USDA Boxed Beef Cutout Closing Prices for February 26

February 26 (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: 184.51 182.57 Change from prior day: 1.42 2.43 ------------------------------------------------------------------------------- Choice/Select spread: 1.94

Total Load Count (Cuts, Trimmings, Grids): 166 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 273.76 267.16 Primal Chuck 162.13 161.66 Primal Round 158.96 159.49 Primal Loin 240.14 232.62 Primal Brisket 128.22 130.81 Primal Short Plate 129.77 134.38 Primal Flank 101.35 100.20 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 02/25 91 36 11 25 163 183.09 180.14 02/22 95 35 13 27 170 182.89 180.19 02/21 97 29 4 23 152 182.35 180.20 02/20 117 47 16 42 221 182.31 180.53 02/19 185 85 36 60 366 182.47 180.88 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 182.62 180.39 -------------------------------------------------------------------------------- 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 91.77 loads 3,670,616 pounds Select Cuts 43.95 loads 1,757,870 pounds Trimmings 9.12 loads 364,858 pounds Ground Beef 21.65 load 865,966 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 13 44,702 506.00 565.00 521.10 112A 3 Rib, ribeye, bnls, light 11 57,294 575.00 629.00 579.58 112A 3 Rib, ribeye, bnls, heavy 57 107,616 560.25 651.00 586.59 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 16 67,821 199.00 217.98 202.68 114A 3 Chuck, shoulder clod, trmd 35 264,466 202.00 235.00 212.33 114D 3 Chuck, clod, top blade 8 8,751 271.01 301.00 275.36 114E 3 Chuck, clod, arm roast 8 19,906 250.00 256.90 254.65 114F 5 Chuck, clod tender (IM) 12 16,001 328.00 348.00 340.77 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 50 359,443 226.00 253.00 240.10 116B 1 Chuck, chuck tender (IM) 11 8,453 235.00 246.00 238.36

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 57 519,568 184.00 212.00 195.05 120A 3 Brisket, point/off, bnls 16 14,055 324.00 352.00 332.67 123A 3 Short Plate, short rib 12 26,292 365.00 455.00 421.44 130 4 Chuck, short rib 31 62,784 285.00 330.00 319.75 160 1 Round, bone-in 4 2,213 199.00 220.00 209.44 161 1 Round, boneless 6 8,441 204.00 228.79 205.97

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 66 428,259 209.00 235.23 220.16 168 1 Round, top inside round 24 159,068 179.75 209.50 190.85 168 3 Round, top inside round 32 227,598 194.00 215.00 203.46 169 5 Round, top inside, denuded 5 20,740 229.00 250.00 236.37

3 Round, top inside, side off 170 1 Round, bottom gooseneck 4 2,673 193.50 217.00 198.18 171B 3 Round, outside round 36 248,931 201.00 222.00 209.80 171C 3 Round, eye of round (IM) 42 62,568 218.00 247.60 231.18 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 15 54,245 451.00 514.50 469.97 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 11 44,984 401.00 451.00 405.43 180 3 Loin, strip, bnls, 0x1 39 128,571 440.00 503.00 458.25 184 1 Loin, top butt, bnls, heavy 11 14,101 298.00 332.28 307.19 184 3 Loin, top butt, boneless 25 288,472 307.20 329.60 310.75 185A 4 Loin, bottom sirloin, flap 20 85,572 363.00 391.50 369.09 185B 1 Loin, ball-tip, bnls, heavy 14 76,826 218.28 248.00 225.60 185C 1 Loin, sirloin, tri-tip (IM) 6 2,511 281.00 311.00 294.38 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 26 46,413 863.00 1111.00 912.95 191A 4 Loin, butt tender, trimmed 3 6,395 928.00 945.00 944.84 193 4 Flank, flank steak (IM) 22 24,213 390.00 465.00 413.84 ------------------------------------------------------------------------------- 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 18 20,792 489.82 540.59 523.17 112A 3 Rib, ribeye, bnls, light 13 24,173 560.00 594.00 570.53 112A 3 Rib, ribeye, bnls, heavy 33 43,867 555.00 586.00 569.37 113C 1 Chuck, semi-bnls, neck/off 14 23,756 204.73 220.00 209.50 114 1 Chuck, shoulder clod 6 87,708 193.00 202.20 196.36 114A 3 Chuck, shoulder clod, trmd 14 92,834 210.00 220.00 211.32 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 5 5,289 319.00 325.00 320.64 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 34 225,233 226.25 263.00 239.66 116B 1 Chuck, chuck tender (IM) 11 51,308 225.00 242.00 230.73

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 15 176,210 194.00 201.00 199.27 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 3 3,854 372.00 445.00 400.39 130 4 Chuck, short rib 11 15,371 317.00 330.00 320.30 160 1 Round, bone-in 161 1 Round, boneless 3 7,370 207.00 210.00 208.95

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 16 36,321 210.87 240.00 221.19 168 1 Round, top inside round 13 76,424 183.00 200.46 193.00 168 3 Round, top inside round 23 117,687 191.61 215.00 199.27 169 5 Round, top inside, denuded 4 16,545 232.00 240.00 234.23

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 32 143,178 205.00 225.00 211.34 171C 3 Round, eye of round (IM) 21 47,390 220.00 245.00 226.08 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 25 47,204 443.87 475.00 453.71 175 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 23 22,494 415.00 467.00 440.20 184 1 Loin, top butt, bnls, heavy 184 3 Loin, top butt, boneless 20 41,666 305.00 320.00 309.94 185A 4 Loin, bottom sirloin, flap 7 40,506 351.00 380.00 361.93 185B 1 Loin, ball-tip, bnls, heavy 20 34,912 218.00 250.00 230.45 185C 1 Loin, sirloin, tri-tip (IM) 9 44,448 275.00 296.00 280.84 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 24 47,097 845.00 917.28 858.04 191A 4 Loin, butt tender, trimmed 11 12,702 814.00 855.00 818.74 193 4 Flank, flank steak (IM) 19 42,138 399.47 440.00 405.01 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 5 18,765 110.00 125.00 120.75 121D 4 Plate, Inside Skirt (IM) 20 36,675 350.50 380.00 357.08 121C 4 Plate, Outside Skirt (IM) 16 60,648 430.00 533.00 452.51 121E 6 Outside Skirt, pld (IM) 4 2,521 581.90 635.00 611.35

Cap, Wedge Meat & (IM) Lean 33 78,018 253.00 275.00 263.46

Pectoral Meat 21 46,621 243.00 275.00 254.86 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 36 271,670 147.41 179.00 165.68 Ground Beef 75% Ground Beef 81% 36 187,259 180.00 214.28 198.18 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 19 101,127 265.28 279.86 271.30 Ground Beef Chuck 80% 16 98,253 197.00 211.00 205.61 Ground Beef Round 85% 11 18,900 217.50 234.00 227.44 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% 8 23,000 192.50 230.00 201.48 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% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 18 322,628 70.00 77.50 74.53 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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