USDA Boxed Beef Cutout Closing Prices for January 23

January 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: 183.52 177.77 Change from prior day: 1.52 2.21 ------------------------------------------------------------------------------- Choice/Select spread: 5.75

Total Load Count (Cuts, Trimmings, Grids): 186 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 252.91 243.04 Primal Chuck 159.05 158.62 Primal Round 167.38 167.65 Primal Loin 235.67 212.89 Primal Brisket 140.52 140.63 Primal Short Plate 135.84 139.70 Primal Flank 109.91 109.26 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 01/20 128 47 20 32 227 182.00 175.56 01/19 134 59 48 38 279 181.54 175.24 01/18 151 90 36 43 319 182.53 174.46 01/17 131 107 26 25 290 182.90 174.12 01/16 96 62 15 27 200 183.71 175.07 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 182.54 174.89 -------------------------------------------------------------------------------- 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 100.88 loads 4,035,096 pounds Select Cuts 48.02 loads 1,920,893 pounds Trimmings 13.91 loads 556,336 pounds Ground Beef 23.44 load 937,700 pounds ------------------------------------------------------------------------------- Choice Cuts, Fat Limitations 1-6 (IM) = Individual IMPS/FL Sub-Primal # of Total Price Weighted

rades Pounds Range Average ------------------------------------------------------------------------------- 109E 1 Rib, ribeye, lip-on, bn-in 37 138,076 465.00 517.00 482.04 112A 3 Rib, ribeye, bnls, light 13 116,597 537.00 559.75 548.70 112A 3 Rib, ribeye, bnls, heavy 30 179,361 515.50 561.00 532.19 113C 1 Chuck, semi-bnls, neck/off 5 53,895 199.46 210.00 203.31 114 1 Chuck, shoulder clod 12 30,244 189.89 205.00 196.97 114A 3 Chuck, shoulder clod, trmd 38 251,898 204.00 220.00 207.94 114D 3 Chuck, clod, top blade 11 17,458 253.65 298.84 276.17 114E 3 Chuck, clod, arm roast 19 41,834 228.62 262.42 237.68 114F 5 Chuck, clod tender (IM) 7 4,446 320.00 375.00 337.35 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 52 180,935 222.00 250.00 231.80 116B 1 Chuck, chuck tender (IM) 25 67,603 206.00 222.00 214.43

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 45 266,852 204.00 226.00 209.63 120A 3 Brisket, point/off, bnls 14 16,531 319.00 373.00 341.59 123A 3 Short Plate, short rib 26 34,120 305.00 427.00 350.21 130 4 Chuck, short rib 23 61,380 191.00 260.00 216.31 160 1 Round, bone-in 5 16,868 203.00 217.00 208.31 161 1 Round, boneless 7 13,910 207.00 227.00 221.31

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 70 296,933 220.65 243.00 227.54 168 1 Round, top inside round 32 190,606 207.00 226.00 212.52 168 3 Round, top inside round 40 591,625 210.00 239.76 218.60 169 5 Round, top inside, denuded 36 175,522 252.00 270.00 256.76

3 Round, top inside, side off 170 1 Round, bottom gooseneck 7 3,871 200.00 210.00 205.72 171B 3 Round, outside round 56 188,021 209.00 231.00 219.12 171C 3 Round, eye of round (IM) 49 86,127 225.00 252.60 238.68 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 30 115,780 443.00 485.00 455.06 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 9 18,573 411.00 441.00 424.13 180 3 Loin, strip, bnls, 0x1 45 143,696 465.00 501.00 477.02 184 1 Loin, top butt, bnls, heavy 10 9,858 275.00 296.00 285.80 184 3 Loin, top butt, boneless 39 281,646 283.00 303.30 289.22 185A 4 Loin, bottom sirloin, flap 18 66,117 335.00 376.00 347.60 185B 1 Loin, ball-tip, bnls, heavy 11 12,563 228.11 247.00 236.55 185C 1 Loin, sirloin, tri-tip (IM) 9 11,189 270.00 294.00 282.72 185D 4 Loin, tri-tip, pld (IM) 11 6,126 379.80 421.00 392.39 189A 4 Loin, tndrloin, trmd, heavy 35 95,727 810.00 887.00 831.92 191A 4 Loin, butt tender, trimmed 12 35,122 785.00 845.00 814.80 193 4 Flank, flank steak (IM) 26 30,660 373.00 406.00 386.55 ------------------------------------------------------------------------------- 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 15 15,616 430.00 466.00 437.75 112A 3 Rib, ribeye, bnls, light 12 72,703 486.50 555.00 529.94 112A 3 Rib, ribeye, bnls, heavy 15 26,971 486.50 518.51 501.66 113C 1 Chuck, semi-bnls, neck/off 8 47,374 198.50 210.00 204.14 114 1 Chuck, shoulder clod 6 7,452 197.00 205.60 201.92 114A 3 Chuck, shoulder clod, trmd 9 30,501 204.34 216.25 210.49 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 6 14,622 298.80 322.90 304.09 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 24 87,424 220.00 241.00 229.10 116B 1 Chuck, chuck tender (IM) 8 11,262 205.44 217.58 209.95

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 27 505,485 203.16 213.00 207.80 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 130 4 Chuck, short rib 0 0 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 16 29,350 220.65 240.00 226.91 168 1 Round, top inside round 8 34,156 210.00 220.34 213.27 168 3 Round, top inside round 12 54,427 215.00 240.97 222.44 169 5 Round, top inside, denuded 4 3,092 252.00 271.40 263.66

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 0 0 171B 3 Round, outside round 21 53,695 210.00 230.97 215.95 171C 3 Round, eye of round (IM) 23 39,784 225.00 250.97 241.69 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 18 61,539 373.00 399.80 378.50 175 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 26 76,512 346.00 385.00 360.44 184 1 Loin, top butt, bnls, heavy 7 18,798 233.00 260.00 246.10 184 3 Loin, top butt, boneless 20 77,419 243.00 269.00 253.77 185A 4 Loin, bottom sirloin, flap 4 17,823 332.00 371.00 347.20 185B 1 Loin, ball-tip, bnls, heavy 12 31,510 224.00 245.25 229.87 185C 1 Loin, sirloin, tri-tip (IM) 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 12 10,418 796.00 876.00 820.90 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 14 45,197 357.89 406.00 385.38 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 7 77,979 85.00 115.00 99.49 121D 4 Plate, Inside Skirt (IM) 17 23,362 315.00 348.51 327.75 121C 4 Plate, Outside Skirt (IM) 8 12,858 427.00 450.50 435.88 121E 6 Outside Skirt, pld (IM) 13 50,833 596.64 646.00 602.14

Cap, Wedge Meat & (IM) Lean 31 285,723 226.00 261.00 234.82

Pectoral Meat 23 73,039 271.64 298.00 284.66 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 23 184,611 168.88 188.00 175.78 Ground Beef 75% Ground Beef 81% 22 160,790 175.00 203.00 188.74 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 19 80,487 225.86 272.00 248.95 Ground Beef Chuck 80% 16 153,784 179.86 208.00 192.72 Ground Beef Round 85% 12 51,297 210.97 232.00 221.69 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% 11 57,810 189.60 208.26 199.38 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 19 549,336 98.00 101.50 99.94 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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