USDA Boxed Beef Cutout Closing Prices for February 29

February 29 (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: 198.80 195.15 Change from prior day: 0.15 0.47 ------------------------------------------------------------------------------- Choice/Select spread: 3.65

Total Load Count (Cuts, Trimmings, Grids): 264 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 285.53 275.29 Primal Chuck 161.97 162.22 Primal Round 171.39 171.76 Primal Loin 277.75 264.18 Primal Brisket 142.83 142.24 Primal Short Plate 142.56 145.67 Primal Flank 119.37 120.36 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 02/28 91 52 28 38 208 198.65 194.68 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 197.67 193.54 -------------------------------------------------------------------------------- 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 131.35 loads 5,253,861 pounds Select Cuts 71.93 loads 2,877,306 pounds Trimmings 18.29 loads 731,679 pounds Ground Beef 42.19 load 1,687,533 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 57 149,512 550.00 599.00 558.77 112A 3 Rib, ribeye, bnls, light 31 114,919 615.00 672.00 633.03 112A 3 Rib, ribeye, bnls, heavy 122 118,319 608.00 650.50 631.56 113C 1 Chuck, semi-bnls, neck/off 17 74,551 194.89 226.00 206.44 114 1 Chuck, shoulder clod 23 119,465 210.00 226.79 214.80 114A 3 Chuck, shoulder clod, trmd 62 141,085 216.89 239.00 224.79 114D 3 Chuck, clod, top blade 6 9,454 271.25 291.00 284.81 114E 3 Chuck, clod, arm roast 7 15,824 255.50 292.00 281.98 114F 5 Chuck, clod tender (IM) 22 29,421 309.00 370.00 335.45 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 129 354,983 221.00 251.00 232.64 116B 1 Chuck, chuck tender (IM) 61 76,063 235.00 256.00 244.56

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 142 644,308 205.00 227.00 210.02 120A 3 Brisket, point/off, bnls 29 31,302 313.00 349.31 336.26 123A 3 Short Plate, short rib 52 60,294 305.00 390.00 348.72 130 4 Chuck, short rib 65 72,242 198.00 260.00 222.15 160 1 Round, bone-in 11 9,981 209.95 225.01 219.15 161 1 Round, boneless 6 4,190 226.95 228.25 227.58

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 102 113,334 249.50 265.00 257.33 168 1 Round, top inside round 92 143,845 203.00 228.00 215.59 168 3 Round, top inside round 42 712,853 210.00 234.63 215.14 169 5 Round, top inside, denuded 22 41,540 255.00 264.00 256.52

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 10 6,777 204.25 223.58 213.50 171B 3 Round, outside round 69 252,282 210.00 232.63 216.02 171C 3 Round, eye of round (IM) 81 82,099 236.05 260.00 246.81 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 37 90,674 535.00 571.00 543.93 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 27 21,661 510.00 529.00 521.74 180 3 Loin, strip, bnls, 0x1 87 80,541 579.00 611.00 594.59 184 1 Loin, top butt, bnls, heavy 47 22,573 319.00 329.00 322.77 184 3 Loin, top butt, boneless 54 63,604 329.00 356.50 342.49 185A 4 Loin, bottom sirloin, flap 79 87,627 424.00 466.00 440.79 185B 1 Loin, ball-tip, bnls, heavy 36 61,915 302.00 330.00 312.46 185C 1 Loin, sirloin, tri-tip (IM) 17 92,743 325.78 340.00 334.03 185D 4 Loin, tri-tip, pld (IM) 28 29,281 435.00 461.00 449.40 189A 4 Loin, tndrloin, trmd, heavy 96 95,210 934.00 1006.00 960.68 191A 4 Loin, butt tender, trimmed 6 8,633 849.48 900.00 871.01 193 4 Flank, flank steak (IM) 20 20,194 436.00 465.90 450.31 ------------------------------------------------------------------------------- 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 21 56,221 520.00 551.00 540.97 112A 3 Rib, ribeye, bnls, light 25 36,492 551.63 625.00 596.28 112A 3 Rib, ribeye, bnls, heavy 41 94,792 560.75 615.25 604.71 113C 1 Chuck, semi-bnls, neck/off 7 11,782 205.00 225.00 216.17 114 1 Chuck, shoulder clod 22 267,241 195.00 219.30 207.88 114A 3 Chuck, shoulder clod, trmd 28 130,100 214.38 236.00 224.47 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 13 32,635 305.00 375.00 311.75 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 39 190,242 216.91 247.00 233.21 116B 1 Chuck, chuck tender (IM) 25 23,022 238.00 253.25 244.70

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 29 516,668 209.15 221.00 210.13 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 7 9,269 275.00 350.10 303.13 130 4 Chuck, short rib 22 40,425 210.00 235.00 215.73 160 1 Round, bone-in 161 1 Round, boneless 5 5,494 221.00 228.00 227.18

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 27 61,660 248.00 262.00 253.85 168 1 Round, top inside round 33 82,529 203.00 221.58 211.71 168 3 Round, top inside round 15 48,338 220.00 228.00 221.45 169 5 Round, top inside, denuded 6 5,031 256.00 264.00 258.09

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 3 42,337 203.00 217.42 203.53 171B 3 Round, outside round 30 76,362 211.00 229.30 216.19 171C 3 Round, eye of round (IM) 28 49,934 244.00 261.76 247.96 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 27 38,604 510.00 531.05 518.68 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 36 33,671 520.00 554.00 530.86 184 1 Loin, top butt, bnls, heavy 21 56,498 285.00 305.00 301.25 184 3 Loin, top butt, boneless 29 55,469 295.00 324.63 309.63 185A 4 Loin, bottom sirloin, flap 10 16,858 421.00 460.00 432.54 185B 1 Loin, ball-tip, bnls, heavy 26 165,626 290.19 306.00 297.97 185C 1 Loin, sirloin, tri-tip (IM) 6 44,365 334.40 340.00 338.68 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 28 57,294 895.00 935.00 926.29 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 5 6,499 444.00 466.00 460.32 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 11 44,577 99.62 124.62 101.67 121D 4 Plate, Inside Skirt (IM) 58 268,155 350.00 366.00 359.48 121C 4 Plate, Outside Skirt (IM) 30 55,289 490.00 532.00 507.21 121E 6 Outside Skirt, pld (IM) 18 26,513 669.00 761.00 709.66

Cap, Wedge Meat & (IM) Lean 101 668,709 239.23 265.00 246.98

Pectoral Meat 49 141,600 272.56 295.00 277.36 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 71 332,264 171.00 182.00 176.11 Ground Beef 75% Ground Beef 81% 81 368,368 179.00 198.10 188.14 Ground Beef 85% Ground Beef 90% Ground Beef 93% 30 103,393 249.92 271.00 256.25 Ground Beef Chuck 80% 57 286,459 179.84 196.73 191.19 Ground Beef Round 85% 43 268,770 204.00 217.00 213.57 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% 9 40,929 195.70 210.58 199.79 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% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 14 488,079 98.00 100.89 99.72 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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