USDA Boxed Beef Cutout Closing Prices for March 1

March 1 (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: 198.45 195.15 Change from prior day: (0.35) 0.00 ------------------------------------------------------------------------------- Choice/Select spread: 3.30

Total Load Count (Cuts, Trimmings, Grids): 133 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 284.76 275.17 Primal Chuck 161.84 162.65 Primal Round 169.81 171.09 Primal Loin 278.41 264.25 Primal Brisket 141.96 141.99 Primal Short Plate 142.83 146.05 Primal Flank 119.86 120.65 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 02/29 131 72 18 42 264 198.80 195.15 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 198.06 194.05 -------------------------------------------------------------------------------- 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 68.02 loads 2,720,655 pounds Select Cuts 22.24 loads 889,698 pounds Trimmings 25.06 loads 1,002,212 pounds Ground Beef 18.04 load 721,649 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 18 39,210 548.00 582.12 559.18 112A 3 Rib, ribeye, bnls, light 9 22,569 607.00 665.00 624.42 112A 3 Rib, ribeye, bnls, heavy 39 133,767 599.74 656.00 628.30 113C 1 Chuck, semi-bnls, neck/off 8 51,762 206.00 222.00 212.15 114 1 Chuck, shoulder clod 9 29,502 207.79 215.00 213.03 114A 3 Chuck, shoulder clod, trmd 25 112,988 217.50 236.79 224.20 114D 3 Chuck, clod, top blade 4 7,783 273.49 280.50 277.22 114E 3 Chuck, clod, arm roast 7 12,924 250.00 276.79 260.34 114F 5 Chuck, clod tender (IM) 13 19,001 309.00 375.00 321.70 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 44 240,681 216.23 244.00 226.93 116B 1 Chuck, chuck tender (IM) 23 69,267 235.62 255.00 242.70

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 38 239,323 205.00 227.00 208.79 120A 3 Brisket, point/off, bnls 16 25,138 333.00 360.50 343.42 123A 3 Short Plate, short rib 20 24,068 272.63 360.00 302.12 130 4 Chuck, short rib 19 52,583 198.00 260.00 215.64 160 1 Round, bone-in 4 3,222 210.50 221.63 215.76 161 1 Round, boneless 4 2,770 225.79 230.00 228.20

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 40 149,434 243.75 265.00 250.49 168 1 Round, top inside round 29 249,326 202.00 218.00 205.41 168 3 Round, top inside round 21 38,044 211.00 231.79 221.37 169 5 Round, top inside, denuded 16 29,658 250.00 266.76 258.16

3 Round, top inside, side off 170 1 Round, bottom gooseneck 7 70,599 200.00 216.25 201.06 171B 3 Round, outside round 42 176,306 208.00 227.00 215.78 171C 3 Round, eye of round (IM) 17 55,143 232.30 253.00 245.39 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 12 40,715 535.00 561.00 540.92 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 10 9,029 512.75 544.39 525.76 180 3 Loin, strip, bnls, 0x1 32 98,967 582.00 606.79 592.17 184 1 Loin, top butt, bnls, heavy 9 7,600 309.92 336.79 327.42 184 3 Loin, top butt, boneless 29 164,939 332.60 358.70 339.52 185A 4 Loin, bottom sirloin, flap 29 73,514 428.62 460.00 443.02 185B 1 Loin, ball-tip, bnls, heavy 16 28,825 312.00 331.00 322.11 185C 1 Loin, sirloin, tri-tip (IM) 21 44,010 325.00 354.87 343.54 185D 4 Loin, tri-tip, pld (IM) 11 25,001 436.63 459.00 440.81 189A 4 Loin, tndrloin, trmd, heavy 25 35,905 925.00 970.00 962.96 191A 4 Loin, butt tender, trimmed 5 7,153 872.50 900.00 874.79 193 4 Flank, flank steak (IM) 12 14,984 440.00 472.34 450.41 ------------------------------------------------------------------------------- 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 10 3,990 511.00 554.92 539.38 112A 3 Rib, ribeye, bnls, light 12 10,152 599.00 625.00 612.38 112A 3 Rib, ribeye, bnls, heavy 25 30,461 578.50 626.00 602.94 113C 1 Chuck, semi-bnls, neck/off 10 53,896 210.50 222.00 213.80 114 1 Chuck, shoulder clod 6 66,408 205.00 219.00 209.37 114A 3 Chuck, shoulder clod, trmd 16 21,390 213.95 235.50 224.64 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 6 12,268 304.00 327.50 320.02 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 25 72,651 223.00 240.50 231.80 116B 1 Chuck, chuck tender (IM) 5 21,817 235.62 248.75 237.42

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 9 53,895 205.00 221.00 206.09 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 130 4 Chuck, short rib 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 18 50,913 243.25 260.50 248.80 168 1 Round, top inside round 7 16,136 212.00 215.00 214.44 168 3 Round, top inside round 14 52,010 211.00 228.50 218.95 169 5 Round, top inside, denuded 8 5,970 256.40 266.79 260.87

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 7 12,516 199.06 221.79 208.23 171B 3 Round, outside round 10 34,090 210.00 228.50 215.84 171C 3 Round, eye of round (IM) 16 21,834 239.40 261.79 249.29 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 15 11,581 505.79 536.00 529.31 175 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 14 15,219 525.79 544.50 533.08 184 1 Loin, top butt, bnls, heavy 10 17,600 263.79 312.00 295.69 184 3 Loin, top butt, boneless 15 23,632 295.00 320.00 306.96 185A 4 Loin, bottom sirloin, flap 4 8,421 418.40 434.50 430.52 185B 1 Loin, ball-tip, bnls, heavy 10 18,262 298.40 310.50 301.24 185C 1 Loin, sirloin, tri-tip (IM) 6 5,497 326.00 335.00 330.33 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 14 33,382 920.00 937.89 926.41 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 14 16,695 430.00 466.25 454.06 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 0 0 124 4 Rib, Back Ribs, Frozen 18 10,577 97.89 128.00 110.53 121D 4 Plate, Inside Skirt (IM) 27 110,508 349.00 367.50 351.68 121C 4 Plate, Outside Skirt (IM) 20 53,715 491.00 531.00 517.09 121E 6 Outside Skirt, pld (IM) 7 3,129 720.00 768.00 724.74

Cap, Wedge Meat & (IM) Lean 37 164,806 238.41 272.63 248.07

Pectoral Meat 26 38,795 257.97 295.00 275.31 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 15 116,621 170.00 180.50 175.94 Ground Beef 75% Ground Beef 81% 29 114,247 182.00 199.39 189.89 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 5 31,075 250.00 272.75 260.51 Ground Beef Chuck 80% 14 194,918 179.27 197.00 190.05 Ground Beef Round 85% 9 47,493 196.42 216.00 214.14 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% 0 0 Blended Ground Beef 81% 10 35,628 198.00 213.00 208.05 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% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 32 920,612 98.00 107.00 100.66 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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