USDA Boxed Beef Cutout Midday 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 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: 189.26 187.83 Change from prior day: 0.29 (0.49) ------------------------------------------------------------------------------- Choice/Select spread: 1.43

Total Load Count (Cuts, Trimmings, Grids): 91 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 281.37 275.45 Primal Chuck 151.91 150.29 Primal Round 160.69 161.50 Primal Loin 264.68 262.02 Primal Brisket 133.30 133.20 Primal Short Plate 137.43 141.17 Primal Flank 116.86 112.15 -------------------------------------------------------------------------------- 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 48.45 loads 1,938,136 pounds Select Cuts 22.01 loads 880,459 pounds Trimmings 9.59 loads 383,600 pounds Ground Beef 11.36 load 454,590 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 14 48,938 534.50 591.00 541.36 112A 3 Rib, ribeye, bnls, light 6 24,739 605.00 650.00 609.38 112A 3 Rib, ribeye, bnls, heavy 30 117,418 604.03 657.09 620.99 113C 1 Chuck, semi-bnls, neck/off 7 8,011 201.25 211.00 204.36 114 1 Chuck, shoulder clod 10 14,239 189.06 205.50 193.43 114A 3 Chuck, shoulder clod, trmd 20 173,436 196.00 214.66 202.47 114D 3 Chuck, clod, top blade 6 3,313 275.00 290.00 288.31 114E 3 Chuck, clod, arm roast 8 28,919 239.00 279.63 247.48 114F 5 Chuck, clod tender (IM) 8 11,741 316.88 392.00 341.32 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 23 61,173 208.00 226.00 215.25 116B 1 Chuck, chuck tender (IM) 12 14,754 227.42 246.00 236.79

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 32 161,395 195.00 212.00 198.78 120A 3 Brisket, point/off, bnls 4 7,779 335.00 350.00 336.56 123A 3 Short Plate, short rib 17 22,847 325.00 380.00 354.66 130 4 Chuck, short rib 17 340,969 194.00 231.79 195.51 160 1 Round, bone-in 6 3,207 200.50 227.00 212.71 161 1 Round, boneless 4 21,027 211.65 219.00 212.04

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 22 91,793 232.00 249.75 235.52 168 1 Round, top inside round 17 67,406 195.00 202.00 198.36 168 3 Round, top inside round 11 46,171 202.00 212.00 206.66 169 5 Round, top inside, denuded 12 30,298 241.00 251.00 244.74

3 Round, top inside, side off 170 1 Round, bottom gooseneck 7 5,264 189.25 216.25 196.90 171B 3 Round, outside round 26 132,913 193.79 209.75 203.19 171C 3 Round, eye of round (IM) 17 38,961 212.30 233.70 223.06 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 9 55,574 504.00 550.00 512.87 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 3 1,502 490.00 537.75 529.19 180 3 Loin, strip, bnls, 0x1 23 55,004 525.00 581.00 556.90 184 1 Loin, top butt, bnls, heavy 3 3,401 301.00 320.00 308.83 184 3 Loin, top butt, boneless 25 111,387 300.00 343.00 319.36 185A 4 Loin, bottom sirloin, flap 13 26,276 396.00 436.00 411.91 185B 1 Loin, ball-tip, bnls, heavy 11 12,311 295.50 326.00 313.92 185C 1 Loin, sirloin, tri-tip (IM) 13 44,114 326.25 355.00 336.72 185D 4 Loin, tri-tip, pld (IM) 5 5,931 450.00 478.00 467.28 189A 4 Loin, tndrloin, trmd, heavy 13 18,050 960.00 991.00 972.46 191A 4 Loin, butt tender, trimmed 4 2,982 841.98 926.00 883.15 193 4 Flank, flank steak (IM) 7 3,170 441.00 475.00 470.10 ------------------------------------------------------------------------------- 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 7 7,151 541.25 565.30 551.92 112A 3 Rib, ribeye, bnls, light 3 1,676 620.00 630.50 620.39 112A 3 Rib, ribeye, bnls, heavy 10 24,118 584.25 625.10 596.81 113C 1 Chuck, semi-bnls, neck/off 5 4,822 200.00 212.00 201.04 114 1 Chuck, shoulder clod 5 12,734 191.00 205.00 194.71 114A 3 Chuck, shoulder clod, trmd 14 33,309 196.00 212.00 203.05 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 16 55,247 204.60 220.50 209.24 116B 1 Chuck, chuck tender (IM) 3 23,510 226.00 232.25 227.63

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 11 52,332 187.00 207.50 196.90 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 4 3,723 275.00 341.79 310.91 130 4 Chuck, short rib 6 22,462 194.00 211.54 201.07 160 1 Round, bone-in 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 11 61,606 235.00 245.25 236.34 168 1 Round, top inside round 10 62,925 195.76 211.00 198.16 168 3 Round, top inside round 5 5,563 210.00 221.00 214.07 169 5 Round, top inside, denuded 8 17,599 230.50 248.00 245.27

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 4 4,361 197.42 215.00 208.49 171B 3 Round, outside round 9 43,853 193.79 207.00 196.88 171C 3 Round, eye of round (IM) 9 20,830 216.00 237.00 221.19 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 10 10,496 497.09 536.00 521.81 175 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 11 20,842 511.50 547.00 520.90 184 1 Loin, top butt, bnls, heavy 7 17,421 291.28 320.25 302.23 184 3 Loin, top butt, boneless 16 101,176 307.00 335.10 310.98 185A 4 Loin, bottom sirloin, flap 4 11,445 380.00 417.09 394.01 185B 1 Loin, ball-tip, bnls, heavy 8 5,967 283.00 300.00 290.46 185C 1 Loin, sirloin, tri-tip (IM) 10 37,833 324.49 355.00 345.15 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 7 14,991 920.75 966.89 938.94 191A 4 Loin, butt tender, trimmed 5 16,786 853.47 888.95 871.86 193 4 Flank, flank steak (IM) 3 15,295 406.59 454.00 409.83 ------------------------------------------------------------------------------- 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) 21 41,447 349.00 375.00 359.73 121C 4 Plate, Outside Skirt (IM) 15 18,570 515.00 570.00 544.65 121E 6 Outside Skirt, pld (IM) 4 4,545 765.00 819.00 786.90

Cap, Wedge Meat & (IM) Lean 36 120,278 232.00 265.00 246.83

Pectoral Meat 10 17,314 245.95 285.00 253.41 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 9 127,921 145.40 165.50 147.53 Ground Beef 75% Ground Beef 81% 26 137,375 165.00 196.00 174.45 Ground Beef 85% 0 0 Ground Beef 90% 0 0 Ground Beef 93% 12 67,330 239.80 258.75 249.88 Ground Beef Chuck 80% 10 71,610 165.40 184.00 169.82 Ground Beef Round 85% 7 7,936 205.69 216.00 209.05 Ground Beef Sirloin 90% ------------------------------------------------------------------------------- BLENDED GB - STEER/HEIFER/COW SOURCE- 10 Pound Chub Basis - Coarse & Fine Grind ------------------------------------------------------------------------------- Blended Ground Beef 73% 0 0 Blended Ground Beef 75% Blended Ground Beef 81% 5 7,730 201.70 212.00 204.38 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% 0 0 Blended Ground Beef Sirloin 90% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 13 379,100 86.00 93.75 90.01 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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