USDA Boxed Beef Cutout Closing Prices for November 20

November 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: 199.34 187.30 Change from prior day: 0.32 (0.60) ------------------------------------------------------------------------------- Choice/Select spread: 12.04

Total Load Count (Cuts, Trimmings, Grids): 258 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 335.48 275.63 Primal Chuck 167.62 164.49 Primal Round 172.60 171.35 Primal Loin 250.37 231.62 Primal Brisket 136.42 134.14 Primal Short Plate 137.14 138.03 Primal Flank 103.15 101.86 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 11/19 102 70 5 12 190 199.02 187.90 11/18 67 27 0 21 115 200.56 189.71 11/15 67 34 14 16 132 201.16 188.44 11/14 93 44 9 24 170 202.56 188.52 11/13 69 65 7 45 187 203.01 188.49 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 201.26 188.61 -------------------------------------------------------------------------------- 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 117.91 loads 4,716,554 pounds Select Cuts 74.37 loads 2,974,607 pounds Trimmings 0.00 loads 0 pounds Ground Beef 65.80 load 2,632,010 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 61 189,354 640.32 750.00 654.41 112A 3 Rib, ribeye, bnls, light 14 40,754 748.63 825.00 756.45 112A 3 Rib, ribeye, bnls, heavy 77 106,077 701.00 804.00 750.49 113C 1 Chuck, semi-bnls, neck/off 5 3,119 214.00 225.00 222.69 114 1 Chuck, shoulder clod 18 227,892 203.00 213.70 205.64 114A 3 Chuck, shoulder clod, trmd 67 134,086 214.00 237.27 222.68 114D 3 Chuck, clod, top blade 10 9,069 268.00 280.00 275.30 114E 3 Chuck, clod, arm roast 10 21,344 264.60 280.00 276.36 114F 5 Chuck, clod tender (IM) 17 10,584 340.00 360.16 350.06 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 133 675,412 246.00 286.00 261.66 116B 1 Chuck, chuck tender (IM) 49 92,510 218.00 245.00 222.67

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 97 246,110 195.00 211.00 199.87 120A 3 Brisket, point/off, bnls 20 22,848 357.00 378.00 365.72 123A 3 Short Plate, short rib 42 51,330 438.75 510.00 455.73 130 4 Chuck, short rib 54 69,324 312.78 360.00 326.96 160 1 Round, bone-in 5 12,249 222.00 235.00 230.79 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 113 211,349 221.00 244.50 228.43 168 1 Round, top inside round 91 298,758 211.00 223.00 214.86 168 3 Round, top inside round 37 368,882 219.00 236.00 223.89 169 5 Round, top inside, denuded 37 110,286 253.00 270.00 256.37

3 Round, top inside, side off 170 1 Round, bottom gooseneck 9 17,273 203.00 232.00 205.93 171B 3 Round, outside round 76 236,499 222.00 265.60 237.26 171C 3 Round, eye of round (IM) 77 135,125 240.00 271.00 254.47 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 37 291,837 373.65 471.50 396.29 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 19 51,866 365.00 427.00 406.31 180 3 Loin, strip, bnls, 0x1 104 369,629 448.00 514.00 464.88 184 1 Loin, top butt, bnls, heavy 28 30,439 245.00 280.00 255.36 184 3 Loin, top butt, boneless 73 130,511 273.00 290.00 282.11 185A 4 Loin, bottom sirloin, flap 65 129,871 343.00 376.50 359.51 185B 1 Loin, ball-tip, bnls, heavy 44 75,511 246.00 266.00 255.95 185C 1 Loin, sirloin, tri-tip (IM) 18 16,331 295.00 321.50 303.90 185D 4 Loin, tri-tip, pld (IM) 24 17,553 398.00 425.00 407.02 189A 4 Loin, tndrloin, trmd, heavy 48 48,572 1193.00 1253.50 1216.21 191A 4 Loin, butt tender, trimmed 4 7,644 1057.60 1057.60 1057.60 193 4 Flank, flank steak (IM) 25 49,539 352.00 386.00 362.31 ------------------------------------------------------------------------------- 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 12 27,538 495.00 546.00 504.57 112A 3 Rib, ribeye, bnls, light 8 33,698 546.00 595.00 549.29 112A 3 Rib, ribeye, bnls, heavy 28 29,764 530.04 580.17 563.42 113C 1 Chuck, semi-bnls, neck/off 12 14,348 208.00 225.00 218.13 114 1 Chuck, shoulder clod 21 312,303 201.00 225.00 201.65 114A 3 Chuck, shoulder clod, trmd 24 183,676 215.00 240.00 219.24 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 18 34,704 267.74 300.00 279.91 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 48 405,159 238.75 271.00 254.98 116B 1 Chuck, chuck tender (IM) 24 35,820 218.00 230.00 224.25

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 26 304,507 193.00 210.14 194.96 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 5 10,231 417.03 444.00 425.27 130 4 Chuck, short rib 10 18,055 306.00 340.00 320.18 160 1 Round, bone-in 161 1 Round, boneless 7 7,639 235.75 247.00 243.64

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 31 166,375 221.75 245.00 225.08 168 1 Round, top inside round 44 257,060 210.00 222.00 215.86 168 3 Round, top inside round 29 127,412 220.00 240.00 223.87 169 5 Round, top inside, denuded 12 26,912 247.00 270.00 252.02

3 Round, top inside, side off 170 1 Round, bottom gooseneck 4 2,379 210.00 232.00 214.68 171B 3 Round, outside round 33 147,769 220.00 255.00 231.74 171C 3 Round, eye of round (IM) 43 117,040 236.00 278.70 246.12 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 18 18,325 379.72 447.00 409.96 175 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 32 92,896 395.00 438.00 418.51 184 1 Loin, top butt, bnls, heavy 14 9,886 242.00 260.00 248.16 184 3 Loin, top butt, boneless 23 20,958 255.00 272.28 264.45 185A 4 Loin, bottom sirloin, flap 9 13,678 350.00 365.00 360.74 185B 1 Loin, ball-tip, bnls, heavy 25 81,413 250.00 275.00 252.95 185C 1 Loin, sirloin, tri-tip (IM) 6 26,199 290.00 301.00 300.58 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 22 45,434 958.85 1055.50 969.35 191A 4 Loin, butt tender, trimmed 5 3,502 935.00 1000.00 977.54 193 4 Flank, flank steak (IM) 5 21,347 343.81 375.00 347.68 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 9 37,364 65.00 120.00 83.69 121D 4 Plate, Inside Skirt (IM) 25 101,502 310.00 335.00 319.76 121C 4 Plate, Outside Skirt (IM) 36 40,972 367.50 435.00 393.03 121E 6 Outside Skirt, pld (IM) 7 35,479 530.60 540.00 535.17

Cap, Wedge Meat & (IM) Lean 61 160,457 247.00 277.00 252.28

Pectoral Meat 38 85,119 260.00 279.28 266.41 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 68 778,509 150.00 179.00 157.64 Ground Beef 75% Ground Beef 81% 110 1,287,065 174.75 196.00 177.95 Ground Beef 85% Ground Beef 90% Ground Beef 93% 34 209,645 230.63 255.00 250.23 Ground Beef Chuck 80% 38 136,598 191.00 199.00 194.94 Ground Beef Round 85% 38 95,850 220.00 231.00 226.47 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% 3 4,080 187.25 201.00 192.81 Blended Ground Beef 85% 0 0 Blended Ground Beef 90% Blended Ground Beef 93% 0 0 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 0 0 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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