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USDA Boxed Beef Cutout Closing Prices for December 27

December 27, 2012

December 27 (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: 194.26 179.49 Change from prior day: 0.02 0.30 ------------------------------------------------------------------------------- Choice/Select spread: 14.77

Total Load Count (Cuts, Trimmings, Grids): 217 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 284.18 241.54 Primal Chuck 162.04 161.82 Primal Round 173.16 171.36 Primal Loin 263.76 218.26 Primal Brisket 136.18 136.55 Primal Short Plate 129.44 134.00 Primal Flank 102.60 96.89 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 12/26 137 69 32 54 292 194.24 179.19 12/21 64 50 6 27 146 193.09 177.79 12/20 72 47 17 26 163 192.06 176.70 12/19 107 67 10 57 241 193.55 176.45 12/18 111 61 30 23 225 193.93 174.96 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 193.37 177.02 -------------------------------------------------------------------------------- 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 92.81 loads 3,712,473 pounds Select Cuts 65.20 loads 2,607,916 pounds Trimmings 18.13 loads 725,233 pounds Ground Beef 40.91 load 1,636,249 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 25 56,323 533.00 659.00 563.09 112A 3 Rib, ribeye, bnls, light 10 6,764 617.23 681.00 641.75 112A 3 Rib, ribeye, bnls, heavy 67 59,130 600.24 771.00 651.44 113C 1 Chuck, semi-bnls, neck/off 6 41,843 198.10 216.47 206.74 114 1 Chuck, shoulder clod 16 44,225 205.00 216.00 208.58 114A 3 Chuck, shoulder clod, trmd 56 213,650 208.00 231.00 218.58 114D 3 Chuck, clod, top blade 8 25,888 275.00 290.65 279.81 114E 3 Chuck, clod, arm roast 8 24,327 249.77 280.00 275.49 114F 5 Chuck, clod tender (IM) 10 10,024 290.00 340.00 302.14 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 90 873,018 226.00 260.00 241.27 116B 1 Chuck, chuck tender (IM) 23 33,217 220.00 250.00 231.51

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 65 223,386 200.00 227.00 207.31 120A 3 Brisket, point/off, bnls 15 13,154 344.00 372.00 353.94 123A 3 Short Plate, short rib 36 38,238 350.00 381.00 364.48 130 4 Chuck, short rib 21 31,556 250.00 280.00 268.29 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 54 153,893 219.49 255.00 233.63 168 1 Round, top inside round 38 70,267 213.00 229.70 221.70 168 3 Round, top inside round 49 416,766 215.88 250.00 230.11 169 5 Round, top inside, denuded 16 38,153 256.00 275.90 273.40

3 Round, top inside, side off 170 1 Round, bottom gooseneck 8 10,377 209.00 226.00 220.67 171B 3 Round, outside round 39 213,540 215.88 243.00 225.33 171C 3 Round, eye of round (IM) 45 79,310 237.00 266.00 252.66 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 14 38,901 497.18 535.00 524.96 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 3 16,390 445.00 451.84 449.47 180 3 Loin, strip, bnls, 0x1 61 321,960 490.00 550.90 497.04 184 1 Loin, top butt, bnls, heavy 9 4,793 305.00 336.00 315.36 184 3 Loin, top butt, boneless 32 70,631 318.00 350.00 325.68 185A 4 Loin, bottom sirloin, flap 36 46,616 368.00 405.00 380.79 185B 1 Loin, ball-tip, bnls, heavy 20 77,009 226.00 249.50 232.05 185C 1 Loin, sirloin, tri-tip (IM) 16 14,239 255.00 326.00 290.97 185D 4 Loin, tri-tip, pld (IM) 13 17,738 383.00 405.00 397.01 189A 4 Loin, tndrloin, trmd, heavy 57 127,273 1045.12 1231.00 1099.87 191A 4 Loin, butt tender, trimmed 0 0 193 4 Flank, flank steak (IM) 14 26,371 403.00 420.50 410.08 ------------------------------------------------------------------------------- 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 17 219,674 431.00 502.00 433.82 112A 3 Rib, ribeye, bnls, light 23 111,136 500.00 567.00 514.99 112A 3 Rib, ribeye, bnls, heavy 58 192,455 485.00 540.00 504.49 113C 1 Chuck, semi-bnls, neck/off 8 17,626 205.00 225.90 211.40 114 1 Chuck, shoulder clod 10 44,430 206.00 215.47 213.00 114A 3 Chuck, shoulder clod, trmd 16 52,685 212.00 235.00 218.23 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 9 16,423 260.00 290.00 265.62 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 27 86,303 223.74 250.00 236.63 116B 1 Chuck, chuck tender (IM) 21 48,820 222.05 245.00 230.25

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 14 84,719 203.98 221.00 210.64 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 130 4 Chuck, short rib 11 34,880 259.00 293.00 261.09 160 1 Round, bone-in 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 24 70,528 219.00 245.00 230.64 168 1 Round, top inside round 9 32,257 209.04 229.80 215.38 168 3 Round, top inside round 13 47,524 223.39 236.00 233.00 169 5 Round, top inside, denuded 5 12,032 264.00 275.65 273.49

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 23 34,575 216.69 239.00 225.75 171C 3 Round, eye of round (IM) 28 91,945 232.77 255.00 241.92 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 17 50,135 399.00 436.00 416.92 175 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 28 97,993 381.35 424.00 402.51 184 1 Loin, top butt, bnls, heavy 6 9,430 252.33 269.77 262.05 184 3 Loin, top butt, boneless 22 76,809 264.00 293.00 277.19 185A 4 Loin, bottom sirloin, flap 14 139,583 350.00 381.07 364.09 185B 1 Loin, ball-tip, bnls, heavy 11 65,665 216.04 235.00 223.15 185C 1 Loin, sirloin, tri-tip (IM) 6 31,651 240.00 282.00 242.94 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 63 558,750 790.00 957.00 810.16 191A 4 Loin, butt tender, trimmed 4 13,690 789.60 820.47 791.25 193 4 Flank, flank steak (IM) ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 20 67,450 80.99 121.00 87.09 121D 4 Plate, Inside Skirt (IM) 30 112,740 324.00 360.00 347.21 121C 4 Plate, Outside Skirt (IM) 24 25,463 449.23 495.00 471.79 121E 6 Outside Skirt, pld (IM) 3 12,722 560.00 605.00 567.68

Cap, Wedge Meat & (IM) Lean 37 84,272 252.00 270.20 256.11

Pectoral Meat 41 136,670 249.35 272.00 256.64 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 40 205,587 136.00 179.00 157.95 Ground Beef 75% Ground Beef 81% 29 135,767 170.00 216.00 192.44 Ground Beef 85% Ground Beef 90% Ground Beef 93% 8 31,054 250.00 279.50 269.79 Ground Beef Chuck 80% 24 310,702 196.00 233.00 218.29 Ground Beef Round 85% 16 62,328 210.90 238.00 231.22 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% 4 51,705 185.40 200.00 195.68 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 26 725,233 61.00 78.00 69.84 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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