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USDA Boxed Beef Cutout Midday Prices for November 20

November 20 (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: 194.62 173.90 Change from prior day: 0.45 0.93 ------------------------------------------------------------------------------- Choice/Select spread: 20.72

Total Load Count (Cuts, Trimmings, Grids): 131 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 324.17 240.94 Primal Chuck 157.96 153.60 Primal Round 165.51 163.09 Primal Loin 261.31 216.26 Primal Brisket 136.48 133.46 Primal Short Plate 124.48 128.46 Primal Flank 91.21 89.18 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 11/19 88 94 31 23 237 194.17 172.97 11/16 87 69 18 33 207 193.02 173.08 11/15 74 64 10 47 194 192.93 173.13 11/14 104 92 4 40 240 193.22 174.30 11/13 82 86 7 19 195 193.39 174.59 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 193.35 173.61 -------------------------------------------------------------------------------- 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 49.37 loads 1,974,894 pounds Select Cuts 40.11 loads 1,604,219 pounds Trimmings 8.24 loads 329,730 pounds Ground Beef 32.96 load 1,318,255 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 18 54,554 634.00 695.00 664.02 112A 3 Rib, ribeye, bnls, light 4 7,374 766.00 787.00 772.85 112A 3 Rib, ribeye, bnls, heavy 15 41,788 706.00 775.00 728.02 113C 1 Chuck, semi-bnls, neck/off 4 5,796 197.50 221.00 211.48 114 1 Chuck, shoulder clod 7 21,866 189.50 207.00 202.64 114A 3 Chuck, shoulder clod, trmd 21 89,436 203.50 227.00 212.22 114D 3 Chuck, clod, top blade 8 12,734 273.83 295.00 280.30 114E 3 Chuck, clod, arm roast 5 7,601 240.00 270.20 248.21 114F 5 Chuck, clod tender (IM) 6 2,300 286.00 368.00 309.41 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 15 117,067 225.60 251.43 230.92 116B 1 Chuck, chuck tender (IM) 14 75,338 206.50 225.00 221.68

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 30 256,376 206.00 223.58 210.16 120A 3 Brisket, point/off, bnls 9 25,300 339.00 360.00 344.95 123A 3 Short Plate, short rib 11 24,651 339.45 373.00 361.11 130 4 Chuck, short rib 17 29,432 235.00 280.00 266.44 160 1 Round, bone-in 4 1,737 205.00 210.00 206.37 161 1 Round, boneless 4 6,635 214.00 219.00 215.71

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 27 165,916 202.23 235.00 213.23 168 1 Round, top inside round 16 54,763 200.00 216.00 203.63 168 3 Round, top inside round 15 110,194 209.50 241.00 219.20 169 5 Round, top inside, denuded 9 9,648 245.00 264.00 252.21

3 Round, top inside, side off 170 1 Round, bottom gooseneck 11 17,034 187.04 220.00 199.91 171B 3 Round, outside round 27 215,503 210.00 227.00 222.63 171C 3 Round, eye of round (IM) 17 46,750 234.00 258.00 241.56 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 7 8,150 505.00 555.00 519.79 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 4 6,731 445.00 481.00 454.23 180 3 Loin, strip, bnls, 0x1 22 73,254 492.00 551.00 508.70 184 1 Loin, top butt, bnls, heavy 4 3,451 304.68 310.00 305.04 184 3 Loin, top butt, boneless 9 68,657 300.00 335.00 305.30 185A 4 Loin, bottom sirloin, flap 13 18,914 327.00 371.00 349.31 185B 1 Loin, ball-tip, bnls, heavy 5 4,461 221.00 245.00 233.13 185C 1 Loin, sirloin, tri-tip (IM) 14 48,059 249.50 289.00 256.13 185D 4 Loin, tri-tip, pld (IM) 8 9,936 353.00 381.00 362.99 189A 4 Loin, tndrloin, trmd, heavy 14 44,302 1142.00 1276.00 1190.41 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 19 37,856 326.00 369.00 355.98 ------------------------------------------------------------------------------- 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 10,466 462.50 514.00 485.66 112A 3 Rib, ribeye, bnls, light 112A 3 Rib, ribeye, bnls, heavy 22 43,553 497.00 580.57 522.92 113C 1 Chuck, semi-bnls, neck/off 6 10,231 200.75 209.00 201.99 114 1 Chuck, shoulder clod 3 8,766 192.00 210.00 204.08 114A 3 Chuck, shoulder clod, trmd 17 110,991 205.00 221.00 209.42 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 5 5,669 244.00 320.00 276.19 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 27 124,090 225.00 250.68 230.46 116B 1 Chuck, chuck tender (IM) 10 37,809 205.00 227.00 215.37

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 7 84,953 202.00 219.80 206.18 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 6 4,724 274.00 325.00 293.72 130 4 Chuck, short rib 13 27,056 235.00 267.00 252.98 160 1 Round, bone-in 161 1 Round, boneless 3 2,350 202.00 210.68 206.78

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 25 158,136 203.27 235.00 213.41 168 1 Round, top inside round 17 114,607 195.00 216.00 206.44 168 3 Round, top inside round 18 36,189 200.00 226.00 216.54 169 5 Round, top inside, denuded

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 8 14,357 187.00 210.04 194.15 171B 3 Round, outside round 25 281,281 209.00 231.00 215.22 171C 3 Round, eye of round (IM) 12 62,943 222.00 237.00 225.85 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 13 32,451 380.00 430.00 400.65 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 0 0 180 3 Loin, strip, bnls, 0x1 12 33,663 370.00 416.00 382.39 184 1 Loin, top butt, bnls, heavy 3 2,947 231.00 270.57 247.93 184 3 Loin, top butt, boneless 15 24,874 252.00 284.00 264.74 185A 4 Loin, bottom sirloin, flap 10 9,322 334.50 361.00 345.38 185B 1 Loin, ball-tip, bnls, heavy 13 33,532 222.00 241.00 226.71 185C 1 Loin, sirloin, tri-tip (IM) 15 40,826 249.39 274.00 253.18 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 11 20,510 830.00 868.00 843.52 191A 4 Loin, butt tender, trimmed 9 12,514 872.00 942.80 877.54 193 4 Flank, flank steak (IM) 20 55,896 305.00 353.00 335.94 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 4 9,606 97.50 129.36 122.78 121D 4 Plate, Inside Skirt (IM) 27 56,337 305.00 345.00 316.82 121C 4 Plate, Outside Skirt (IM) 11 35,840 450.44 480.98 460.54 121E 6 Outside Skirt, pld (IM)

Cap, Wedge Meat & (IM) Lean 23 70,312 245.00 261.00 253.23

Pectoral Meat 23 66,083 245.53 298.00 259.19 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 32 454,436 140.00 174.00 149.83 Ground Beef 75% Ground Beef 81% 28 199,834 181.09 212.25 193.05 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 18 110,960 237.03 269.00 251.72 Ground Beef Chuck 80% 20 228,973 184.75 207.00 195.36 Ground Beef Round 85% 12 41,608 206.00 231.00 211.07 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% 12 79,540 188.60 210.70 200.70 Blended Ground Beef 85% Blended Ground Beef 90% 0 0 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 16 329,730 69.03 78.00 75.03 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.

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