USDA Boxed Beef Cutout Closing Prices for October 22

October 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: 198.35 181.53 Change from prior day: 1.67 1.08 ------------------------------------------------------------------------------- Choice/Select spread: 16.82

Total Load Count (Cuts, Trimmings, Grids): 160 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 298.82 242.99 Primal Chuck 172.97 163.00 Primal Round 181.62 173.34 Primal Loin 253.06 225.30 Primal Brisket 138.82 137.00 Primal Short Plate 123.43 127.87 Primal Flank 98.49 97.05 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 10/19 60 75 20 8 164 196.68 180.45 10/18 69 56 25 17 167 196.81 180.88 10/17 70 80 21 44 214 195.71 180.75 10/16 69 58 18 28 173 195.10 180.55 10/15 64 51 13 23 152 193.96 178.89 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 195.65 180.31 -------------------------------------------------------------------------------- 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 50.85 loads 2,033,978 pounds Select Cuts 60.86 loads 2,434,204 pounds Trimmings 24.68 loads 987,205 pounds Ground Beef 23.61 load 944,438 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 30 193,778 600.60 663.59 613.65 112A 3 Rib, ribeye, bnls, light 5 59,201 666.00 738.00 705.50 112A 3 Rib, ribeye, bnls, heavy 16 16,818 650.00 715.39 671.02 113C 1 Chuck, semi-bnls, neck/off 3 2,002 217.00 240.00 222.42 114 1 Chuck, shoulder clod 8 55,909 202.00 215.00 203.83 114A 3 Chuck, shoulder clod, trmd 19 92,963 212.07 228.33 219.75 114D 3 Chuck, clod, top blade 7 10,818 260.00 288.40 269.92 114E 3 Chuck, clod, arm roast 11 26,559 249.60 273.70 260.73 114F 5 Chuck, clod tender (IM) 5 3,973 327.00 368.70 333.06 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 6 18,159 320.00 330.00 326.40 116B 1 Chuck, chuck tender (IM) 11 39,881 224.00 230.50 225.83

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 25 69,114 205.00 230.00 218.14 120A 3 Brisket, point/off, bnls 11 13,018 339.26 385.10 358.75 123A 3 Short Plate, short rib 13 40,954 305.00 385.00 354.85 130 4 Chuck, short rib 20 40,640 213.36 265.00 236.41 160 1 Round, bone-in 6 23,561 213.00 217.00 215.42 161 1 Round, boneless 4 8,301 225.00 238.33 226.14

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 38 134,846 233.00 259.50 245.75 168 1 Round, top inside round 14 67,520 207.00 225.00 217.28 168 3 Round, top inside round 15 68,093 213.50 240.00 227.56 169 5 Round, top inside, denuded 18 93,909 250.00 273.00 253.65

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 4 3,574 216.00 220.00 218.51 171B 3 Round, outside round 31 114,522 260.09 293.00 274.71 171C 3 Round, eye of round (IM) 31 60,231 255.00 283.00 265.57 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 13 30,820 484.90 510.25 496.60 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 10 10,444 430.00 461.00 431.73 180 3 Loin, strip, bnls, 0x1 29 111,079 498.62 528.00 509.03 184 1 Loin, top butt, bnls, heavy 8 9,991 300.00 321.00 302.22 184 3 Loin, top butt, boneless 30 203,097 300.00 335.00 322.04 185A 4 Loin, bottom sirloin, flap 19 45,261 324.62 381.00 359.41 185B 1 Loin, ball-tip, bnls, heavy 12 27,441 218.00 244.50 228.92 185C 1 Loin, sirloin, tri-tip (IM) 10 8,427 240.00 275.00 256.03 185D 4 Loin, tri-tip, pld (IM) 10 6,635 350.00 379.50 363.05 189A 4 Loin, tndrloin, trmd, heavy 35 172,034 975.00 1075.00 1029.06 191A 4 Loin, butt tender, trimmed 4 2,821 985.50 991.00 990.84 193 4 Flank, flank steak (IM) 15 24,775 400.00 466.00 411.89 ------------------------------------------------------------------------------- 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 44,815 460.00 500.00 473.71 112A 3 Rib, ribeye, bnls, light 3 9,377 519.00 565.00 555.78 112A 3 Rib, ribeye, bnls, heavy 20 106,085 520.00 560.09 530.28 113C 1 Chuck, semi-bnls, neck/off 4 5,694 208.00 219.00 213.88 114 1 Chuck, shoulder clod 8 48,538 196.00 207.00 203.53 114A 3 Chuck, shoulder clod, trmd 14 174,037 206.21 225.00 215.85 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 8 9,729 265.50 325.00 301.47 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 29 238,371 260.00 283.60 269.54 116B 1 Chuck, chuck tender (IM) 7 54,528 210.00 230.00 213.35

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 13 57,401 210.00 227.00 216.96 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 9 17,001 266.00 356.00 283.62 130 4 Chuck, short rib 9 9,505 225.00 265.00 239.05 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 13 28,957 229.00 254.00 241.69 168 1 Round, top inside round 20 421,952 202.24 225.13 207.86 168 3 Round, top inside round 18 242,608 209.75 232.00 213.57 169 5 Round, top inside, denuded

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 18 110,941 242.00 273.00 255.65 171C 3 Round, eye of round (IM) 15 78,789 223.00 256.00 238.97 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 18 17,822 407.23 441.50 427.76 175 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 10 41,199 353.78 415.05 370.81 184 1 Loin, top butt, bnls, heavy 8 83,991 239.00 265.00 259.92 184 3 Loin, top butt, boneless 12 57,129 250.00 278.00 271.16 185A 4 Loin, bottom sirloin, flap 10 17,193 325.00 360.50 336.71 185B 1 Loin, ball-tip, bnls, heavy 8 61,401 225.25 236.00 229.56 185C 1 Loin, sirloin, tri-tip (IM) 10 134,186 239.94 250.60 247.26 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 14 43,954 886.00 1067.00 930.22 191A 4 Loin, butt tender, trimmed 4 4,052 853.78 901.00 865.63 193 4 Flank, flank steak (IM) 8 30,468 372.91 405.50 384.36 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 5 6,414 75.00 132.00 85.07 121D 4 Plate, Inside Skirt (IM) 22 75,201 306.00 342.58 323.97 121C 4 Plate, Outside Skirt (IM) 9 13,401 495.00 550.00 511.70 121E 6 Outside Skirt, pld (IM) 3 7,072 870.00 900.00 877.61

Cap, Wedge Meat & (IM) Lean 21 102,102 231.00 280.00 253.75

Pectoral Meat 20 51,877 243.76 285.00 255.75 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 12 134,461 150.00 171.50 161.03 Ground Beef 75% Ground Beef 81% 31 285,837 175.00 206.50 189.29 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 5 39,021 243.40 249.60 244.95 Ground Beef Chuck 80% 25 162,324 191.00 207.00 194.37 Ground Beef Round 85% 7 87,252 214.00 220.00 218.35 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% 10 104,994 192.75 204.60 197.80 Blended Ground Beef 85% Blended Ground Beef 90% Blended Ground Beef 93% Blended Ground Beef Chuck 80% 0 0 Blended Ground Beef Round 85% Blended Ground Beef Sirloin 90% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 29 987,205 58.00 67.88 61.25 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.