Bloomberg News

USDA Boxed Beef Cutout Midday 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 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: 194.31 179.23 Change from prior day: 0.07 0.04 ------------------------------------------------------------------------------- Choice/Select spread: 15.07

Total Load Count (Cuts, Trimmings, Grids): 128 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 284.21 241.68 Primal Chuck 161.77 161.02 Primal Round 173.24 171.56 Primal Loin 264.08 218.02 Primal Brisket 136.99 136.68 Primal Short Plate 129.23 133.78 Primal Flank 102.85 96.39 -------------------------------------------------------------------------------- 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 58.85 loads 2,353,906 pounds Select Cuts 34.15 loads 1,365,853 pounds Trimmings 9.98 loads 399,151 pounds Ground Beef 25.38 load 1,015,157 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 10 8,620 579.00 659.00 596.03 112A 3 Rib, ribeye, bnls, light 6 4,182 617.23 636.00 621.09 112A 3 Rib, ribeye, bnls, heavy 58 43,920 600.24 771.00 662.26 113C 1 Chuck, semi-bnls, neck/off 6 41,843 198.10 216.47 206.74 114 1 Chuck, shoulder clod 4 5,579 205.00 216.00 212.36 114A 3 Chuck, shoulder clod, trmd 34 126,528 208.00 231.00 218.33 114D 3 Chuck, clod, top blade 5 10,414 283.00 290.65 285.45 114E 3 Chuck, clod, arm roast 6 6,507 249.77 276.00 263.14 114F 5 Chuck, clod tender (IM) 8 7,387 290.00 340.00 306.15 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 72 693,524 230.00 247.00 242.03 116B 1 Chuck, chuck tender (IM) 16 20,987 220.00 244.00 231.21

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 49 97,382 200.62 227.00 209.14 120A 3 Brisket, point/off, bnls 9 4,110 344.00 370.00 359.90 123A 3 Short Plate, short rib 21 28,996 350.00 380.00 364.23 130 4 Chuck, short rib 12 9,846 250.00 280.00 264.96 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 33 65,010 226.00 255.00 234.21 168 1 Round, top inside round 32 49,689 217.59 229.70 223.58 168 3 Round, top inside round 35 358,290 215.88 239.00 230.00 169 5 Round, top inside, denuded 10 7,465 256.00 275.90 270.42

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 26 88,776 215.88 242.00 221.82 171C 3 Round, eye of round (IM) 30 58,092 240.00 266.00 252.30 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 10 8,988 497.18 535.00 509.10 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 53 308,208 490.00 550.90 496.34 184 1 Loin, top butt, bnls, heavy 7 3,700 305.00 329.00 314.40 184 3 Loin, top butt, boneless 25 14,792 319.18 350.00 328.90 185A 4 Loin, bottom sirloin, flap 30 36,771 368.00 395.00 380.06 185B 1 Loin, ball-tip, bnls, heavy 14 63,766 226.00 245.00 229.67 185C 1 Loin, sirloin, tri-tip (IM) 10 11,208 255.00 325.00 288.46 185D 4 Loin, tri-tip, pld (IM) 10 3,453 383.00 404.00 386.38 189A 4 Loin, tndrloin, trmd, heavy 36 26,461 1105.00 1231.00 1138.93 191A 4 Loin, butt tender, trimmed 0 0 193 4 Flank, flank steak (IM) 6 8,655 403.00 420.50 404.79 ------------------------------------------------------------------------------- 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 11 204,432 431.00 500.00 432.01 112A 3 Rib, ribeye, bnls, light 17 62,456 500.00 567.00 514.82 112A 3 Rib, ribeye, bnls, heavy 39 68,744 486.62 530.90 508.40 113C 1 Chuck, semi-bnls, neck/off 6 15,619 205.00 225.90 210.60 114 1 Chuck, shoulder clod 5 26,722 214.80 215.47 215.01 114A 3 Chuck, shoulder clod, trmd 10 36,990 212.00 230.00 218.70 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 7 13,148 260.00 290.00 266.03 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 15 45,147 209.00 245.00 237.96 116B 1 Chuck, chuck tender (IM) 10 23,565 225.00 240.00 232.51

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 6 59,727 206.00 213.00 212.32 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 130 4 Chuck, short rib 5 4,699 265.00 275.00 271.53 160 1 Round, bone-in 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 9 19,134 230.00 245.00 237.30 168 1 Round, top inside round 7 21,447 210.00 229.80 217.50 168 3 Round, top inside round 8 31,118 223.69 236.00 234.71 169 5 Round, top inside, denuded 4 2,942 264.00 270.00 266.80

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 15 25,084 217.00 236.24 225.24 171C 3 Round, eye of round (IM) 17 33,782 238.00 255.00 244.38 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 9 8,165 399.00 428.00 411.83 175 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 16 44,412 390.00 424.00 408.79 184 1 Loin, top butt, bnls, heavy 4 6,794 252.33 265.00 261.31 184 3 Loin, top butt, boneless 13 67,172 275.00 290.00 277.88 185A 4 Loin, bottom sirloin, flap 8 44,380 350.00 380.00 352.42 185B 1 Loin, ball-tip, bnls, heavy 7 11,088 217.52 235.00 220.76 185C 1 Loin, sirloin, tri-tip (IM) 4 3,068 260.87 282.00 269.85 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 41 353,618 790.00 957.00 804.72 191A 4 Loin, butt tender, trimmed 3 2,923 794.78 820.47 797.35 193 4 Flank, flank steak (IM) 0 0 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 5 12,950 90.00 110.00 93.14 121D 4 Plate, Inside Skirt (IM) 9 7,926 325.00 360.00 341.21 121C 4 Plate, Outside Skirt (IM) 17 17,188 449.23 495.00 465.89 121E 6 Outside Skirt, pld (IM)

Cap, Wedge Meat & (IM) Lean 19 27,631 252.00 269.20 255.72

Pectoral Meat 19 46,573 249.35 272.00 255.08 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 23 106,476 136.00 170.00 150.97 Ground Beef 75% Ground Beef 81% 18 69,516 175.00 212.00 196.23 Ground Beef 85% 0 0 Ground Beef 90% Ground Beef 93% 7 30,754 250.00 279.50 269.72 Ground Beef Chuck 80% 16 236,330 196.00 233.00 219.30 Ground Beef Round 85% 15 61,164 210.90 235.00 231.09 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 12 399,151 61.00 76.00 67.58 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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