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USDA Boxed Beef Cutout Closing Prices for April 28

April 28 (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: 233.17 221.57 Change from prior day: 0.34 (0.07) ------------------------------------------------------------------------------- Choice/Select spread: 11.60

Total Load Count (Cuts, Trimmings, Grids): 140 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 341.55 316.05 Primal Chuck 187.26 180.32 Primal Round 193.41 192.28 Primal Loin 318.49 288.89 Primal Brisket 208.95 209.32 Primal Short Plate 176.82 176.82 Primal Flank 147.80 144.31 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 04/25 58 21 11 24 114 232.83 221.64 04/24 55 25 6 10 96 233.80 222.07 04/23 57 46 10 39 152 232.64 220.67 04/22 51 45 5 16 118 231.21 219.62 04/21 64 54 4 30 151 229.06 218.07 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 231.91 220.42 -------------------------------------------------------------------------------- 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 56.63 loads 2,265,341 pounds Select Cuts 32.98 loads 1,319,025 pounds Trimmings 11.74 loads 469,720 pounds Ground Beef 38.43 load 1,537,077 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 24 98,265 616.44 642.50 623.30 112A 3 Rib, ribeye, bnls, light 8 8,336 695.50 736.00 711.80 112A 3 Rib, ribeye, bnls, heavy 18 25,135 685.87 731.00 705.30 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 7 30,129 218.30 234.83 222.34 114A 3 Chuck, shoulder clod, trmd 15 29,318 228.91 250.00 235.14 114D 3 Chuck, clod, top blade 4 4,570 380.00 425.00 419.40 114E 3 Chuck, clod, arm roast 11 30,577 231.00 264.00 238.09 114F 5 Chuck, clod tender (IM) 19 17,161 480.60 517.00 500.86 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 22 70,021 248.00 275.00 265.45 116B 1 Chuck, chuck tender (IM) 19 82,094 225.00 250.46 235.55

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 19 123,731 315.00 330.00 317.44 120A 3 Brisket, point/off, bnls 15 36,928 495.60 550.00 525.00 123A 3 Short Plate, short rib 17 47,126 475.00 530.00 505.15 130 4 Chuck, short rib 19 54,392 285.34 342.75 327.76 160 1 Round, bone-in 5 16,175 236.00 251.70 239.56 161 1 Round, boneless 3 2,959 248.93 283.42 250.41

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 41 118,206 236.00 270.00 246.88 168 1 Round, top inside round 17 67,748 257.00 271.83 260.83 168 3 Round, top inside round 16 81,735 250.00 288.00 269.41 169 5 Round, top inside, denuded 33 134,593 306.00 329.00 312.24

3 Round, top inside, side off 170 1 Round, bottom gooseneck 0 0 171B 3 Round, outside round 36 242,126 230.00 255.60 237.01 171C 3 Round, eye of round (IM) 37 89,951 237.75 268.00 245.34 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 16 59,869 604.31 710.00 618.86 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 9 9,066 612.00 630.00 612.17 180 3 Loin, strip, bnls, 0x1 28 78,150 620.41 740.00 652.56 184 1 Loin, top butt, bnls, heavy 5 5,617 355.00 360.67 355.32 184 3 Loin, top butt, boneless 35 289,891 335.00 389.00 363.24 185A 4 Loin, bottom sirloin, flap 11 64,385 500.00 542.00 516.31 185B 1 Loin, ball-tip, bnls, heavy 10 23,885 317.00 340.00 333.87 185C 1 Loin, sirloin, tri-tip (IM) 9 7,697 393.42 425.00 409.86 185D 4 Loin, tri-tip, pld (IM) 6 5,137 539.45 551.50 540.67 189A 4 Loin, tndrloin, trmd, heavy 30 63,446 1044.00 1201.00 1088.75 191A 4 Loin, butt tender, trimmed 13 18,996 955.00 1059.00 1017.01 193 4 Flank, flank steak (IM) 17 16,900 530.00 572.00 549.45 ------------------------------------------------------------------------------- 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 10 30,633 532.25 592.50 545.90 112A 3 Rib, ribeye, bnls, light 6 2,643 606.70 665.00 640.47 112A 3 Rib, ribeye, bnls, heavy 16 33,824 589.45 675.00 606.60 113C 1 Chuck, semi-bnls, neck/off 6 33,776 220.00 235.00 224.56 114 1 Chuck, shoulder clod 10 247,270 215.00 225.00 216.24 114A 3 Chuck, shoulder clod, trmd 6 22,318 228.91 234.00 229.91 114D 3 Chuck, clod, top blade 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 9 4,834 440.00 471.50 446.45 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 16 71,563 254.20 275.00 260.28 116B 1 Chuck, chuck tender (IM) 9 73,684 225.00 248.00 227.55

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 120A 3 Brisket, point/off, bnls 123A 3 Short Plate, short rib 3 3,962 490.00 510.00 491.83 130 4 Chuck, short rib 4 13,111 285.34 334.00 299.90 160 1 Round, bone-in 0 0 161 1 Round, boneless

3 Round, bnls/peeled heel-out 167A 4 Round, knuckle, peeled 15 64,999 241.50 255.10 249.70 168 1 Round, top inside round 6 10,882 250.00 270.00 256.17 168 3 Round, top inside round 10 67,506 260.00 282.00 268.65 169 5 Round, top inside, denuded 5 17,694 305.90 329.00 311.11

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 0 0 171B 3 Round, outside round 8 20,835 225.00 245.00 234.80 171C 3 Round, eye of round (IM) 10 44,166 240.00 260.00 245.03 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 11 17,518 510.70 590.00 556.55 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy 0 0

1 Loin, strip loin bnls. 1x1 0 0 180 3 Loin, strip, bnls, 0x1 19 31,305 499.00 595.00 557.21 184 1 Loin, top butt, bnls, heavy 7 24,657 295.03 325.00 302.46 184 3 Loin, top butt, boneless 11 61,249 313.05 361.38 322.94 185A 4 Loin, bottom sirloin, flap 7 64,537 492.00 530.00 493.24 185B 1 Loin, ball-tip, bnls, heavy 15 70,245 304.84 328.62 313.52 185C 1 Loin, sirloin, tri-tip (IM) 4 6,755 389.49 408.62 391.48 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 8 5,804 1019.00 1055.00 1043.82 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 3 22,922 525.26 555.00 534.62 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 10 20,107 97.00 136.00 112.12 121D 4 Plate, Inside Skirt (IM) 15 42,503 388.00 405.00 394.95 121C 4 Plate, Outside Skirt (IM) 14 18,282 545.00 623.00 589.98 121E 6 Outside Skirt, pld (IM) 19 47,426 755.60 877.05 783.31

Cap, Wedge Meat & (IM) Lean 29 141,566 324.00 367.00 340.85

Pectoral Meat 21 36,502 324.00 370.00 340.48 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 7 56,952 175.40 200.42 193.01 Ground Beef 75% 0 0 Ground Beef 81% 42 536,322 186.00 227.00 196.87 Ground Beef 85% Ground Beef 90% 0 0 Ground Beef 93% Ground Beef Chuck 80% 16 226,583 191.00 239.00 219.22 Ground Beef Round 85% 8 24,121 230.00 297.00 264.17 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% Blended Ground Beef 81% 17 248,861 195.80 256.00 247.08 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 15 469,720 134.25 139.90 135.43 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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