USDA Boxed Beef Cutout Midday 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 11:30 a.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: 198.94 194.99 Change from prior day: 0.29 0.31 ------------------------------------------------------------------------------- Choice/Select spread: 3.95

Total Load Count (Cuts, Trimmings, Grids): 177 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 286.30 274.76 Primal Chuck 161.95 162.20 Primal Round 171.48 171.74 Primal Loin 277.52 263.74 Primal Brisket 144.38 142.13 Primal Short Plate 142.75 145.90 Primal Flank 119.45 120.15 -------------------------------------------------------------------------------- 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 80.89 loads 3,235,678 pounds Select Cuts 53.17 loads 2,126,710 pounds Trimmings 13.36 loads 534,373 pounds Ground Beef 29.77 load 1,190,907 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 27 97,606 550.00 599.00 561.22 112A 3 Rib, ribeye, bnls, light 20 49,073 615.00 672.00 634.20 112A 3 Rib, ribeye, bnls, heavy 32 46,321 608.00 650.00 636.33 113C 1 Chuck, semi-bnls, neck/off 12 34,607 197.01 226.00 205.24 114 1 Chuck, shoulder clod 13 73,020 210.00 219.00 216.44 114A 3 Chuck, shoulder clod, trmd 24 105,574 218.00 230.79 224.47 114D 3 Chuck, clod, top blade 4 6,128 262.50 290.00 281.65 114E 3 Chuck, clod, arm roast 5 7,950 255.50 277.63 272.55 114F 5 Chuck, clod tender (IM) 16 12,592 350.00 370.00 367.60 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 47 254,455 221.00 247.00 229.66 116B 1 Chuck, chuck tender (IM) 30 37,414 241.00 254.00 248.38

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 61 281,646 210.00 223.00 213.66 120A 3 Brisket, point/off, bnls 16 17,532 323.00 348.40 337.53 123A 3 Short Plate, short rib 21 42,950 305.00 367.00 352.05 130 4 Chuck, short rib 15 21,779 207.00 260.00 239.48 160 1 Round, bone-in 9 8,909 209.95 225.00 219.49 161 1 Round, boneless 4 3,013 226.95 228.25 227.60

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 43 71,690 249.50 265.00 257.53 168 1 Round, top inside round 27 53,244 213.00 221.58 214.96 168 3 Round, top inside round 27 506,413 210.00 234.63 216.00 169 5 Round, top inside, denuded 17 29,334 255.00 264.00 256.41

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 7 5,093 204.25 223.58 213.53 171B 3 Round, outside round 33 111,329 213.00 232.63 218.50 171C 3 Round, eye of round (IM) 33 24,471 240.00 257.60 245.70 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 27 25,720 537.29 570.00 546.90 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 21 18,072 510.00 529.00 522.91 180 3 Loin, strip, bnls, 0x1 26 30,434 579.00 604.00 590.66 184 1 Loin, top butt, bnls, heavy 16 12,849 321.25 329.00 325.18 184 3 Loin, top butt, boneless 17 25,954 337.00 356.50 347.04 185A 4 Loin, bottom sirloin, flap 27 54,202 427.00 466.00 441.46 185B 1 Loin, ball-tip, bnls, heavy 16 26,715 302.00 330.00 317.59 185C 1 Loin, sirloin, tri-tip (IM) 13 75,866 331.50 340.00 335.05 185D 4 Loin, tri-tip, pld (IM) 8 17,310 451.25 485.11 452.57 189A 4 Loin, tndrloin, trmd, heavy 28 24,040 961.55 1006.00 973.19 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 14 12,280 436.00 465.90 452.78 ------------------------------------------------------------------------------- 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 23,419 520.00 550.00 531.35 112A 3 Rib, ribeye, bnls, light 18 15,490 604.58 625.00 615.40 112A 3 Rib, ribeye, bnls, heavy 31 69,886 578.50 615.25 604.49 113C 1 Chuck, semi-bnls, neck/off 6 11,641 205.00 225.00 216.07 114 1 Chuck, shoulder clod 17 263,707 205.00 219.30 207.86 114A 3 Chuck, shoulder clod, trmd 24 123,684 214.38 236.00 224.54 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 8 3,389 320.00 375.00 328.30 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 29 136,732 231.00 247.00 236.81 116B 1 Chuck, chuck tender (IM) 17 18,700 239.00 253.25 245.54

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 22 498,059 209.00 221.00 209.85 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 3 2,540 284.69 340.00 300.67 130 4 Chuck, short rib 12 19,839 210.44 220.00 214.57 160 1 Round, bone-in 161 1 Round, boneless 4 5,162 227.00 228.00 227.58

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 16 29,540 253.50 262.00 256.35 168 1 Round, top inside round 26 65,113 205.00 221.58 212.03 168 3 Round, top inside round 8 30,188 220.25 228.00 221.43 169 5 Round, top inside, denuded 5 4,120 256.00 264.00 257.67

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 23 60,912 211.00 229.30 216.01 171C 3 Round, eye of round (IM) 17 17,115 245.00 261.76 248.29 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 20 28,596 510.00 525.30 515.94 175 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 19,548 529.00 554.00 532.54 184 1 Loin, top butt, bnls, heavy 15 51,231 290.00 305.00 301.85 184 3 Loin, top butt, boneless 23 48,062 295.00 324.63 308.54 185A 4 Loin, bottom sirloin, flap 5 12,398 421.00 435.79 427.09 185B 1 Loin, ball-tip, bnls, heavy 12 10,468 291.00 306.00 298.43 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 20 47,988 895.00 935.00 926.69 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 8 43,106 99.62 122.00 101.05 121D 4 Plate, Inside Skirt (IM) 49 263,729 350.00 366.00 359.55 121C 4 Plate, Outside Skirt (IM) 21 23,705 495.00 532.00 518.87 121E 6 Outside Skirt, pld (IM) 9 9,607 715.00 761.00 718.91

Cap, Wedge Meat & (IM) Lean 74 508,900 245.00 280.00 247.44

Pectoral Meat 27 41,243 276.42 292.50 281.48 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 46 206,789 172.00 182.00 176.01 Ground Beef 75% Ground Beef 81% 66 268,931 180.07 196.37 189.15 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 26 87,750 249.92 271.00 256.94 Ground Beef Chuck 80% 53 257,863 179.84 195.00 191.42 Ground Beef Round 85% 37 148,580 183.84 226.02 211.26 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% 5 31,769 196.25 210.58 199.69 Blended Ground Beef 85% Blended Ground Beef 90% 0 0 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 8 290,773 99.14 100.89 100.02 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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