USDA Boxed Beef Cutout Midday Prices for February 20

February 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: 182.91 180.84 Change from prior day: 0.44 (0.04) ------------------------------------------------------------------------------- Choice/Select spread: 2.06

Total Load Count (Cuts, Trimmings, Grids): 143 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 270.89 261.97 Primal Chuck 159.70 162.49 Primal Round 156.92 157.11 Primal Loin 241.40 231.36 Primal Brisket 122.94 122.15 Primal Short Plate 128.29 133.43 Primal Flank 101.35 97.61 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 02/19 185 85 36 60 366 182.47 180.88 02/15 69 26 15 33 142 181.95 180.40 02/14 81 31 23 12 146 183.53 179.60 02/13 103 48 15 49 215 183.68 179.32 02/12 81 53 6 30 169 183.45 179.30 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 183.01 179.90 -------------------------------------------------------------------------------- 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 70.95 loads 2,838,045 pounds Select Cuts 30.35 loads 1,213,836 pounds Trimmings 12.41 loads 496,370 pounds Ground Beef 28.87 load 1,154,808 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 24 112,665 492.00 566.00 507.61 112A 3 Rib, ribeye, bnls, light 15 36,023 573.34 619.00 586.48 112A 3 Rib, ribeye, bnls, heavy 75 104,023 558.34 609.00 577.17 113C 1 Chuck, semi-bnls, neck/off 15 34,248 205.00 219.00 209.95 114 1 Chuck, shoulder clod 12 129,066 185.00 204.00 195.33 114A 3 Chuck, shoulder clod, trmd 50 294,309 194.69 232.00 208.61 114D 3 Chuck, clod, top blade 6 14,537 270.00 288.00 282.58 114E 3 Chuck, clod, arm roast 5 16,735 248.50 255.00 249.54 114F 5 Chuck, clod tender (IM) 20 18,515 295.00 338.00 318.55 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 71 202,046 228.97 245.00 233.59 116B 1 Chuck, chuck tender (IM) 15 17,905 225.00 234.28 228.38

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 55 151,950 182.00 198.00 186.01 120A 3 Brisket, point/off, bnls 21 9,061 325.00 339.28 326.14 123A 3 Short Plate, short rib 19 29,060 395.00 434.00 403.30 130 4 Chuck, short rib 33 24,290 310.00 329.00 319.67 160 1 Round, bone-in 161 1 Round, boneless 5 8,210 199.00 210.00 204.83

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 64 184,285 204.00 230.00 212.44 168 1 Round, top inside round 55 186,531 182.00 195.00 186.00 168 3 Round, top inside round 35 312,727 192.00 205.00 195.04 169 5 Round, top inside, denuded 14 33,819 222.00 236.92 226.01

3 Round, top inside, side off 170 1 Round, bottom gooseneck 6 12,166 193.50 215.00 204.42 171B 3 Round, outside round 41 159,005 200.00 221.56 207.71 171C 3 Round, eye of round (IM) 42 97,502 215.21 230.00 223.07 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 33 38,186 422.00 489.00 461.60 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 24 22,357 395.00 421.00 402.60 180 3 Loin, strip, bnls, 0x1 70 82,511 450.00 511.00 461.77 184 1 Loin, top butt, bnls, heavy 30 23,240 299.46 315.00 306.40 184 3 Loin, top butt, boneless 25 126,079 320.00 333.00 321.68 185A 4 Loin, bottom sirloin, flap 28 53,237 362.46 385.00 368.40 185B 1 Loin, ball-tip, bnls, heavy 30 47,527 223.00 236.00 231.78 185C 1 Loin, sirloin, tri-tip (IM) 18 72,180 274.50 300.00 276.70 185D 4 Loin, tri-tip, pld (IM) 6 6,808 385.00 401.00 391.89 189A 4 Loin, tndrloin, trmd, heavy 54 52,387 860.00 1046.00 893.87 191A 4 Loin, butt tender, trimmed 4 12,827 945.00 950.00 945.38 193 4 Flank, flank steak (IM) 21 21,264 410.00 465.00 429.00 ------------------------------------------------------------------------------- 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 17 24,197 490.00 526.28 510.42 112A 3 Rib, ribeye, bnls, light 14 19,806 560.00 576.28 567.18 112A 3 Rib, ribeye, bnls, heavy 54 108,779 535.00 570.50 554.74 113C 1 Chuck, semi-bnls, neck/off 13 22,946 199.00 220.00 209.11 114 1 Chuck, shoulder clod 11 18,141 193.00 203.06 199.35 114A 3 Chuck, shoulder clod, trmd 17 73,710 202.40 219.00 213.42 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 10 3,796 280.00 299.46 286.49 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 34 102,480 222.00 240.33 232.65 116B 1 Chuck, chuck tender (IM) 7 5,779 225.00 228.00 225.20

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 12 67,059 184.00 192.12 188.50 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 130 4 Chuck, short rib 6 7,690 298.00 324.00 309.97 160 1 Round, bone-in 161 1 Round, boneless 5 5,182 207.00 207.00 207.00

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 12 18,987 209.00 231.00 211.83 168 1 Round, top inside round 30 63,157 180.00 197.75 187.01 168 3 Round, top inside round 16 54,445 192.00 204.00 197.71 169 5 Round, top inside, denuded 8 7,380 222.00 236.00 223.90

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 27 54,281 202.00 218.00 206.75 171C 3 Round, eye of round (IM) 21 34,824 215.41 235.00 221.03 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 25 36,879 439.00 455.00 443.76 175 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 40 55,940 415.00 455.00 423.98 184 1 Loin, top butt, bnls, heavy 18 53,651 279.40 285.00 280.75 184 3 Loin, top butt, boneless 24 37,722 307.00 314.58 309.85 185A 4 Loin, bottom sirloin, flap 5 3,276 351.73 386.50 378.92 185B 1 Loin, ball-tip, bnls, heavy 17 33,960 224.25 241.00 233.13 185C 1 Loin, sirloin, tri-tip (IM) 11 13,738 275.00 299.00 279.42 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 35 96,865 844.00 1007.00 869.28 191A 4 Loin, butt tender, trimmed 8 5,443 815.00 855.00 829.00 193 4 Flank, flank steak (IM) 9 12,976 391.24 421.00 407.21 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 3 5,801 116.00 125.00 122.12 121D 4 Plate, Inside Skirt (IM) 17 14,333 344.00 380.00 355.60 121C 4 Plate, Outside Skirt (IM) 13 10,158 450.00 510.00 488.84 121E 6 Outside Skirt, pld (IM)

Cap, Wedge Meat & (IM) Lean 43 63,046 252.00 280.00 265.65

Pectoral Meat 24 50,356 254.00 290.00 266.28 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 53 99,049 150.75 169.00 154.87 Ground Beef 75% Ground Beef 81% 77 282,981 191.00 205.00 195.34 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 33 80,152 256.00 275.28 264.46 Ground Beef Chuck 80% 43 261,237 180.00 205.33 201.21 Ground Beef Round 85% 41 131,048 216.00 234.00 221.04 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% 0 0 Blended Ground Beef 81% 6 77,341 181.00 208.00 206.34 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 15 496,370 63.40 69.00 66.66 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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