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USDA Boxed Beef Cutout Closing Prices for November 28

November 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 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: 195.93 176.95 Change from prior day: (0.30) (0.09) ------------------------------------------------------------------------------- Choice/Select spread: 18.98

Total Load Count (Cuts, Trimmings, Grids): 135 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 334.93 240.67 Primal Chuck 158.01 155.17 Primal Round 164.11 164.90 Primal Loin 252.92 216.47 Primal Brisket 144.87 143.88 Primal Short Plate 139.81 142.28 Primal Flank 110.58 108.58 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 11/25 56 39 18 18 131 196.23 177.04 11/23 96 77 17 34 224 197.07 177.82 11/22 90 65 21 40 215 196.87 177.90 11/21 100 55 20 37 212 196.38 178.10 11/18 54 34 13 18 119 195.12 178.57 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 196.34 177.89 -------------------------------------------------------------------------------- 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 50.86 loads 2,034,313 pounds Select Cuts 35.38 loads 1,415,231 pounds Trimmings 28.96 loads 1,158,581 pounds Coarse Grinds 20.28 load 811,354 pounds ------------------------------------------------------------------------------- Choice Cuts, Fat Limitations 1-6 IMPS/FL Sub-Primal # of Total Price Weighted

rades Pounds Range Average ------------------------------------------------------------------------------- 109A 1 Rib, roast-ready, heavy 0 0 109E 1 Rib, ribeye, lip-on, bn-in 30 211,209 650.00 740.00 676.69 112A 3 Rib, ribeye, bnls, light 5 6,028 791.00 800.00 794.07 112A 3 Rib, ribeye, bnls, heavy 17 60,623 703.00 797.00 733.17 113A 1 Chuck, square-cut, 2 piece 0 0 113C 1 Chuck, semi-bnls, neck/off 113C 3 Chuck, semi-bnls, neck/off

3 Chuck, semi-bnls n/o sh-cut 0 0 114 1 Chuck, shoulder clod 10 52,888 193.50 218.00 194.89 114A 3 Chuck, shoulder clod, trmd 21 67,563 200.00 229.50 208.05 114D 3 Chuck, clod, top blade 8 11,788 257.00 295.00 270.94 114E 3 Chuck, clod, arm roast 7 8,150 230.50 265.00 244.65 114F 5 Chuck, clod tender 3 1,593 375.00 401.00 376.68 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 33 73,234 220.00 259.00 233.22 116B 1 Chuck, chuck tender 14 18,084 220.00 258.00 236.89

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 23 67,002 192.00 225.00 209.90 120A 3 Brisket, point/off, bnls 9 17,992 328.00 364.75 340.06 123A 3 Short Plate, short rib 28 84,040 310.00 397.00 348.27 130 4 Chuck, short rib 14 16,192 200.00 260.00 223.03 160 1 Round, bone-in 4 15,557 204.00 208.00 204.53 161 1 Round, boneless 3 6,211 209.50 225.25 212.28

3 Round, bnls/peeled heel-out 167 1 Round, knuckle 0 0 167A 4 Round, knuckle, peeled 53 203,287 210.00 249.00 216.16 168 1 Round, top inside round 11 11,930 202.00 219.00 210.57 168 3 Round, top inside round 12 64,425 218.90 240.00 222.28 169 5 Round, top inside, denuded 12 54,144 252.96 268.00 254.91

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 43 297,275 210.00 242.00 215.99 171C 3 Round, eye of round 35 63,620 215.00 247.00 230.85

3 Round, flat/eye, heel-out 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 15 7,582 453.85 487.25 472.00 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 5 3,812 430.00 455.00 432.34 180 3 Loin, strip, bnls, 0x1 24 78,375 475.00 513.00 494.12 184 1 Loin, top butt, bnls, heavy 3 1,827 278.03 301.00 285.06 184 3 Loin, top butt, boneless 19 58,908 284.96 313.60 292.66 185A 4 Loin, bottom sirloin, flap 10 136,848 299.75 330.00 306.38 185B 1 Loin, ball-tip, bnls, heavy 6 6,505 225.00 250.00 240.41 185C 1 Loin, sirloin, tri-tip 10 38,128 265.00 297.14 287.12 185D 4 Loin, sirloin, tri-tip, pld 7 1,625 401.00 421.00 413.02 189A 4 Loin, tndrloin, trmd, heavy 24 55,900 1007.00 1131.00 1040.80 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak 13 7,760 329.87 376.00 356.81 ------------------------------------------------------------------------------- Select Cuts, Fat Limitations 1-6 IMPS/FL Sub-Primal # of Total Price Weighted

