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USDA Boxed Beef Cutout Closing Prices for February 21

February 21, 2013

February 21 (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: 182.35 180.20 Change from prior day: 0.04 (0.33) ------------------------------------------------------------------------------- Choice/Select spread: 2.15

Total Load Count (Cuts, Trimmings, Grids): 152 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 269.76 263.93 Primal Chuck 159.39 159.19 Primal Round 156.29 157.40 Primal Loin 240.45 231.56 Primal Brisket 123.45 122.22 Primal Short Plate 127.92 133.06 Primal Flank 101.49 98.30 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 02/20 117 47 16 42 221 182.31 180.53 02/19 185 85 36 60 366 182.47 180.88 02/15 69 26 15 33 142 181.95 180.40 02/14 81 31 23 12 146 183.53 179.60 02/13 103 48 15 49 215 183.68 179.32 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 182.79 180.15 -------------------------------------------------------------------------------- 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 96.70 loads 3,867,875 pounds Select Cuts 28.68 loads 1,147,171 pounds Trimmings 3.88 loads 155,396 pounds Ground Beef 22.78 load 911,177 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 19 5,536 500.00 563.00 532.56 112A 3 Rib, ribeye, bnls, light 11 21,512 575.00 631.00 582.20 112A 3 Rib, ribeye, bnls, heavy 68 195,051 547.00 614.50 569.28 113C 1 Chuck, semi-bnls, neck/off 6 85,014 185.00 216.00 188.38 114 1 Chuck, shoulder clod 11 37,014 195.25 205.00 197.95 114A 3 Chuck, shoulder clod, trmd 53 240,123 202.00 237.00 209.36 114D 3 Chuck, clod, top blade 3 1,127 276.14 288.00 281.51 114E 3 Chuck, clod, arm roast 6 6,046 247.74 275.00 252.50 114F 5 Chuck, clod tender (IM) 7 17,054 325.38 350.00 328.57 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 58 194,281 222.00 243.00 234.41 116B 1 Chuck, chuck tender (IM) 26 81,994 224.00 241.00 229.92

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 35 87,322 179.90 206.00 188.43 120A 3 Brisket, point/off, bnls 19 112,106 316.78 351.00 327.44 123A 3 Short Plate, short rib 28 31,422 395.00 450.00 410.59 130 4 Chuck, short rib 22 24,776 301.00 344.00 321.57 160 1 Round, bone-in 3 9,708 191.00 202.00 192.39 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 53 190,784 206.00 234.50 212.67 168 1 Round, top inside round 28 90,308 182.00 191.00 185.76 168 3 Round, top inside round 28 237,640 193.00 215.00 196.16 169 5 Round, top inside, denuded 7 14,090 222.00 242.68 226.37

3 Round, top inside, side off 170 1 Round, bottom gooseneck 4 2,711 198.00 217.05 203.32 171B 3 Round, outside round 63 752,736 200.00 219.50 204.02 171C 3 Round, eye of round (IM) 34 88,581 216.00 236.38 222.95 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 11 56,971 425.00 494.50 438.97 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 15 19,453 395.00 436.00 408.83 180 3 Loin, strip, bnls, 0x1 48 70,102 454.25 506.00 474.93 184 1 Loin, top butt, bnls, heavy 14 165,872 296.00 326.00 297.04 184 3 Loin, top butt, boneless 35 54,006 310.50 350.65 321.22 185A 4 Loin, bottom sirloin, flap 35 109,496 348.00 386.00 360.28 185B 1 Loin, ball-tip, bnls, heavy 30 66,584 222.00 236.00 230.09 185C 1 Loin, sirloin, tri-tip (IM) 19 174,328 270.00 298.00 274.84 185D 4 Loin, tri-tip, pld (IM) 20 37,163 377.00 415.00 386.21 189A 4 Loin, tndrloin, trmd, heavy 49 129,405 852.00 1027.00 879.84 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 17 21,650 404.00 465.00 422.88 ------------------------------------------------------------------------------- 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 4 2,578 510.40 515.00 514.24 112A 3 Rib, ribeye, bnls, light 8 21,216 540.00 580.14 548.83 112A 3 Rib, ribeye, bnls, heavy 9 12,678 552.00 591.00 569.10 113C 1 Chuck, semi-bnls, neck/off 5 18,488 185.00 215.00 198.28 114 1 Chuck, shoulder clod 12 175,688 197.00 206.00 199.04 114A 3 Chuck, shoulder clod, trmd 10 52,612 202.00 213.00 206.10 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 6 8,980 280.00 321.59 298.57 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 26 111,825 221.80 246.00 231.15 116B 1 Chuck, chuck tender (IM) 7 13,107 221.00 225.70 224.73

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 7 12,027 186.00 215.00 190.29 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 7,058 395.00 446.00 415.61 130 4 Chuck, short rib 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 8 27,334 205.00 222.24 209.02 168 1 Round, top inside round 11 23,593 182.00 195.14 186.07 168 3 Round, top inside round 10 50,775 193.50 205.00 196.41 169 5 Round, top inside, denuded

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 10 43,386 203.00 217.98 206.63 171C 3 Round, eye of round (IM) 12 30,825 214.88 231.00 223.26 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 6 6,056 425.00 443.92 438.97 175 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 12 62,940 412.45 461.00 421.36 184 1 Loin, top butt, bnls, heavy 11 101,256 280.00 291.00 281.56 184 3 Loin, top butt, boneless 12 18,878 292.00 314.50 308.80 185A 4 Loin, bottom sirloin, flap 4 4,496 347.00 380.00 356.43 185B 1 Loin, ball-tip, bnls, heavy 13 35,024 215.30 236.00 230.04 185C 1 Loin, sirloin, tri-tip (IM) 5 6,258 280.00 302.00 284.11 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 11 12,643 869.00 992.00 894.75 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 3 7,408 402.00 415.00 405.02 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 11 5,310 99.00 121.00 108.18 121D 4 Plate, Inside Skirt (IM) 32 128,533 340.00 379.00 346.07 121C 4 Plate, Outside Skirt (IM) 16 26,589 425.00 536.00 486.54 121E 6 Outside Skirt, pld (IM) 5 4,618 640.00 745.00 678.43

Cap, Wedge Meat & (IM) Lean 36 260,797 250.00 275.65 257.20

Pectoral Meat 27 116,793 249.00 290.00 255.05 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 21 266,064 145.00 168.00 154.61 Ground Beef 75% Ground Beef 81% 28 176,167 188.00 207.00 191.89 Ground Beef 85% 0 0 Ground Beef 90% Ground Beef 93% 5 9,105 254.70 263.50 262.88 Ground Beef Chuck 80% 9 31,467 191.00 208.65 201.93 Ground Beef Round 85% 6 11,646 209.25 221.00 218.87 Ground Beef Sirloin 90% 0 0 ------------------------------------------------------------------------------- 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% 6 15,289 192.30 208.00 200.04 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 5 134,396 65.00 67.00 65.91 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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