Bloomberg News

USDA Boxed Beef Cutout Closing Prices for April 23

April 23, 2013

April 23 (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: 191.41 183.78 Change from prior day: 0.63 0.11 ------------------------------------------------------------------------------- Choice/Select spread: 7.63

Total Load Count (Cuts, Trimmings, Grids): 179 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 277.00 260.07 Primal Chuck 160.42 158.20 Primal Round 158.45 157.63 Primal Loin 269.41 246.17 Primal Brisket 133.20 131.05 Primal Short Plate 136.72 139.50 Primal Flank 107.57 106.14 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 04/22 70 54 10 29 164 190.78 183.67 04/19 94 49 17 14 174 190.10 183.63 04/18 88 56 9 34 187 190.79 184.25 04/17 124 71 6 38 238 191.33 184.49 04/16 83 68 13 28 192 190.45 183.93 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 190.69 183.99 -------------------------------------------------------------------------------- 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 83.50 loads 3,339,834 pounds Select Cuts 39.91 loads 1,596,557 pounds Trimmings 12.88 loads 515,282 pounds Ground Beef 42.62 load 1,704,736 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 30 47,711 505.00 547.29 517.61 112A 3 Rib, ribeye, bnls, light 6 28,823 560.00 589.00 565.92 112A 3 Rib, ribeye, bnls, heavy 60 95,598 559.47 607.00 572.92 113C 1 Chuck, semi-bnls, neck/off 9 28,450 200.00 207.00 204.50 114 1 Chuck, shoulder clod 18 91,717 190.21 201.17 194.47 114A 3 Chuck, shoulder clod, trmd 30 94,135 198.00 213.00 204.12 114D 3 Chuck, clod, top blade 11 6,030 272.00 291.00 284.16 114E 3 Chuck, clod, arm roast 10 29,611 232.00 251.60 234.45 114F 5 Chuck, clod tender (IM) 10 8,389 370.00 400.00 380.44 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 52 304,077 219.75 238.00 225.54 116B 1 Chuck, chuck tender (IM) 22 62,931 204.00 214.50 206.32

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 41 129,504 191.00 210.00 196.95 120A 3 Brisket, point/off, bnls 13 18,721 333.00 350.00 340.39 123A 3 Short Plate, short rib 22 17,826 401.00 452.00 437.62 130 4 Chuck, short rib 15 35,158 298.00 340.00 320.19 160 1 Round, bone-in 5 7,667 194.00 221.00 207.19 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 40 173,330 219.30 241.00 223.16 168 1 Round, top inside round 30 189,396 180.10 207.00 192.63 168 3 Round, top inside round 49 622,787 198.00 219.50 202.73 169 5 Round, top inside, denuded 24 58,846 230.00 246.00 235.78

3 Round, top inside, side off 170 1 Round, bottom gooseneck 7 4,164 188.50 201.70 191.36 171B 3 Round, outside round 48 218,386 190.00 220.60 195.42 171C 3 Round, eye of round (IM) 48 110,696 194.22 223.00 205.61 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 19 43,974 495.00 599.00 548.23 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 9 10,554 500.00 540.00 509.46 180 3 Loin, strip, bnls, 0x1 44 85,436 564.50 651.00 596.09 184 1 Loin, top butt, bnls, heavy 7 15,057 309.30 323.00 310.34 184 3 Loin, top butt, boneless 35 207,132 311.00 342.00 323.88 185A 4 Loin, bottom sirloin, flap 43 108,726 400.00 446.00 418.98 185B 1 Loin, ball-tip, bnls, heavy 19 34,953 225.00 256.00 239.20 185C 1 Loin, sirloin, tri-tip (IM) 15 46,647 250.00 301.70 262.91 185D 4 Loin, tri-tip, pld (IM) 15 12,694 376.00 401.37 385.81 189A 4 Loin, tndrloin, trmd, heavy 22 67,609 848.00 1016.00 874.20 191A 4 Loin, butt tender, trimmed 7 25,484 873.20 914.50 878.38 193 4 Flank, flank steak (IM) 33 60,809 381.00 438.00 397.29 ------------------------------------------------------------------------------- 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 22 8,128 476.84 522.50 486.18 112A 3 Rib, ribeye, bnls, light 14 64,215 500.00 551.50 505.38 112A 3 Rib, ribeye, bnls, heavy 39 45,890 500.02 561.00 521.49 113C 1 Chuck, semi-bnls, neck/off 15 38,588 198.00 214.47 201.76 114 1 Chuck, shoulder clod 7 22,745 193.00 204.00 196.55 114A 3 Chuck, shoulder clod, trmd 12 31,827 197.53 210.00 203.30 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 8 8,515 329.00 370.00 344.41 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 21 89,605 221.00 230.00 222.75 116B 1 Chuck, chuck tender (IM) 10 21,883 193.00 210.65 202.38

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 13 75,654 189.00 202.00 191.17 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 4 13,690 326.00 420.00 342.53 130 4 Chuck, short rib 6 17,773 305.00 320.00 305.56 160 1 Round, bone-in 161 1 Round, boneless 4 6,193 198.00 203.00 200.43

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 13 47,259 219.87 235.00 222.51 168 1 Round, top inside round 17 150,319 190.00 221.09 193.00 168 3 Round, top inside round 24 140,213 198.00 212.00 203.84 169 5 Round, top inside, denuded 4 8,142 231.00 245.00 239.62

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 26 78,159 190.00 201.50 194.49 171C 3 Round, eye of round (IM) 17 39,029 199.00 219.00 207.06 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 26 34,254 495.00 552.00 506.60 175 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 25 101,047 480.00 538.00 503.00 184 1 Loin, top butt, bnls, heavy 7 29,262 284.02 306.00 285.13 184 3 Loin, top butt, boneless 33 130,735 284.00 338.00 295.41 185A 4 Loin, bottom sirloin, flap 11 32,620 393.00 420.00 400.78 185B 1 Loin, ball-tip, bnls, heavy 13 23,008 227.50 245.00 233.92 185C 1 Loin, sirloin, tri-tip (IM) 9 7,665 248.70 282.50 271.70 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 27 24,655 814.00 889.00 853.19 191A 4 Loin, butt tender, trimmed 9 7,203 795.00 858.50 813.93 193 4 Flank, flank steak (IM) 13 29,994 375.00 431.00 386.16 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 6 14,473 99.73 116.00 109.45 121D 4 Plate, Inside Skirt (IM) 29 85,445 329.00 369.00 348.94 121C 4 Plate, Outside Skirt (IM) 20 50,880 394.74 485.00 412.77 121E 6 Outside Skirt, pld (IM) 9 8,751 595.00 696.00 675.25

Cap, Wedge Meat & (IM) Lean 41 155,604 223.75 265.00 236.26

Pectoral Meat 32 87,412 226.00 255.00 232.30 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 42 341,171 160.00 184.00 170.75 Ground Beef 75% Ground Beef 81% 45 288,627 174.00 212.00 192.89 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 25 144,550 246.50 278.00 263.24 Ground Beef Chuck 80% 34 602,146 170.00 211.11 200.31 Ground Beef Round 85% 12 26,408 211.17 243.00 232.63 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% 7 96,625 194.75 233.00 218.98 Blended Ground Beef 85% Blended Ground Beef 90% 0 0 Blended Ground Beef 93% Blended Ground Beef Chuck 80% Blended Ground Beef Round 85% 0 0 Blended Ground Beef Sirloin 90% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 23 515,282 94.35 103.00 98.71 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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