Trades Pounds Range Average ------------------------------------------------------------------------------- 109A 1 Rib, roast-ready, heavy 0 0 109E 1 Rib, ribeye, lip-on, bn-in 15 48,027 440.55 466.00 444.20 112A 3 Rib, ribeye, bnls, light 112A 3 Rib, ribeye, bnls, heavy 13 34,720 461.00 496.00 471.09 113A 1 Chuck, square-cut, 2 piece 0 0 113C 1 Chuck, semi-bnls, neck/off 7 12,147 190.00 224.50 197.14 113C 3 Chuck, semi-bnls, neck/off 0 0

3 Chuck, semi-bnls n/o sh-cut 0 0 114 1 Chuck, shoulder clod 114A 3 Chuck, shoulder clod, trmd 15 189,118 201.00 224.00 203.37 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 30 132,487 215.10 243.00 228.19 116B 1 Chuck, chuck tender 6 22,484 232.00 240.00 234.28

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 15 137,629 207.25 215.00 209.45 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 8 13,291 289.50 387.00 345.41 130 4 Chuck, short rib 4 14,044 205.00 212.00 206.64 160 1 Round, bone-in 161 1 Round, boneless 3 4,899 209.50 225.25 213.72

3 Round, bnls/peeled heel-out 0 0 167 1 Round, knuckle 0 0 167A 4 Round, knuckle, peeled 9 61,565 218.00 240.00 220.89 168 1 Round, top inside round 6 19,322 202.00 218.89 213.36 168 3 Round, top inside round 6 22,178 214.90 233.12 221.92 169 5 Round, top inside, denuded

3 Round, top Inside, side off 170 1 Round, bottom gooseneck 4 8,664 195.00 225.00 200.54 171B 3 Round, outside round 12 30,015 219.80 238.00 226.89 171C 3 Round, eye of round 10 20,667 220.00 243.60 226.50

3 Round, flat/eye, heel-out 0 0 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 17 147,017 361.63 390.00 377.28 175 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 10 30,907 362.33 393.00 368.05 184 1 Loin, top butt, bnls, heavy 4 9,866 251.00 260.00 253.20 184 3 Loin, top butt, boneless 8 45,562 270.00 287.00 278.76 185A 4 Loin, bottom sirloin, flap 7 39,128 305.00 336.00 310.32 185B 1 Loin, ball-tip, bnls, heavy 5 37,137 219.97 227.00 221.90 185C 1 Loin, sirloin, tri-tip 9 52,408 263.66 297.00 272.50 185D 4 Loin, sirloin, tri-tip, pld 189A 4 Loin, tndrloin, trmd, heavy 10 29,718 799.45 921.00 816.51 191A 4 Loin, butt tender, trimmed 6 5,654 825.00 869.00 826.52 193 4 Flank, flank steak 8 9,734 329.97 366.50 341.92 ------------------------------------------------------------------------------- CHOICE AND SELECT CUTS, Fat Limitatins (FL) 1-6 ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 4 4,647 100.00 105.00 103.22 121D 4 Plate, Inside Skirt 10 30,246 301.00 324.00 314.30 121C 4 Plate, Outside Skirt 9 6,628 401.00 425.00 411.31 121E 6 Plate, Outside Skirt, pld 7 25,846 547.00 580.25 568.48

Cap & Wedge Meat 30 159,784 253.00 284.00 261.91

Pectoral Meat 15 48,532 270.00 300.20 287.00 ------------------------------------------------------------------------------- GROUND BEEF - STEER and HEIFER SOURC -- 10 Pound Chub Basis ------------------------------------------------------------------------------- Ground Beef 73% 19 370,051 165.20 174.91 168.49 Ground Beef 75% Ground Beef 81% 7 22,823 179.50 189.00 183.64 Ground Beef 85% Ground Beef 90% Ground Beef 93% 4 7,928 231.00 237.00 231.84 Ground Beef Chuck 7 68,762 181.00 195.50 186.55 Ground Beef Round 5 4,286 192.00 202.00 194.60 Ground Beef Sirloin -------------------------------------------------------------------------------- BLENDED GROUND BEEF - STEER, HEIFER and COW SOURCE -- 10 Pound Chub Basis -------------------------------------------------------------------------------- Blended Ground Beef 73% Blended Ground Beef 75% Blended Ground Beef 81% 7 22,040 185.60 194.35 189.46 Blended Ground Beef 85% Blended Ground Beef 90% Blended Ground Beef 93% Blended Ground Beef Chuck 0 0 Blended Ground Beef Round Blended Ground Beef Sirloin -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER and HEIFER SOURCE -------------------------------------------------------------------------------- Fresh 50% lean trimmings 43 1,134,081 112.96 125.00 117.81 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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