Bloomberg News

USDA Boxed Beef Cutout Closing Prices for November 28

November 28, 2012

November 28 (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: 195.73 175.73 Change from prior day: 0.39 0.93 ------------------------------------------------------------------------------- Choice/Select spread: 20.00

Total Load Count (Cuts, Trimmings, Grids): 204 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 330.81 252.23 Primal Chuck 156.20 155.88 Primal Round 164.60 163.84 Primal Loin 266.09 213.95 Primal Brisket 133.01 133.08 Primal Short Plate 126.53 130.50 Primal Flank 93.96 91.19 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 11/27 87 60 14 34 194 195.34 174.80 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 195.39 174.24 -------------------------------------------------------------------------------- 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 83.91 loads 3,356,302 pounds Select Cuts 63.46 loads 2,538,578 pounds Trimmings 7.80 loads 311,873 pounds Ground Beef 49.14 load 1,965,571 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 40 37,353 681.50 785.00 717.19 112A 3 Rib, ribeye, bnls, light 14 11,585 795.00 850.00 833.08 112A 3 Rib, ribeye, bnls, heavy 94 92,009 746.05 826.25 779.91 113C 1 Chuck, semi-bnls, neck/off 14 163,750 196.00 215.00 199.97 114 1 Chuck, shoulder clod 11 22,690 196.00 210.00 204.30 114A 3 Chuck, shoulder clod, trmd 46 102,166 209.87 224.00 213.21 114D 3 Chuck, clod, top blade 7 10,806 280.00 301.00 290.41 114E 3 Chuck, clod, arm roast 8 22,877 250.03 278.00 269.10 114F 5 Chuck, clod tender (IM) 17 11,633 285.00 370.00 319.68 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 130 177,174 224.99 253.00 233.98 116B 1 Chuck, chuck tender (IM) 28 33,586 208.00 235.00 225.99

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 97 523,128 197.00 230.00 202.23 120A 3 Brisket, point/off, bnls 23 22,006 348.00 380.00 353.79 123A 3 Short Plate, short rib 46 97,897 325.25 368.00 345.20 130 4 Chuck, short rib 52 39,371 246.00 284.00 264.36 160 1 Round, bone-in 4 5,482 202.00 208.00 203.98 161 1 Round, boneless 3 4,243 206.25 229.00 207.51

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 88 102,734 210.00 236.00 219.02 168 1 Round, top inside round 83 110,726 205.00 227.92 211.91 168 3 Round, top inside round 38 306,996 212.00 230.15 220.90 169 5 Round, top inside, denuded 20 18,661 255.00 264.00 257.74

3 Round, top inside, side off 170 1 Round, bottom gooseneck 6 2,900 208.00 220.00 210.84 171B 3 Round, outside round 58 233,433 207.20 230.77 213.41 171C 3 Round, eye of round (IM) 59 49,208 232.21 253.00 242.99 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 24 26,638 510.00 550.30 529.32 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 20 16,304 435.00 460.80 448.04 180 3 Loin, strip, bnls, 0x1 81 111,200 479.00 532.89 501.20 184 1 Loin, top butt, bnls, heavy 27 16,147 300.00 322.00 310.30 184 3 Loin, top butt, boneless 58 271,934 306.00 337.80 308.49 185A 4 Loin, bottom sirloin, flap 52 127,002 346.05 376.00 365.60 185B 1 Loin, ball-tip, bnls, heavy 29 29,028 220.00 256.28 235.49 185C 1 Loin, sirloin, tri-tip (IM) 30 82,456 260.00 280.00 273.18 185D 4 Loin, tri-tip, pld (IM) 21 12,847 354.00 378.00 366.61 189A 4 Loin, tndrloin, trmd, heavy 69 82,093 1200.00 1276.25 1225.90 191A 4 Loin, butt tender, trimmed 3 1,500 1124.00 1217.00 1146.86 193 4 Flank, flank steak (IM) 30 29,420 328.00 395.00 373.64 ------------------------------------------------------------------------------- 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 13 22,270 479.26 540.00 503.89 112A 3 Rib, ribeye, bnls, light 19 58,731 515.00 577.00 534.00 112A 3 Rib, ribeye, bnls, heavy 46 78,195 505.00 579.92 540.07 113C 1 Chuck, semi-bnls, neck/off 16 87,494 193.00 215.00 196.22 114 1 Chuck, shoulder clod 16 128,576 197.00 215.00 198.98 114A 3 Chuck, shoulder clod, trmd 25 82,692 200.00 221.00 213.52 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 13 17,911 240.00 320.00 268.58 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 38 181,332 218.00 245.00 225.89 116B 1 Chuck, chuck tender (IM) 13 17,014 224.00 235.00 229.36

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 29 242,786 197.00 220.00 203.28 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 8 24,687 270.00 361.00 311.30 130 4 Chuck, short rib 15 62,948 246.00 265.00 253.79 160 1 Round, bone-in 161 1 Round, boneless 6 6,387 214.00 217.00 214.84

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 26 45,375 210.00 226.00 215.07 168 1 Round, top inside round 35 73,369 203.00 224.56 213.76 168 3 Round, top inside round 20 87,036 206.26 230.00 214.56 169 5 Round, top inside, denuded 13 20,536 239.39 260.00 250.32

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 3 4,344 195.00 206.00 205.00 171B 3 Round, outside round 20 67,113 207.88 225.89 214.45 171C 3 Round, eye of round (IM) 24 44,546 229.00 255.00 237.76 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 31 65,043 350.00 430.00 372.97 175 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 32 97,416 369.00 400.00 383.74 184 1 Loin, top butt, bnls, heavy 11 17,453 240.00 254.50 246.70 184 3 Loin, top butt, boneless 37 124,362 250.00 280.00 256.52 185A 4 Loin, bottom sirloin, flap 17 35,128 339.00 375.00 350.31 185B 1 Loin, ball-tip, bnls, heavy 19 105,684 214.00 234.00 224.48 185C 1 Loin, sirloin, tri-tip (IM) 12 31,446 248.97 269.00 260.75 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 42 94,389 794.00 888.00 823.89 191A 4 Loin, butt tender, trimmed 6 3,846 874.00 915.00 888.91 193 4 Flank, flank steak (IM) 9 44,540 345.00 362.39 356.26 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 12 50,594 90.00 125.00 96.97 121D 4 Plate, Inside Skirt (IM) 34 66,646 299.00 335.00 318.50 121C 4 Plate, Outside Skirt (IM) 28 47,760 444.29 486.00 457.44 121E 6 Outside Skirt, pld (IM) 4 2,186 610.00 675.00 634.68

Cap, Wedge Meat & (IM) Lean 53 457,565 243.20 264.00 249.11

Pectoral Meat 35 63,168 250.00 280.00 263.94 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 72 411,087 142.00 169.28 150.80 Ground Beef 75% Ground Beef 81% 101 715,199 165.00 207.28 174.68 Ground Beef 85% Ground Beef 90% Ground Beef 93% 31 90,471 249.70 270.28 257.06 Ground Beef Chuck 80% 45 349,976 173.00 204.00 184.12 Ground Beef Round 85% 33 107,533 212.00 221.00 217.06 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% 10 25,935 162.73 205.70 195.51 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 19 311,873 69.00 84.00 76.31 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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