Bloomberg News

USDA Boxed Beef Cutout Midday Prices for November 26

November 26, 2012

November 26 (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: 195.95 173.54 Change from prior day: (0.38) (0.63) ------------------------------------------------------------------------------- Choice/Select spread: 22.41

Total Load Count (Cuts, Trimmings, Grids): 58 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 327.96 246.86 Primal Chuck 159.01 154.39 Primal Round 164.60 162.37 Primal Loin 264.98 211.13 Primal Brisket 135.27 132.70 Primal Short Plate 125.43 129.20 Primal Flank 91.49 88.35 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 11/23 56 41 6 22 125 196.33 174.17 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 194.54 173.69 -------------------------------------------------------------------------------- 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 38.00 loads 1,519,830 pounds Select Cuts 10.49 loads 419,559 pounds Trimmings 0.00 loads 0 pounds Ground Beef 9.32 load 372,954 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 9 95,030 673.00 681.50 675.18 112A 3 Rib, ribeye, bnls, light 5 2,710 805.00 810.00 809.42 112A 3 Rib, ribeye, bnls, heavy 6 7,479 746.00 800.00 762.44 113C 1 Chuck, semi-bnls, neck/off 0 0 114 1 Chuck, shoulder clod 114A 3 Chuck, shoulder clod, trmd 10 70,423 203.00 225.00 211.32 114D 3 Chuck, clod, top blade 5 13,339 250.00 288.00 262.52 114E 3 Chuck, clod, arm roast 10 31,973 248.62 275.00 253.99 114F 5 Chuck, clod tender (IM) 4 3,268 370.00 370.00 370.00 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 15 58,193 223.00 239.00 231.17 116B 1 Chuck, chuck tender (IM) 10 21,248 210.25 240.00 223.22

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 20 104,364 205.00 220.21 208.63 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 11 39,715 315.00 365.00 343.10 130 4 Chuck, short rib 12 42,609 258.00 276.00 263.97 160 1 Round, bone-in 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 26 290,709 210.00 227.00 218.35 168 1 Round, top inside round 15 26,144 200.00 217.70 211.20 168 3 Round, top inside round 9 45,615 218.00 226.06 219.08 169 5 Round, top inside, denuded 9 53,165 247.62 252.00 249.50

3 Round, top inside, side off 170 1 Round, bottom gooseneck 4 2,143 200.00 220.00 213.55 171B 3 Round, outside round 19 162,604 202.00 250.00 217.76 171C 3 Round, eye of round (IM) 16 57,149 222.40 252.00 245.13 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 6 23,807 489.00 510.00 494.71 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 10 10,713 445.00 449.04 445.24 180 3 Loin, strip, bnls, 0x1 12 54,917 490.00 517.70 499.71 184 1 Loin, top butt, bnls, heavy 3 6,704 290.00 315.00 311.95 184 3 Loin, top butt, boneless 10 63,176 305.00 318.00 313.35 185A 4 Loin, bottom sirloin, flap 11 26,831 350.00 368.00 359.21 185B 1 Loin, ball-tip, bnls, heavy 7 52,479 242.00 245.00 242.64 185C 1 Loin, sirloin, tri-tip (IM) 4 6,248 253.50 280.00 258.75 185D 4 Loin, tri-tip, pld (IM) 4 6,898 338.50 373.45 363.45 189A 4 Loin, tndrloin, trmd, heavy 15 23,244 1173.62 1250.00 1194.30 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 10 22,618 320.60 380.00 351.45 ------------------------------------------------------------------------------- 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 112A 3 Rib, ribeye, bnls, light 112A 3 Rib, ribeye, bnls, heavy 4 12,533 520.00 565.00 526.19 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 114A 3 Chuck, shoulder clod, trmd 3 17,573 212.60 240.00 216.76 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 0 0 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 9 34,162 230.00 265.00 231.54 116B 1 Chuck, chuck tender (IM) 3 8,658 217.80 228.75 219.56

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 4 17,412 204.00 205.00 204.81 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 5 8,963 310.00 360.00 328.28 130 4 Chuck, short rib 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 5 39,961 216.00 219.57 218.22 168 1 Round, top inside round 4 15,898 200.36 225.21 203.66 168 3 Round, top inside round 4 13,847 200.00 226.06 223.86 169 5 Round, top inside, denuded

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 3 18,276 207.40 220.00 213.11 171C 3 Round, eye of round (IM) 4 2,642 223.01 241.50 234.29 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 4 5,327 375.00 408.00 385.90 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 5 25,301 370.00 380.00 373.26 184 1 Loin, top butt, bnls, heavy 3 2,889 246.00 264.65 254.73 184 3 Loin, top butt, boneless 8 51,664 242.00 280.00 246.88 185A 4 Loin, bottom sirloin, flap (M) 185B 1 Loin, ball-tip, bnls, heavy 3 17,281 220.00 231.00 220.05 185C 1 Loin, sirloin, tri-tip (IM) 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 5 12,507 823.00 850.07 824.30 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 0 0 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 0 0 124 4 Rib, Back Ribs, Frozen 3 2,367 115.00 125.00 117.58 121D 4 Plate, Inside Skirt (IM) 16 30,249 313.00 327.65 317.84 121C 4 Plate, Outside Skirt (IM) 14 8,916 430.00 485.00 462.19 121E 6 Outside Skirt, pld (IM) 6 18,517 610.00 675.00 621.60

Cap, Wedge Meat & (IM) Lean 10 40,828 245.00 269.50 256.93

Pectoral Meat 10 20,470 248.00 290.00 258.99 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 7 50,508 146.00 156.50 151.43 Ground Beef 75% 0 0 Ground Beef 81% 16 200,704 170.85 198.36 178.80 Ground Beef 85% 0 0 Ground Beef 90% 0 0 Ground Beef 93% 5 28,395 246.60 258.50 252.22 Ground Beef Chuck 80% 6 13,160 188.48 197.00 191.97 Ground Beef Round 85% 9 33,516 218.00 221.00 218.59 Ground Beef Sirloin 90% 0 0 ------------------------------------------------------------------------------- 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% Blended Ground Beef 85% Blended Ground Beef 90% 0 0 Blended Ground Beef 93% Blended Ground Beef Chuck 80% 0 0 Blended Ground Beef Round 85% 0 0 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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