USDA Boxed Beef Cutout Closing Prices for March 23

March 23 (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: 187.41 186.57 Change from prior day: (1.51) (1.10) ------------------------------------------------------------------------------- Choice/Select spread: 0.83

Total Load Count (Cuts, Trimmings, Grids): 177 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 276.54 275.98 Primal Chuck 152.65 150.46 Primal Round 158.34 159.78 Primal Loin 261.56 258.28 Primal Brisket 131.70 132.19 Primal Short Plate 136.01 139.70 Primal Flank 112.20 111.03 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 03/22 74 34 20 29 157 188.92 187.67 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 190.13 188.43 -------------------------------------------------------------------------------- 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 86.37 loads 3,454,782 pounds Select Cuts 42.07 loads 1,682,995 pounds Trimmings 19.40 loads 775,849 pounds Ground Beef 29.54 load 1,181,451 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 85,307 538.00 590.00 554.95 112A 3 Rib, ribeye, bnls, light 14 30,740 598.00 662.00 615.40 112A 3 Rib, ribeye, bnls, heavy 35 134,664 575.00 661.42 594.74 113C 1 Chuck, semi-bnls, neck/off 6 43,932 196.12 208.00 197.26 114 1 Chuck, shoulder clod 15 54,360 187.00 205.21 192.88 114A 3 Chuck, shoulder clod, trmd 27 126,309 195.00 211.00 201.08 114D 3 Chuck, clod, top blade 3 33,165 237.00 292.63 238.01 114E 3 Chuck, clod, arm roast 7 16,810 235.40 255.50 239.32 114F 5 Chuck, clod tender (IM) 8 3,473 300.50 364.37 332.48 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 29 146,093 200.00 226.00 210.21 116B 1 Chuck, chuck tender (IM) 20 56,268 219.00 240.00 224.31

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 39 377,420 193.00 214.37 194.98 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 10 19,324 305.00 375.00 346.65 130 4 Chuck, short rib 26 93,984 204.20 259.75 208.95 160 1 Round, bone-in 161 1 Round, boneless 4 2,801 211.75 221.50 217.61

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 40 221,154 224.50 247.00 230.53 168 1 Round, top inside round 23 140,682 193.00 210.00 197.54 168 3 Round, top inside round 23 135,494 200.10 218.00 203.61 169 5 Round, top inside, denuded 17 101,899 220.00 248.00 237.49

3 Round, top inside, side off 170 1 Round, bottom gooseneck 4 9,380 190.79 197.00 194.34 171B 3 Round, outside round 42 356,461 192.00 210.00 199.59 171C 3 Round, eye of round (IM) 31 179,288 190.00 234.25 208.80 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 17 48,295 508.00 560.00 517.60 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 14 29,742 468.00 506.50 482.70 180 3 Loin, strip, bnls, 0x1 40 361,289 498.00 558.63 511.58 184 1 Loin, top butt, bnls, heavy 6 6,449 313.00 322.00 319.13 184 3 Loin, top butt, boneless 24 110,575 299.87 345.00 317.64 185A 4 Loin, bottom sirloin, flap 21 179,856 379.00 430.00 389.51 185B 1 Loin, ball-tip, bnls, heavy 11 98,615 260.00 310.00 272.47 185C 1 Loin, sirloin, tri-tip (IM) 8 25,382 329.69 365.30 348.61 185D 4 Loin, tri-tip, pld (IM) 8 4,226 427.00 478.74 456.52 189A 4 Loin, tndrloin, trmd, heavy 21 82,868 915.00 1081.00 935.42 191A 4 Loin, butt tender, trimmed 5 2,600 880.00 925.29 885.50 193 4 Flank, flank steak (IM) 19 34,298 385.00 475.00 422.87 ------------------------------------------------------------------------------- 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 33,808 535.00 571.00 548.83 112A 3 Rib, ribeye, bnls, light 10 17,017 575.00 626.42 606.59 112A 3 Rib, ribeye, bnls, heavy 19 9,154 581.00 627.00 611.35 113C 1 Chuck, semi-bnls, neck/off 10 277,199 188.50 201.24 188.91 114 1 Chuck, shoulder clod 16 65,315 190.00 200.00 191.73 114A 3 Chuck, shoulder clod, trmd 10 34,508 200.00 216.50 205.81 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 3 5,197 320.50 330.25 321.52 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 14 55,696 203.50 220.00 205.59 116B 1 Chuck, chuck tender (IM) 7 49,712 219.00 250.00 221.90

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 15 115,832 193.25 204.50 197.14 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 130 4 Chuck, short rib 17 80,712 195.00 211.00 203.13 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 15 30,843 234.00 242.50 236.47 168 1 Round, top inside round 14 20,410 193.00 205.00 201.22 168 3 Round, top inside round 13 47,232 201.00 217.00 208.22 169 5 Round, top inside, denuded 5 6,045 232.60 248.00 235.90

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 17 31,247 190.00 206.50 201.31 171C 3 Round, eye of round (IM) 10 30,573 199.25 232.50 221.29 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 8 14,959 499.74 526.50 514.69 175 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 18 67,205 480.00 550.00 492.66 184 1 Loin, top butt, bnls, heavy 10 59,495 279.00 306.00 281.68 184 3 Loin, top butt, boneless 22 94,823 293.50 335.00 306.62 185A 4 Loin, bottom sirloin, flap 5 17,193 375.00 395.00 384.61 185B 1 Loin, ball-tip, bnls, heavy 8 27,163 260.00 300.46 274.44 185C 1 Loin, sirloin, tri-tip (IM) 6 9,674 315.26 343.21 321.36 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 6 6,419 926.00 945.20 935.65 191A 4 Loin, butt tender, trimmed 5 5,230 840.00 895.00 848.65 193 4 Flank, flank steak (IM) 5 2,704 446.79 480.00 474.52 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 5 5,784 105.00 125.00 114.16 121D 4 Plate, Inside Skirt (IM) 29 159,582 336.00 375.00 347.15 121C 4 Plate, Outside Skirt (IM) 11 14,603 497.00 569.00 511.39 121E 6 Outside Skirt, pld (IM)

Cap, Wedge Meat & (IM) Lean 26 171,758 229.00 257.46 240.76

Pectoral Meat 27 85,291 229.00 285.00 243.51 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 21 200,863 143.00 177.00 149.06 Ground Beef 75% Ground Beef 81% 22 199,747 158.32 196.00 167.67 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 12 42,761 230.00 261.50 246.96 Ground Beef Chuck 80% 22 284,924 161.02 189.55 172.40 Ground Beef Round 85% 19 271,960 204.50 214.00 204.98 Ground Beef Sirloin 90% 0 0 ------------------------------------------------------------------------------- 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% 6 38,178 193.25 215.60 201.47 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 24 768,849 82.50 90.54 88.15 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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