USDA Boxed Beef Cutout Closing Prices for February 27

February 27 (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: 198.56 193.99 Change from prior day: 1.14 0.59 ------------------------------------------------------------------------------- Choice/Select spread: 4.57

Total Load Count (Cuts, Trimmings, Grids): 137 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 284.33 274.97 Primal Chuck 164.30 162.08 Primal Round 173.10 172.33 Primal Loin 271.68 258.53 Primal Brisket 144.12 142.58 Primal Short Plate 143.09 146.18 Primal Flank 119.49 118.36 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 02/24 61 47 26 24 157 197.42 193.40 02/23 88 48 23 40 199 196.86 193.02 02/22 92 62 17 37 208 196.88 192.63 02/21 77 38 18 28 160 194.15 191.15 02/20 87 39 28 28 181 191.81 188.38 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 195.42 191.71 -------------------------------------------------------------------------------- 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 75.80 loads 3,032,182 pounds Select Cuts 38.45 loads 1,538,132 pounds Trimmings 10.33 loads 413,059 pounds Ground Beef 12.73 load 509,243 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 39 337,305 537.76 582.00 550.44 112A 3 Rib, ribeye, bnls, light 6 2,260 613.11 650.00 632.47 112A 3 Rib, ribeye, bnls, heavy 35 50,680 599.21 650.57 610.00 113C 1 Chuck, semi-bnls, neck/off 5 33,245 204.00 216.50 206.03 114 1 Chuck, shoulder clod 14 149,910 214.40 219.00 217.64 114A 3 Chuck, shoulder clod, trmd 20 97,906 220.00 238.00 223.22 114D 3 Chuck, clod, top blade 4 1,932 269.00 293.00 286.22 114E 3 Chuck, clod, arm roast 15 35,031 248.62 273.30 252.51 114F 5 Chuck, clod tender (IM) 5 5,195 317.50 346.00 327.70 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 24 125,482 230.30 246.50 236.20 116B 1 Chuck, chuck tender (IM) 26 61,998 237.83 255.00 246.71

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 31 116,207 209.00 220.90 214.58 120A 3 Brisket, point/off, bnls 15 41,409 323.00 360.00 333.27 123A 3 Short Plate, short rib 27 90,496 305.00 376.00 348.08 130 4 Chuck, short rib 18 39,609 213.00 263.00 222.53 160 1 Round, bone-in 8 9,307 210.00 221.42 214.31 161 1 Round, boneless 6 20,442 222.00 235.00 226.38

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 38 107,771 242.00 265.00 252.92 168 1 Round, top inside round 28 116,843 210.00 225.99 217.62 168 3 Round, top inside round 14 104,677 214.50 236.63 221.78 169 5 Round, top inside, denuded 24 123,757 253.62 265.00 257.93

3 Round, top inside, side off 170 1 Round, bottom gooseneck 6 22,812 206.00 221.79 214.25 171B 3 Round, outside round 38 319,932 210.00 243.00 219.53 171C 3 Round, eye of round (IM) 36 56,289 241.50 260.00 249.62 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 24 87,603 517.19 560.00 534.68 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 10 20,455 510.00 526.00 516.78 180 3 Loin, strip, bnls, 0x1 43 96,584 564.21 608.00 578.83 184 1 Loin, top butt, bnls, heavy 6 10,013 303.00 331.79 308.88 184 3 Loin, top butt, boneless 39 284,059 333.27 351.50 336.88 185A 4 Loin, bottom sirloin, flap 15 21,915 415.25 441.79 431.51 185B 1 Loin, ball-tip, bnls, heavy 8 13,920 308.11 320.00 319.67 185C 1 Loin, sirloin, tri-tip (IM) 8 27,977 325.00 339.76 334.57 185D 4 Loin, tri-tip, pld (IM) 8 19,443 434.79 465.00 441.38 189A 4 Loin, tndrloin, trmd, heavy 34 92,915 917.86 985.75 935.20 191A 4 Loin, butt tender, trimmed 14 20,665 833.00 896.00 852.27 193 4 Flank, flank steak (IM) 26 48,975 430.00 465.00 445.32 ------------------------------------------------------------------------------- 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 8 62,701 527.00 559.00 527.39 112A 3 Rib, ribeye, bnls, light 7 14,998 594.00 613.00 605.19 112A 3 Rib, ribeye, bnls, heavy 17 19,027 571.00 617.00 585.62 113C 1 Chuck, semi-bnls, neck/off 9 34,563 209.00 216.00 210.58 114 1 Chuck, shoulder clod 7 17,666 215.00 220.60 217.95 114A 3 Chuck, shoulder clod, trmd 13 40,549 225.00 231.79 227.50 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 5 19,013 315.00 322.00 319.24 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 6 31,400 233.34 239.00 234.46 116B 1 Chuck, chuck tender (IM) 7 24,416 235.50 255.00 243.29

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 7 167,923 210.00 215.00 210.47 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 7 164,398 255.00 282.00 256.97 130 4 Chuck, short rib 4 7,537 216.00 260.00 220.21 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 4 3,419 247.26 258.00 252.69 168 1 Round, top inside round 9 14,089 210.00 221.76 213.72 168 3 Round, top inside round 20 491,519 215.00 231.00 224.32 169 5 Round, top inside, denuded

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 0 0 171B 3 Round, outside round 10 22,732 220.50 230.60 226.78 171C 3 Round, eye of round (IM) 9 29,940 236.40 261.63 251.18 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 11 18,259 489.46 540.00 508.61 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 17 23,052 499.46 542.00 516.73 184 1 Loin, top butt, bnls, heavy 4 7,262 285.00 311.63 301.98 184 3 Loin, top butt, boneless 9 39,606 303.11 319.00 309.08 185A 4 Loin, bottom sirloin, flap 3 7,729 396.40 430.00 425.01 185B 1 Loin, ball-tip, bnls, heavy 13 28,759 289.00 311.79 297.13 185C 1 Loin, sirloin, tri-tip (IM) 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 11 10,081 880.00 950.00 898.60 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 8 13,883 440.00 465.50 441.99 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 5 9,356 110.11 119.62 118.46 121D 4 Plate, Inside Skirt (IM) 29 71,545 343.40 387.00 358.13 121C 4 Plate, Outside Skirt (IM) 15 33,070 481.79 531.51 519.03 121E 6 Outside Skirt, pld (IM) 8 13,968 667.00 737.00 691.29

Cap, Wedge Meat & (IM) Lean 19 95,599 249.49 259.00 251.63

Pectoral Meat 19 34,523 277.21 288.00 281.49 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 18 167,793 170.00 181.00 174.83 Ground Beef 75% Ground Beef 81% 18 101,883 182.00 200.00 187.80 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 12 31,965 250.65 265.75 254.52 Ground Beef Chuck 80% 23 124,354 185.55 196.00 190.75 Ground Beef Round 85% 3 13,633 209.00 215.23 214.70 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 6,560 197.70 209.10 199.64 Blended Ground Beef 85% Blended Ground Beef 90% Blended Ground Beef 93% Blended Ground Beef Chuck 80% 0 0 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 15 371,559 100.00 105.55 103.03 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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