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USDA Boxed Beef Cutout Closing Prices for November 14

November 14 (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: 193.22 174.30 Change from prior day: (0.17) (0.29) ------------------------------------------------------------------------------- Choice/Select spread: 18.92

Total Load Count (Cuts, Trimmings, Grids): 240 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 317.23 244.52 Primal Chuck 156.97 154.83 Primal Round 164.75 162.81 Primal Loin 260.39 214.52 Primal Brisket 136.49 133.85 Primal Short Plate 126.17 129.74 Primal Flank 88.89 87.74 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 11/13 82 86 7 19 195 193.39 174.59 11/12 60 51 7 39 157 193.30 173.71 11/09 67 70 6 28 172 191.87 173.56 11/08 112 77 15 22 225 193.24 175.95 11/07 94 73 11 35 213 193.93 176.16 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 193.14 174.79 -------------------------------------------------------------------------------- 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 104.07 loads 4,162,981 pounds Select Cuts 91.56 loads 3,662,497 pounds Trimmings 4.23 loads 169,374 pounds Ground Beef 39.82 load 1,592,760 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 48 166,987 640.00 692.00 653.22 112A 3 Rib, ribeye, bnls, light 13 12,317 749.00 785.00 776.40 112A 3 Rib, ribeye, bnls, heavy 109 161,843 697.00 786.00 725.79 113C 1 Chuck, semi-bnls, neck/off 10 20,005 196.00 215.00 202.33 114 1 Chuck, shoulder clod 19 81,535 192.00 205.00 196.77 114A 3 Chuck, shoulder clod, trmd 74 244,073 197.50 213.16 205.62 114D 3 Chuck, clod, top blade 11 28,830 274.47 285.00 279.15 114E 3 Chuck, clod, arm roast 7 19,743 252.95 270.00 263.74 114F 5 Chuck, clod tender (IM) 19 18,194 305.00 370.00 323.35 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 133 252,021 220.60 257.60 238.59 116B 1 Chuck, chuck tender (IM) 63 164,925 203.00 226.00 211.38

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 94 133,296 201.52 225.00 209.86 120A 3 Brisket, point/off, bnls 25 29,065 351.00 381.00 356.01 123A 3 Short Plate, short rib 48 61,301 297.00 365.00 333.18 130 4 Chuck, short rib 56 35,632 224.00 285.00 265.06 160 1 Round, bone-in 7 11,146 196.00 209.38 203.37 161 1 Round, boneless 8 17,368 200.04 219.89 206.94

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 115 277,598 211.00 242.60 220.30 168 1 Round, top inside round 108 265,391 200.00 220.00 204.76 168 3 Round, top inside round 46 374,615 208.00 229.00 213.55 169 5 Round, top inside, denuded 18 18,654 243.16 259.14 249.52

3 Round, top inside, side off 170 1 Round, bottom gooseneck 7 4,438 201.00 220.00 206.91 171B 3 Round, outside round 69 320,913 212.05 240.00 219.34 171C 3 Round, eye of round (IM) 85 147,148 220.00 271.00 237.31 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 21 21,899 492.00 526.50 507.40 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 24 20,876 440.00 469.00 445.55 180 3 Loin, strip, bnls, 0x1 105 226,373 482.00 556.00 500.69 184 1 Loin, top butt, bnls, heavy 26 13,304 304.50 329.00 320.88 184 3 Loin, top butt, boneless 48 59,439 300.00 335.00 313.87 185A 4 Loin, bottom sirloin, flap 73 168,354 332.00 361.00 347.86 185B 1 Loin, ball-tip, bnls, heavy 44 55,963 218.00 256.89 232.81 185C 1 Loin, sirloin, tri-tip (IM) 25 76,696 248.95 280.00 257.47 185D 4 Loin, tri-tip, pld (IM) 29 26,503 345.00 376.00 361.90 189A 4 Loin, tndrloin, trmd, heavy 78 126,923 1116.00 1225.00 1153.26 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 49 188,490 315.00 350.00 326.72 ------------------------------------------------------------------------------- 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 16 18,509 462.17 511.36 476.34 112A 3 Rib, ribeye, bnls, light 9 9,604 515.25 530.00 525.52 112A 3 Rib, ribeye, bnls, heavy 51 82,631 480.75 550.00 512.85 113C 1 Chuck, semi-bnls, neck/off 11 39,827 191.00 215.25 200.18 114 1 Chuck, shoulder clod 29 225,391 183.74 202.00 190.52 114A 3 Chuck, shoulder clod, trmd 38 256,101 197.00 220.00 207.34 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 15 28,621 250.00 310.00 291.14 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 68 761,029 221.33 255.75 230.42 116B 1 Chuck, chuck tender (IM) 27 45,604 190.00 220.00 206.52

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 21 237,214 198.00 220.00 201.81 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 19 23,522 275.00 315.00 300.54 130 4 Chuck, short rib 29 31,890 224.20 271.74 242.17 160 1 Round, bone-in 161 1 Round, boneless 9 7,011 210.04 214.00 213.05

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 36 138,640 211.00 236.20 218.87 168 1 Round, top inside round 41 192,727 196.00 213.00 200.23 168 3 Round, top inside round 20 49,896 204.00 222.70 212.00 169 5 Round, top inside, denuded 10 19,116 239.00 247.50 239.40

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 4 4,581 200.00 220.00 208.15 171B 3 Round, outside round 29 143,575 210.00 235.00 224.18 171C 3 Round, eye of round (IM) 28 56,098 214.00 245.00 227.34 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 26 27,553 408.00 439.73 415.95 175 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 32 53,471 375.00 406.00 381.66 184 1 Loin, top butt, bnls, heavy 28 31,421 242.50 272.28 254.37 184 3 Loin, top butt, boneless 39 185,057 239.00 280.00 252.17 185A 4 Loin, bottom sirloin, flap 17 105,132 330.00 350.00 339.73 185B 1 Loin, ball-tip, bnls, heavy 23 133,420 219.50 249.50 222.64 185C 1 Loin, sirloin, tri-tip (IM) 11 34,711 240.50 270.00 255.86 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 41 128,020 830.00 1066.00 853.36 191A 4 Loin, butt tender, trimmed 7 3,465 875.00 940.00 892.12 193 4 Flank, flank steak (IM) 13 52,417 303.29 320.00 316.68 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 10 30,681 92.46 115.00 97.65 121D 4 Plate, Inside Skirt (IM) 27 44,675 308.00 348.25 317.47 121C 4 Plate, Outside Skirt (IM) 24 39,849 441.90 494.50 460.85 121E 6 Outside Skirt, pld (IM) 9 10,059 660.00 700.00 676.24

Cap, Wedge Meat & (IM) Lean 75 204,550 240.00 270.00 249.50

Pectoral Meat 40 62,144 240.00 290.00 270.61 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 82 278,581 140.00 174.00 154.46 Ground Beef 75% Ground Beef 81% 90 328,480 180.00 214.50 190.63 Ground Beef 85% Ground Beef 90% Ground Beef 93% 41 114,945 224.71 278.28 249.02 Ground Beef Chuck 80% 43 371,375 179.00 205.00 187.67 Ground Beef Round 85% 43 168,608 206.00 224.00 219.02 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% 7 9,876 191.60 210.20 196.03 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 6 151,804 75.00 77.00 75.75 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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