Bloomberg News

USDA Boxed Beef Cutout Closing Prices for January 31

January 31, 2013

January 31 (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: 185.32 180.25 Change from prior day: (1.44) (0.77) ------------------------------------------------------------------------------- Choice/Select spread: 5.07

Total Load Count (Cuts, Trimmings, Grids): 227 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 268.95 254.83 Primal Chuck 160.58 159.67 Primal Round 161.54 161.00 Primal Loin 246.29 230.51 Primal Brisket 127.48 128.07 Primal Short Plate 128.43 134.16 Primal Flank 103.21 97.74 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 01/30 125 84 8 31 246 186.76 181.02 01/29 78 57 7 28 170 186.89 181.10 01/28 118 30 16 25 189 187.61 182.42 01/25 79 38 14 23 154 187.44 181.86 01/24 113 53 13 23 201 188.01 182.19 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 187.34 181.72 -------------------------------------------------------------------------------- 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 108.25 loads 4,329,830 pounds Select Cuts 50.77 loads 2,030,706 pounds Trimmings 31.08 loads 1,243,277 pounds Ground Beef 36.96 load 1,478,408 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 16 15,396 505.00 550.71 523.64 112A 3 Rib, ribeye, bnls, light 21 135,360 585.00 676.00 604.03 112A 3 Rib, ribeye, bnls, heavy 47 200,463 553.00 631.00 586.46 113C 1 Chuck, semi-bnls, neck/off 4 14,083 200.00 214.00 210.19 114 1 Chuck, shoulder clod 15 30,497 198.00 211.00 202.49 114A 3 Chuck, shoulder clod, trmd 34 244,189 202.25 227.00 209.13 114D 3 Chuck, clod, top blade 13 63,932 260.65 290.00 262.94 114E 3 Chuck, clod, arm roast 8 15,874 250.00 273.71 259.80 114F 5 Chuck, clod tender (IM) 10 23,627 280.00 330.50 312.39 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 46 261,405 217.40 245.00 229.54 116B 1 Chuck, chuck tender (IM) 20 61,483 209.50 233.60 216.82

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 32 160,663 188.00 217.00 194.54 120A 3 Brisket, point/off, bnls 10 17,238 330.00 350.00 347.46 123A 3 Short Plate, short rib 25 97,191 364.00 420.00 372.41 130 4 Chuck, short rib 19 54,112 265.00 304.50 287.84 160 1 Round, bone-in 5 6,340 195.18 206.00 200.34 161 1 Round, boneless 3 1,091 208.50 216.00 213.78

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 61 425,907 209.50 240.00 215.31 168 1 Round, top inside round 24 171,914 181.62 204.00 188.63 168 3 Round, top inside round 46 440,872 189.00 222.00 198.72 169 5 Round, top inside, denuded 14 35,440 230.00 251.60 243.96

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 8 10,220 189.00 221.25 196.62 171B 3 Round, outside round 49 271,619 201.97 229.50 214.78 171C 3 Round, eye of round (IM) 36 98,612 209.00 253.08 224.61 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 20 46,039 464.98 544.50 482.32 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 12 7,704 418.00 447.07 432.24 180 3 Loin, strip, bnls, 0x1 48 193,611 450.00 519.00 487.12 184 1 Loin, top butt, bnls, heavy 10 14,184 290.00 318.71 295.62 184 3 Loin, top butt, boneless 29 142,348 314.00 344.00 319.99 185A 4 Loin, bottom sirloin, flap 28 76,187 361.00 390.00 372.21 185B 1 Loin, ball-tip, bnls, heavy 26 120,561 223.00 237.22 225.39 185C 1 Loin, sirloin, tri-tip (IM) 22 216,331 276.25 309.14 280.46 185D 4 Loin, tri-tip, pld (IM) 6 22,222 380.55 438.55 409.49 189A 4 Loin, tndrloin, trmd, heavy 35 143,482 900.00 1010.00 913.35 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 19 29,717 417.00 460.00 428.74 ------------------------------------------------------------------------------- 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 10 99,194 495.00 534.10 496.88 112A 3 Rib, ribeye, bnls, light 16 52,776 527.75 565.00 541.63 112A 3 Rib, ribeye, bnls, heavy 30 166,634 529.34 560.00 534.96 113C 1 Chuck, semi-bnls, neck/off 3 9,995 199.06 214.80 200.07 114 1 Chuck, shoulder clod 13 96,841 193.00 215.00 196.43 114A 3 Chuck, shoulder clod, trmd 12 78,667 202.25 225.00 208.64 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 5 6,441 280.00 290.00 281.99 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 27 154,266 218.00 242.00 228.60 116B 1 Chuck, chuck tender (IM) 21 148,115 205.00 228.50 208.61

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 14 105,400 190.15 215.00 195.07 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 7 9,801 343.50 415.00 395.73 130 4 Chuck, short rib 5 9,327 300.00 304.00 302.45 160 1 Round, bone-in 161 1 Round, boneless 5 18,145 205.00 220.00 205.62

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 22 127,527 209.50 229.50 216.70 168 1 Round, top inside round 11 75,053 182.00 204.00 184.27 168 3 Round, top inside round 14 103,234 200.00 210.50 204.64 169 5 Round, top inside, denuded 7 6,556 230.00 244.50 233.39

3 Round, top inside, side off 170 1 Round, bottom gooseneck 6 9,751 184.00 230.00 205.11 171B 3 Round, outside round 13 31,243 208.27 223.00 212.98 171C 3 Round, eye of round (IM) 28 108,250 215.00 242.00 225.87 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 16 43,667 425.13 446.45 434.96 175 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 13 92,074 407.84 461.00 423.17 184 1 Loin, top butt, bnls, heavy 5 3,255 274.00 295.00 283.30 184 3 Loin, top butt, boneless 13 37,896 281.00 308.00 296.01 185A 4 Loin, bottom sirloin, flap 8 14,716 350.00 380.00 361.89 185B 1 Loin, ball-tip, bnls, heavy 11 20,441 222.00 235.00 225.25 185C 1 Loin, sirloin, tri-tip (IM) 13 66,210 272.00 306.00 280.70 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 19 33,992 850.00 911.00 884.57 191A 4 Loin, butt tender, trimmed 8 6,302 835.00 847.00 844.57 193 4 Flank, flank steak (IM) 7 19,569 377.00 400.25 386.91 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 13 42,861 89.00 125.00 102.11 121D 4 Plate, Inside Skirt (IM) 26 61,168 341.00 375.00 351.67 121C 4 Plate, Outside Skirt (IM) 10 20,883 435.00 470.50 444.30 121E 6 Outside Skirt, pld (IM) 7 6,887 603.00 730.00 634.99

Cap, Wedge Meat & (IM) Lean 50 174,895 245.00 271.00 262.42

Pectoral Meat 36 166,812 245.00 282.80 255.22 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 31 295,743 140.05 175.50 148.67 Ground Beef 75% Ground Beef 81% 33 223,769 188.00 222.50 202.30 Ground Beef 85% 0 0 Ground Beef 90% 0 0 Ground Beef 93% 4 17,098 259.60 275.30 264.73 Ground Beef Chuck 80% 18 162,030 200.00 221.00 209.40 Ground Beef Round 85% 5 10,760 228.63 237.00 233.48 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% 9 56,248 202.95 230.10 215.81 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 30 1,015,777 62.00 69.00 64.63 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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