USDA Boxed Beef Cutout Closing Prices for November 21

November 21 (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: 198.58 186.43 Change from prior day: (0.76) (0.87) ------------------------------------------------------------------------------- Choice/Select spread: 12.15

Total Load Count (Cuts, Trimmings, Grids): 217 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 335.95 273.57 Primal Chuck 167.24 164.18 Primal Round 172.01 171.29 Primal Loin 249.88 230.62 Primal Brisket 134.67 132.59 Primal Short Plate 133.14 135.51 Primal Flank 100.68 100.10 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 11/20 118 74 0 66 258 199.34 187.30 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 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 200.53 188.37 -------------------------------------------------------------------------------- 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 91.71 loads 3,668,569 pounds Select Cuts 63.62 loads 2,544,774 pounds Trimmings 36.01 loads 1,440,577 pounds Ground Beef 25.42 load 1,016,974 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 23 44,515 605.00 750.00 672.04 112A 3 Rib, ribeye, bnls, light 6 5,971 748.00 802.00 755.32 112A 3 Rib, ribeye, bnls, heavy 20 37,790 730.73 790.00 755.05 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 12 26,829 205.00 220.00 209.85 114A 3 Chuck, shoulder clod, trmd 41 156,353 216.00 233.00 225.56 114D 3 Chuck, clod, top blade 11 13,332 243.94 284.65 261.89 114E 3 Chuck, clod, arm roast 8 22,893 273.00 293.00 291.66 114F 5 Chuck, clod tender (IM) 11 12,523 340.00 360.00 344.63 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 44 339,359 236.05 280.00 258.08 116B 1 Chuck, chuck tender (IM) 18 58,452 217.00 236.00 220.61

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 33 69,534 195.00 219.00 200.53 120A 3 Brisket, point/off, bnls 8 4,317 370.00 387.00 376.94 123A 3 Short Plate, short rib 11 31,320 431.70 473.41 449.93 130 4 Chuck, short rib 12 16,878 310.00 343.00 325.03 160 1 Round, bone-in 161 1 Round, boneless 3 3,125 233.00 241.00 236.27

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 43 273,312 221.00 244.50 225.36 168 1 Round, top inside round 32 491,114 209.90 230.00 210.69 168 3 Round, top inside round 56 499,608 218.80 239.00 224.27 169 5 Round, top inside, denuded 16 37,204 250.00 271.56 257.07

3 Round, top inside, side off 170 1 Round, bottom gooseneck 8 22,400 210.00 224.69 211.32 171B 3 Round, outside round 32 259,026 221.00 250.00 233.87 171C 3 Round, eye of round (IM) 33 131,192 243.55 266.00 250.86 174 1 Loin, short loin, 2x3 174 3 Loin, short loin, 0x1 21 137,981 362.40 465.00 385.05 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 12 29,644 403.00 445.00 406.64 180 3 Loin, strip, bnls, 0x1 35 116,449 450.00 490.15 468.77 184 1 Loin, top butt, bnls, heavy 6 10,655 245.00 260.00 247.56 184 3 Loin, top butt, boneless 17 131,920 268.50 299.50 275.72 185A 4 Loin, bottom sirloin, flap 33 139,017 355.00 381.00 363.66 185B 1 Loin, ball-tip, bnls, heavy 25 131,418 236.00 275.00 248.33 185C 1 Loin, sirloin, tri-tip (IM) 7 16,983 290.00 316.00 292.68 185D 4 Loin, tri-tip, pld (IM) 5 1,923 395.00 419.00 405.94 189A 4 Loin, tndrloin, trmd, heavy 14 60,622 1188.00 1245.75 1223.67 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 23 68,756 350.00 401.00 362.03 ------------------------------------------------------------------------------- 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 31,737 497.00 575.05 525.08 112A 3 Rib, ribeye, bnls, light 8 14,692 555.00 595.00 566.85 112A 3 Rib, ribeye, bnls, heavy 23 88,696 532.21 581.00 555.09 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 8 132,995 203.00 210.00 203.46 114A 3 Chuck, shoulder clod, trmd 9 23,374 216.00 230.00 223.18 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 4 6,104 285.00 305.00 287.61 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 40 320,626 243.00 268.00 254.82 116B 1 Chuck, chuck tender (IM) 15 38,768 218.55 236.00 226.27

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 15 75,617 194.65 222.70 200.80 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 3 9,701 430.00 435.68 431.70 130 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 20 101,324 221.00 239.00 227.70 168 1 Round, top inside round 11 144,216 210.00 222.00 211.31 168 3 Round, top inside round 23 183,018 214.00 232.00 221.74 169 5 Round, top inside, denuded 7 8,143 253.00 262.00 257.26

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 6 85,589 200.00 232.00 211.61 171B 3 Round, outside round 20 115,123 226.03 250.00 231.31 171C 3 Round, eye of round (IM) 27 89,927 238.14 266.00 250.61 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 10 60,323 364.50 383.32 369.17 175 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 18 44,972 388.00 461.00 419.61 184 1 Loin, top butt, bnls, heavy 10 98,474 245.00 254.95 247.74 184 3 Loin, top butt, boneless 27 273,292 250.00 276.00 253.60 185A 4 Loin, bottom sirloin, flap 12 57,104 346.00 375.50 364.09 185B 1 Loin, ball-tip, bnls, heavy 16 58,522 246.50 267.00 250.91 185C 1 Loin, sirloin, tri-tip (IM) 10 17,238 290.00 305.50 300.14 185D 4 Loin, tri-tip, pld (IM) 189A 4 Loin, tndrloin, trmd, heavy 17 79,217 941.00 975.00 959.29 191A 4 Loin, butt tender, trimmed 3 1,508 900.00 998.75 958.36 193 4 Flank, flank steak (IM) 10 14,168 349.00 387.00 373.84 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 7 21,359 74.00 120.00 83.02 121D 4 Plate, Inside Skirt (IM) 29 64,788 315.00 342.00 320.85 121C 4 Plate, Outside Skirt (IM) 12 10,474 372.51 416.00 400.83 121E 6 Outside Skirt, pld (IM) 3 6,190 535.00 641.00 544.07

Cap, Wedge Meat & (IM) Lean 48 236,009 245.00 284.28 255.23

Pectoral Meat 39 44,768 242.50 287.00 266.92 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 25 290,704 150.00 177.00 154.11 Ground Beef 75% Ground Beef 81% 30 279,790 173.30 196.00 176.00 Ground Beef 85% 0 0 Ground Beef 90% 0 0 Ground Beef 93% 3 66,751 235.71 255.00 247.41 Ground Beef Chuck 80% 9 140,643 187.13 201.00 189.84 Ground Beef Round 85% 4 7,253 210.00 225.50 218.93 Ground Beef Sirloin 90% 0 0 ------------------------------------------------------------------------------- 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% 4 4,960 185.10 202.05 191.92 Blended Ground Beef 85% 0 0 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% -------------------------------------------------------------------------------- BEEF TRIMMINGS - STEER/HEIFER SOURCE - Fresh Combos & Frozen Boxed -------------------------------------------------------------------------------- Fresh 50% lean trimmings 40 1,440,577 95.00 118.50 99.76 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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