Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 191.98 177.24 Change from prior day: (1.57) 0.79 ------------------------------------------------------------------------------- Choice/Select spread: 14.75

Total Load Count (Cuts, Trimmings, Grids): 103 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 287.59 251.22 Primal Chuck 157.30 156.18 Primal Round 167.99 166.66 Primal Loin 263.79 215.71 Primal Brisket 135.69 135.49 Primal Short Plate 129.31 133.60 Primal Flank 100.29 96.77 -------------------------------------------------------------------------------- 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 49.81 loads 1,992,509 pounds Select Cuts 30.90 loads 1,236,123 pounds Trimmings 0.61 loads 24,500 pounds Ground Beef 21.76 load 870,304 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 15 93,224 563.00 713.00 580.75 112A 3 Rib, ribeye, bnls, light 13 113,821 599.21 700.00 603.27 112A 3 Rib, ribeye, bnls, heavy 35 369,791 599.21 770.00 621.75 113C 1 Chuck, semi-bnls, neck/off 7 16,767 207.00 220.50 209.35 114 1 Chuck, shoulder clod 9 20,297 204.00 215.00 208.35 114A 3 Chuck, shoulder clod, trmd 17 88,520 211.00 223.75 215.58 114D 3 Chuck, clod, top blade 5 7,287 262.00 290.00 283.82 114E 3 Chuck, clod, arm roast 9 33,763 240.00 277.00 249.00 114F 5 Chuck, clod tender (IM) 4 2,914 292.50 368.00 324.48 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 19 47,076 223.95 243.75 234.20 116B 1 Chuck, chuck tender (IM) 11 31,331 220.00 230.00 222.70

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 25 69,984 206.30 221.00 210.91 120A 3 Brisket, point/off, bnls 14 12,348 350.00 365.00 356.25 123A 3 Short Plate, short rib 18 16,219 304.24 388.50 348.77 130 4 Chuck, short rib 17 32,536 214.20 280.00 230.41 160 1 Round, bone-in 161 1 Round, boneless 3 8,534 202.35 216.00 214.48

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 23 88,550 219.70 235.50 223.90 168 1 Round, top inside round 20 80,262 210.00 224.00 217.16 168 3 Round, top inside round 10 42,537 220.00 230.00 224.03 169 5 Round, top inside, denuded 11 14,494 249.00 266.00 263.42

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 5 7,674 198.00 221.25 212.08 171B 3 Round, outside round 19 101,816 220.00 234.00 227.77 171C 3 Round, eye of round (IM) 16 108,749 240.00 255.00 244.52 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 14 52,301 502.49 535.00 506.83 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 12 12,037 445.00 455.00 446.81 180 3 Loin, strip, bnls, 0x1 30 124,099 480.00 527.00 493.09 184 1 Loin, top butt, bnls, heavy 7 9,075 304.00 319.00 305.27 184 3 Loin, top butt, boneless 21 98,109 314.88 340.00 319.50 185A 4 Loin, bottom sirloin, flap 12 47,602 365.00 386.00 374.92 185B 1 Loin, ball-tip, bnls, heavy 11 19,702 228.00 240.00 233.13 185C 1 Loin, sirloin, tri-tip (IM) 6 7,065 290.00 300.37 292.93 185D 4 Loin, tri-tip, pld (IM) 10 10,473 370.00 406.00 386.17 189A 4 Loin, tndrloin, trmd, heavy 22 60,088 1125.00 1250.00 1158.27 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 8 6,123 387.00 420.00 401.68 ------------------------------------------------------------------------------- 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 15 80,206 472.00 530.00 519.80 112A 3 Rib, ribeye, bnls, light 7 6,428 510.00 549.74 528.64 112A 3 Rib, ribeye, bnls, heavy 32 95,586 499.00 560.00 517.58 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 114A 3 Chuck, shoulder clod, trmd 9 68,666 212.33 221.00 219.53 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 18 70,798 223.24 241.30 226.47 116B 1 Chuck, chuck tender (IM) 10 23,321 219.00 245.00 222.29

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 16 92,866 203.70 220.00 209.73 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 4 1,664 300.00 333.00 318.76 130 4 Chuck, short rib 8 33,485 214.20 265.00 227.55 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 6 28,733 225.00 232.00 231.35 168 1 Round, top inside round 10 61,374 204.64 220.00 212.71 168 3 Round, top inside round 6 19,499 209.00 230.00 215.89 169 5 Round, top inside, denuded 3 2,634 253.50 263.00 262.56

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 6 20,654 197.00 220.00 200.23 171B 3 Round, outside round 8 73,328 220.23 229.50 220.96 171C 3 Round, eye of round (IM) 14 18,390 229.35 250.00 237.83 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 7 14,102 376.00 390.00 387.45 175 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 9 67,358 380.23 400.00 389.65 184 1 Loin, top butt, bnls, heavy 7 19,568 250.00 265.00 255.36 184 3 Loin, top butt, boneless 10 58,498 260.00 280.50 266.19 185A 4 Loin, bottom sirloin, flap 11 32,417 351.00 380.00 358.56 185B 1 Loin, ball-tip, bnls, heavy 9 49,035 216.00 237.00 226.88 185C 1 Loin, sirloin, tri-tip (IM) 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 14 23,781 792.40 909.50 816.30 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 4 3,241 376.50 398.00 388.52 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 8 4,897 79.50 121.00 93.66 121D 4 Plate, Inside Skirt (IM) 14 26,551 325.00 350.00 338.92 121C 4 Plate, Outside Skirt (IM) 19 23,911 454.00 491.00 466.19 121E 6 Outside Skirt, pld (IM) 4 11,214 547.75 675.00 557.42

Cap, Wedge Meat & (IM) Lean 26 123,889 250.00 268.37 253.15

Pectoral Meat 7 17,977 250.00 270.00 257.08 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 19 75,780 148.00 171.50 151.50 Ground Beef 75% 0 0 Ground Beef 81% 21 155,446 160.00 206.50 172.95 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 6 4,526 245.00 276.50 251.38 Ground Beef Chuck 80% 16 202,456 179.00 211.00 205.46 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% 0 0 Blended Ground Beef 81% 3 2,080 181.60 188.73 184.01 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% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 0 0 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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