Bloomberg News

USDA Boxed Beef Cutout Closing Prices for November 23

November 23, 2012

November 23 (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: 196.33 174.17 Change from prior day: 1.44 (0.20) ------------------------------------------------------------------------------- Choice/Select spread: 22.16

Total Load Count (Cuts, Trimmings, Grids): 125 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 326.23 245.96 Primal Chuck 159.66 156.16 Primal Round 164.49 162.33 Primal Loin 266.91 211.80 Primal Brisket 134.94 134.06 Primal Short Plate 125.49 129.26 Primal Flank 91.85 88.40 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 11/21 79 73 0 30 183 194.89 174.37 11/20 92 83 14 57 245 194.28 173.84 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 193.86 173.48 -------------------------------------------------------------------------------- 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 56.01 loads 2,240,287 pounds Select Cuts 40.76 loads 1,630,563 pounds Trimmings 6.21 loads 248,381 pounds Ground Beef 21.54 load 861,569 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 23 112,108 652.50 735.00 689.13 112A 3 Rib, ribeye, bnls, light 4 1,947 772.00 810.00 795.37 112A 3 Rib, ribeye, bnls, heavy 42 93,002 717.00 775.00 748.03 113C 1 Chuck, semi-bnls, neck/off 4 20,776 210.10 230.00 210.36 114 1 Chuck, shoulder clod 12 17,419 185.00 210.00 202.15 114A 3 Chuck, shoulder clod, trmd 21 66,568 207.50 227.00 216.18 114D 3 Chuck, clod, top blade 10 9,890 270.00 287.89 280.37 114E 3 Chuck, clod, arm roast 10 32,598 250.60 275.00 269.84 114F 5 Chuck, clod tender (IM) 13 6,307 300.99 370.31 330.16 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 43 214,268 224.60 255.60 233.73 116B 1 Chuck, chuck tender (IM) 14 13,258 211.00 230.00 222.37

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 31 93,504 204.00 230.00 208.02 120A 3 Brisket, point/off, bnls 18 28,194 340.00 376.00 359.58 123A 3 Short Plate, short rib 21 34,022 293.00 365.00 332.11 130 4 Chuck, short rib 20 58,833 214.20 282.00 254.20 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 38 177,738 207.00 237.00 216.96 168 1 Round, top inside round 16 54,546 199.50 217.99 212.11 168 3 Round, top inside round 24 68,158 200.00 228.89 219.85 169 5 Round, top inside, denuded 8 22,847 220.00 257.00 248.04

3 Round, top inside, side off 170 1 Round, bottom gooseneck 5 5,680 195.00 220.00 211.57 171B 3 Round, outside round 50 368,374 210.00 235.75 214.12 171C 3 Round, eye of round (IM) 29 74,092 225.00 255.00 240.41 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 11 40,649 500.60 532.00 503.06 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 7 10,909 445.00 465.00 452.37 180 3 Loin, strip, bnls, 0x1 30 174,112 470.00 529.73 486.22 184 1 Loin, top butt, bnls, heavy 11 10,587 290.00 320.00 311.41 184 3 Loin, top butt, boneless 20 63,008 299.44 325.50 317.97 185A 4 Loin, bottom sirloin, flap 26 73,660 330.00 365.00 356.59 185B 1 Loin, ball-tip, bnls, heavy 17 35,243 220.00 246.78 238.06 185C 1 Loin, sirloin, tri-tip (IM) 9 41,303 249.00 270.00 260.16 185D 4 Loin, tri-tip, pld (IM) 5 10,808 349.00 374.00 362.23 189A 4 Loin, tndrloin, trmd, heavy 20 25,924 1149.00 1250.00 1199.64 191A 4 Loin, butt tender, trimmed 5 7,644 1120.60 1120.60 1120.60 193 4 Flank, flank steak (IM) 14 25,308 320.00 370.00 347.19 ------------------------------------------------------------------------------- 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 10 101,849 460.00 541.89 477.39 112A 3 Rib, ribeye, bnls, light 6 49,313 508.75 579.50 512.34 112A 3 Rib, ribeye, bnls, heavy 30 49,000 470.00 561.00 507.80 113C 1 Chuck, semi-bnls, neck/off 8 45,076 191.00 218.00 199.66 114 1 Chuck, shoulder clod 12 110,200 195.00 210.00 202.52 114A 3 Chuck, shoulder clod, trmd 15 20,017 197.50 220.00 214.80 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 7 12,307 240.00 320.00 264.53 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 30 176,241 223.34 246.00 227.17 116B 1 Chuck, chuck tender (IM) 11 8,375 210.00 235.00 222.76

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 12 75,314 202.00 220.45 203.22 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 10,163 299.53 360.00 344.65 130 4 Chuck, short rib 9 22,363 214.30 268.00 236.94 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 20 117,210 205.00 225.00 214.15 168 1 Round, top inside round 9 35,921 190.50 218.50 207.75 168 3 Round, top inside round 16 42,524 208.29 231.00 217.29 169 5 Round, top inside, denuded 4 8,513 247.50 255.00 252.17

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 4 4,965 200.00 220.00 212.56 171B 3 Round, outside round 27 286,193 206.29 230.00 209.91 171C 3 Round, eye of round (IM) 17 31,782 223.00 247.00 235.53 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 7 23,724 360.00 444.50 370.45 175 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 12 18,604 360.00 400.00 370.45 184 1 Loin, top butt, bnls, heavy 9 40,191 243.00 265.00 254.86 184 3 Loin, top butt, boneless 8 29,578 252.50 280.00 261.19 185A 4 Loin, bottom sirloin, flap 6 5,177 330.00 362.00 342.10 185B 1 Loin, ball-tip, bnls, heavy 13 19,308 220.00 249.50 228.99 185C 1 Loin, sirloin, tri-tip (IM) 7 15,438 253.50 276.00 264.13 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 18 69,451 785.00 860.00 807.98 191A 4 Loin, butt tender, trimmed 5 4,748 875.00 940.00 892.39 193 4 Flank, flank steak (IM) ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 17 8,583 96.98 116.00 107.67 121D 4 Plate, Inside Skirt (IM) 20 39,067 306.00 331.00 315.80 121C 4 Plate, Outside Skirt (IM) 10 20,495 436.00 488.00 456.94 121E 6 Outside Skirt, pld (IM) 8 11,753 617.00 680.00 631.22

Cap, Wedge Meat & (IM) Lean 44 138,240 230.00 260.00 248.17

Pectoral Meat 19 16,498 252.25 302.89 263.39 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 17 78,579 139.82 172.89 148.89 Ground Beef 75% 0 0 Ground Beef 81% 45 300,797 171.00 210.00 182.06 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 22 74,753 240.00 281.50 248.03 Ground Beef Chuck 80% 18 150,569 173.50 205.00 183.03 Ground Beef Round 85% 16 89,666 198.13 225.00 210.06 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% 6 38,657 191.60 199.00 196.62 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 9 248,381 73.53 78.00 75.87 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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