USDA Boxed Beef Cutout Midday 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 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: 183.89 181.93 Change from prior day: 0.80 1.79 ------------------------------------------------------------------------------- Choice/Select spread: 1.96

Total Load Count (Cuts, Trimmings, Grids): 80 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 274.20 266.74 Primal Chuck 161.41 161.07 Primal Round 157.95 159.01 Primal Loin 239.47 232.20 Primal Brisket 126.55 126.38 Primal Short Plate 129.89 134.50 Primal Flank 101.03 99.93 -------------------------------------------------------------------------------- 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 39.83 loads 1,593,133 pounds Select Cuts 21.53 loads 861,371 pounds Trimmings 7.80 loads 312,137 pounds Ground Beef 10.57 load 422,889 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 5 4,818 530.00 565.00 552.87 112A 3 Rib, ribeye, bnls, light 5 42,354 575.00 624.65 577.73 112A 3 Rib, ribeye, bnls, heavy 37 66,433 565.00 628.00 591.87 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 6 9,458 199.00 208.00 203.61 114A 3 Chuck, shoulder clod, trmd 13 87,762 202.00 217.65 210.29 114D 3 Chuck, clod, top blade 6 6,430 271.01 301.00 274.98 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 7 4,562 328.00 335.69 330.01 115 1 Chuck, 2-piece, boneless 0 0 116A 3 Chuck, roll, lxl, neck/off 21 169,605 227.70 250.82 240.01 116B 1 Chuck, chuck tender (IM) 6 2,989 227.91 246.00 239.42

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 27 166,383 184.00 205.00 192.43 120A 3 Brisket, point/off, bnls 5 4,560 324.00 351.59 334.91 123A 3 Short Plate, short rib 130 4 Chuck, short rib 16 30,094 305.50 330.00 323.71 160 1 Round, bone-in 161 1 Round, boneless 4 7,761 204.00 228.79 205.64

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 30 137,165 209.00 227.00 214.16 168 1 Round, top inside round 13 136,554 183.00 193.14 190.29 168 3 Round, top inside round 15 143,430 195.00 210.69 203.51 169 5 Round, top inside, denuded

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 17 121,408 201.00 219.75 209.02 171C 3 Round, eye of round (IM) 21 38,244 218.00 236.00 228.38 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 5 14,864 457.75 514.50 484.78 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 8 43,368 401.00 451.00 405.21 180 3 Loin, strip, bnls, 0x1 22 55,058 440.00 501.00 457.65 184 1 Loin, top butt, bnls, heavy 7 4,094 304.79 318.00 308.58 184 3 Loin, top butt, boneless 16 140,929 307.20 325.50 309.84 185A 4 Loin, bottom sirloin, flap 13 33,102 365.00 391.50 374.67 185B 1 Loin, ball-tip, bnls, heavy 3 3,343 228.00 235.00 231.97 185C 1 Loin, sirloin, tri-tip (IM) 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 10 19,918 863.00 938.79 878.19 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 11 9,557 390.00 418.00 409.47 ------------------------------------------------------------------------------- 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 10 15,313 489.82 530.00 521.91 112A 3 Rib, ribeye, bnls, light 7 17,505 560.00 585.00 566.81 112A 3 Rib, ribeye, bnls, heavy 22 34,768 555.00 586.00 569.45 113C 1 Chuck, semi-bnls, neck/off 5 11,460 205.00 219.00 210.31 114 1 Chuck, shoulder clod 5 82,556 193.00 202.20 196.07 114A 3 Chuck, shoulder clod, trmd 7 84,753 210.00 215.00 210.87 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 17 61,417 226.25 250.00 239.73 116B 1 Chuck, chuck tender (IM) 8 28,502 225.00 242.00 229.25

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 4 3,048 195.00 200.00 197.53 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 130 4 Chuck, short rib 7 10,057 317.00 321.00 319.83 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 9 23,691 210.87 225.00 217.50 168 1 Round, top inside round 9 45,247 183.00 200.46 190.22 168 3 Round, top inside round 8 43,935 200.00 210.00 203.71 169 5 Round, top inside, denuded

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 21 113,907 205.00 220.00 210.85 171C 3 Round, eye of round (IM) 14 34,107 220.00 235.00 224.55 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 15 29,841 443.87 475.00 453.54 175 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 13 12,211 415.00 435.38 424.35 184 1 Loin, top butt, bnls, heavy 184 3 Loin, top butt, boneless 7 11,417 306.18 320.00 313.09 185A 4 Loin, bottom sirloin, flap (M) 185B 1 Loin, ball-tip, bnls, heavy 9 17,416 224.79 246.00 233.12 185C 1 Loin, sirloin, tri-tip (IM) 5 42,339 275.00 285.00 280.72 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 16 19,409 864.50 870.00 865.43 191A 4 Loin, butt tender, trimmed 6 12,279 814.00 854.65 817.76 193 4 Flank, flank steak (IM) 10 11,946 400.00 440.00 401.64 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 121D 4 Plate, Inside Skirt (IM) 6 17,355 350.50 360.82 352.84 121C 4 Plate, Outside Skirt (IM) 7 5,785 453.00 531.00 476.59 121E 6 Outside Skirt, pld (IM) 3 1,529 630.00 635.00 630.46

Cap, Wedge Meat & (IM) Lean 14 39,180 253.00 275.00 263.64

Pectoral Meat 8 21,338 243.00 270.00 251.26 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 10 76,469 147.41 170.00 158.32 Ground Beef 75% Ground Beef 81% 16 96,455 188.45 209.11 205.70 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 8 91,210 266.00 279.86 271.13 Ground Beef Chuck 80% 6 10,543 201.00 204.00 202.04 Ground Beef Round 85% 4 2,553 217.50 223.00 219.96 Ground Beef Sirloin 90% 0 0 ------------------------------------------------------------------------------- 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% 3 3,606 209.43 230.00 212.85 Blended Ground Beef 85% Blended Ground Beef 90% 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 14 301,707 70.00 77.50 74.65 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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