Bloomberg News

USDA Boxed Beef Cutout Closing Prices for November 20

November 20, 2012

November 20 (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: 194.28 173.84 Change from prior day: 0.11 0.87 ------------------------------------------------------------------------------- Choice/Select spread: 20.44

Total Load Count (Cuts, Trimmings, Grids): 245 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 323.60 243.17 Primal Chuck 157.93 153.25 Primal Round 165.28 163.22 Primal Loin 260.33 215.32 Primal Brisket 136.29 133.46 Primal Short Plate 124.51 128.47 Primal Flank 91.21 88.06 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 11/19 88 94 31 23 237 194.17 172.97 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 193.35 173.61 -------------------------------------------------------------------------------- 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 92.02 loads 3,680,953 pounds Select Cuts 82.71 loads 3,308,540 pounds Trimmings 13.70 loads 547,812 pounds Ground Beef 56.92 load 2,276,702 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 36 115,401 634.00 735.00 676.68 112A 3 Rib, ribeye, bnls, light 26 70,954 732.57 810.00 757.67 112A 3 Rib, ribeye, bnls, heavy 39 97,667 706.00 775.00 739.83 113C 1 Chuck, semi-bnls, neck/off 7 11,073 197.50 221.00 209.46 114 1 Chuck, shoulder clod 17 71,114 189.50 210.00 202.02 114A 3 Chuck, shoulder clod, trmd 31 108,619 203.50 227.00 212.81 114D 3 Chuck, clod, top blade 13 39,070 255.00 295.50 276.14 114E 3 Chuck, clod, arm roast 12 48,847 240.00 276.00 269.17 114F 5 Chuck, clod tender (IM) 19 22,142 280.00 370.00 303.73 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 46 255,104 223.00 251.43 232.48 116B 1 Chuck, chuck tender (IM) 24 95,564 206.50 225.00 221.04

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 60 383,282 204.00 235.00 209.85 120A 3 Brisket, point/off, bnls 25 53,388 338.50 377.00 351.36 123A 3 Short Plate, short rib 25 54,420 295.88 373.00 350.97 130 4 Chuck, short rib 35 50,481 235.00 284.00 267.09 160 1 Round, bone-in 6 2,241 205.00 226.00 208.42 161 1 Round, boneless 4 6,635 214.00 219.00 215.71

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 49 249,289 202.23 235.00 215.86 168 1 Round, top inside round 38 116,308 200.00 216.00 203.92 168 3 Round, top inside round 22 240,327 209.50 231.00 218.86 169 5 Round, top inside, denuded 19 19,129 243.50 264.00 253.95

3 Round, top inside, side off 170 1 Round, bottom gooseneck 15 18,889 187.04 220.00 201.34 171B 3 Round, outside round 38 272,975 210.00 227.00 221.50 171C 3 Round, eye of round (IM) 33 70,056 234.00 258.00 241.83 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 13 17,304 489.00 550.00 511.64 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 20 25,699 434.00 485.47 448.93 180 3 Loin, strip, bnls, 0x1 52 206,323 480.00 551.00 497.19 184 1 Loin, top butt, bnls, heavy 21 16,480 300.00 320.00 312.32 184 3 Loin, top butt, boneless 27 252,218 298.90 335.00 305.20 185A 4 Loin, bottom sirloin, flap 39 86,733 327.00 371.00 356.76 185B 1 Loin, ball-tip, bnls, heavy 17 25,468 221.00 245.00 242.92 185C 1 Loin, sirloin, tri-tip (IM) 26 55,981 249.50 289.00 257.68 185D 4 Loin, tri-tip, pld (IM) 12 19,567 350.00 381.00 360.09 189A 4 Loin, tndrloin, trmd, heavy 38 108,403 1130.00 1295.50 1172.24 191A 4 Loin, butt tender, trimmed 4 6,909 1077.51 1230.00 1146.53 193 4 Flank, flank steak (IM) 39 61,256 326.00 380.00 353.71 ------------------------------------------------------------------------------- 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 24 111,439 462.50 514.00 489.22 112A 3 Rib, ribeye, bnls, light 8 7,892 530.00 554.00 536.67 112A 3 Rib, ribeye, bnls, heavy 53 173,701 471.94 580.57 501.93 113C 1 Chuck, semi-bnls, neck/off 9 13,527 200.75 217.50 204.59 114 1 Chuck, shoulder clod 11 83,685 192.00 212.74 204.31 114A 3 Chuck, shoulder clod, trmd 24 189,435 205.00 222.00 210.36 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 13 13,892 239.00 320.00 274.17 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 42 237,347 225.00 250.68 230.71 116B 1 Chuck, chuck tender (IM) 21 57,003 203.00 230.00 216.33

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 10 88,968 202.00 219.80 206.21 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 10 12,584 265.00 355.00 302.85 130 4 Chuck, short rib 19 30,963 235.00 270.00 254.39 160 1 Round, bone-in 161 1 Round, boneless 5 5,576 202.00 217.00 210.18

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 34 202,984 203.27 235.00 214.71 168 1 Round, top inside round 51 377,323 195.00 218.50 207.98 168 3 Round, top inside round 26 78,926 200.00 228.00 215.67 169 5 Round, top inside, denuded 5 17,009 244.00 263.00 251.10

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 9 17,577 187.00 210.04 193.57 171B 3 Round, outside round 36 332,576 209.00 231.00 215.15 171C 3 Round, eye of round (IM) 27 86,608 222.00 240.00 227.38 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 20 37,495 380.00 430.00 399.20 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 31 78,027 353.00 416.00 384.02 184 1 Loin, top butt, bnls, heavy 20 226,023 231.00 270.57 242.13 184 3 Loin, top butt, boneless 30 53,792 251.00 284.00 265.43 185A 4 Loin, bottom sirloin, flap 15 24,696 334.50 365.00 342.15 185B 1 Loin, ball-tip, bnls, heavy 23 85,936 214.00 253.00 222.82 185C 1 Loin, sirloin, tri-tip (IM) 18 50,868 249.39 274.00 253.92 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 32 129,663 784.21 877.25 806.11 191A 4 Loin, butt tender, trimmed 12 12,879 872.00 942.80 879.02 193 4 Flank, flank steak (IM) 29 100,571 300.00 356.00 328.09 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 7 11,802 97.50 129.36 121.35 121D 4 Plate, Inside Skirt (IM) 51 107,713 299.00 331.00 315.05 121C 4 Plate, Outside Skirt (IM) 23 56,858 450.00 480.98 458.26 121E 6 Outside Skirt, pld (IM) 5 3,898 650.00 680.00 653.59

Cap, Wedge Meat & (IM) Lean 60 179,723 245.00 264.08 252.40

Pectoral Meat 39 97,579 240.95 298.00 258.03 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 61 600,066 140.00 186.00 150.75 Ground Beef 75% Ground Beef 81% 69 448,774 176.00 216.00 187.66 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 26 138,069 237.03 269.00 250.78 Ground Beef Chuck 80% 39 324,794 176.00 207.00 192.18 Ground Beef Round 85% 19 54,398 206.00 231.00 211.63 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% 17 92,802 188.60 210.70 200.03 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% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 25 547,812 69.03 79.00 74.72 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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