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USDA Boxed Beef Cutout Midday 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 11:30 a.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: 196.80 177.67 Change from prior day: (1.37) (0.21) ------------------------------------------------------------------------------- Choice/Select spread: 19.13

Total Load Count (Cuts, Trimmings, Grids): 148 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 305.42 242.23 Primal Chuck 167.71 157.84 Primal Round 174.56 169.28 Primal Loin 257.79 220.56 Primal Brisket 135.91 133.74 Primal Short Plate 125.82 130.36 Primal Flank 93.17 86.81 -------------------------------------------------------------------------------- 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 52.83 loads 2,113,170 pounds Select Cuts 49.35 loads 1,974,082 pounds Trimmings 6.26 loads 250,333 pounds Ground Beef 39.67 load 1,586,829 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 9 136,531 635.00 653.25 635.61 112A 3 Rib, ribeye, bnls, light 15 53,100 734.61 760.00 736.42 112A 3 Rib, ribeye, bnls, heavy 48 117,116 666.60 740.00 697.85 113C 1 Chuck, semi-bnls, neck/off 7 10,755 218.00 232.00 225.41 114 1 Chuck, shoulder clod 6 21,277 197.00 208.89 200.21 114A 3 Chuck, shoulder clod, trmd 16 34,644 205.00 220.50 214.77 114D 3 Chuck, clod, top blade 11 88,660 261.15 284.28 262.54 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 10 5,071 375.00 375.00 375.00 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 14 34,222 276.00 315.70 281.41 116B 1 Chuck, chuck tender (IM) 17 51,936 209.00 220.00 214.02

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 28 136,386 201.00 230.00 208.89 120A 3 Brisket, point/off, bnls 17 12,174 356.28 380.10 379.28 123A 3 Short Plate, short rib 18 29,415 310.00 376.00 332.07 130 4 Chuck, short rib 10 20,818 235.00 271.00 246.73 160 1 Round, bone-in 5 13,955 200.01 219.00 215.22 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 41 199,152 229.22 250.54 232.27 168 1 Round, top inside round 26 100,061 207.00 226.00 210.34 168 3 Round, top inside round 21 271,928 215.00 235.00 220.14 169 5 Round, top inside, denuded 7 4,991 267.00 268.25 267.08

3 Round, top inside, side off 170 1 Round, bottom gooseneck 7 5,380 214.00 226.00 219.64 171B 3 Round, outside round 27 183,059 229.00 278.00 240.25 171C 3 Round, eye of round (IM) 18 22,950 240.00 283.00 259.71 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 17 16,216 510.00 536.00 512.43 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 14 5,049 445.00 445.00 445.00 180 3 Loin, strip, bnls, 0x1 34 85,660 490.00 537.28 506.94 184 1 Loin, top butt, bnls, heavy 14 9,976 298.00 320.00 318.44 184 3 Loin, top butt, boneless 21 50,757 310.00 335.00 326.10 185A 4 Loin, bottom sirloin, flap 16 44,897 357.00 366.00 364.11 185B 1 Loin, ball-tip, bnls, heavy 21 41,867 234.00 256.28 244.97 185C 1 Loin, sirloin, tri-tip (IM) 11 17,449 232.50 276.66 246.50 185D 4 Loin, tri-tip, pld (IM) 8 4,726 360.00 395.28 361.87 189A 4 Loin, tndrloin, trmd, heavy 40 155,608 1045.00 1250.00 1069.19 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 10 5,471 342.05 370.00 353.61 ------------------------------------------------------------------------------- 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 81,478 454.90 480.50 463.16 112A 3 Rib, ribeye, bnls, light 10 7,542 535.00 571.28 557.60 112A 3 Rib, ribeye, bnls, heavy 46 103,379 497.35 580.54 524.35 113C 1 Chuck, semi-bnls, neck/off 7 9,020 211.00 215.00 214.19 114 1 Chuck, shoulder clod 16 249,281 181.00 208.00 195.51 114A 3 Chuck, shoulder clod, trmd 19 47,170 210.74 215.00 213.41 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 35 175,491 244.99 270.00 251.10 116B 1 Chuck, chuck tender (IM) 15 18,982 204.75 214.28 208.00

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 16 131,382 197.50 225.54 203.96 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 130 4 Chuck, short rib 8 14,634 225.00 271.00 240.24 160 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 22 34,103 229.00 245.00 237.86 168 1 Round, top inside round 23 100,537 201.00 212.80 206.53 168 3 Round, top inside round 10 30,918 207.75 220.00 213.90 169 5 Round, top inside, denuded 8 15,555 220.00 259.26 245.87

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 4 26,905 197.55 220.00 199.76 171B 3 Round, outside round 23 177,318 215.00 273.00 224.51 171C 3 Round, eye of round (IM) 32 110,897 215.00 248.00 224.65 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 27 32,964 376.00 445.00 430.65 175 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 25 69,594 377.25 417.00 399.14 184 1 Loin, top butt, bnls, heavy 13 12,857 239.88 265.00 263.52 184 3 Loin, top butt, boneless 25 74,301 255.00 282.28 265.76 185A 4 Loin, bottom sirloin, flap (M) 185B 1 Loin, ball-tip, bnls, heavy 11 20,491 224.00 245.00 237.35 185C 1 Loin, sirloin, tri-tip (IM) 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 33 40,327 885.00 962.28 907.55 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 5 17,715 338.00 361.00 343.89 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 13 15,176 80.00 125.00 102.89 121D 4 Plate, Inside Skirt (IM) 12 7,513 310.00 344.00 327.07 121C 4 Plate, Outside Skirt (IM) 13 28,185 505.00 542.00 519.37 121E 6 Outside Skirt, pld (IM)

Cap, Wedge Meat & (IM) Lean 38 72,272 248.05 267.00 256.06

Pectoral Meat 25 30,424 240.00 315.00 271.68 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 64 413,712 142.00 179.28 148.64 Ground Beef 75% Ground Beef 81% 97 568,740 182.97 215.00 194.55 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 23 62,132 238.00 268.28 253.70 Ground Beef Chuck 80% 31 106,039 196.00 204.00 198.89 Ground Beef Round 85% 49 260,570 214.00 230.54 221.77 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% 3 24,371 195.25 210.70 196.70 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% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 8 229,683 65.00 69.00 66.96 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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