USDA Boxed Beef Cutout Closing Prices for March 14

March 14 (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: 190.87 189.15 Change from prior day: (1.26) (1.75) ------------------------------------------------------------------------------- Choice/Select spread: 1.71

Total Load Count (Cuts, Trimmings, Grids): 324 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 278.97 278.41 Primal Chuck 152.05 150.93 Primal Round 159.95 161.28 Primal Loin 272.81 264.06 Primal Brisket 135.00 135.53 Primal Short Plate 139.24 143.19 Primal Flank 118.74 116.69 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 03/13 108 65 25 28 227 192.13 190.90 03/12 128 38 28 36 230 193.11 192.25 03/09 91 22 45 30 189 193.84 193.36 03/08 94 34 23 47 199 195.80 193.95 03/07 168 48 20 32 269 197.53 195.08 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 194.48 193.11 -------------------------------------------------------------------------------- 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 154.40 loads 6,176,124 pounds Select Cuts 77.00 loads 3,079,921 pounds Trimmings 52.66 loads 2,106,378 pounds Ground Beef 40.28 load 1,611,286 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 53 72,117 555.00 610.00 567.77 112A 3 Rib, ribeye, bnls, light 19 39,257 609.00 665.00 632.95 112A 3 Rib, ribeye, bnls, heavy 154 300,561 580.00 665.00 607.22 113C 1 Chuck, semi-bnls, neck/off 17 62,410 189.46 210.00 198.88 114 1 Chuck, shoulder clod 31 66,509 188.00 210.00 197.65 114A 3 Chuck, shoulder clod, trmd 71 270,069 197.00 219.00 205.14 114D 3 Chuck, clod, top blade 11 15,211 245.00 291.20 274.28 114E 3 Chuck, clod, arm roast 17 218,776 224.75 288.00 228.31 114F 5 Chuck, clod tender (IM) 24 17,946 316.00 390.00 367.49 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 161 968,195 200.30 227.00 207.41 116B 1 Chuck, chuck tender (IM) 53 61,156 233.00 253.50 239.43

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 115 422,452 193.00 211.00 198.16 120A 3 Brisket, point/off, bnls 39 45,058 306.00 350.00 330.32 123A 3 Short Plate, short rib 52 59,219 290.00 366.00 321.86 130 4 Chuck, short rib 67 89,009 199.00 280.00 220.39 160 1 Round, bone-in 7 8,352 197.20 219.63 207.17 161 1 Round, boneless 9 10,925 211.65 223.50 214.09

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 113 200,516 228.00 255.44 239.21 168 1 Round, top inside round 86 385,355 190.00 208.00 195.76 168 3 Round, top inside round 46 382,915 194.00 218.00 201.59 169 5 Round, top inside, denuded 29 49,419 234.00 252.73 238.84

3 Round, top inside, side off 170 1 Round, bottom gooseneck 15 101,420 179.83 215.00 185.05 171B 3 Round, outside round 101 553,067 190.00 220.00 198.61 171C 3 Round, eye of round (IM) 106 484,644 214.45 251.00 225.43 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 40 85,363 503.00 562.63 522.82 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 24 38,933 505.00 536.74 508.35 180 3 Loin, strip, bnls, 0x1 61 110,421 539.56 599.00 564.17 184 1 Loin, top butt, bnls, heavy 29 99,167 285.00 326.79 305.59 184 3 Loin, top butt, boneless 60 172,825 315.00 351.00 323.25 185A 4 Loin, bottom sirloin, flap 90 272,877 400.00 456.42 421.34 185B 1 Loin, ball-tip, bnls, heavy 43 50,024 280.00 340.00 321.03 185C 1 Loin, sirloin, tri-tip (IM) 24 49,248 322.00 365.00 339.22 185D 4 Loin, tri-tip, pld (IM) 34 33,108 455.00 480.00 473.26 189A 4 Loin, tndrloin, trmd, heavy 75 87,270 911.51 1087.00 957.18 191A 4 Loin, butt tender, trimmed 6 8,058 852.00 928.00 887.56 193 4 Flank, flank steak (IM) 18 15,369 441.00 475.00 459.62 ------------------------------------------------------------------------------- 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 18 21,551 540.00 569.00 554.30 112A 3 Rib, ribeye, bnls, light 15 33,477 614.00 635.00 621.79 112A 3 Rib, ribeye, bnls, heavy 58 92,687 580.00 631.00 615.26 113C 1 Chuck, semi-bnls, neck/off 10 19,025 192.00 210.00 202.44 114 1 Chuck, shoulder clod 21 336,567 188.00 205.00 189.85 114A 3 Chuck, shoulder clod, trmd 18 156,040 198.00 224.63 202.74 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 12 22,178 314.39 390.00 326.65 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 56 864,923 199.00 220.00 204.21 116B 1 Chuck, chuck tender (IM) 20 26,186 236.47 245.10 239.11

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 29 164,538 193.75 209.74 200.12 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 14 9,422 275.00 345.00 287.75 130 4 Chuck, short rib 18 15,204 209.00 270.00 213.61 160 1 Round, bone-in 161 1 Round, boneless 12 9,739 211.00 222.80 218.22

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 28 100,012 225.00 251.00 238.44 168 1 Round, top inside round 36 72,715 190.00 212.15 198.36 168 3 Round, top inside round 15 58,269 198.00 211.00 202.85 169 5 Round, top inside, denuded 6 4,535 234.00 239.00 234.98

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 40 260,864 190.00 219.19 197.92 171C 3 Round, eye of round (IM) 31 47,821 222.71 252.00 233.64 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 31 41,050 499.56 540.50 518.62 175 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 34 40,579 519.56 551.63 541.35 184 1 Loin, top butt, bnls, heavy 29 30,978 310.00 320.25 314.72 184 3 Loin, top butt, boneless 29 30,142 319.50 335.00 331.42 185A 4 Loin, bottom sirloin, flap 12 87,746 411.00 450.00 421.29 185B 1 Loin, ball-tip, bnls, heavy 16 26,932 276.00 310.10 303.92 185C 1 Loin, sirloin, tri-tip (IM) 12 19,868 322.00 360.00 332.72 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 48 98,006 900.00 1016.00 926.28 191A 4 Loin, butt tender, trimmed 10 8,572 840.00 890.00 855.10 193 4 Flank, flank steak (IM) 4 2,885 445.00 475.00 464.94 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 12 26,216 111.00 126.45 120.41 121D 4 Plate, Inside Skirt (IM) 35 58,558 347.00 375.00 356.85 121C 4 Plate, Outside Skirt (IM) 25 42,591 493.00 571.00 532.04 121E 6 Outside Skirt, pld (IM) 7 9,017 739.00 819.00 773.86

Cap, Wedge Meat & (IM) Lean 82 221,041 239.95 260.08 247.03

Pectoral Meat 46 121,945 249.94 283.40 260.54 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 66 277,810 158.00 179.00 163.53 Ground Beef 75% Ground Beef 81% 104 531,469 170.00 193.50 179.67 Ground Beef 85% Ground Beef 90% Ground Beef 93% 35 84,183 240.00 260.00 249.99 Ground Beef Chuck 80% 49 312,494 173.00 196.00 184.15 Ground Beef Round 85% 42 109,887 205.84 222.00 212.09 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% 7 11,768 201.00 213.30 203.53 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% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 23 651,778 90.00 101.50 94.48 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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