Bloomberg News

USDA Boxed Beef Cutout Closing Prices for December 20

December 20, 2012

December 20 (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: 192.06 176.70 Change from prior day: (1.49) 0.25 ------------------------------------------------------------------------------- Choice/Select spread: 15.36

Total Load Count (Cuts, Trimmings, Grids): 163 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 289.13 250.27 Primal Chuck 157.54 155.89 Primal Round 168.35 166.70 Primal Loin 263.67 214.92 Primal Brisket 135.00 134.82 Primal Short Plate 127.37 132.23 Primal Flank 98.76 95.20 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 12/19 107 67 10 57 241 193.55 176.45 12/18 111 61 30 23 225 193.93 174.96 12/17 62 75 9 26 173 194.86 174.45 12/14 63 48 16 31 158 194.69 175.34 12/13 126 43 8 32 209 194.51 175.68 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 194.31 175.38 -------------------------------------------------------------------------------- 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 71.86 loads 2,874,597 pounds Select Cuts 46.93 loads 1,877,193 pounds Trimmings 17.49 loads 699,740 pounds Ground Beef 26.39 load 1,055,539 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 29 153,461 563.00 713.00 606.32 112A 3 Rib, ribeye, bnls, light 16 116,321 599.21 700.00 604.85 112A 3 Rib, ribeye, bnls, heavy 51 407,222 599.21 770.00 629.63 113C 1 Chuck, semi-bnls, neck/off 10 20,354 207.00 220.50 209.75 114 1 Chuck, shoulder clod 14 53,383 200.00 215.00 205.96 114A 3 Chuck, shoulder clod, trmd 27 114,276 211.00 226.72 216.09 114D 3 Chuck, clod, top blade 6 7,700 262.00 290.00 283.61 114E 3 Chuck, clod, arm roast 12 40,367 240.00 278.00 251.55 114F 5 Chuck, clod tender (IM) 7 6,512 284.00 340.00 300.04 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 23 66,603 223.95 243.75 234.37 116B 1 Chuck, chuck tender (IM) 13 33,824 210.00 230.00 222.91

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 33 91,404 206.30 221.21 211.03 120A 3 Brisket, point/off, bnls 19 13,475 350.00 371.00 357.09 123A 3 Short Plate, short rib 24 70,094 304.24 388.50 353.20 130 4 Chuck, short rib 29 50,093 214.20 280.00 243.50 160 1 Round, bone-in 161 1 Round, boneless 4 10,032 202.35 216.00 214.55

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 34 114,910 219.65 237.00 224.01 168 1 Round, top inside round 26 95,948 209.76 224.00 216.87 168 3 Round, top inside round 25 162,002 219.80 239.00 229.12 169 5 Round, top inside, denuded 14 18,020 249.00 269.00 262.88

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 7 8,088 198.00 221.25 212.01 171B 3 Round, outside round 28 146,748 219.21 234.00 227.33 171C 3 Round, eye of round (IM) 25 122,060 238.12 255.00 244.35 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 19 63,914 500.70 535.00 507.59 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 17 15,084 445.00 490.00 448.94 180 3 Loin, strip, bnls, 0x1 38 142,916 480.00 541.00 494.07 184 1 Loin, top butt, bnls, heavy 8 10,136 304.00 319.00 306.29 184 3 Loin, top butt, boneless 32 184,604 313.00 340.00 318.00 185A 4 Loin, bottom sirloin, flap 18 57,372 354.00 386.00 374.47 185B 1 Loin, ball-tip, bnls, heavy 21 109,031 222.50 240.00 226.56 185C 1 Loin, sirloin, tri-tip (IM) 8 8,142 284.50 300.37 292.34 185D 4 Loin, tri-tip, pld (IM) 11 12,581 370.00 406.00 387.81 189A 4 Loin, tndrloin, trmd, heavy 35 143,715 1120.00 1250.00 1185.34 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 14 10,304 387.00 420.00 404.72 ------------------------------------------------------------------------------- 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 22 97,521 459.90 530.00 517.54 112A 3 Rib, ribeye, bnls, light 12 8,409 510.00 552.00 530.32 112A 3 Rib, ribeye, bnls, heavy 43 122,988 491.70 560.00 515.84 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 8 50,098 200.00 220.00 203.12 114A 3 Chuck, shoulder clod, trmd 11 75,259 212.33 225.00 219.47 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 3 7,304 260.00 290.00 282.21 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 38 288,966 223.24 241.30 231.50 116B 1 Chuck, chuck tender (IM) 17 34,961 219.00 245.00 222.36

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 20 103,910 203.70 220.00 210.24 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 6 3,324 300.00 376.00 319.93 130 4 Chuck, short rib 11 36,449 214.20 271.00 230.89 160 1 Round, bone-in 0 0 161 1 Round, boneless 6 2,603 202.35 220.98 217.32

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 8 32,270 222.92 232.00 230.48 168 1 Round, top inside round 12 65,905 204.64 224.07 212.80 168 3 Round, top inside round 11 71,759 209.00 230.00 219.82 169 5 Round, top inside, denuded 4 2,830 253.50 268.00 262.93

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 8 21,540 197.00 220.00 200.19 171B 3 Round, outside round 15 105,552 219.21 235.00 221.15 171C 3 Round, eye of round (IM) 20 28,432 229.35 250.00 238.87 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 13 34,138 376.00 415.00 385.26 175 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 19 77,853 380.23 415.00 390.98 184 1 Loin, top butt, bnls, heavy 9 21,044 249.85 265.00 255.49 184 3 Loin, top butt, boneless 15 67,361 250.00 280.50 265.75 185A 4 Loin, bottom sirloin, flap 14 43,249 351.00 380.00 361.50 185B 1 Loin, ball-tip, bnls, heavy 16 94,415 215.59 237.00 223.37 185C 1 Loin, sirloin, tri-tip (IM) 6 17,195 245.00 275.00 253.38 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 22 36,052 792.40 916.00 818.50 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 5 4,450 376.50 398.00 387.56 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 9 4,972 79.50 121.00 93.93 121D 4 Plate, Inside Skirt (IM) 18 34,744 325.00 351.00 340.66 121C 4 Plate, Outside Skirt (IM) 25 30,784 439.74 491.00 467.37 121E 6 Outside Skirt, pld (IM) 7 11,830 547.75 675.00 558.48

Cap, Wedge Meat & (IM) Lean 37 189,742 250.00 268.37 254.10

Pectoral Meat 16 40,990 250.00 275.00 256.55 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 23 99,940 142.00 171.50 149.43 Ground Beef 75% 0 0 Ground Beef 81% 28 170,074 160.00 206.50 173.83 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 7 14,526 245.00 276.50 262.13 Ground Beef Chuck 80% 18 240,256 179.00 211.00 205.90 Ground Beef Round 85% 5 15,854 207.36 232.00 215.24 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% 11 46,490 174.45 218.00 203.95 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 14 532,790 61.95 77.50 66.95 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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