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USDA Boxed Beef Cutout Closing Prices for March 22

March 22, 2013

March 22 (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: 191.43 192.28 Change from prior day: (1.55) (0.96) ------------------------------------------------------------------------------- Choice/Select spread: (0.85)

Total Load Count (Cuts, Trimmings, Grids): 140 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 288.22 287.07 Primal Chuck 166.09 168.49 Primal Round 164.78 164.63 Primal Loin 248.33 249.36 Primal Brisket 136.51 135.56 Primal Short Plate 135.75 139.43 Primal Flank 108.32 104.57 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 03/21 103 39 3 21 167 192.98 193.24 03/20 114 37 5 39 195 193.41 193.03 03/19 96 39 15 30 180 194.18 193.65 03/18 79 27 10 16 132 195.84 193.71 03/15 41 20 8 25 93 195.76 193.93 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 194.43 193.51 -------------------------------------------------------------------------------- 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 65.72 loads 2,628,646 pounds Select Cuts 34.78 loads 1,391,055 pounds Trimmings 15.97 loads 638,806 pounds Ground Beef 23.17 load 926,663 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 20 164,609 540.00 574.00 553.64 112A 3 Rib, ribeye, bnls, light 5 6,950 602.00 620.00 609.90 112A 3 Rib, ribeye, bnls, heavy 26 33,479 593.00 641.89 610.77 113C 1 Chuck, semi-bnls, neck/off 3 3,761 210.00 219.97 212.17 114 1 Chuck, shoulder clod 8 13,798 197.00 215.98 203.49 114A 3 Chuck, shoulder clod, trmd 32 128,900 200.00 227.00 206.85 114D 3 Chuck, clod, top blade 7 20,624 245.00 282.03 267.07 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 8 8,723 349.00 372.00 364.18 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 43 113,817 224.00 270.60 237.83 116B 1 Chuck, chuck tender (IM) 26 105,591 215.00 239.98 228.25

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 26 75,952 193.36 222.00 206.29 120A 3 Brisket, point/off, bnls 6 5,030 355.00 367.00 359.40 123A 3 Short Plate, short rib 16 40,420 412.00 478.00 431.56 130 4 Chuck, short rib 25 56,790 320.00 346.00 326.53 160 1 Round, bone-in 0 0 161 1 Round, boneless 3 6,181 207.00 210.47 208.13

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 44 295,836 218.85 239.50 222.13 168 1 Round, top inside round 28 177,344 192.00 220.00 195.30 168 3 Round, top inside round 37 234,103 204.00 235.00 207.11 169 5 Round, top inside, denuded 9 13,961 232.00 248.00 234.94

3 Round, top inside, side off 170 1 Round, bottom gooseneck 7 9,126 197.00 220.00 204.74 171B 3 Round, outside round 31 93,758 206.00 227.00 213.03 171C 3 Round, eye of round (IM) 23 44,445 231.43 250.00 240.35 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 14 34,860 470.15 518.00 491.67 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 6 4,851 448.00 490.00 460.02 180 3 Loin, strip, bnls, 0x1 24 65,386 494.00 542.00 520.54 184 1 Loin, top butt, bnls, heavy 11 12,082 295.00 332.00 298.25 184 3 Loin, top butt, boneless 26 275,442 301.77 338.50 308.98 185A 4 Loin, bottom sirloin, flap 21 55,479 387.15 430.00 406.19 185B 1 Loin, ball-tip, bnls, heavy 19 90,688 229.51 250.00 233.19 185C 1 Loin, sirloin, tri-tip (IM) 6 6,433 261.90 291.89 266.67 185D 4 Loin, tri-tip, pld (IM) 13 19,716 345.00 370.00 358.24 189A 4 Loin, tndrloin, trmd, heavy 26 237,176 860.88 1036.00 884.78 191A 4 Loin, butt tender, trimmed 0 0 193 4 Flank, flank steak (IM) 12 18,414 383.00 441.00 409.94 ------------------------------------------------------------------------------- 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 6 7,948 531.40 558.00 542.87 112A 3 Rib, ribeye, bnls, light 4 9,932 616.00 622.00 619.98 112A 3 Rib, ribeye, bnls, heavy 11 9,268 615.00 640.00 623.13 113C 1 Chuck, semi-bnls, neck/off 3 2,980 207.73 225.00 209.27 114 1 Chuck, shoulder clod 17 313,855 191.00 206.00 193.40 114A 3 Chuck, shoulder clod, trmd 8 12,935 204.00 218.00 208.84 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 6 23,963 325.00 340.00 326.79 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 19 71,279 230.00 259.00 238.15 116B 1 Chuck, chuck tender (IM) 7 30,084 218.15 236.00 220.89

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 14 81,409 193.36 229.70 201.11 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 7 14,010 343.00 466.00 394.91 130 4 Chuck, short rib 5 51,372 321.00 322.00 321.98 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 9 27,568 219.00 234.00 225.12 168 1 Round, top inside round 19 278,703 192.00 215.80 194.11 168 3 Round, top inside round 11 23,886 205.00 222.00 210.16 169 5 Round, top inside, denuded

3 Round, top inside, side off 170 1 Round, bottom gooseneck 8 15,527 184.02 220.00 193.79 171B 3 Round, outside round 12 47,482 198.88 227.98 206.45 171C 3 Round, eye of round (IM) 5 6,748 236.25 252.00 243.71 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 4 6,600 489.85 500.00 493.34 175 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 6 9,147 517.89 535.00 525.55 184 1 Loin, top butt, bnls, heavy 3 4,375 315.00 340.00 328.56 184 3 Loin, top butt, boneless 6 84,224 305.00 340.00 318.64 185A 4 Loin, bottom sirloin, flap 5 8,278 395.22 421.00 398.53 185B 1 Loin, ball-tip, bnls, heavy 12 39,384 223.00 240.00 232.93 185C 1 Loin, sirloin, tri-tip (IM) 7 9,258 248.00 274.73 266.36 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 9 11,976 819.50 933.00 872.61 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 6 12,373 380.88 416.00 398.28 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 9 28,218 108.00 130.00 115.86 121D 4 Plate, Inside Skirt (IM) 14 25,198 354.00 380.00 363.61 121C 4 Plate, Outside Skirt (IM) 6 16,605 423.50 560.00 441.61 121E 6 Outside Skirt, pld (IM)

Cap, Wedge Meat & (IM) Lean 22 119,190 242.76 275.00 261.69

Pectoral Meat 19 78,646 237.00 290.00 245.12 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 20 206,676 160.08 191.00 172.18 Ground Beef 75% 0 0 Ground Beef 81% 30 307,496 178.00 225.98 190.94 Ground Beef 85% 0 0 Ground Beef 90% 0 0 Ground Beef 93% 6 8,885 245.92 278.50 258.68 Ground Beef Chuck 80% 12 27,234 203.23 225.00 209.47 Ground Beef Round 85% 6 9,119 226.00 237.00 230.76 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 17,378 206.25 226.60 209.74 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 19 631,806 85.15 91.00 85.93 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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