Bloomberg News

USDA Boxed Beef Cutout Closing Prices for November 29

November 29, 2012

November 29 (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: 196.03 174.90 Change from prior day: 0.30 (0.83) ------------------------------------------------------------------------------- Choice/Select spread: 21.13

Total Load Count (Cuts, Trimmings, Grids): 173 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 333.02 250.04 Primal Chuck 156.91 156.96 Primal Round 163.62 162.51 Primal Loin 266.68 211.23 Primal Brisket 132.21 132.31 Primal Short Plate 126.49 130.47 Primal Flank 93.48 91.72 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 11/28 84 63 8 49 204 195.73 175.73 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 195.68 174.62 -------------------------------------------------------------------------------- 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 71.30 loads 2,851,923 pounds Select Cuts 61.98 loads 2,479,212 pounds Trimmings 7.06 loads 282,280 pounds Ground Beef 32.97 load 1,318,965 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 20 58,179 673.17 783.00 710.75 112A 3 Rib, ribeye, bnls, light 6 19,690 795.00 850.00 835.58 112A 3 Rib, ribeye, bnls, heavy 16 82,598 751.00 825.00 776.39 113C 1 Chuck, semi-bnls, neck/off 4 5,143 205.50 212.00 208.77 114 1 Chuck, shoulder clod 12 31,486 197.74 214.00 205.45 114A 3 Chuck, shoulder clod, trmd 33 233,245 207.50 235.00 214.40 114D 3 Chuck, clod, top blade 8 26,631 250.00 301.00 266.03 114E 3 Chuck, clod, arm roast 4 1,947 249.70 273.72 260.03 114F 5 Chuck, clod tender (IM) 5 4,767 287.30 370.00 309.15 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 31 165,030 220.00 255.60 234.12 116B 1 Chuck, chuck tender (IM) 16 27,907 205.00 231.00 226.22

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 36 226,494 195.00 228.00 204.69 120A 3 Brisket, point/off, bnls 14 14,810 341.73 376.00 363.06 123A 3 Short Plate, short rib 25 24,676 299.00 378.00 353.28 130 4 Chuck, short rib 17 48,540 214.20 280.00 235.85 160 1 Round, bone-in 0 0 161 1 Round, boneless 3 5,209 205.00 227.50 206.47

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 47 188,407 201.73 234.50 213.79 168 1 Round, top inside round 22 120,520 203.00 215.60 210.33 168 3 Round, top inside round 19 49,681 200.00 228.00 221.30 169 5 Round, top inside, denuded 11 16,219 250.00 264.00 254.52

3 Round, top inside, side off 170 1 Round, bottom gooseneck 5 5,878 200.00 210.50 205.21 171B 3 Round, outside round 43 321,759 203.00 226.00 209.60 171C 3 Round, eye of round (IM) 33 96,643 219.00 255.00 231.21 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 17 70,177 468.00 540.00 503.02 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 7 8,651 430.00 460.15 438.98 180 3 Loin, strip, bnls, 0x1 33 120,623 471.92 535.00 492.32 184 1 Loin, top butt, bnls, heavy 3 1,992 305.00 313.00 308.89 184 3 Loin, top butt, boneless 23 63,440 300.00 345.00 316.52 185A 4 Loin, bottom sirloin, flap 27 146,245 347.00 377.50 363.47 185B 1 Loin, ball-tip, bnls, heavy 10 39,095 213.00 242.00 230.72 185C 1 Loin, sirloin, tri-tip (IM) 19 130,510 236.92 288.00 273.93 185D 4 Loin, tri-tip, pld (IM) 9 115,134 350.20 386.00 375.92 189A 4 Loin, tndrloin, trmd, heavy 14 70,262 1184.52 1330.00 1208.15 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 14 24,528 338.00 384.50 354.75 ------------------------------------------------------------------------------- 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 7 9,687 486.67 546.00 496.64 112A 3 Rib, ribeye, bnls, light 11 19,595 519.40 576.00 543.88 112A 3 Rib, ribeye, bnls, heavy 19 46,425 500.53 575.00 518.29 113C 1 Chuck, semi-bnls, neck/off 5 11,095 198.88 220.50 203.12 114 1 Chuck, shoulder clod 12 227,718 192.97 208.00 195.50 114A 3 Chuck, shoulder clod, trmd 13 73,213 207.70 233.00 213.52 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 3 9,699 240.00 252.71 244.36 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 27 126,631 217.70 249.01 227.30 116B 1 Chuck, chuck tender (IM) 13 17,559 214.49 240.00 228.97

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 11 135,273 198.00 226.00 202.98 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 3 1,761 273.74 371.00 320.43 130 4 Chuck, short rib 19 74,835 214.20 271.00 227.89 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 11 55,474 210.00 225.00 214.93 168 1 Round, top inside round 13 171,859 202.97 217.00 206.58 168 3 Round, top inside round 22 97,135 214.00 235.00 219.44 169 5 Round, top inside, denuded 7 13,798 248.00 260.50 255.11

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 7 95,108 194.70 220.00 195.88 171B 3 Round, outside round 21 149,809 203.00 216.00 205.31 171C 3 Round, eye of round (IM) 13 30,458 208.00 240.00 234.35 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 12 64,151 348.15 394.50 364.55 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 0 0 180 3 Loin, strip, bnls, 0x1 9 90,746 334.78 391.00 354.84 184 1 Loin, top butt, bnls, heavy 7 29,579 225.00 260.22 245.38 184 3 Loin, top butt, boneless 20 209,477 250.00 280.50 258.93 185A 4 Loin, bottom sirloin, flap 11 52,670 344.87 365.00 351.02 185B 1 Loin, ball-tip, bnls, heavy 19 113,429 223.19 246.00 226.74 185C 1 Loin, sirloin, tri-tip (IM) 17 110,601 232.00 265.00 252.27 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 11 49,363 790.00 875.50 805.48 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 8 16,698 320.00 390.50 343.98 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 14 7,173 96.49 125.00 115.70 121D 4 Plate, Inside Skirt (IM) 19 35,244 309.00 335.00 321.57 121C 4 Plate, Outside Skirt (IM) 39 163,461 443.00 490.24 458.89 121E 6 Outside Skirt, pld (IM) 3 6,063 600.00 640.00 606.67

Cap, Wedge Meat & (IM) Lean 46 259,682 245.00 269.20 251.71

Pectoral Meat 20 50,275 245.33 277.80 252.24 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 30 327,786 141.00 164.00 146.08 Ground Beef 75% 0 0 Ground Beef 81% 66 574,664 165.00 212.24 169.97 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 11 22,273 240.00 263.50 243.33 Ground Beef Chuck 80% 19 64,575 170.00 189.00 185.02 Ground Beef Round 85% 11 26,390 200.70 218.00 209.79 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% 6 45,668 188.30 200.00 197.58 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% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 14 282,280 73.00 81.00 75.76 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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