USDA Boxed Beef Cutout Closing Prices for March 20

March 20 (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: 193.41 193.03 Change from prior day: (0.77) (0.62) ------------------------------------------------------------------------------- Choice/Select spread: 0.38

Total Load Count (Cuts, Trimmings, Grids): 195 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 284.22 285.26 Primal Chuck 169.45 169.41 Primal Round 167.09 168.46 Primal Loin 252.37 247.60 Primal Brisket 133.01 135.71 Primal Short Plate 137.76 140.78 Primal Flank 111.00 107.16 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 03/19 96 39 15 30 180 194.18 193.65 03/18 79 27 10 16 132 195.84 193.71 03/15 41 20 8 25 93 195.76 193.93 03/14 70 25 4 22 121 196.32 195.13 03/13 86 37 0 36 159 197.49 196.00 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 195.92 194.48 -------------------------------------------------------------------------------- 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 113.50 loads 4,539,901 pounds Select Cuts 37.38 loads 1,495,323 pounds Trimmings 4.94 loads 197,654 pounds Ground Beef 38.90 load 1,556,188 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 46 37,995 544.03 581.00 561.46 112A 3 Rib, ribeye, bnls, light 31 237,294 570.00 635.00 607.60 112A 3 Rib, ribeye, bnls, heavy 111 197,172 570.00 646.00 609.97 113C 1 Chuck, semi-bnls, neck/off 3 1,864 205.00 222.00 214.09 114 1 Chuck, shoulder clod 23 157,101 190.49 213.37 195.60 114A 3 Chuck, shoulder clod, trmd 69 174,749 203.00 227.00 213.45 114D 3 Chuck, clod, top blade 11 34,778 258.39 292.00 267.26 114E 3 Chuck, clod, arm roast 9 52,295 227.00 272.00 236.17 114F 5 Chuck, clod tender (IM) 19 16,012 350.00 374.75 361.16 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 112 292,506 230.00 271.00 245.38 116B 1 Chuck, chuck tender (IM) 47 95,433 225.00 250.00 229.16

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 115 224,379 190.00 221.00 199.27 120A 3 Brisket, point/off, bnls 16 8,822 343.28 366.00 353.32 123A 3 Short Plate, short rib 51 79,348 402.81 471.00 437.97 130 4 Chuck, short rib 39 28,449 326.00 342.00 332.81 160 1 Round, bone-in 5 11,727 195.00 204.00 198.40 161 1 Round, boneless 10 15,478 205.00 215.00 207.02

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 120 235,293 222.00 247.00 228.15 168 1 Round, top inside round 86 206,116 194.00 220.00 201.34 168 3 Round, top inside round 67 550,947 201.00 223.43 207.50 169 5 Round, top inside, denuded 16 16,603 231.00 255.00 239.20

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 8 8,611 201.50 221.00 208.32 171B 3 Round, outside round 70 493,588 193.00 230.00 207.22 171C 3 Round, eye of round (IM) 68 110,402 225.79 257.60 238.46 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 26 35,847 475.40 515.61 480.50 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 19 16,106 455.00 474.00 461.19 180 3 Loin, strip, bnls, 0x1 103 150,438 496.00 551.00 515.44 184 1 Loin, top butt, bnls, heavy 23 15,513 295.00 325.00 302.30 184 3 Loin, top butt, boneless 75 66,988 311.00 342.00 322.98 185A 4 Loin, bottom sirloin, flap 75 187,701 390.00 425.00 404.34 185B 1 Loin, ball-tip, bnls, heavy 46 120,178 225.00 250.00 229.93 185C 1 Loin, sirloin, tri-tip (IM) 22 112,031 253.78 301.89 261.17 185D 4 Loin, tri-tip, pld (IM) 26 35,383 352.00 387.00 357.61 189A 4 Loin, tndrloin, trmd, heavy 88 142,778 860.00 933.00 890.25 191A 4 Loin, butt tender, trimmed 4 1,308 950.00 950.00 950.00 193 4 Flank, flank steak (IM) 19 16,124 430.00 449.45 436.54 ------------------------------------------------------------------------------- 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 25,306 550.00 561.84 559.07 112A 3 Rib, ribeye, bnls, light 19 88,553 604.00 625.00 612.92 112A 3 Rib, ribeye, bnls, heavy 43 73,622 599.65 635.11 618.49 113C 1 Chuck, semi-bnls, neck/off 16 47,849 200.00 220.00 205.80 114 1 Chuck, shoulder clod 12 46,788 190.49 215.03 203.27 114A 3 Chuck, shoulder clod, trmd 21 70,166 205.00 217.00 211.79 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 15 9,307 335.00 351.22 344.40 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 48 143,562 230.00 271.00 240.10 116B 1 Chuck, chuck tender (IM) 12 8,901 230.00 245.33 234.11

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 13 48,903 185.00 206.80 198.15 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 6 7,692 390.00 465.00 437.46 130 4 Chuck, short rib 4 10,985 325.00 339.75 335.04 160 1 Round, bone-in 161 1 Round, boneless 5 3,838 210.00 214.00 210.35

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 28 60,940 218.30 235.00 225.99 168 1 Round, top inside round 33 74,240 194.00 211.03 201.58 168 3 Round, top inside round 19 58,376 202.74 228.92 209.46 169 5 Round, top inside, denuded 8 6,553 239.00 247.00 240.38

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 23 117,077 200.50 231.28 212.04 171C 3 Round, eye of round (IM) 19 41,266 227.00 250.00 240.35 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 21 17,261 480.00 518.14 491.74 175 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 21 38,371 494.00 530.00 514.98 184 1 Loin, top butt, bnls, heavy 17 17,832 291.00 315.00 298.89 184 3 Loin, top butt, boneless 21 21,805 303.00 340.00 319.85 185A 4 Loin, bottom sirloin, flap 6 5,992 384.00 411.01 407.09 185B 1 Loin, ball-tip, bnls, heavy 17 49,209 228.29 241.25 233.09 185C 1 Loin, sirloin, tri-tip (IM) 8 80,756 250.00 275.00 262.13 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 23 73,688 861.00 1004.00 881.15 191A 4 Loin, butt tender, trimmed 9 4,198 825.00 855.00 852.60 193 4 Flank, flank steak (IM) 17 29,472 390.00 446.25 405.09 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 9 37,221 105.00 130.00 115.87 121D 4 Plate, Inside Skirt (IM) 17 18,703 359.00 380.00 368.70 121C 4 Plate, Outside Skirt (IM) 18 34,084 447.00 531.00 478.26 121E 6 Outside Skirt, pld (IM)

Cap, Wedge Meat & (IM) Lean 60 343,917 253.00 285.00 262.81

Pectoral Meat 31 75,400 241.00 290.00 253.24 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 59 297,756 173.00 203.00 181.17 Ground Beef 75% Ground Beef 81% 89 407,811 181.00 222.00 205.16 Ground Beef 85% Ground Beef 90% Ground Beef 93% 33 232,667 238.87 280.00 261.81 Ground Beef Chuck 80% 41 105,127 215.00 226.00 219.34 Ground Beef Round 85% 39 120,310 226.00 245.00 239.91 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% 8 53,748 205.00 220.30 211.81 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 11 197,654 88.00 94.00 92.33 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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