USDA Boxed Beef Cutout Midday 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 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: 186.30 185.54 Change from prior day: 0.73 0.67 ------------------------------------------------------------------------------- Choice/Select spread: 0.76

Total Load Count (Cuts, Trimmings, Grids): 89 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 272.94 268.70 Primal Chuck 165.19 167.24 Primal Round 162.17 161.49 Primal Loin 240.54 235.86 Primal Brisket 129.60 129.59 Primal Short Plate 130.24 134.61 Primal Flank 103.48 101.75 -------------------------------------------------------------------------------- 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 53.23 loads 2,129,249 pounds Select Cuts 17.48 loads 699,337 pounds Trimmings 5.97 loads 238,627 pounds Ground Beef 11.91 load 476,477 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 16 48,380 520.00 563.00 537.23 112A 3 Rib, ribeye, bnls, light 6 41,734 570.79 617.00 583.74 112A 3 Rib, ribeye, bnls, heavy 26 87,774 565.00 617.70 588.87 113C 1 Chuck, semi-bnls, neck/off 4 16,465 208.50 212.00 209.08 114 1 Chuck, shoulder clod 9 58,169 205.00 212.98 207.14 114A 3 Chuck, shoulder clod, trmd 16 68,438 209.24 222.00 214.45 114D 3 Chuck, clod, top blade 5 72,885 255.30 282.00 256.81 114E 3 Chuck, clod, arm roast 4 4,024 255.00 275.00 258.13 114F 5 Chuck, clod tender (IM) 5 4,193 328.00 340.00 334.10 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 28 132,129 230.00 256.00 243.42 116B 1 Chuck, chuck tender (IM) 14 33,799 224.51 239.00 232.85

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 22 74,165 189.94 213.00 198.94 120A 3 Brisket, point/off, bnls 8 6,535 330.00 370.00 342.11 123A 3 Short Plate, short rib 23 43,480 399.00 461.00 409.64 130 4 Chuck, short rib 12 45,020 310.00 350.00 325.33 160 1 Round, bone-in 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 31 108,256 216.24 236.00 222.82 168 1 Round, top inside round 20 86,999 184.00 199.00 191.81 168 3 Round, top inside round 11 45,076 200.00 214.00 210.47 169 5 Round, top inside, denuded 7 12,139 230.00 250.00 231.47

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 24 107,841 205.17 221.78 215.21 171C 3 Round, eye of round (IM) 27 98,701 224.75 245.00 233.70 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 12 22,785 455.00 496.00 463.09 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 8 11,232 408.00 441.00 408.50 180 3 Loin, strip, bnls, 0x1 29 66,455 450.00 496.00 476.96 184 1 Loin, top butt, bnls, heavy 9 26,602 295.00 315.00 298.81 184 3 Loin, top butt, boneless 20 112,282 315.00 330.00 319.79 185A 4 Loin, bottom sirloin, flap 23 142,444 363.00 401.00 373.87 185B 1 Loin, ball-tip, bnls, heavy 12 34,436 225.00 238.00 229.89 185C 1 Loin, sirloin, tri-tip (IM) 6 14,162 275.00 290.00 279.51 185D 4 Loin, tri-tip, pld (IM) 6 10,424 380.00 406.00 396.52 189A 4 Loin, tndrloin, trmd, heavy 32 133,851 845.00 1030.00 869.01 191A 4 Loin, butt tender, trimmed 0 0 193 4 Flank, flank steak (IM) 11 15,120 413.00 435.57 422.10 ------------------------------------------------------------------------------- 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 4 3,477 526.00 535.00 531.27 112A 3 Rib, ribeye, bnls, light 10 36,473 564.00 587.00 569.09 112A 3 Rib, ribeye, bnls, heavy 12 13,869 556.47 591.00 567.87 113C 1 Chuck, semi-bnls, neck/off 9 29,284 208.00 215.00 212.17 114 1 Chuck, shoulder clod 9 13,834 202.00 212.98 205.34 114A 3 Chuck, shoulder clod, trmd 4 6,698 216.00 229.00 220.39 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 0 0 114F 5 Chuck, clod tender (IM) 5 8,411 315.00 325.00 318.66 115 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) 5 8,428 230.00 230.00 230.00

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 4 3,658 186.00 211.00 191.53 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 4,593 352.00 410.00 389.99 130 4 Chuck, short rib 160 1 Round, bone-in 0 0 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 6 5,833 217.98 225.00 220.27 168 1 Round, top inside round 9 58,991 190.00 201.78 190.66 168 3 Round, top inside round 13 34,634 200.00 217.98 202.70 169 5 Round, top inside, denuded 3 4,521 228.00 239.00 231.51

3 Round, top inside, side off 170 1 Round, bottom gooseneck 5 5,516 192.50 215.00 207.43 171B 3 Round, outside round 6 40,646 208.00 217.00 213.15 171C 3 Round, eye of round (IM) 6 15,899 225.00 235.98 228.29 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 3 3,027 458.14 475.00 465.69 175 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 4 6,050 447.00 487.36 461.21 184 1 Loin, top butt, bnls, heavy 7 54,883 290.00 301.00 291.46 184 3 Loin, top butt, boneless 5 11,612 305.00 315.50 308.63 185A 4 Loin, bottom sirloin, flap 3 3,791 357.34 373.05 360.97 185B 1 Loin, ball-tip, bnls, heavy 8 45,939 225.00 235.00 231.58 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 13 82,167 848.11 996.00 853.43 191A 4 Loin, butt tender, trimmed 3 16,887 786.84 820.00 787.65 193 4 Flank, flank steak (IM) ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 11 7,388 107.14 121.00 113.95 121D 4 Plate, Inside Skirt (IM) 13 31,289 346.22 380.00 362.46 121C 4 Plate, Outside Skirt (IM) 18 52,501 415.00 526.00 455.84 121E 6 Outside Skirt, pld (IM) 8 3,417 625.00 745.00 666.04

Cap, Wedge Meat & (IM) Lean 14 150,255 253.00 284.00 257.14

Pectoral Meat 11 28,776 254.00 290.00 262.46 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 11 86,890 154.00 170.00 165.88 Ground Beef 75% Ground Beef 81% 21 166,297 195.00 206.00 196.88 Ground Beef 85% 0 0 Ground Beef 90% 0 0 Ground Beef 93% 4 8,835 254.06 276.50 260.01 Ground Beef Chuck 80% 7 76,959 196.00 212.00 205.46 Ground Beef Round 85% 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% 0 0 -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 10 238,027 71.00 78.00 74.55 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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