http://www.businessweek.com/news/2012-11-21/usda-boxed-beef-cutout-midday-prices-for-november-21

Bloomberg News

USDA Boxed Beef Cutout Midday Prices for November 21

November 21, 2012

November 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 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: 194.63 175.01 Change from prior day: 0.35 1.17 ------------------------------------------------------------------------------- Choice/Select spread: 19.61

Total Load Count (Cuts, Trimmings, Grids): 120 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 319.81 245.51 Primal Chuck 159.24 156.30 Primal Round 164.70 162.65 Primal Loin 262.62 215.62 Primal Brisket 136.23 134.68 Primal Short Plate 124.65 128.62 Primal Flank 91.94 87.99 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 11/20 92 83 14 57 245 194.28 173.84 11/19 88 94 31 23 237 194.17 172.97 11/16 87 69 18 33 207 193.02 173.08 11/15 74 64 10 47 194 192.93 173.13 11/14 104 92 4 40 240 193.22 174.30 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 193.53 173.46 -------------------------------------------------------------------------------- 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 47.10 loads 1,884,071 pounds Select Cuts 49.59 loads 1,983,447 pounds Trimmings 0.00 loads 0 pounds Ground Beef 23.34 load 933,719 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 9 5,266 694.50 735.00 719.37 112A 3 Rib, ribeye, bnls, light 8 8,997 746.00 810.00 757.98 112A 3 Rib, ribeye, bnls, heavy 68 58,350 719.00 790.00 744.83 113C 1 Chuck, semi-bnls, neck/off 7 18,050 205.50 235.00 210.95 114 1 Chuck, shoulder clod 13 50,094 192.00 212.24 204.98 114A 3 Chuck, shoulder clod, trmd 46 109,999 205.00 231.00 216.11 114D 3 Chuck, clod, top blade 6 5,946 270.00 285.00 280.86 114E 3 Chuck, clod, arm roast 3 1,812 256.00 273.70 261.11 114F 5 Chuck, clod tender (IM) 3 3,553 290.00 292.50 290.64 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 113 147,203 225.00 251.00 237.12 116B 1 Chuck, chuck tender (IM) 36 49,675 215.00 230.00 223.55

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 76 88,865 206.70 231.07 212.07 120A 3 Brisket, point/off, bnls 8 6,688 356.99 374.50 361.51 123A 3 Short Plate, short rib 38 32,407 315.00 355.00 337.93 130 4 Chuck, short rib 51 42,394 246.00 280.00 262.59 160 1 Round, bone-in 4 26,993 195.00 209.00 203.18 161 1 Round, boneless 3 27,540 205.00 217.00 205.67

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 75 117,938 214.00 237.25 222.75 168 1 Round, top inside round 67 85,927 200.00 216.00 211.75 168 3 Round, top inside round 14 71,942 220.00 242.00 226.89 169 5 Round, top inside, denuded 9 17,792 245.00 255.00 251.79

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 5 3,042 200.21 210.99 207.16 171B 3 Round, outside round 39 168,423 207.34 236.25 215.33 171C 3 Round, eye of round (IM) 58 90,254 222.81 262.00 236.57 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 22 18,479 510.00 541.20 517.81 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 10 17,110 445.00 481.00 452.27 180 3 Loin, strip, bnls, 0x1 75 130,380 490.00 535.00 509.65 184 1 Loin, top butt, bnls, heavy 13 8,131 320.00 324.00 321.73 184 3 Loin, top butt, boneless 41 43,790 305.00 335.00 310.55 185A 4 Loin, bottom sirloin, flap 42 68,628 344.24 367.50 359.28 185B 1 Loin, ball-tip, bnls, heavy 34 93,102 220.00 245.00 233.29 185C 1 Loin, sirloin, tri-tip (IM) 11 10,651 250.00 282.80 272.39 185D 4 Loin, tri-tip, pld (IM) 22 7,933 344.00 386.76 363.34 189A 4 Loin, tndrloin, trmd, heavy 59 30,072 1139.00 1291.00 1202.61 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 13 26,137 334.08 370.00 359.15 ------------------------------------------------------------------------------- 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 38,680 463.00 530.00 474.36 112A 3 Rib, ribeye, bnls, light 13 44,491 500.00 576.04 515.24 112A 3 Rib, ribeye, bnls, heavy 9 17,252 479.91 560.00 535.46 113C 1 Chuck, semi-bnls, neck/off 10 14,044 195.00 221.00 214.47 114 1 Chuck, shoulder clod 10 50,682 201.00 210.00 204.71 114A 3 Chuck, shoulder clod, trmd 23 83,793 205.00 232.00 217.18 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 3 1,570 240.00 320.00 273.39 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 34 185,153 228.00 250.01 229.97 116B 1 Chuck, chuck tender (IM) 14 18,027 209.00 225.00 216.95

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 13 52,456 195.00 221.75 209.35 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 4 19,170 299.10 361.00 305.72 130 4 Chuck, short rib 14 56,661 246.00 270.50 251.26 160 1 Round, bone-in 161 1 Round, boneless 6 5,412 214.00 217.00 214.92

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 23 73,449 211.90 224.72 216.66 168 1 Round, top inside round 20 120,752 201.00 215.89 210.12 168 3 Round, top inside round 18 81,564 210.00 226.00 217.22 169 5 Round, top inside, denuded 9 13,354 248.00 257.50 251.45

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 6 5,442 195.00 203.00 199.75 171B 3 Round, outside round 25 120,275 208.65 232.80 213.40 171C 3 Round, eye of round (IM) 23 92,687 226.00 245.00 230.57 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 13 14,895 400.00 429.00 403.28 175 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 14 70,722 369.00 392.00 382.98 184 1 Loin, top butt, bnls, heavy 14 27,999 251.00 265.00 260.78 184 3 Loin, top butt, boneless 15 41,555 254.92 280.50 260.84 185A 4 Loin, bottom sirloin, flap 10 31,831 343.00 362.75 347.31 185B 1 Loin, ball-tip, bnls, heavy 22 163,434 215.00 249.50 227.63 185C 1 Loin, sirloin, tri-tip (IM) 6 27,348 252.00 270.00 255.03 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 14 21,288 830.00 880.00 840.22 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 9 28,051 310.18 349.72 328.21 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 3 7,155 99.37 109.72 99.91 121D 4 Plate, Inside Skirt (IM) 19 41,019 312.00 329.00 317.63 121C 4 Plate, Outside Skirt (IM) 10 19,578 439.08 484.00 460.14 121E 6 Outside Skirt, pld (IM) 4 8,426 618.00 680.00 638.60

Cap, Wedge Meat & (IM) Lean 56 497,108 242.70 265.00 245.50

Pectoral Meat 32 38,793 245.00 290.00 263.07 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 56 351,708 145.00 169.00 152.01 Ground Beef 75% Ground Beef 81% 42 144,707 179.20 216.00 188.23 Ground Beef 85% Ground Beef 90% Ground Beef 93% 17 38,198 240.33 269.00 256.31 Ground Beef Chuck 80% 26 167,104 187.00 205.70 192.80 Ground Beef Round 85% 17 41,978 194.00 219.00 211.02 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 50,800 192.30 199.00 198.95 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% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 0 0 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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