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USDA Boxed Beef Cutout Midday 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 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: 185.33 184.60 Change from prior day: 0.82 2.03 ------------------------------------------------------------------------------- Choice/Select spread: 0.73

Total Load Count (Cuts, Trimmings, Grids): 134 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 272.98 270.62 Primal Chuck 163.81 163.80 Primal Round 161.07 160.68 Primal Loin 239.15 235.68 Primal Brisket 129.32 131.50 Primal Short Plate 130.32 134.69 Primal Flank 102.95 101.26 -------------------------------------------------------------------------------- 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 57.22 loads 2,288,933 pounds Select Cuts 35.29 loads 1,411,404 pounds Trimmings 6.82 loads 272,929 pounds Ground Beef 35.16 load 1,406,492 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 15 10,334 527.00 578.58 542.22 112A 3 Rib, ribeye, bnls, light 23 55,685 576.00 620.00 586.89 112A 3 Rib, ribeye, bnls, heavy 39 143,434 560.00 616.00 569.41 113C 1 Chuck, semi-bnls, neck/off 5 3,876 210.00 219.00 213.63 114 1 Chuck, shoulder clod 9 57,174 200.00 212.89 201.50 114A 3 Chuck, shoulder clod, trmd 37 276,977 202.00 219.87 213.56 114D 3 Chuck, clod, top blade 6 2,402 270.00 287.70 280.77 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 20 26,956 320.00 340.25 335.55 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 44 123,412 235.00 255.89 242.87 116B 1 Chuck, chuck tender (IM) 19 42,256 229.95 245.00 236.09

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 40 77,121 183.00 207.00 192.89 120A 3 Brisket, point/off, bnls 20 13,382 325.00 351.00 334.76 123A 3 Short Plate, short rib 15 32,299 364.00 455.00 386.48 130 4 Chuck, short rib 12 13,233 310.00 329.79 323.00 160 1 Round, bone-in 4 5,854 197.00 199.00 197.80 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 34 53,277 211.70 230.89 220.20 168 1 Round, top inside round 37 109,291 183.00 205.70 192.24 168 3 Round, top inside round 24 219,781 198.00 220.00 203.54 169 5 Round, top inside, denuded 17 32,081 222.00 236.53 227.95

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 27 101,398 203.88 220.00 209.68 171C 3 Round, eye of round (IM) 22 24,367 226.50 247.00 232.58 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 30 77,093 448.00 484.50 451.21 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 20 13,821 408.00 439.00 414.84 180 3 Loin, strip, bnls, 0x1 35 36,731 453.00 486.00 459.25 184 1 Loin, top butt, bnls, heavy 18 17,342 300.00 310.00 300.49 184 3 Loin, top butt, boneless 17 39,098 303.00 325.00 313.70 185A 4 Loin, bottom sirloin, flap 26 117,312 355.00 401.00 367.95 185B 1 Loin, ball-tip, bnls, heavy 32 88,399 225.00 237.00 228.76 185C 1 Loin, sirloin, tri-tip (IM) 13 36,971 274.80 290.00 277.73 185D 4 Loin, tri-tip, pld (IM) 10 18,508 367.00 413.21 402.31 189A 4 Loin, tndrloin, trmd, heavy 45 222,145 842.00 1009.00 853.50 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 15 8,730 410.00 465.00 429.26 ------------------------------------------------------------------------------- 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 11 4,711 509.00 527.00 520.38 112A 3 Rib, ribeye, bnls, light 14 20,407 544.50 590.00 574.72 112A 3 Rib, ribeye, bnls, heavy 31 47,865 554.00 590.00 577.96 113C 1 Chuck, semi-bnls, neck/off 9 28,024 205.00 217.00 207.92 114 1 Chuck, shoulder clod 9 125,146 196.00 208.00 197.18 114A 3 Chuck, shoulder clod, trmd 14 45,303 211.00 227.00 215.92 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 13 17,120 290.00 315.00 307.49 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 21 53,145 236.24 250.00 244.92 116B 1 Chuck, chuck tender (IM) 11 20,658 230.00 249.89 235.89

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 11 17,487 192.70 204.24 194.64 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 7 4,773 315.00 325.00 321.30 160 1 Round, bone-in 161 1 Round, boneless 5 7,869 207.00 212.00 207.21

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 13 31,540 209.00 225.00 212.76 168 1 Round, top inside round 25 69,053 189.76 204.24 192.70 168 3 Round, top inside round 19 41,194 199.50 220.65 205.36 169 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 16 62,117 203.88 220.00 211.12 171C 3 Round, eye of round (IM) 9 10,199 230.00 235.00 231.08 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 18 13,863 437.00 475.89 460.68 175 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 16 21,214 424.68 463.70 446.90 184 1 Loin, top butt, bnls, heavy 15 16,100 285.00 300.57 292.72 184 3 Loin, top butt, boneless 31 32,345 299.18 320.74 313.09 185A 4 Loin, bottom sirloin, flap 12 183,879 355.00 378.50 366.46 185B 1 Loin, ball-tip, bnls, heavy 10 13,411 225.00 235.00 234.07 185C 1 Loin, sirloin, tri-tip (IM) 10 63,565 274.80 291.85 275.33 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 25 134,891 842.00 910.00 848.27 191A 4 Loin, butt tender, trimmed 3 1,658 848.50 855.00 853.61 193 4 Flank, flank steak (IM) 8 5,860 398.00 441.00 415.55 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 9 71,960 101.85 118.00 107.63 121D 4 Plate, Inside Skirt (IM) 13 19,943 350.00 380.00 365.11 121C 4 Plate, Outside Skirt (IM) 18 92,289 420.00 510.00 429.82 121E 6 Outside Skirt, pld (IM) 4 16,697 582.00 638.50 632.16

Cap, Wedge Meat & (IM) Lean 43 55,999 253.00 276.00 270.16

Pectoral Meat 20 51,549 244.00 271.00 255.12 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 49 215,357 153.43 179.00 164.88 Ground Beef 75% Ground Beef 81% 73 272,427 189.75 216.00 199.24 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% 32 200,906 251.00 276.50 258.43 Ground Beef Chuck 80% 33 129,811 200.00 211.00 203.85 Ground Beef Round 85% 38 117,376 215.00 225.00 223.01 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 85,165 195.60 219.00 208.88 Blended Ground Beef 85% Blended Ground Beef 90% 0 0 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 8 237,579 70.00 80.00 74.01 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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