USDA Boxed Beef Cutout Closing Prices for February 28

February 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: 198.65 194.68 Change from prior day: 0.09 0.69 ------------------------------------------------------------------------------- Choice/Select spread: 3.96

Total Load Count (Cuts, Trimmings, Grids): 208 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 285.91 275.36 Primal Chuck 162.58 161.82 Primal Round 172.47 172.51 Primal Loin 274.23 261.58 Primal Brisket 144.77 142.72 Primal Short Plate 142.97 146.01 Primal Flank 119.37 119.66 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 02/27 76 38 10 13 137 198.56 193.99 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 196.77 192.84 -------------------------------------------------------------------------------- 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 91.12 loads 3,644,685 pounds Select Cuts 51.61 loads 2,064,394 pounds Trimmings 27.54 loads 1,101,452 pounds Ground Beef 37.73 load 1,509,035 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 68,097 537.76 583.00 558.28 112A 3 Rib, ribeye, bnls, light 7 26,551 622.50 651.00 633.85 112A 3 Rib, ribeye, bnls, heavy 49 67,470 605.00 658.82 628.90 113C 1 Chuck, semi-bnls, neck/off 9 38,359 202.00 225.00 211.62 114 1 Chuck, shoulder clod 22 127,654 211.04 221.42 217.91 114A 3 Chuck, shoulder clod, trmd 30 219,243 220.00 237.76 225.96 114D 3 Chuck, clod, top blade 14 17,687 260.00 290.00 276.82 114E 3 Chuck, clod, arm roast 16 27,059 233.73 271.50 245.47 114F 5 Chuck, clod tender (IM) 15 28,178 305.00 375.00 327.14 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 47 341,782 219.25 252.60 234.05 116B 1 Chuck, chuck tender (IM) 24 45,062 236.00 253.00 243.80

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 39 258,584 212.00 225.00 214.99 120A 3 Brisket, point/off, bnls 14 26,284 323.00 356.50 335.00 123A 3 Short Plate, short rib 32 39,845 283.00 397.00 338.92 130 4 Chuck, short rib 31 59,989 195.00 251.63 222.05 160 1 Round, bone-in 9 34,025 203.00 225.00 214.79 161 1 Round, boneless 7 8,361 226.25 238.75 227.64

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 50 112,548 247.00 268.00 255.28 168 1 Round, top inside round 21 59,991 214.81 221.42 216.33 168 3 Round, top inside round 43 532,115 220.00 230.50 223.07 169 5 Round, top inside, denuded 24 79,249 254.55 270.29 261.81

3 Round, top inside, side off 170 1 Round, bottom gooseneck 8 24,014 209.00 217.00 212.32 171B 3 Round, outside round 46 314,308 211.00 235.00 215.95 171C 3 Round, eye of round (IM) 48 102,299 242.00 261.42 250.78 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 29 45,175 534.60 566.02 546.87 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 15 26,405 490.00 546.25 512.29 180 3 Loin, strip, bnls, 0x1 55 127,529 556.00 600.90 578.74 184 1 Loin, top butt, bnls, heavy 9 12,284 309.68 336.25 321.96 184 3 Loin, top butt, boneless 29 97,148 332.21 356.50 338.21 185A 4 Loin, bottom sirloin, flap 36 169,734 411.00 461.00 432.32 185B 1 Loin, ball-tip, bnls, heavy 15 58,159 301.52 325.00 308.68 185C 1 Loin, sirloin, tri-tip (IM) 13 65,276 325.00 340.00 330.29 185D 4 Loin, tri-tip, pld (IM) 14 13,464 435.79 459.01 447.94 189A 4 Loin, tndrloin, trmd, heavy 30 52,518 921.00 980.00 949.64 191A 4 Loin, butt tender, trimmed 14 17,014 864.60 921.89 868.39 193 4 Flank, flank steak (IM) 38 49,754 430.00 471.00 446.74 ------------------------------------------------------------------------------- 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 26 58,100 525.59 555.00 537.72 112A 3 Rib, ribeye, bnls, light 8 27,988 601.00 617.00 607.04 112A 3 Rib, ribeye, bnls, heavy 36 49,288 571.00 614.75 590.76 113C 1 Chuck, semi-bnls, neck/off 10 25,741 207.00 215.50 211.51 114 1 Chuck, shoulder clod 12 74,155 213.00 220.12 219.19 114A 3 Chuck, shoulder clod, trmd 26 220,221 218.00 232.50 223.69 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 6 11,995 315.00 320.00 319.06 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 33 165,856 227.00 250.50 232.34 116B 1 Chuck, chuck tender (IM) 9 29,684 239.00 260.00 245.52

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 15 18,907 212.00 222.76 215.91 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 4 6,458 275.00 308.00 280.89 130 4 Chuck, short rib 10 43,482 205.00 235.00 213.57 160 1 Round, bone-in 161 1 Round, boneless 8 10,016 221.00 238.75 225.90

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 12 33,885 244.50 265.00 250.17 168 1 Round, top inside round 5 9,588 211.00 219.94 213.50 168 3 Round, top inside round 18 36,059 216.50 231.75 220.44 169 5 Round, top inside, denuded 5 19,126 256.40 270.23 261.16

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 21 62,250 214.00 232.00 223.86 171C 3 Round, eye of round (IM) 23 71,987 232.50 256.50 246.50 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 20 32,707 505.00 534.00 524.74 175 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 27 93,144 512.76 536.50 522.25 184 1 Loin, top butt, bnls, heavy 24 335,421 277.50 303.00 299.92 184 3 Loin, top butt, boneless 21 64,599 295.00 316.00 304.09 185A 4 Loin, bottom sirloin, flap 10 18,564 411.00 441.42 419.44 185B 1 Loin, ball-tip, bnls, heavy 12 64,988 289.00 305.72 300.41 185C 1 Loin, sirloin, tri-tip (IM) 7 56,684 320.00 333.11 327.97 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 24 24,849 870.90 931.63 907.78 191A 4 Loin, butt tender, trimmed 15 19,971 859.50 872.74 866.62 193 4 Flank, flank steak (IM) 16 18,272 436.50 460.00 452.59 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 7 15,958 111.63 125.00 122.15 121D 4 Plate, Inside Skirt (IM) 29 200,561 349.82 364.40 356.12 121C 4 Plate, Outside Skirt (IM) 16 27,490 483.55 520.00 498.54 121E 6 Outside Skirt, pld (IM) 7 13,379 675.60 725.00 694.37

Cap, Wedge Meat & (IM) Lean 32 84,660 245.10 271.00 252.97

Pectoral Meat 23 33,121 273.01 293.29 282.50 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 59 500,929 165.12 182.60 174.87 Ground Beef 75% Ground Beef 81% 42 239,178 179.00 198.00 189.86 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 32 110,149 249.50 269.75 251.78 Ground Beef Chuck 80% 24 193,179 185.76 210.96 192.26 Ground Beef Round 85% 19 44,022 208.50 219.94 212.17 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% 15 97,997 191.80 210.00 200.32 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% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 37 979,052 98.41 104.00 100.25 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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