USDA Boxed Beef Cutout Closing Prices for October 31

October 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: 194.77 176.65 Change from prior day: (3.40) (1.23) ------------------------------------------------------------------------------- Choice/Select spread: 18.13

Total Load Count (Cuts, Trimmings, Grids): 228 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 306.75 240.53 Primal Chuck 161.27 156.87 Primal Round 174.15 167.88 Primal Loin 257.54 219.73 Primal Brisket 135.12 133.55 Primal Short Plate 125.02 129.53 Primal Flank 92.17 87.22 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 10/30 44 78 19 22 163 198.17 177.88 10/29 61 48 14 28 151 197.50 179.08 10/26 43 65 0 26 134 196.82 179.70 10/25 51 45 17 37 151 199.37 182.55 10/24 68 73 14 34 189 199.38 183.92 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 198.25 180.63 -------------------------------------------------------------------------------- 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 86.90 loads 3,475,807 pounds Select Cuts 84.74 loads 3,389,770 pounds Trimmings 8.31 loads 332,360 pounds Ground Beef 47.58 load 1,903,092 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 26 268,091 600.00 668.00 633.67 112A 3 Rib, ribeye, bnls, light 21 79,518 710.00 760.00 734.84 112A 3 Rib, ribeye, bnls, heavy 60 133,661 666.60 750.00 697.75 113C 1 Chuck, semi-bnls, neck/off 8 19,135 206.00 235.00 216.71 114 1 Chuck, shoulder clod 12 31,396 197.00 208.89 200.55 114A 3 Chuck, shoulder clod, trmd 26 85,499 200.00 233.00 211.57 114D 3 Chuck, clod, top blade 13 90,292 261.15 286.00 262.93 114E 3 Chuck, clod, arm roast 5 3,823 260.00 279.00 267.33 114F 5 Chuck, clod tender (IM) 12 7,404 320.00 375.00 346.28 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 39 513,643 245.00 315.70 249.24 116B 1 Chuck, chuck tender (IM) 24 79,849 207.50 220.00 212.10

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 44 247,433 201.00 230.00 206.92 120A 3 Brisket, point/off, bnls 21 18,876 353.05 380.10 372.86 123A 3 Short Plate, short rib 22 36,775 310.00 376.00 332.29 130 4 Chuck, short rib 16 34,074 235.00 271.00 250.96 160 1 Round, bone-in 3 3,015 200.01 219.00 212.37 161 1 Round, boneless 3 24,526 210.01 215.00 214.90

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 58 299,617 229.22 252.00 232.60 168 1 Round, top inside round 33 130,430 207.00 226.00 210.33 168 3 Round, top inside round 28 303,242 215.00 235.00 220.06 169 5 Round, top inside, denuded 8 5,695 266.00 268.25 266.95

3 Round, top inside, side off 170 1 Round, bottom gooseneck 11 8,395 214.00 226.00 218.97 171B 3 Round, outside round 34 205,867 229.00 278.00 242.25 171C 3 Round, eye of round (IM) 28 51,231 240.00 283.00 253.47 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 16 11,747 510.00 536.00 517.59 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 20 10,261 445.00 500.00 448.76 180 3 Loin, strip, bnls, 0x1 44 100,137 485.12 545.00 506.24 184 1 Loin, top butt, bnls, heavy 15 10,127 298.00 320.00 318.39 184 3 Loin, top butt, boneless 23 39,544 310.00 335.00 321.58 185A 4 Loin, bottom sirloin, flap 29 79,676 333.15 377.50 356.70 185B 1 Loin, ball-tip, bnls, heavy 23 61,112 227.50 256.28 239.50 185C 1 Loin, sirloin, tri-tip (IM) 21 50,370 220.00 277.00 249.00 185D 4 Loin, tri-tip, pld (IM) 8 14,640 351.00 395.28 353.39 189A 4 Loin, tndrloin, trmd, heavy 50 187,945 1045.00 1250.00 1076.85 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 19 18,000 342.00 370.00 354.06 ------------------------------------------------------------------------------- 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 21 129,611 453.00 491.00 465.49 112A 3 Rib, ribeye, bnls, light 17 175,295 495.00 571.28 508.59 112A 3 Rib, ribeye, bnls, heavy 61 142,617 497.35 580.54 523.07 113C 1 Chuck, semi-bnls, neck/off 14 26,110 198.00 217.50 208.52 114 1 Chuck, shoulder clod 21 255,285 181.00 211.00 195.54 114A 3 Chuck, shoulder clod, trmd 28 116,272 195.70 215.00 206.36 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 10 6,495 261.00 325.00 304.20 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 56 309,844 235.00 270.50 248.61 116B 1 Chuck, chuck tender (IM) 21 28,278 204.75 218.75 209.08

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 21 202,925 197.50 225.54 204.29 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 4 9,918 258.34 315.00 286.95 130 4 Chuck, short rib 12 20,099 225.00 271.00 244.39 160 1 Round, bone-in 161 1 Round, boneless 5 5,858 210.01 227.00 225.93

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 35 187,900 227.50 264.00 231.16 168 1 Round, top inside round 34 186,128 195.00 212.80 203.06 168 3 Round, top inside round 18 53,003 207.75 224.00 213.48 169 5 Round, top inside, denuded 11 16,833 220.00 260.00 246.43

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 6 34,360 197.55 220.00 200.27 171B 3 Round, outside round 33 226,172 215.00 273.00 224.18 171C 3 Round, eye of round (IM) 42 133,276 212.71 248.00 223.58 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 31 88,740 369.90 445.00 402.04 175 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 30 120,535 371.00 417.00 387.53 184 1 Loin, top butt, bnls, heavy 17 17,782 239.88 280.00 266.60 184 3 Loin, top butt, boneless 28 73,842 255.00 285.00 265.28 185A 4 Loin, bottom sirloin, flap 12 74,611 329.26 360.00 334.30 185B 1 Loin, ball-tip, bnls, heavy 16 53,692 212.97 245.00 228.18 185C 1 Loin, sirloin, tri-tip (IM) 9 25,396 230.00 261.00 252.13 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 42 54,074 885.00 1082.00 922.79 191A 4 Loin, butt tender, trimmed 4 2,379 873.00 942.80 897.48 193 4 Flank, flank steak (IM) 12 32,462 326.00 362.85 344.41 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 16 15,768 80.00 125.00 103.07 121D 4 Plate, Inside Skirt (IM) 23 101,780 298.00 344.00 306.22 121C 4 Plate, Outside Skirt (IM) 20 38,304 476.00 542.00 517.37 121E 6 Outside Skirt, pld (IM) 4 6,660 720.00 753.25 727.00

Cap, Wedge Meat & (IM) Lean 48 126,064 245.68 267.00 255.42

Pectoral Meat 38 47,706 240.00 315.00 271.19 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 65 512,278 142.00 186.00 147.86 Ground Beef 75% Ground Beef 81% 94 396,464 180.29 216.00 194.05 Ground Beef 85% Ground Beef 90% Ground Beef 93% 29 187,267 238.00 268.28 252.12 Ground Beef Chuck 80% 38 249,313 177.00 204.00 192.72 Ground Beef Round 85% 37 169,957 214.00 230.54 221.30 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% 5 25,731 190.93 210.70 196.44 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% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 11 311,710 65.00 69.00 67.13 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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