USDA Boxed Beef Cutout Closing Prices for February 28

February 28 (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: 186.16 185.76 Change from prior day: 0.59 0.89 ------------------------------------------------------------------------------- Choice/Select spread: 0.41

Total Load Count (Cuts, Trimmings, Grids): 148 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 272.66 269.32 Primal Chuck 164.82 167.34 Primal Round 162.54 161.78 Primal Loin 239.96 235.70 Primal Brisket 129.85 130.44 Primal Short Plate 130.48 134.98 Primal Flank 103.89 102.25 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 02/27 88 46 10 43 187 185.57 184.87 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 183.68 181.59 -------------------------------------------------------------------------------- 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 91.48 loads 3,659,321 pounds Select Cuts 30.47 loads 1,218,645 pounds Trimmings 6.04 loads 241,712 pounds Ground Beef 20.50 load 819,814 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 20 54,119 520.00 563.00 536.43 112A 3 Rib, ribeye, bnls, light 13 78,984 570.79 617.00 582.36 112A 3 Rib, ribeye, bnls, heavy 45 213,541 565.00 617.70 581.41 113C 1 Chuck, semi-bnls, neck/off 5 53,425 185.00 212.00 192.42 114 1 Chuck, shoulder clod 12 100,937 200.43 212.98 206.61 114A 3 Chuck, shoulder clod, trmd 21 72,204 209.24 225.00 214.74 114D 3 Chuck, clod, top blade 5 72,885 255.30 282.00 256.81 114E 3 Chuck, clod, arm roast 6 13,040 252.00 275.00 253.89 114F 5 Chuck, clod tender (IM) 11 22,462 326.00 340.00 329.75 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 39 163,002 230.00 256.00 242.58 116B 1 Chuck, chuck tender (IM) 19 50,955 224.51 245.00 233.53

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 27 81,947 187.50 213.00 198.47 120A 3 Brisket, point/off, bnls 11 15,381 329.50 370.00 343.02 123A 3 Short Plate, short rib 31 56,591 384.00 461.00 409.44 130 4 Chuck, short rib 21 50,970 305.79 350.00 324.40 160 1 Round, bone-in 3 4,165 193.00 197.00 195.02 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 44 152,963 216.00 236.00 223.35 168 1 Round, top inside round 25 123,196 184.00 200.00 193.98 168 3 Round, top inside round 20 78,040 197.00 217.00 208.59 169 5 Round, top inside, denuded 9 24,708 230.00 250.00 235.26

3 Round, top inside, side off 170 1 Round, bottom gooseneck 8 5,574 200.50 218.00 205.13 171B 3 Round, outside round 40 228,630 205.17 222.00 214.43 171C 3 Round, eye of round (IM) 37 146,918 224.75 245.00 232.84 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 18 27,340 455.00 496.00 466.16 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 10 12,474 408.00 441.00 409.30 180 3 Loin, strip, bnls, 0x1 47 191,204 450.00 496.00 466.27 184 1 Loin, top butt, bnls, heavy 12 31,251 295.00 317.00 300.30 184 3 Loin, top butt, boneless 33 166,748 306.18 333.30 317.72 185A 4 Loin, bottom sirloin, flap 29 194,645 363.00 401.00 375.81 185B 1 Loin, ball-tip, bnls, heavy 22 91,189 215.00 238.00 226.60 185C 1 Loin, sirloin, tri-tip (IM) 9 18,269 275.00 307.00 281.22 185D 4 Loin, tri-tip, pld (IM) 7 10,579 380.00 406.00 396.56 189A 4 Loin, tndrloin, trmd, heavy 68 599,729 845.00 1030.00 861.85 191A 4 Loin, butt tender, trimmed 0 0 193 4 Flank, flank steak (IM) 17 27,103 413.00 436.00 419.89 ------------------------------------------------------------------------------- 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 7 4,896 526.00 535.00 530.03 112A 3 Rib, ribeye, bnls, light 16 43,176 564.00 597.00 572.51 112A 3 Rib, ribeye, bnls, heavy 18 17,328 556.47 595.00 570.09 113C 1 Chuck, semi-bnls, neck/off 13 35,121 185.00 224.80 209.24 114 1 Chuck, shoulder clod 10 14,139 200.51 212.98 205.24 114A 3 Chuck, shoulder clod, trmd 7 14,921 216.00 229.00 218.86 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 10 30,549 315.00 325.00 320.35 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 11 19,924 234.24 259.61 244.30 116B 1 Chuck, chuck tender (IM) 11 12,423 226.00 238.00 230.64

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 5 5,161 186.00 215.07 198.38 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 7 6,467 352.00 410.00 390.37 130 4 Chuck, short rib 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 16 57,161 214.00 227.00 218.84 168 1 Round, top inside round 12 76,224 190.00 201.78 192.65 168 3 Round, top inside round 15 36,788 200.00 217.98 202.86 169 5 Round, top inside, denuded 5 5,038 228.00 239.00 231.87

3 Round, top inside, side off 170 1 Round, bottom gooseneck 6 5,917 192.50 215.00 207.94 171B 3 Round, outside round 9 63,800 206.59 219.00 213.83 171C 3 Round, eye of round (IM) 8 41,785 225.00 236.00 229.32 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 6 4,455 455.00 480.00 465.19 175 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 5 10,653 447.00 487.36 461.12 184 1 Loin, top butt, bnls, heavy 8 55,251 290.00 301.00 291.46 184 3 Loin, top butt, boneless 15 28,186 280.00 320.50 309.08 185A 4 Loin, bottom sirloin, flap 5 5,575 357.34 400.00 372.23 185B 1 Loin, ball-tip, bnls, heavy 17 80,195 220.00 235.00 229.08 185C 1 Loin, sirloin, tri-tip (IM) 5 6,484 276.24 291.00 283.80 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 32 238,087 836.62 996.00 854.53 191A 4 Loin, butt tender, trimmed 6 20,005 786.84 820.00 790.35 193 4 Flank, flank steak (IM) 5 13,505 407.21 440.00 410.03 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 12 12,525 107.14 121.00 115.87 121D 4 Plate, Inside Skirt (IM) 30 104,001 341.00 380.00 355.04 121C 4 Plate, Outside Skirt (IM) 20 67,654 415.00 526.00 452.76 121E 6 Outside Skirt, pld (IM) 9 3,581 625.00 745.00 665.58

Cap, Wedge Meat & (IM) Lean 27 184,890 247.10 284.00 258.18

Pectoral Meat 20 39,832 243.84 290.00 259.99 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 17 94,029 153.18 172.00 166.18 Ground Beef 75% Ground Beef 81% 27 176,038 189.50 206.00 196.85 Ground Beef 85% 0 0 Ground Beef 90% 0 0 Ground Beef 93% 6 9,137 254.06 276.50 260.23 Ground Beef Chuck 80% 10 82,128 190.00 212.00 204.82 Ground Beef Round 85% 3 2,290 219.00 234.00 224.97 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% 5 30,230 205.00 233.00 212.80 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% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 11 241,712 71.00 78.00 74.55 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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