USDA Boxed Beef Cutout Closing Prices for July 18

July 18 (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: 248.45 242.65 Change from prior day: (1.36) (1.59) ------------------------------------------------------------------------------- Choice/Select spread: 5.80

Total Load Count (Cuts, Trimmings, Grids): 156 ------------------------------------------------------------------------------- COMPOSITE PRIMAL VALUES Primal Rib 341.98 315.43 Primal Chuck 212.17 210.80 Primal Round 220.43 219.80 Primal Loin 321.37 311.78 Primal Brisket 208.70 206.22 Primal Short Plate 190.03 190.02 Primal Flank 155.48 153.62 -------------------------------------------------------------------------------- LOAD COUNT AND CUTOUT VALUE SUMMARY FOR PRIOR 5 DAYS

CHOICE SELECT Date Choice Select Trim Grinds Total 600-900 600-900 07/17 93 55 30 24 202 249.81 244.24 07/16 89 58 16 27 190 250.82 242.86 07/15 73 53 21 24 171 250.53 243.46 07/14 56 18 4 35 114 251.14 244.42 07/11 46 29 20 13 108 251.79 244.84 -------------------------------------------------------------------------------- Current 5 Day Simple Average: 250.82 243.96 -------------------------------------------------------------------------------- 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 77.42 loads 3,096,783 pounds Select Cuts 33.15 loads 1,325,910 pounds Trimmings 22.82 loads 912,887 pounds Ground Beef 22.65 load 906,142 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 14 62,783 621.00 691.00 664.99 112A 3 Rib, ribeye, bnls, light 24 114,465 678.00 791.50 698.78 112A 3 Rib, ribeye, bnls, heavy 58 427,838 650.00 778.00 699.61 113C 1 Chuck, semi-bnls, neck/off 114 1 Chuck, shoulder clod 14 62,956 255.00 272.00 260.25 114A 3 Chuck, shoulder clod, trmd 28 212,874 250.00 286.00 268.13 114D 3 Chuck, clod, top blade 7 34,359 335.00 389.40 351.53 114E 3 Chuck, clod, arm roast 13 155,788 280.29 295.50 286.12 114F 5 Chuck, clod tender (IM) 3 3,009 615.00 630.00 624.14 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 43 297,990 280.00 325.00 303.46 116B 1 Chuck, chuck tender (IM) 13 93,851 274.65 292.00 280.16

3 Chuck roll, retail ready 120 1 Brisket, deckle-off, bnls 27 154,301 295.00 339.00 309.36 120A 3 Brisket, point/off, bnls 11 14,971 520.00 570.00 558.18 123A 3 Short Plate, short rib 9 19,115 495.30 561.00 519.55 130 4 Chuck, short rib 11 28,776 349.05 385.00 355.73 160 1 Round, bone-in 161 1 Round, boneless 0 0

3 Round, bnls/peeled heel-out 0 0 167A 4 Round, knuckle, peeled 28 101,063 292.00 355.00 316.99 168 1 Round, top inside round 25 151,568 264.61 289.00 278.32 168 3 Round, top inside round 11 77,223 279.81 296.58 286.87 169 5 Round, top inside, denuded 12 67,088 302.00 341.31 308.34

3 Round, top inside, side off 170 1 Round, bottom gooseneck 171B 3 Round, outside round 22 75,699 265.81 301.00 288.58 171C 3 Round, eye of round (IM) 33 146,223 270.00 304.00 284.90 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 14 54,109 569.05 690.75 609.47 175 3 Loin, strip loin, 1x1 180 1 Loin, strip, bnls, heavy

