USDA Boxed Beef Cutout Closing Prices for March 22

March 22 (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: 188.92 187.67 Change from prior day: (0.05) (0.65) ------------------------------------------------------------------------------- Choice/Select spread: 1.25

Total Load Count (Cuts, Trimmings, Grids): 157 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 281.32 275.54 Primal Chuck 151.38 150.28 Primal Round 160.68 161.16 Primal Loin 264.20 261.70 Primal Brisket 133.11 133.12 Primal Short Plate 137.28 141.07 Primal Flank 115.34 111.78 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 03/21 135 57 18 46 256 188.97 188.32 03/20 89 44 20 26 179 191.09 188.98 03/19 69 34 8 24 136 191.74 189.02 03/16 59 69 9 40 177 189.91 188.17 03/15 155 72 25 36 287 190.20 188.58 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 190.38 188.62 -------------------------------------------------------------------------------- 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 73.81 loads 2,952,328 pounds Select Cuts 34.33 loads 1,373,221 pounds Trimmings 19.59 loads 783,521 pounds Ground Beef 29.12 load 1,164,618 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 19 50,818 534.50 591.00 542.77 112A 3 Rib, ribeye, bnls, light 9 35,508 605.00 665.00 613.49 112A 3 Rib, ribeye, bnls, heavy 41 135,804 604.03 657.09 621.49 113C 1 Chuck, semi-bnls, neck/off 11 28,110 191.00 211.00 196.01 114 1 Chuck, shoulder clod 13 15,269 189.06 207.79 194.20 114A 3 Chuck, shoulder clod, trmd 35 250,990 196.00 222.00 202.29 114D 3 Chuck, clod, top blade 12 36,803 244.00 290.00 252.32 114E 3 Chuck, clod, arm roast 10 35,764 239.00 279.63 250.65 114F 5 Chuck, clod tender (IM) 12 14,786 316.88 392.00 339.27 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 42 130,380 207.00 237.79 212.98 116B 1 Chuck, chuck tender (IM) 21 28,575 223.00 246.00 233.25

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 45 241,977 195.00 212.63 198.17 120A 3 Brisket, point/off, bnls 7 8,344 303.30 356.00 336.11 123A 3 Short Plate, short rib 23 31,119 305.00 393.50 348.71 130 4 Chuck, short rib 26 373,323 194.00 231.79 196.15 160 1 Round, bone-in 9 5,038 200.50 227.00 214.17 161 1 Round, boneless 6 22,557 211.00 219.00 212.06

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 37 121,205 230.00 249.75 235.62 168 1 Round, top inside round 20 76,919 195.00 203.15 198.56 168 3 Round, top inside round 17 63,078 202.00 218.00 207.82 169 5 Round, top inside, denuded 14 31,426 236.00 251.00 244.57

3 Round, top inside, side off 170 1 Round, bottom gooseneck 9 6,462 189.25 216.25 197.66 171B 3 Round, outside round 39 217,902 191.89 224.60 203.48 171C 3 Round, eye of round (IM) 23 56,524 212.30 233.70 223.02 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 17 113,350 495.00 559.15 505.19 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 7 3,564 480.00 537.75 504.65 180 3 Loin, strip, bnls, 0x1 38 178,175 498.00 581.00 526.98 184 1 Loin, top butt, bnls, heavy 5 4,981 291.63 320.00 304.07 184 3 Loin, top butt, boneless 31 129,110 300.00 348.00 317.52 185A 4 Loin, bottom sirloin, flap 24 108,026 380.00 436.00 394.52 185B 1 Loin, ball-tip, bnls, heavy 19 24,480 286.00 326.00 301.58 185C 1 Loin, sirloin, tri-tip (IM) 21 49,838 326.25 355.00 337.17 185D 4 Loin, tri-tip, pld (IM) 7 7,912 450.00 478.00 464.05 189A 4 Loin, tndrloin, trmd, heavy 21 53,044 945.79 991.00 966.17 191A 4 Loin, butt tender, trimmed 5 2,389 926.00 1037.00 965.54 193 4 Flank, flank steak (IM) 18 16,461 415.00 475.00 433.45 ------------------------------------------------------------------------------- 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 9 12,556 541.25 565.30 550.12 112A 3 Rib, ribeye, bnls, light 6 10,262 580.75 630.50 608.66 112A 3 Rib, ribeye, bnls, heavy 13 29,609 584.25 627.00 600.44 113C 1 Chuck, semi-bnls, neck/off 7 9,857 191.00 212.00 198.87 114 1 Chuck, shoulder clod 10 18,596 178.88 205.00 192.14 114A 3 Chuck, shoulder clod, trmd 21 85,644 196.00 217.63 202.09 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 4 1,680 301.50 338.00 323.16 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 31 123,671 190.23 221.00 210.43 116B 1 Chuck, chuck tender (IM) 8 27,874 211.00 250.00 227.58

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 13 59,600 187.00 211.00 197.16 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 7 5,691 275.00 376.00 333.42 130 4 Chuck, short rib 12 57,015 194.00 211.54 201.27 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 18 88,485 235.00 245.25 237.75 168 1 Round, top inside round 13 81,910 195.76 211.00 198.38 168 3 Round, top inside round 10 25,885 205.00 225.00 211.08 169 5 Round, top inside, denuded 9 17,953 230.50 248.00 245.27

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 8 8,993 189.55 215.00 200.18 171B 3 Round, outside round 13 56,439 193.79 207.00 196.98 171C 3 Round, eye of round (IM) 13 46,557 214.66 237.00 217.95 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 13 12,579 497.09 536.00 523.13 175 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 16 37,716 496.00 547.00 522.21 184 1 Loin, top butt, bnls, heavy 10 25,073 270.79 320.25 295.75 184 3 Loin, top butt, boneless 24 138,105 298.00 335.10 309.19 185A 4 Loin, bottom sirloin, flap 8 34,636 380.00 426.00 393.46 185B 1 Loin, ball-tip, bnls, heavy 12 10,678 265.79 300.00 286.11 185C 1 Loin, sirloin, tri-tip (IM) 11 38,202 324.49 355.00 345.00 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 9 17,257 920.75 966.89 938.26 191A 4 Loin, butt tender, trimmed 7 28,299 846.80 888.95 866.78 193 4 Flank, flank steak (IM) 7 19,958 405.23 454.00 410.63 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 16 23,672 105.00 128.00 108.90 121D 4 Plate, Inside Skirt (IM) 27 55,810 349.00 375.00 359.21 121C 4 Plate, Outside Skirt (IM) 21 22,240 515.00 570.00 545.93 121E 6 Outside Skirt, pld (IM) 6 7,210 756.70 819.00 775.75

Cap, Wedge Meat & (IM) Lean 51 209,115 232.00 265.00 249.12

Pectoral Meat 20 71,341 241.50 285.00 259.17 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 15 174,619 145.40 168.75 149.91 Ground Beef 75% Ground Beef 81% 35 230,198 164.26 197.50 171.43 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 14 77,834 239.80 258.97 251.01 Ground Beef Chuck 80% 18 329,630 165.27 187.00 169.64 Ground Beef Round 85% 9 48,487 204.50 216.00 205.24 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% 8 11,806 200.00 212.00 203.45 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 23 779,021 84.00 93.75 88.72 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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