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USDA Boxed Beef Cutout Closing Prices for February 27

February 27 (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: 185.57 184.87 Change from prior day: 1.06 2.30 ------------------------------------------------------------------------------- Choice/Select spread: 0.70

Total Load Count (Cuts, Trimmings, Grids): 187 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 273.23 270.46 Primal Chuck 164.00 164.74 Primal Round 161.31 160.95 Primal Loin 239.64 235.47 Primal Brisket 129.29 131.52 Primal Short Plate 130.23 134.60 Primal Flank 102.97 101.19 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 02/26 92 44 9 22 166 184.51 182.57 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 183.03 180.73 -------------------------------------------------------------------------------- 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 87.54 loads 3,501,592 pounds Select Cuts 46.35 loads 1,853,916 pounds Trimmings 10.20 loads 408,176 pounds Ground Beef 42.73 load 1,709,345 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 53 50,121 518.00 578.58 532.44 112A 3 Rib, ribeye, bnls, light 27 64,560 576.00 620.00 586.81 112A 3 Rib, ribeye, bnls, heavy 96 233,579 558.00 619.72 572.43 113C 1 Chuck, semi-bnls, neck/off 6 4,563 210.00 219.00 213.98 114 1 Chuck, shoulder clod 15 76,606 200.00 212.89 202.47 114A 3 Chuck, shoulder clod, trmd 73 363,578 202.00 223.00 213.66 114D 3 Chuck, clod, top blade 9 5,452 270.00 295.00 285.00 114E 3 Chuck, clod, arm roast 7 4,085 255.00 281.50 260.15 114F 5 Chuck, clod tender (IM) 26 29,200 320.00 360.00 336.14 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 116 176,462 235.00 262.00 242.84 116B 1 Chuck, chuck tender (IM) 44 50,488 222.25 246.50 235.16

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 106 147,374 183.00 207.00 193.55 120A 3 Brisket, point/off, bnls 24 14,557 325.00 351.00 335.32 123A 3 Short Plate, short rib 54 60,185 364.00 461.00 401.89 130 4 Chuck, short rib 57 37,526 290.00 330.00 317.63 160 1 Round, bone-in 5 13,044 197.00 229.50 215.28 161 1 Round, boneless 4 25,628 207.00 208.00 207.03

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 91 93,636 211.70 239.00 221.31 168 1 Round, top inside round 85 211,221 183.00 205.70 191.99 168 3 Round, top inside round 32 260,419 198.00 220.00 204.38 169 5 Round, top inside, denuded 20 32,515 222.00 236.53 227.99

3 Round, top inside, side off 170 1 Round, bottom gooseneck 3 2,715 200.95 212.00 204.20 171B 3 Round, outside round 50 123,118 201.00 227.50 210.16 171C 3 Round, eye of round (IM) 56 61,783 222.00 247.00 231.09 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 36 86,701 448.00 486.00 451.81 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 22 16,304 408.00 439.00 414.10 180 3 Loin, strip, bnls, 0x1 106 133,504 453.00 496.00 468.90 184 1 Loin, top butt, bnls, heavy 27 19,388 300.00 310.00 301.10 184 3 Loin, top butt, boneless 72 84,124 303.00 334.72 319.62 185A 4 Loin, bottom sirloin, flap 58 134,982 355.00 401.00 369.40 185B 1 Loin, ball-tip, bnls, heavy 58 114,935 225.00 239.00 230.11 185C 1 Loin, sirloin, tri-tip (IM) 15 39,320 274.80 301.00 279.10 185D 4 Loin, tri-tip, pld (IM) 32 27,299 367.00 413.21 397.39 189A 4 Loin, tndrloin, trmd, heavy 112 381,581 842.00 1029.50 854.50 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 21 30,856 404.00 465.00 421.42 ------------------------------------------------------------------------------- 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 14 6,804 509.00 530.00 520.05 112A 3 Rib, ribeye, bnls, light 18 21,945 544.50 590.00 574.12 112A 3 Rib, ribeye, bnls, heavy 38 53,786 554.00 590.00 576.95 113C 1 Chuck, semi-bnls, neck/off 10 28,359 205.00 217.00 208.02 114 1 Chuck, shoulder clod 14 136,312 196.00 210.43 198.10 114A 3 Chuck, shoulder clod, trmd 19 92,715 210.70 227.00 216.54 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 14 17,458 290.00 315.00 307.50 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 29 72,279 233.30 250.00 244.29 116B 1 Chuck, chuck tender (IM) 12 22,084 230.00 249.89 235.84

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 13 22,249 192.70 204.24 195.96 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 15,209 320.34 370.00 346.62 130 4 Chuck, short rib 12 36,340 315.00 325.00 318.48 160 1 Round, bone-in 161 1 Round, boneless 6 9,771 207.00 212.00 207.95

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 16 72,392 209.00 225.00 216.89 168 1 Round, top inside round 32 93,574 189.76 204.24 193.86 168 3 Round, top inside round 21 43,105 199.50 220.65 205.18 169 5 Round, top inside, denuded 15 14,256 230.00 235.00 231.54

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 20 66,409 203.88 220.33 211.58 171C 3 Round, eye of round (IM) 12 13,026 225.25 235.00 230.56 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 21 22,418 437.00 475.89 458.94 175 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 20 26,037 424.68 463.70 446.67 184 1 Loin, top butt, bnls, heavy 19 18,278 285.00 308.53 292.56 184 3 Loin, top butt, boneless 34 47,282 299.18 320.74 312.16 185A 4 Loin, bottom sirloin, flap 14 185,724 355.00 390.00 366.68 185B 1 Loin, ball-tip, bnls, heavy 17 39,247 220.00 235.00 228.12 185C 1 Loin, sirloin, tri-tip (IM) 14 68,202 274.00 296.00 275.43 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 35 192,111 842.00 992.00 849.31 191A 4 Loin, butt tender, trimmed 7 23,205 810.00 855.00 813.24 193 4 Flank, flank steak (IM) 10 12,010 398.00 441.00 408.61 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 11 73,339 101.85 118.00 107.61 121D 4 Plate, Inside Skirt (IM) 28 96,676 343.00 385.00 358.61 121C 4 Plate, Outside Skirt (IM) 21 96,132 420.00 510.00 432.95 121E 6 Outside Skirt, pld (IM) 4 16,697 582.00 638.50 632.16

Cap, Wedge Meat & (IM) Lean 59 115,247 251.00 285.15 266.01

Pectoral Meat 39 69,613 244.00 290.00 260.13 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 71 283,487 153.43 179.00 164.38 Ground Beef 75% Ground Beef 81% 88 347,273 189.75 216.00 199.08 Ground Beef 85% Ground Beef 90% Ground Beef 93% 33 209,673 251.00 276.50 258.38 Ground Beef Chuck 80% 37 217,578 200.00 211.00 204.80 Ground Beef Round 85% 39 118,856 215.00 227.00 223.06 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% 10 94,845 195.60 219.00 208.14 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 12 365,296 70.00 80.00 74.18 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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