221.00 249.89 226.06 185C 1 Loin, sirloin, tri-tip (IM) 11 66,498 245.00 263.00 253.83 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 17 36,166 815.00 1052.00 873.81 191A 4 Loin, butt tender, trimmed 9 6,014 863.78 900.00 872.04 193 4 Flank, flank steak (IM) 4 2,701 335.00 355.00 347.81 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 9 32,786 85.00 115.00 88.34 121D 4 Plate, Inside Skirt (IM) 78 574,665 299.00 324.75 316.47 121C 4 Plate, Outside Skirt (IM) 17 43,487 441.02 485.00 449.85 121E 6 Outside Skirt, pld (IM) 9 19,287 620.00 680.00 636.68

Cap, Wedge Meat & (IM) Lean 44 374,126 244.63 265.00 248.85

Pectoral Meat 31 94,932 235.00 320.00 257.95 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 18 264,444 147.00 165.06 152.59 Ground Beef 75% Ground Beef 81% 27 131,265 171.21 207.58 185.47 Ground Beef 85% 0 0 Ground Beef 90% 0 0 Ground Beef 93% 9 17,094 245.00 270.28 247.59 Ground Beef Chuck 80% 15 147,445 177.98 203.25 190.41 Ground Beef Round 85% 10 37,747 205.89 222.00 216.52 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 97,558 189.00 225.00 201.66 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% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 46 1,251,168 64.00 80.00 72.33 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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