USDA Boxed Beef Cutout Closing Prices for October 23

October 23 (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: 200.79 184.91 Change from prior day: 1.46 1.88 ------------------------------------------------------------------------------- Choice/Select spread: 15.88

Total Load Count (Cuts, Trimmings, Grids): 181 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 318.53 265.43 Primal Chuck 171.65 165.66 Primal Round 173.63 172.45 Primal Loin 259.24 222.07 Primal Brisket 135.74 136.02 Primal Short Plate 136.02 137.73 Primal Flank 108.60 105.43 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 10/22 80 49 10 12 151 199.33 183.03 10/21 44 33 28 16 121 198.29 181.65 10/18 82 53 0 17 152 196.29 179.98 10/17 66 34 13 26 139 196.03 181.72

-------------------------------------------------------------------------------- Current 5 Day Simple Average: Not available. -------------------------------------------------------------------------------- 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 78.52 loads 3,140,626 pounds Select Cuts 61.84 loads 2,473,670 pounds Trimmings 5.27 loads 210,965 pounds Ground Beef 35.73 load 1,429,391 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 57 46,525 594.92 652.00 617.36 112A 3 Rib, ribeye, bnls, light 24 50,297 676.00 750.00 702.58 112A 3 Rib, ribeye, bnls, heavy 85 139,098 661.00 725.00 692.82 113C 1 Chuck, semi-bnls, neck/off 7 7,316 220.62 230.00 224.69 114 1 Chuck, shoulder clod 11 25,984 200.00 227.00 207.18 114A 3 Chuck, shoulder clod, trmd 68 109,086 210.94 231.00 219.56 114D 3 Chuck, clod, top blade 10 23,289 265.00 275.00 274.11 114E 3 Chuck, clod, arm roast 8 20,705 249.00 285.00 272.79 114F 5 Chuck, clod tender (IM) 15 9,099 355.00 386.00 372.12 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 108 228,771 271.50 303.50 284.44 116B 1 Chuck, chuck tender (IM) 44 63,385 232.41 256.50 235.00

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 94 213,048 195.00 215.00 198.60 120A 3 Brisket, point/off, bnls 17 11,897 349.00 385.00 363.68 123A 3 Short Plate, short rib 44 40,296 440.00 482.00 455.87 130 4 Chuck, short rib 62 47,074 320.00 355.10 335.79 160 1 Round, bone-in 6 16,388 216.00 244.00 225.63 161 1 Round, boneless 3 21,541 231.75 234.50 233.97

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 113 186,587 230.00 248.00 235.16 168 1 Round, top inside round 89 124,618 207.00 230.00 220.73 168 3 Round, top inside round 36 222,597 212.00 236.00 221.47 169 5 Round, top inside, denuded 18 19,722 257.61 278.00 265.89

3 Round, top inside, side off 170 1 Round, bottom gooseneck 11 16,783 209.00 233.25 215.63 171B 3 Round, outside round 62 108,638 232.00 255.00 246.01 171C 3 Round, eye of round (IM) 80 130,955 245.00 282.00 256.91 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 32 87,854 455.00 535.00 495.15 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 19 18,018 423.00 460.00 434.05 180 3 Loin, strip, bnls, 0x1 105 213,370 481.50 527.00 493.54 184 1 Loin, top butt, bnls, heavy 27 27,103 270.00 307.00 279.28 184 3 Loin, top butt, boneless 59 39,295 300.00 324.00 308.52 185A 4 Loin, bottom sirloin, flap 68 229,899 360.00 405.00 378.22 185B 1 Loin, ball-tip, bnls, heavy 55 61,057 237.25 260.00 255.57 185C 1 Loin, sirloin, tri-tip (IM) 16 24,049 259.00 290.50 287.66 185D 4 Loin, tri-tip, pld (IM) 32 28,611 360.00 389.00 369.43 189A 4 Loin, tndrloin, trmd, heavy 71 89,277 1023.00 1186.00 1069.34 191A 4 Loin, butt tender, trimmed 3 2,943 935.60 998.00 939.77 193 4 Flank, flank steak (IM) 31 37,445 370.00 430.00 396.43 ------------------------------------------------------------------------------- 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 19 26,785 465.00 501.87 480.55 112A 3 Rib, ribeye, bnls, light 19 50,726 527.00 600.00 539.89 112A 3 Rib, ribeye, bnls, heavy 47 106,382 516.18 566.00 532.65 113C 1 Chuck, semi-bnls, neck/off 6 13,456 215.50 230.00 221.58 114 1 Chuck, shoulder clod 16 128,320 187.93 215.69 206.53 114A 3 Chuck, shoulder clod, trmd 13 34,102 215.00 224.00 221.27 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 14 16,206 270.00 305.00 292.41 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 45 307,250 250.00 285.00 266.72 116B 1 Chuck, chuck tender (IM) 16 47,003 232.41 258.00 236.78

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 21 84,706 196.00 205.00 198.63 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 4 7,618 382.33 445.00 402.85 130 4 Chuck, short rib 11 10,399 320.00 355.10 331.41 160 1 Round, bone-in 161 1 Round, boneless 5 3,708 231.75 242.00 236.94

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 19 28,696 235.00 250.00 239.31 168 1 Round, top inside round 37 70,402 205.00 225.26 223.09 168 3 Round, top inside round 13 32,517 224.00 250.50 232.11 169 5 Round, top inside, denuded 5 1,986 266.15 268.50 267.15

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 5 5,963 208.00 232.00 214.72 171B 3 Round, outside round 31 152,166 226.50 255.00 238.11 171C 3 Round, eye of round (IM) 29 64,976 239.67 265.00 247.93 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 32 114,951 399.00 425.00 413.54 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 180 3 Loin, strip, bnls, 0x1 34 83,464 395.00 441.00 404.75 184 1 Loin, top butt, bnls, heavy 23 18,713 230.15 256.87 245.63 184 3 Loin, top butt, boneless 30 114,450 251.13 274.00 266.03 185A 4 Loin, bottom sirloin, flap 11 17,979 369.97 405.00 381.36 185B 1 Loin, ball-tip, bnls, heavy 27 57,113 243.00 265.00 249.91 185C 1 Loin, sirloin, tri-tip (IM) 5 23,588 280.00 286.00 283.06 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 46 356,304 825.00 965.00 842.22 191A 4 Loin, butt tender, trimmed 4 2,889 830.00 930.00 857.08 193 4 Flank, flank steak (IM) 8 14,635 363.83 420.00 380.79 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 8 277,560 66.00 90.00 66.29 121D 4 Plate, Inside Skirt (IM) 32 52,208 309.59 340.00 320.83 121C 4 Plate, Outside Skirt (IM) 14 17,691 391.50 425.00 413.20 121E 6 Outside Skirt, pld (IM) 8 13,566 560.00 610.00 590.47

Cap, Wedge Meat & (IM) Lean 63 129,682 254.00 279.00 264.51

Pectoral Meat 45 61,328 260.00 290.00 275.66 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 52 179,870 162.00 186.00 172.19 Ground Beef 75% Ground Beef 81% 89 422,085 179.00 200.00 189.42 Ground Beef 85% Ground Beef 90% Ground Beef 93% 39 257,141 229.51 254.00 236.32 Ground Beef Chuck 80% 38 120,296 189.17 204.00 194.09 Ground Beef Round 85% 34 106,879 214.00 226.00 217.95 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% 0 0 Blended Ground Beef 81% 9 125,080 178.13 203.25 178.88 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 8 186,115 100.00 114.08 107.28 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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