USDA Boxed Beef Cutout Closing Prices for March 28

March 28 (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: 184.24 184.32 Change from prior day: (1.20) (1.06) ------------------------------------------------------------------------------- Choice/Select spread: (0.08)

Total Load Count (Cuts, Trimmings, Grids): 272 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 272.87 275.35 Primal Chuck 147.31 146.49 Primal Round 157.82 157.67 Primal Loin 256.04 255.21 Primal Brisket 131.23 131.49 Primal Short Plate 137.38 141.82 Primal Flank 113.28 110.90 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 03/27 99 48 15 35 197 185.44 185.38 03/26 90 37 16 26 169 186.75 186.56 03/23 86 42 19 30 177 187.41 186.57 03/22 74 34 20 29 157 188.92 187.67 03/21 135 57 18 46 256 188.97 188.32 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 187.50 186.90 -------------------------------------------------------------------------------- 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 137.83 loads 5,513,395 pounds Select Cuts 69.44 loads 2,777,790 pounds Trimmings 23.33 loads 933,096 pounds Ground Beef 41.08 load 1,643,309 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 47 70,219 540.00 601.00 557.36 112A 3 Rib, ribeye, bnls, light 22 41,171 580.00 671.00 595.50 112A 3 Rib, ribeye, bnls, heavy 112 189,559 575.76 652.00 609.00 113C 1 Chuck, semi-bnls, neck/off 7 32,399 191.00 205.00 193.03 114 1 Chuck, shoulder clod 18 89,473 189.50 195.50 192.24 114A 3 Chuck, shoulder clod, trmd 75 284,082 190.00 213.00 193.60 114D 3 Chuck, clod, top blade 5 15,265 248.87 279.50 253.38 114E 3 Chuck, clod, arm roast 9 90,162 216.75 250.00 217.61 114F 5 Chuck, clod tender (IM) 5 4,913 316.88 390.00 352.27 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 123 266,230 200.00 230.50 209.91 116B 1 Chuck, chuck tender (IM) 67 252,288 209.75 238.60 214.69

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 106 201,033 188.88 211.00 196.31 120A 3 Brisket, point/off, bnls 18 17,572 324.00 350.05 336.31 123A 3 Short Plate, short rib 50 45,058 305.00 386.00 347.84 130 4 Chuck, short rib 41 45,870 195.00 280.00 212.48 160 1 Round, bone-in 7 7,237 194.65 212.42 206.31 161 1 Round, boneless 6 7,385 211.00 220.50 213.16

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 103 200,905 213.73 246.00 228.54 168 1 Round, top inside round 84 164,848 185.76 205.00 197.00 168 3 Round, top inside round 27 131,690 197.96 215.00 203.52 169 5 Round, top inside, denuded 22 39,002 233.85 249.60 239.96

3 Round, top inside, side off 170 1 Round, bottom gooseneck 5 9,291 179.64 201.42 186.92 171B 3 Round, outside round 76 313,806 190.00 223.60 195.55 171C 3 Round, eye of round (IM) 72 183,424 205.00 232.30 210.40 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 31 25,819 510.00 540.00 524.60 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 24 17,470 450.00 485.35 461.03 180 3 Loin, strip, bnls, 0x1 56 334,944 498.00 548.00 502.85 184 1 Loin, top butt, bnls, heavy 58 34,638 280.00 326.00 311.20 184 3 Loin, top butt, boneless 67 681,993 290.00 336.74 297.62 185A 4 Loin, bottom sirloin, flap 60 79,052 375.00 425.00 399.52 185B 1 Loin, ball-tip, bnls, heavy 30 33,013 274.50 300.00 286.06 185C 1 Loin, sirloin, tri-tip (IM) 21 65,194 312.00 366.00 335.81 185D 4 Loin, tri-tip, pld (IM) 35 17,976 446.00 479.00 464.66 189A 4 Loin, tndrloin, trmd, heavy 78 107,279 920.00 990.00 949.85 191A 4 Loin, butt tender, trimmed 5 3,190 880.00 925.00 895.87 193 4 Flank, flank steak (IM) 19 21,077 415.00 476.40 441.96 ------------------------------------------------------------------------------- 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 30 42,854 535.00 562.42 549.04 112A 3 Rib, ribeye, bnls, light 17 21,152 590.00 620.35 606.06 112A 3 Rib, ribeye, bnls, heavy 58 143,109 574.64 625.10 611.88 113C 1 Chuck, semi-bnls, neck/off 11 25,066 192.13 210.00 198.32 114 1 Chuck, shoulder clod 13 48,358 181.87 196.00 188.14 114A 3 Chuck, shoulder clod, trmd 27 95,301 193.50 206.50 201.07 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 7 4,286 312.00 410.00 337.48 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 53 286,189 199.00 218.00 204.22 116B 1 Chuck, chuck tender (IM) 34 97,015 209.75 230.00 213.81

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 31 135,847 190.00 209.74 194.30 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 15 13,592 274.00 340.00 298.24 130 4 Chuck, short rib 14 37,677 187.65 225.79 196.15 160 1 Round, bone-in 161 1 Round, boneless 11 17,869 208.00 220.85 216.90

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 28 99,089 220.65 240.85 227.24 168 1 Round, top inside round 34 108,850 185.76 202.50 191.97 168 3 Round, top inside round 20 34,170 199.00 217.00 205.47 169 5 Round, top inside, denuded 10 14,513 234.00 240.00 235.17

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 4 4,546 179.64 191.55 184.31 171B 3 Round, outside round 29 158,519 190.00 207.00 192.81 171C 3 Round, eye of round (IM) 30 65,654 209.95 230.00 216.17 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 33 76,233 479.56 535.00 505.41 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 42 108,147 480.00 538.00 503.08 184 1 Loin, top butt, bnls, heavy 36 56,799 275.00 312.00 288.89 184 3 Loin, top butt, boneless 42 163,624 289.49 326.00 300.71 185A 4 Loin, bottom sirloin, flap 6 7,922 380.00 420.00 393.12 185B 1 Loin, ball-tip, bnls, heavy 18 37,894 282.00 298.85 284.23 185C 1 Loin, sirloin, tri-tip (IM) 7 15,641 316.25 350.00 338.37 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 25 27,782 925.50 950.00 938.02 191A 4 Loin, butt tender, trimmed 9 7,259 854.00 895.65 865.27 193 4 Flank, flank steak (IM) 7 6,759 414.00 458.00 433.57 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 19 74,749 82.63 125.00 95.94 121D 4 Plate, Inside Skirt (IM) 29 41,521 344.00 375.00 356.20 121C 4 Plate, Outside Skirt (IM) 18 15,999 495.00 563.00 523.57 121E 6 Outside Skirt, pld (IM) 14 11,046 764.60 819.00 777.78

Cap, Wedge Meat & (IM) Lean 95 813,160 230.00 265.00 238.03

Pectoral Meat 44 57,267 228.67 261.25 247.44 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 60 271,042 145.00 175.00 159.22 Ground Beef 75% Ground Beef 81% 83 374,718 154.13 195.00 171.12 Ground Beef 85% Ground Beef 90% Ground Beef 93% 39 143,344 235.15 260.35 249.66 Ground Beef Chuck 80% 60 404,034 160.95 190.72 173.58 Ground Beef Round 85% 45 155,712 190.00 220.00 208.17 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% 5 9,642 183.30 208.60 196.81 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 31 933,096 69.44 97.14 87.97 Frozen 50% lean trimmings 0 0 -------------------------------------------------------------------------------- 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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