USDA Boxed Beef Cutout Closing Prices for November 12

November 12 (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: 202.26 188.54 Change from prior day: (0.53) (1.20) ------------------------------------------------------------------------------- Choice/Select spread: 13.72

Total Load Count (Cuts, Trimmings, Grids): 267 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 333.86 272.45 Primal Chuck 172.42 169.16 Primal Round 174.78 172.88 Primal Loin 255.40 228.85 Primal Brisket 136.74 140.38 Primal Short Plate 137.36 138.01 Primal Flank 106.19 106.54 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 11/08 60 24 7 17 108 202.79 189.74 11/07 78 43 3 26 149 203.99 190.17 11/06 106 46 3 34 188 204.56 190.62 11/05 54 37 8 23 122 205.45 189.98 11/04 62 36 7 18 122 205.56 189.43 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 204.47 189.99 -------------------------------------------------------------------------------- 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 111.31 loads 4,452,381 pounds Select Cuts 93.65 loads 3,746,093 pounds Trimmings 17.25 loads 689,907 pounds Ground Beef 44.84 load 1,793,541 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 51 265,524 625.00 742.00 650.27 112A 3 Rib, ribeye, bnls, light 12 11,212 716.00 800.00 744.76 112A 3 Rib, ribeye, bnls, heavy 53 239,664 691.00 779.83 750.11 113C 1 Chuck, semi-bnls, neck/off 5 13,294 215.50 235.00 223.21 114 1 Chuck, shoulder clod 15 37,070 203.09 218.00 208.42 114A 3 Chuck, shoulder clod, trmd 50 177,137 215.00 242.00 219.34 114D 3 Chuck, clod, top blade 18 52,471 251.00 277.00 259.91 114E 3 Chuck, clod, arm roast 21 59,546 239.02 290.00 262.87 114F 5 Chuck, clod tender (IM) 16 12,735 344.00 380.69 364.79 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 62 218,869 257.00 299.83 270.41 116B 1 Chuck, chuck tender (IM) 30 102,253 224.20 247.00 229.32

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 60 268,616 195.00 217.00 200.21 120A 3 Brisket, point/off, bnls 25 22,503 353.00 395.00 364.73 123A 3 Short Plate, short rib 35 72,715 414.00 520.50 458.46 130 4 Chuck, short rib 45 74,950 302.00 368.00 318.74 160 1 Round, bone-in 7 8,048 225.00 249.00 233.23 161 1 Round, boneless 4 2,117 225.00 248.00 234.75

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 74 330,098 227.00 253.90 232.07 168 1 Round, top inside round 34 137,463 210.00 237.00 218.62 168 3 Round, top inside round 41 202,832 219.50 243.00 227.65 169 5 Round, top inside, denuded 38 137,422 252.00 276.87 265.04

3 Round, top inside, side off 170 1 Round, bottom gooseneck 9 57,101 200.00 231.87 202.83 171B 3 Round, outside round 81 487,579 226.00 270.01 239.62 171C 3 Round, eye of round (IM) 70 212,073 247.00 284.00 258.20 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 40 97,308 430.00 504.22 462.42 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 9 5,549 415.00 448.00 419.93 180 3 Loin, strip, bnls, 0x1 64 173,805 459.00 519.81 473.61 184 1 Loin, top butt, bnls, heavy 18 10,974 262.00 299.00 268.14 184 3 Loin, top butt, boneless 47 264,312 270.00 308.75 274.12 185A 4 Loin, bottom sirloin, flap 29 86,306 353.50 388.00 360.91 185B 1 Loin, ball-tip, bnls, heavy 21 43,842 257.45 267.00 264.40 185C 1 Loin, sirloin, tri-tip (IM) 19 60,497 290.00 336.48 301.69 185D 4 Loin, tri-tip, pld (IM) 12 45,890 392.00 408.00 393.36 189A 4 Loin, tndrloin, trmd, heavy 45 146,906 1125.00 1294.50 1164.31 191A 4 Loin, butt tender, trimmed 10 4,434 1009.00 1208.50 1047.69 193 4 Flank, flank steak (IM) 30 46,917 365.00 410.00 382.43 ------------------------------------------------------------------------------- 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 26 41,403 462.00 515.00 496.20 112A 3 Rib, ribeye, bnls, light 18 88,002 545.00 580.00 550.64 112A 3 Rib, ribeye, bnls, heavy 49 73,612 528.00 579.83 550.91 113C 1 Chuck, semi-bnls, neck/off 14 19,638 215.50 229.55 220.53 114 1 Chuck, shoulder clod 20 465,792 202.00 221.75 203.81 114A 3 Chuck, shoulder clod, trmd 31 263,257 215.00 230.51 219.79 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 13 22,561 270.00 322.55 291.21 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 51 353,926 255.00 280.00 264.75 116B 1 Chuck, chuck tender (IM) 22 137,701 219.00 245.00 226.97

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 25 73,682 193.00 224.70 209.43 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 10 24,521 381.00 476.00 415.75 130 4 Chuck, short rib 12 31,349 302.00 341.00 317.31 160 1 Round, bone-in 161 1 Round, boneless 8 6,869 220.99 249.00 234.85

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 15 45,908 227.00 245.00 232.96 168 1 Round, top inside round 13 99,340 210.00 223.00 213.93 168 3 Round, top inside round 34 243,945 219.00 236.00 223.34 169 5 Round, top inside, denuded 9 15,405 252.00 271.00 259.24

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 171B 3 Round, outside round 24 171,535 224.00 260.00 234.77 171C 3 Round, eye of round (IM) 34 115,312 235.00 268.00 252.30 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 28 35,920 393.50 449.55 419.69 175 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 35 70,785 350.94 451.00 404.41 184 1 Loin, top butt, bnls, heavy 14 52,149 238.00 267.00 241.99 184 3 Loin, top butt, boneless 38 108,029 248.59 270.00 254.79 185A 4 Loin, bottom sirloin, flap 15 140,659 346.73 370.00 353.19 185B 1 Loin, ball-tip, bnls, heavy 11 45,014 248.79 266.00 254.05 185C 1 Loin, sirloin, tri-tip (IM) 5 32,026 281.91 322.00 294.47 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 27 68,452 898.96 1039.00 944.13 191A 4 Loin, butt tender, trimmed 8 2,476 882.00 968.50 906.25 193 4 Flank, flank steak (IM) 8 6,033 365.00 406.50 381.78 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 9 23,518 86.00 105.00 96.39 121D 4 Plate, Inside Skirt (IM) 23 35,845 319.00 340.00 325.76 121C 4 Plate, Outside Skirt (IM) 27 117,532 360.00 426.00 373.91 121E 6 Outside Skirt, pld (IM) 12 25,683 550.00 616.00 569.13

Cap, Wedge Meat & (IM) Lean 62 662,902 248.70 281.30 250.79

Pectoral Meat 46 108,330 257.00 286.00 264.59 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 44 508,526 142.00 192.00 167.38 Ground Beef 75% Ground Beef 81% 43 388,490 167.00 204.00 178.89 Ground Beef 85% Ground Beef 90% Ground Beef 93% 19 84,363 225.72 249.00 235.08 Ground Beef Chuck 80% 36 373,767 182.00 209.50 193.14 Ground Beef Round 85% 22 123,242 216.00 229.00 221.71 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% 12 40,373 185.00 202.25 193.29 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% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 25 590,167 115.50 120.00 117.32 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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