Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 195.56 176.31 Change from prior day: 0.22 1.51 ------------------------------------------------------------------------------- Choice/Select spread: 19.25

Total Load Count (Cuts, Trimmings, Grids): 124 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 330.78 252.45 Primal Chuck 155.93 157.00 Primal Round 164.54 164.40 Primal Loin 265.35 214.31 Primal Brisket 135.08 134.44 Primal Short Plate 126.38 130.39 Primal Flank 93.72 90.17 -------------------------------------------------------------------------------- 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 53.83 loads 2,153,085 pounds Select Cuts 33.67 loads 1,346,664 pounds Trimmings 3.09 loads 123,478 pounds Ground Beef 33.37 load 1,334,724 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 33 30,755 681.50 785.00 714.12 112A 3 Rib, ribeye, bnls, light 13 10,730 805.00 850.00 836.12 112A 3 Rib, ribeye, bnls, heavy 56 53,032 750.00 826.25 784.72 113C 1 Chuck, semi-bnls, neck/off 6 24,584 205.00 215.00 206.81 114 1 Chuck, shoulder clod 6 15,666 196.00 210.00 204.64 114A 3 Chuck, shoulder clod, trmd 36 65,775 210.00 224.00 213.66 114D 3 Chuck, clod, top blade 4 1,404 280.00 285.00 282.25 114E 3 Chuck, clod, arm roast 4 12,402 250.58 270.89 262.21 114F 5 Chuck, clod tender (IM) 13 9,674 285.00 370.00 317.84 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 99 130,478 228.00 259.92 234.40 116B 1 Chuck, chuck tender (IM) 27 31,304 218.00 250.00 227.37

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 62 190,952 201.00 230.00 207.30 120A 3 Brisket, point/off, bnls 19 21,345 348.00 360.00 353.38 123A 3 Short Plate, short rib 40 82,577 335.00 368.00 345.57 130 4 Chuck, short rib 37 33,788 246.00 284.00 262.91 160 1 Round, bone-in 3 4,733 202.00 208.00 203.50 161 1 Round, boneless 3 4,243 206.25 229.00 207.51

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 64 52,584 210.00 234.92 218.96 168 1 Round, top inside round 69 85,595 205.00 227.92 211.67 168 3 Round, top inside round 31 292,275 217.20 230.15 220.85 169 5 Round, top inside, denuded 16 15,307 255.00 264.00 257.51

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 5 2,256 208.00 220.00 210.80 171B 3 Round, outside round 44 193,756 209.00 230.77 213.44 171C 3 Round, eye of round (IM) 39 22,898 237.00 250.89 244.41 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 18 15,523 510.00 550.30 533.32 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 16 10,356 435.00 457.00 441.24 180 3 Loin, strip, bnls, 0x1 66 103,539 479.00 532.89 500.18 184 1 Loin, top butt, bnls, heavy 20 13,425 305.00 322.00 310.51 184 3 Loin, top butt, boneless 49 232,712 306.00 335.00 308.80 185A 4 Loin, bottom sirloin, flap 36 29,531 355.00 390.00 365.19 185B 1 Loin, ball-tip, bnls, heavy 22 24,851 220.00 256.28 235.01 185C 1 Loin, sirloin, tri-tip (IM) 23 68,267 260.87 280.00 274.64 185D 4 Loin, tri-tip, pld (IM) 14 5,968 361.00 376.46 366.19 189A 4 Loin, tndrloin, trmd, heavy 49 35,038 1200.00 1276.25 1230.54 191A 4 Loin, butt tender, trimmed 3 1,500 1124.00 1217.00 1146.86 193 4 Flank, flank steak (IM) 22 23,932 328.00 395.00 373.14 ------------------------------------------------------------------------------- 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 8 18,359 479.26 505.00 497.71 112A 3 Rib, ribeye, bnls, light 14 27,888 520.00 577.00 542.33 112A 3 Rib, ribeye, bnls, heavy 33 57,460 516.00 579.92 546.09 113C 1 Chuck, semi-bnls, neck/off 7 11,226 204.75 215.00 214.43 114 1 Chuck, shoulder clod 5 7,631 198.00 215.00 206.09 114A 3 Chuck, shoulder clod, trmd 18 51,526 207.00 221.00 214.05 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 10 6,187 240.00 320.00 287.44 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 14 58,050 222.59 245.00 228.55 116B 1 Chuck, chuck tender (IM) 9 12,911 224.00 235.00 229.30

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 14 102,454 202.50 210.12 205.97 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 3 7,944 270.00 361.00 315.81 130 4 Chuck, short rib 12 59,019 246.00 265.00 253.42 160 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 17 25,575 210.00 219.30 214.64 168 1 Round, top inside round 21 43,584 205.00 224.56 214.82 168 3 Round, top inside round 14 31,383 210.50 230.00 219.41 169 5 Round, top inside, denuded 9 10,101 250.98 255.00 254.90

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 13 31,320 209.00 225.89 213.93 171C 3 Round, eye of round (IM) 15 32,880 229.00 240.50 234.14 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 25 26,620 359.50 427.28 382.97 175 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 24 48,859 369.00 392.00 375.38 184 1 Loin, top butt, bnls, heavy 10 16,339 240.00 251.25 246.17 184 3 Loin, top butt, boneless 25 57,948 254.00 269.00 258.44 185A 4 Loin, bottom sirloin, flap 7 15,635 339.00 366.50 343.19 185B 1 Loin, ball-tip, bnls, heavy 9 50,945 214.00 250.00 220.82 185C 1 Loin, sirloin, tri-tip (IM) 7 3,209 229.00 265.00 252.71 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 31 71,517 794.00 888.00 825.50 191A 4 Loin, butt tender, trimmed 3 1,770 875.00 915.00 905.26 193 4 Flank, flank steak (IM) 4 11,947 345.00 350.01 346.41 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 7 11,651 90.00 125.00 98.29 121D 4 Plate, Inside Skirt (IM) 31 62,272 313.00 335.00 317.91 121C 4 Plate, Outside Skirt (IM) 22 33,783 445.00 486.00 458.22 121E 6 Outside Skirt, pld (IM) 3 1,722 610.00 675.00 623.82

Cap, Wedge Meat & (IM) Lean 37 283,517 243.20 264.00 245.23

Pectoral Meat 28 43,833 250.00 280.00 266.73 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 65 339,101 142.19 169.28 151.74 Ground Beef 75% Ground Beef 81% 75 358,133 173.00 207.28 183.00 Ground Beef 85% Ground Beef 90% Ground Beef 93% 28 89,688 251.00 270.28 257.07 Ground Beef Chuck 80% 39 188,119 173.00 204.00 184.77 Ground Beef Round 85% 32 107,417 212.00 221.00 217.05 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% 8 23,975 162.73 205.70 195.54 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% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 9 123,478 69.00 80.00 74.32 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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