USDA Boxed Beef Cutout Closing Prices for May 31

May 31 (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: 197.31 187.05 Change from prior day: 0.31 (1.05) ------------------------------------------------------------------------------- Choice/Select spread: 10.27

Total Load Count (Cuts, Trimmings, Grids): 212 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 280.97 256.43 Primal Chuck 159.78 160.99 Primal Round 165.13 164.45 Primal Loin 292.69 255.81 Primal Brisket 135.66 135.18 Primal Short Plate 125.18 129.89 Primal Flank 105.16 99.23 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 05/30 111 84 19 40 255 197.00 188.10 05/29 80 42 21 28 171 195.74 187.21 05/25 67 62 19 29 177 194.63 185.46 05/24 75 58 24 38 195 195.56 186.84 05/23 102 58 20 40 220 195.37 187.65 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 195.66 187.05 -------------------------------------------------------------------------------- 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 101.61 loads 4,064,439 pounds Select Cuts 53.54 loads 2,141,740 pounds Trimmings 19.62 loads 784,877 pounds Ground Beef 37.37 load 1,494,708 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 21 42,395 555.00 601.00 567.25 112A 3 Rib, ribeye, bnls, light 17 53,113 621.00 680.00 628.67 112A 3 Rib, ribeye, bnls, heavy 42 96,472 621.00 689.00 655.61 113C 1 Chuck, semi-bnls, neck/off 9 20,819 203.50 210.52 208.73 114 1 Chuck, shoulder clod 23 96,568 206.00 216.00 209.01 114A 3 Chuck, shoulder clod, trmd 52 178,999 205.00 226.00 216.45 114D 3 Chuck, clod, top blade 18 39,471 260.00 302.00 282.12 114E 3 Chuck, clod, arm roast 8 26,497 223.55 260.00 234.11 114F 5 Chuck, clod tender (IM) 18 40,964 326.25 385.00 349.18 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 48 162,054 228.00 239.00 233.73 116B 1 Chuck, chuck tender (IM) 38 95,020 203.32 228.00 222.84

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 44 295,176 205.00 225.00 210.85 120A 3 Brisket, point/off, bnls 14 16,145 317.00 348.50 328.61 123A 3 Short Plate, short rib 29 81,703 235.00 355.00 295.38 130 4 Chuck, short rib 24 23,006 187.00 231.00 207.37 160 1 Round, bone-in 10 18,105 196.00 216.00 198.58 161 1 Round, boneless 9 177,170 207.00 213.50 207.04

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 63 279,061 229.00 248.00 234.26 168 1 Round, top inside round 25 64,147 204.00 220.60 211.28 168 3 Round, top inside round 25 123,433 210.00 232.00 216.12 169 5 Round, top inside, denuded 12 21,757 245.00 260.00 253.27

3 Round, top inside, side off 170 1 Round, bottom gooseneck 8 8,571 193.96 211.25 202.95 171B 3 Round, outside round 55 303,455 193.50 213.00 199.90 171C 3 Round, eye of round (IM) 50 170,011 196.00 232.60 209.62 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 18 23,512 609.46 644.50 628.10 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 10 9,247 582.00 640.00 613.07 180 3 Loin, strip, bnls, 0x1 30 69,980 668.00 749.11 714.16 184 1 Loin, top butt, bnls, heavy 9 12,350 334.28 340.00 338.78 184 3 Loin, top butt, boneless 39 179,368 335.00 371.00 358.67 185A 4 Loin, bottom sirloin, flap 48 178,780 435.00 466.00 448.18 185B 1 Loin, ball-tip, bnls, heavy 19 38,561 230.00 246.50 235.35 185C 1 Loin, sirloin, tri-tip (IM) 14 13,871 333.40 365.00 344.70 185D 4 Loin, tri-tip, pld (IM) 11 9,401 445.00 478.00 460.92 189A 4 Loin, tndrloin, trmd, heavy 37 54,788 948.10 995.00 974.20 191A 4 Loin, butt tender, trimmed 3 3,904 950.60 980.00 953.41 193 4 Flank, flank steak (IM) 19 16,177 423.32 468.50 451.64 ------------------------------------------------------------------------------- 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 11 21,853 518.00 536.50 528.99 112A 3 Rib, ribeye, bnls, light 16 77,501 548.00 594.50 570.02 112A 3 Rib, ribeye, bnls, heavy 29 47,430 555.10 593.91 569.38 113C 1 Chuck, semi-bnls, neck/off 16 32,278 201.00 210.25 208.80 114 1 Chuck, shoulder clod 15 43,507 192.00 213.50 206.33 114A 3 Chuck, shoulder clod, trmd 21 67,781 205.00 229.00 218.55 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 9 43,615 320.75 350.40 331.73 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 43 154,397 224.44 241.00 230.74 116B 1 Chuck, chuck tender (IM) 18 30,049 215.00 226.00 221.11

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 27 126,316 201.51 221.00 210.45 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 7 47,392 235.00 323.00 243.91 130 4 Chuck, short rib 11 25,014 184.20 227.63 195.53 160 1 Round, bone-in 0 0 161 1 Round, boneless 3 3,974 206.00 213.00 207.36

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 31 89,704 224.44 243.25 234.54 168 1 Round, top inside round 19 59,902 200.00 215.00 208.85 168 3 Round, top inside round 17 75,797 205.00 225.00 214.65 169 5 Round, top inside, denuded 6 3,935 247.00 257.50 252.33

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 7 25,005 191.00 210.00 193.40 171B 3 Round, outside round 23 123,406 196.13 214.50 200.62 171C 3 Round, eye of round (IM) 14 51,047 196.00 231.00 206.76 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 20 38,995 515.14 556.50 525.30 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 28 69,807 502.20 575.00 509.66 184 1 Loin, top butt, bnls, heavy 19 15,695 295.00 316.25 301.55 184 3 Loin, top butt, boneless 31 187,449 297.40 326.50 306.52 185A 4 Loin, bottom sirloin, flap 21 182,736 425.00 450.25 428.82 185B 1 Loin, ball-tip, bnls, heavy 13 55,000 215.55 238.50 228.32 185C 1 Loin, sirloin, tri-tip (IM) 13 51,155 297.00 341.00 321.83 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 25 70,236 879.00 960.00 893.27 191A 4 Loin, butt tender, trimmed 10 6,683 924.00 937.00 930.37 193 4 Flank, flank steak (IM) 12 9,200 402.10 436.00 412.09 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 17 52,644 118.25 130.36 120.06 121D 4 Plate, Inside Skirt (IM) 47 88,726 350.00 370.00 357.53 121C 4 Plate, Outside Skirt (IM) 27 51,021 513.95 547.00 523.90 121E 6 Outside Skirt, pld (IM) 10 5,682 688.00 760.60 701.42

Cap, Wedge Meat & (IM) Lean 49 221,530 229.21 250.00 235.52

Pectoral Meat 34 38,057 234.00 262.00 244.73 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 37 456,683 155.30 185.74 161.92 Ground Beef 75% Ground Beef 81% 47 255,254 190.00 230.25 201.03 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 18 54,882 245.85 285.00 263.11 Ground Beef Chuck 80% 25 234,550 204.00 237.00 211.54 Ground Beef Round 85% 20 46,500 216.44 253.00 226.26 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 55,440 211.07 224.30 211.65 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 25 774,377 51.33 58.00 54.84 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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