Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 195.99 174.30 Change from prior day: 1.10 (0.07) ------------------------------------------------------------------------------- Choice/Select spread: 21.69

Total Load Count (Cuts, Trimmings, Grids): 74 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 323.38 244.24 Primal Chuck 159.32 155.98 Primal Round 164.95 163.03 Primal Loin 267.06 212.89 Primal Brisket 134.70 134.70 Primal Short Plate 124.99 128.95 Primal Flank 91.57 87.79 -------------------------------------------------------------------------------- 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 33.93 loads 1,357,244 pounds Select Cuts 24.26 loads 970,331 pounds Trimmings 0.00 loads 0 pounds Ground Beef 15.85 load 633,881 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 36,438 654.00 735.00 685.00 112A 3 Rib, ribeye, bnls, light 112A 3 Rib, ribeye, bnls, heavy 39 81,575 717.00 775.00 746.79 113C 1 Chuck, semi-bnls, neck/off 3 20,708 210.10 212.00 210.29 114 1 Chuck, shoulder clod 6 6,442 200.00 210.00 206.63 114A 3 Chuck, shoulder clod, trmd 18 39,208 207.50 230.00 216.09 114D 3 Chuck, clod, top blade 5 1,882 270.00 287.89 278.37 114E 3 Chuck, clod, arm roast 3 6,621 264.89 269.00 268.90 114F 5 Chuck, clod tender (IM) 6 2,104 324.00 370.31 368.08 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 30 149,862 221.00 251.85 230.31 116B 1 Chuck, chuck tender (IM) 7 5,345 211.00 227.89 221.86

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 23 67,985 205.00 230.00 208.30 120A 3 Brisket, point/off, bnls 12 15,759 340.00 376.00 360.27 123A 3 Short Plate, short rib 17 20,239 293.00 354.60 325.45 130 4 Chuck, short rib 14 38,589 214.20 282.00 246.01 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 21 102,466 207.45 227.50 214.23 168 1 Round, top inside round 10 27,593 205.00 215.00 211.57 168 3 Round, top inside round 20 52,489 200.00 228.89 219.15 169 5 Round, top inside, denuded 5 9,670 220.00 255.00 244.69

3 Round, top inside, side off 170 1 Round, bottom gooseneck 4 5,523 200.00 220.00 212.04 171B 3 Round, outside round 34 206,286 210.00 231.89 213.79 171C 3 Round, eye of round (IM) 13 34,168 228.50 255.00 240.29 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 6 7,402 445.00 455.00 446.38 180 3 Loin, strip, bnls, 0x1 24 158,775 470.00 529.73 484.04 184 1 Loin, top butt, bnls, heavy 7 3,417 290.00 320.00 308.79 184 3 Loin, top butt, boneless 7 25,849 299.44 325.50 313.86 185A 4 Loin, bottom sirloin, flap 22 55,692 330.00 365.00 358.17 185B 1 Loin, ball-tip, bnls, heavy 9 20,888 235.00 259.89 245.01 185C 1 Loin, sirloin, tri-tip (IM) 6 10,746 250.00 270.00 261.08 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 16 18,936 1155.00 1250.00 1210.16 191A 4 Loin, butt tender, trimmed 0 0 193 4 Flank, flank steak (IM) 12 21,172 320.00 370.00 351.14 ------------------------------------------------------------------------------- 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 4 4,981 498.00 541.89 509.94 112A 3 Rib, ribeye, bnls, light 5 6,693 508.75 579.50 529.80 112A 3 Rib, ribeye, bnls, heavy 26 40,443 470.00 561.00 513.42 113C 1 Chuck, semi-bnls, neck/off 5 40,444 191.00 215.00 198.10 114 1 Chuck, shoulder clod 8 100,672 195.00 210.00 202.55 114A 3 Chuck, shoulder clod, trmd 12 16,613 200.00 220.00 215.13 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 4 10,760 240.00 320.00 263.79 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 17 152,914 225.00 245.00 226.73 116B 1 Chuck, chuck tender (IM) 8 6,998 205.00 235.00 223.36

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 8 32,963 202.19 220.45 204.45 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 4 3,436 299.53 340.50 314.60 130 4 Chuck, short rib 5 21,118 214.30 265.00 235.34 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 6 33,126 211.00 225.00 216.07 168 1 Round, top inside round 4 5,254 208.00 218.50 214.47 168 3 Round, top inside round 10 18,533 208.29 231.00 214.15 169 5 Round, top inside, denuded 5 8,583 220.00 255.00 251.91

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 23 226,647 200.00 230.00 209.53 171C 3 Round, eye of round (IM) 11 19,270 223.00 247.00 234.42 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 5 2,239 395.00 444.50 413.50 175 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 9 5,924 380.00 400.00 384.96 184 1 Loin, top butt, bnls, heavy 6 18,477 244.00 265.00 259.52 184 3 Loin, top butt, boneless 6 26,739 252.50 280.00 259.56 185A 4 Loin, bottom sirloin, flap 5 4,894 330.00 355.00 340.95 185B 1 Loin, ball-tip, bnls, heavy 7 6,953 220.00 249.50 229.48 185C 1 Loin, sirloin, tri-tip (IM) 5 6,570 253.50 276.00 269.70 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 12 16,048 825.00 859.00 832.98 191A 4 Loin, butt tender, trimmed 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 15 7,667 96.98 116.00 108.73 121D 4 Plate, Inside Skirt (IM) 14 21,164 312.16 331.00 319.24 121C 4 Plate, Outside Skirt (IM) 8 17,713 446.00 488.00 459.49 121E 6 Outside Skirt, pld (IM) 3 1,765 618.00 680.00 663.67

Cap, Wedge Meat & (IM) Lean 28 72,029 230.00 260.00 248.77

Pectoral Meat 9 6,346 253.50 302.89 273.44 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 11 21,066 146.00 172.89 154.58 Ground Beef 75% 0 0 Ground Beef 81% 39 245,898 171.00 202.89 181.21 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 19 55,703 240.00 281.50 248.44 Ground Beef Chuck 80% 15 147,045 173.50 198.00 182.57 Ground Beef Round 85% 14 39,301 215.00 224.40 218.45 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 37,457 193.10 199.00 196.77 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 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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