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USDA Boxed Beef Cutout Midday Prices for March 28

March 28, 2013

March 28 (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: 188.71 188.05 Change from prior day: (1.25) (0.46) ------------------------------------------------------------------------------- Choice/Select spread: 0.67

Total Load Count (Cuts, Trimmings, Grids): 174 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 279.89 282.44 Primal Chuck 160.54 159.65 Primal Round 160.78 161.13 Primal Loin 252.19 247.49 Primal Brisket 132.58 133.54 Primal Short Plate 137.93 141.30 Primal Flank 107.79 105.85 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 03/27 133 59 12 36 241 189.96 188.51 03/26 88 41 12 38 179 190.43 189.17 03/25 83 38 11 40 172 190.58 190.21 03/22 66 35 16 23 140 191.43 192.28 03/21 103 39 3 21 167 192.98 193.24 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 191.08 190.68 -------------------------------------------------------------------------------- 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 107.09 loads 4,283,551 pounds Select Cuts 35.42 loads 1,416,874 pounds Trimmings 7.12 loads 284,739 pounds Ground Beef 23.95 load 957,864 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 18 65,726 505.00 559.50 523.95 112A 3 Rib, ribeye, bnls, light 11 33,302 573.13 628.75 587.02 112A 3 Rib, ribeye, bnls, heavy 46 179,539 573.13 623.00 598.83 113C 1 Chuck, semi-bnls, neck/off 3 4,029 190.00 216.00 201.78 114 1 Chuck, shoulder clod 12 28,895 187.00 203.00 192.47 114A 3 Chuck, shoulder clod, trmd 47 345,951 195.00 231.00 202.24 114D 3 Chuck, clod, top blade 4 30,758 279.00 289.00 282.29 114E 3 Chuck, clod, arm roast 3 5,230 255.00 257.34 256.63 114F 5 Chuck, clod tender (IM) 7 2,919 360.00 386.41 370.03 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 49 458,844 225.00 247.00 229.22 116B 1 Chuck, chuck tender (IM) 20 43,199 210.00 225.00 215.62

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 46 267,110 190.00 213.00 194.80 120A 3 Brisket, point/off, bnls 9 10,257 347.60 354.00 351.20 123A 3 Short Plate, short rib 14 22,192 418.00 473.50 445.60 130 4 Chuck, short rib 7 7,695 326.00 354.00 339.75 160 1 Round, bone-in 161 1 Round, boneless 4 5,965 204.00 242.00 209.53

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 44 191,393 216.00 237.50 222.32 168 1 Round, top inside round 48 445,017 190.00 210.00 194.23 168 3 Round, top inside round 45 524,972 198.80 216.41 203.33 169 5 Round, top inside, denuded 9 20,179 228.80 248.00 235.57

3 Round, top inside, side off 170 1 Round, bottom gooseneck 5 10,126 195.00 206.47 198.10 171B 3 Round, outside round 41 428,073 190.00 225.50 200.11 171C 3 Round, eye of round (IM) 50 162,711 224.40 251.41 228.70 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 23 74,228 469.23 550.00 506.61 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 14 10,433 458.00 484.00 467.45 180 3 Loin, strip, bnls, 0x1 31 143,216 500.00 554.00 516.17 184 1 Loin, top butt, bnls, heavy 14 12,970 300.00 321.00 305.73 184 3 Loin, top butt, boneless 25 86,796 309.85 340.00 319.24 185A 4 Loin, bottom sirloin, flap 17 47,779 405.00 419.00 411.84 185B 1 Loin, ball-tip, bnls, heavy 17 63,916 225.00 239.00 235.97 185C 1 Loin, sirloin, tri-tip (IM) 7 92,022 260.00 270.00 267.05 185D 4 Loin, tri-tip, pld (IM) 7 6,375 350.00 372.00 363.38 189A 4 Loin, tndrloin, trmd, heavy 38 181,569 870.00 941.00 881.64 191A 4 Loin, butt tender, trimmed 3 5,033 882.00 919.24 883.69 193 4 Flank, flank steak (IM) 17 79,937 399.00 446.00 415.11 ------------------------------------------------------------------------------- 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 7 18,975 530.00 555.00 544.18 112A 3 Rib, ribeye, bnls, light 8 7,523 598.75 610.00 601.65 112A 3 Rib, ribeye, bnls, heavy 15 19,317 591.00 633.00 608.78 113C 1 Chuck, semi-bnls, neck/off 3 7,127 205.00 210.00 208.74 114 1 Chuck, shoulder clod 7 55,683 188.00 201.34 194.74 114A 3 Chuck, shoulder clod, trmd 9 55,037 196.00 217.98 200.71 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 9 13,091 325.00 355.00 332.23 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 17 172,713 226.00 242.07 228.24 116B 1 Chuck, chuck tender (IM) 16 127,814 210.00 225.00 214.08

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 8 11,651 193.00 206.00 199.09 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 130 4 Chuck, short rib 3 2,810 320.00 333.00 328.89 160 1 Round, bone-in 0 0 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 5 10,904 220.00 226.50 222.44 168 1 Round, top inside round 24 417,493 187.52 198.00 189.89 168 3 Round, top inside round 5 28,679 201.00 213.00 207.97 169 5 Round, top inside, denuded 4 2,597 235.50 245.00 241.37

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 20 49,754 199.00 225.50 202.16 171C 3 Round, eye of round (IM) 11 30,737 224.40 240.00 227.25 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 7 10,987 488.00 520.00 495.92 175 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 6 12,087 500.31 523.75 511.09 184 1 Loin, top butt, bnls, heavy 9 95,816 295.00 315.50 295.93 184 3 Loin, top butt, boneless 8 9,612 310.00 325.58 317.11 185A 4 Loin, bottom sirloin, flap 3 26,451 394.00 410.00 402.87 185B 1 Loin, ball-tip, bnls, heavy 7 9,505 229.51 236.00 233.02 185C 1 Loin, sirloin, tri-tip (IM) 8 70,747 258.00 275.50 266.69 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 9 29,186 869.24 900.00 877.72 191A 4 Loin, butt tender, trimmed 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 9 16,185 105.00 116.00 110.16 121D 4 Plate, Inside Skirt (IM) 15 24,740 358.00 380.00 369.18 121C 4 Plate, Outside Skirt (IM) 5 13,076 434.00 485.00 470.67 121E 6 Outside Skirt, pld (IM)

Cap, Wedge Meat & (IM) Lean 27 128,466 249.40 265.00 257.52

Pectoral Meat 17 32,661 236.00 280.00 243.02 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 14 150,055 160.18 180.17 166.93 Ground Beef 75% Ground Beef 81% 33 497,648 168.00 213.00 177.65 Ground Beef 85% Ground Beef 90% Ground Beef 93% Ground Beef Chuck 80% 5 15,899 196.00 220.00 209.36 Ground Beef Round 85% 0 0 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% 3 35,600 200.30 214.00 213.41 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 11 263,739 87.20 94.00 88.72 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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