USDA Boxed Beef Cutout Closing Prices for January 23

January 23 (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: 189.78 182.90 Change from prior day: (0.81) (1.00) ------------------------------------------------------------------------------- Choice/Select spread: 6.89

Total Load Count (Cuts, Trimmings, Grids): 290 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 272.62 255.60 Primal Chuck 164.42 162.41 Primal Round 168.28 166.74 Primal Loin 252.66 233.04 Primal Brisket 129.18 128.00 Primal Short Plate 127.80 133.53 Primal Flank 103.59 97.18 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 01/22 171 122 39 62 394 190.59 183.90 01/18 82 51 26 35 194 189.84 182.61 01/17 107 59 19 31 215 192.20 184.36 01/16 77 57 12 36 183 193.83 186.20 01/15 73 62 12 34 181 193.46 184.92 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 191.99 184.40 -------------------------------------------------------------------------------- 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 124.37 loads 4,974,768 pounds Select Cuts 78.13 loads 3,125,196 pounds Trimmings 38.36 loads 1,534,470 pounds Ground Beef 49.03 load 1,961,057 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 38 165,083 512.00 573.28 527.96 112A 3 Rib, ribeye, bnls, light 23 33,583 590.00 630.00 600.49 112A 3 Rib, ribeye, bnls, heavy 122 110,501 585.00 631.28 594.71 113C 1 Chuck, semi-bnls, neck/off 8 17,730 206.00 224.87 210.43 114 1 Chuck, shoulder clod 13 35,555 194.00 212.70 205.74 114A 3 Chuck, shoulder clod, trmd 63 188,211 208.88 226.00 215.97 114D 3 Chuck, clod, top blade 5 21,721 265.00 283.35 274.93 114E 3 Chuck, clod, arm roast 7 67,954 248.00 275.00 249.81 114F 5 Chuck, clod tender (IM) 16 16,232 285.00 330.00 301.71 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 117 514,718 228.00 262.60 232.52 116B 1 Chuck, chuck tender (IM) 47 149,415 219.00 250.00 228.75

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 106 598,872 192.98 210.25 196.84 120A 3 Brisket, point/off, bnls 19 13,178 339.00 360.00 346.44 123A 3 Short Plate, short rib 60 63,361 356.00 405.00 372.96 130 4 Chuck, short rib 52 64,734 260.00 304.00 291.47 160 1 Round, bone-in 3 6,484 195.00 210.00 198.45 161 1 Round, boneless 6 13,125 211.00 220.00 213.17

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 96 264,792 224.00 245.00 229.83 168 1 Round, top inside round 73 261,475 189.00 210.28 197.99 168 3 Round, top inside round 45 384,515 205.00 229.00 208.05 169 5 Round, top inside, denuded 27 46,391 233.25 266.18 241.54

3 Round, top inside, side off 170 1 Round, bottom gooseneck 8 6,226 209.00 230.00 215.96 171B 3 Round, outside round 61 369,111 212.00 235.00 222.80 171C 3 Round, eye of round (IM) 54 109,001 235.00 258.00 250.03 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 22 54,261 490.00 541.00 500.06 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 23 37,309 422.00 449.00 427.49 180 3 Loin, strip, bnls, 0x1 112 189,388 485.00 540.00 499.76 184 1 Loin, top butt, bnls, heavy 31 16,706 310.00 345.00 321.50 184 3 Loin, top butt, boneless 61 132,531 314.00 351.00 320.58 185A 4 Loin, bottom sirloin, flap 71 246,883 359.00 405.00 366.50 185B 1 Loin, ball-tip, bnls, heavy 48 260,518 221.00 241.00 230.35 185C 1 Loin, sirloin, tri-tip (IM) 17 95,647 282.20 311.00 295.08 185D 4 Loin, tri-tip, pld (IM) 26 16,173 400.00 420.00 407.12 189A 4 Loin, tndrloin, trmd, heavy 87 111,207 908.00 1111.00 947.34 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 24 29,270 411.27 451.00 429.64 ------------------------------------------------------------------------------- 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 23 29,233 489.00 521.28 494.67 112A 3 Rib, ribeye, bnls, light 17 54,348 530.25 565.50 543.72 112A 3 Rib, ribeye, bnls, heavy 29 91,280 534.33 568.00 550.14 113C 1 Chuck, semi-bnls, neck/off 13 24,846 203.88 220.00 210.18 114 1 Chuck, shoulder clod 24 349,376 194.00 212.73 202.37 114A 3 Chuck, shoulder clod, trmd 27 262,339 210.00 230.00 215.45 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 16 9,787 278.00 296.00 281.53 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 49 182,893 225.00 252.00 230.80 116B 1 Chuck, chuck tender (IM) 24 46,564 220.00 239.00 223.86

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 22 230,396 190.00 205.00 197.11 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 9 17,912 293.94 360.00 342.47 130 4 Chuck, short rib 12 27,584 265.00 293.94 286.13 160 1 Round, bone-in 161 1 Round, boneless 3 4,393 220.00 220.00 220.00

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 25 46,425 221.54 240.00 230.26 168 1 Round, top inside round 32 113,642 196.00 222.73 199.29 168 3 Round, top inside round 32 523,781 201.65 225.00 203.23 169 5 Round, top inside, denuded 13 18,260 238.10 250.00 239.19

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 37 168,747 214.00 232.00 220.34 171C 3 Round, eye of round (IM) 30 73,996 227.00 256.00 238.83 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 29 69,678 424.00 465.00 437.50 175 3 Loin, strip loin, 1x1 0 0 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 37 59,955 416.00 461.00 430.51 184 1 Loin, top butt, bnls, heavy 13 10,635 270.00 295.00 275.91 184 3 Loin, top butt, boneless 40 57,855 280.00 313.00 298.96 185A 4 Loin, bottom sirloin, flap 9 13,703 372.00 400.00 381.68 185B 1 Loin, ball-tip, bnls, heavy 21 40,464 209.00 240.00 228.12 185C 1 Loin, sirloin, tri-tip (IM) 13 96,390 272.00 300.00 287.59 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 28 29,106 880.00 910.00 888.14 191A 4 Loin, butt tender, trimmed 4 11,048 825.00 838.00 836.08 193 4 Flank, flank steak (IM) 15 60,365 379.00 432.28 386.21 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 6 3,131 95.61 115.00 108.51 121D 4 Plate, Inside Skirt (IM) 46 136,169 335.53 375.00 346.57 121C 4 Plate, Outside Skirt (IM) 30 98,982 439.00 472.00 452.71 121E 6 Outside Skirt, pld (IM) 6 2,885 689.00 695.70 690.80

Cap, Wedge Meat & (IM) Lean 70 153,503 257.00 271.00 264.62

Pectoral Meat 40 116,750 250.00 280.00 259.17 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 70 659,804 151.21 196.00 160.42 Ground Beef 75% Ground Beef 81% 79 357,265 188.50 241.00 209.98 Ground Beef 85% Ground Beef 90% Ground Beef 93% 37 187,294 241.21 282.00 261.80 Ground Beef Chuck 80% 50 172,962 197.00 243.00 216.41 Ground Beef Round 85% 45 218,771 221.21 245.00 233.39 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% 6 27,029 192.73 222.00 200.78 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 41 1,301,380 61.00 74.00 64.25 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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