Bloomberg News

USDA Boxed Beef Cutout Closing Prices for November 27

November 27, 2012

November 27 (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: 195.34 174.80 Change from prior day: (0.77) 0.77 ------------------------------------------------------------------------------- Choice/Select spread: 20.53

Total Load Count (Cuts, Trimmings, Grids): 194 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 329.40 250.50 Primal Chuck 155.63 153.13 Primal Round 164.67 163.75 Primal Loin 265.47 213.96 Primal Brisket 135.15 135.53 Primal Short Plate 126.87 130.81 Primal Flank 91.63 90.07 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 11/26 58 30 12 19 119 196.11 174.03 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 195.16 173.88 -------------------------------------------------------------------------------- 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 86.50 loads 3,459,833 pounds Select Cuts 60.15 loads 2,405,950 pounds Trimmings 13.68 loads 547,263 pounds Ground Beef 33.69 load 1,347,765 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 37 109,574 673.00 781.00 693.19 112A 3 Rib, ribeye, bnls, light 8 48,018 758.00 806.00 791.46 112A 3 Rib, ribeye, bnls, heavy 30 87,402 730.00 798.75 753.85 113C 1 Chuck, semi-bnls, neck/off 5 4,698 205.00 217.50 209.65 114 1 Chuck, shoulder clod 16 97,889 199.00 211.00 203.72 114A 3 Chuck, shoulder clod, trmd 40 222,538 202.16 230.47 210.75 114D 3 Chuck, clod, top blade 11 8,851 255.00 286.70 277.32 114E 3 Chuck, clod, arm roast 12 33,470 250.00 279.00 255.58 114F 5 Chuck, clod tender (IM) 7 6,531 304.14 370.00 321.29 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 43 277,506 215.00 256.33 230.14 116B 1 Chuck, chuck tender (IM) 17 15,470 216.50 236.00 224.15

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 46 232,049 204.00 225.00 208.10 120A 3 Brisket, point/off, bnls 18 31,998 348.00 377.00 351.12 123A 3 Short Plate, short rib 12 18,885 337.00 370.00 352.56 130 4 Chuck, short rib 20 25,543 250.00 281.00 271.54 160 1 Round, bone-in 4 6,741 205.00 232.50 226.02 161 1 Round, boneless 3 13,517 208.20 224.00 214.92

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 42 167,135 206.00 235.47 214.71 168 1 Round, top inside round 28 122,122 203.00 219.00 210.99 168 3 Round, top inside round 21 115,043 215.00 236.00 222.56 169 5 Round, top inside, denuded 9 15,705 246.00 264.00 255.29

3 Round, top inside, side off 170 1 Round, bottom gooseneck 5 17,033 200.00 206.00 204.97 171B 3 Round, outside round 47 287,538 203.50 233.50 212.89 171C 3 Round, eye of round (IM) 31 48,930 225.00 269.00 235.74 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 22 37,994 488.00 535.00 500.47 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 6 2,405 445.00 486.70 449.26 180 3 Loin, strip, bnls, 0x1 37 124,328 473.00 539.50 488.90 184 1 Loin, top butt, bnls, heavy 10 6,179 288.50 316.00 299.81 184 3 Loin, top butt, boneless 19 100,237 303.97 335.00 306.48 185A 4 Loin, bottom sirloin, flap 22 88,066 351.00 371.00 359.40 185B 1 Loin, ball-tip, bnls, heavy 11 52,859 218.00 245.00 226.01 185C 1 Loin, sirloin, tri-tip (IM) 9 37,915 259.00 288.00 276.43 185D 4 Loin, tri-tip, pld (IM) 10 11,452 352.00 370.07 353.68 189A 4 Loin, tndrloin, trmd, heavy 17 45,219 1175.00 1250.00 1200.70 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 19 10,221 336.00 369.73 348.83 ------------------------------------------------------------------------------- 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 29 82,947 479.00 534.00 492.39 112A 3 Rib, ribeye, bnls, light 17 76,812 510.00 580.07 523.13 112A 3 Rib, ribeye, bnls, heavy 35 65,891 500.00 576.45 533.81 113C 1 Chuck, semi-bnls, neck/off 17 20,746 202.75 219.25 207.33 114 1 Chuck, shoulder clod 10 37,409 200.00 214.25 204.49 114A 3 Chuck, shoulder clod, trmd 28 199,921 200.00 223.25 213.83 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 18 110,953 239.91 288.59 251.60 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 34 189,817 210.00 245.00 227.09 116B 1 Chuck, chuck tender (IM) 11 17,907 203.00 232.25 218.72

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 13 65,270 202.00 215.00 207.41 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 10 46,029 267.33 330.00 283.47 130 4 Chuck, short rib 11 19,951 246.70 279.00 262.15 160 1 Round, bone-in 161 1 Round, boneless 8 18,643 209.50 245.00 222.23

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 23 188,076 205.00 235.25 215.08 168 1 Round, top inside round 11 28,937 205.00 223.00 211.83 168 3 Round, top inside round 19 47,003 213.00 233.00 223.15 169 5 Round, top inside, denuded

3 Round, top inside, side off 170 1 Round, bottom gooseneck 3 1,915 205.00 211.00 207.16 171B 3 Round, outside round 41 257,588 203.50 229.00 210.75 171C 3 Round, eye of round (IM) 23 91,509 212.00 255.00 235.01 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 26 38,459 370.00 434.00 390.21 175 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 24 42,695 366.00 402.00 380.75 184 1 Loin, top butt, bnls, heavy 10 61,042 239.50 265.02 248.64 184 3 Loin, top butt, boneless 21 27,988 257.00 284.00 270.11 185A 4 Loin, bottom sirloin, flap 12 27,465 337.00 362.50 344.52 185B 1 Loin, ball-tip, bnls, heavy 14 72,854 214.00 249.89 224.08 185C 1 Loin, sirloin, tri-tip (IM) 8 13,704 255.00 274.00 259.59 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 31 72,059 796.50 872.89 828.51 191A 4 Loin, butt tender, trimmed 7 5,044 864.63 887.00 871.50 193 4 Flank, flank steak (IM) 19 44,356 324.00 357.00 340.08 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 121D 4 Plate, Inside Skirt (IM) 47 135,900 311.00 340.00 320.37 121C 4 Plate, Outside Skirt (IM) 19 59,021 444.17 515.07 455.97 121E 6 Outside Skirt, pld (IM) 6 5,370 610.00 680.00 640.59

Cap, Wedge Meat & (IM) Lean 44 221,518 242.00 280.00 252.14

Pectoral Meat 26 36,086 248.70 275.75 256.97 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 36 177,780 143.00 167.75 153.32 Ground Beef 75% Ground Beef 81% 43 353,264 170.00 212.25 183.71 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 18 87,196 240.00 265.25 252.30 Ground Beef Chuck 80% 19 337,902 173.00 201.00 179.18 Ground Beef Round 85% 15 38,503 208.09 231.00 213.58 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% 19 159,828 188.30 225.00 200.38 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% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 25 492,783 69.00 84.00 76.11 Frozen 50% lean trimmings -------------------------------------------------------------------------------- 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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