1 Loin, strip loin bnls. 1x1 5 41,894 585.00 591.00 585.15 180 3 Loin, strip, bnls, 0x1 33 199,335 617.66 690.00 664.50 184 1 Loin, top butt, bnls, heavy 6 5,064 395.00 404.41 397.25 184 3 Loin, top butt, boneless 25 83,534 378.74 430.00 405.19 185A 4 Loin, bottom sirloin, flap 22 136,489 451.65 512.47 462.86 185B 1 Loin, ball-tip, bnls, heavy 11 15,492 310.00 340.00 314.09 185C 1 Loin, sirloin, tri-tip (IM) 8 16,057 350.00 410.00 377.12 185D 4 Loin, tri-tip, pld (IM) 4 2,015 535.00 555.67 538.53 189A 4 Loin, tndrloin, trmd, heavy 30 58,905 980.00 1101.00 1026.63 191A 4 Loin, butt tender, trimmed 193 4 Flank, flank steak (IM) 5 7,016 569.81 625.00 592.58 ------------------------------------------------------------------------------- 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 112A 3 Rib, ribeye, bnls, light 13 194,202 589.53 762.00 596.01 112A 3 Rib, ribeye, bnls, heavy 20 90,227 590.00 735.00 610.08 113C 1 Chuck, semi-bnls, neck/off 0 0 114 1 Chuck, shoulder clod 9 73,412 245.00 271.20 258.21 114A 3 Chuck, shoulder clod, trmd 4 10,406 265.00 281.00 268.89 114D 3 Chuck, clod, top blade 0 0 114E 3 Chuck, clod, arm roast 114F 5 Chuck, clod tender (IM) 6 9,237 535.00 580.00 538.91 115 1 Chuck, 2-piece, boneless 116A 3 Chuck, roll, lxl, neck/off 26 126,975 290.29 315.35 300.13 116B 1 Chuck, chuck tender (IM) 4 4,497 270.00 295.00 283.18

3 Chuck roll, retail ready 0 0 120 1 Brisket, deckle-off, bnls 13 127,893 280.00 340.00 306.04 120A 3 Brisket, point/off, bnls 0 0 123A 3 Short Plate, short rib 4 3,946 518.75 530.00 521.41 130 4 Chuck, short rib 3 6,483 353.54 375.00 357.76 160 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 8 22,333 305.00 338.11 322.35 168 1 Round, top inside round 8 57,099 265.00 292.31 274.12 168 3 Round, top inside round 6 12,429 280.81 295.00 287.92 169 5 Round, top inside, denuded 3 1,925 324.00 326.61 324.89

3 Round, top inside, side off 0 0 170 1 Round, bottom gooseneck 3 2,303 243.58 254.64 249.44 171B 3 Round, outside round 171C 3 Round, eye of round (IM) 13 37,510 272.00 296.61 285.72 174 1 Loin, short loin, 2x3 0 0 174 3 Loin, short loin, 0x1 5 53,745 564.83 615.00 565.53 175 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 5 21,505 581.82 595.00 585.84 184 1 Loin, top butt, bnls, heavy 3 16,574 370.00 385.00 371.55 184 3 Loin, top butt, boneless 8 16,015 383.50 415.35 403.89 185A 4 Loin, bottom sirloin, flap 9 116,145 452.00 480.00 455.32 185B 1 Loin, ball-tip, bnls, heavy 11 42,200 290.00 315.00 310.77 185C 1 Loin, sirloin, tri-tip (IM) 6 30,094 349.81 400.00 365.34 185D 4 Loin, tri-tip, pld (IM) 0 0 189A 4 Loin, tndrloin, trmd, heavy 7 26,763 960.19 1005.00 970.22 191A 4 Loin, butt tender, trimmed 3 1,344 959.05 998.00 976.84 193 4 Flank, flank steak (IM) 5 3,311 579.81 614.67 601.14 ------------------------------------------------------------------------------- CHOICE, SELECT & UNGRADED CUTS FatLimitations 1-6 (IM) = Individual Muscle ------------------------------------------------------------------------------- 124 4 Rib, Back Ribs, Fresh 124 4 Rib, Back Ribs, Frozen 6 89,932 117.00 140.00 118.32 121D 4 Plate, Inside Skirt (IM) 16 51,502 442.00 475.00 460.91 121C 4 Plate, Outside Skirt (IM) 12 18,154 565.00 651.50 598.59 121E 6 Outside Skirt, pld (IM) 5 9,371 848.75 940.00 865.10

Cap, Wedge Meat & (IM) Lean 10 24,918 290.00 310.37 295.58

Pectoral Meat 18 30,029 290.00 340.00 318.80 ------------------------------------------------------------------------------- GB - STEER/HEIFER SOURCE - 10 Pound hub Basis - Coarse and Fine Grind ------------------------------------------------------------------------------- Ground Beef 73% 10 175,607 237.05 249.00 244.56 Ground Beef 75% Ground Beef 81% 15 175,418 255.00 284.00 271.35 Ground Beef 85% 0 0 Ground Beef 90% Ground Beef 93% 7 15,399 273.73 341.00 326.24 Ground Beef Chuck 80% 17 180,115 258.00 308.20 274.31 Ground Beef Round 85% 4 3,330 301.00 308.00 306.26 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% 13 129,080 247.70 277.05 260.16 Blended Ground Beef 85% 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 29 823,087 132.45 142.00 135.52 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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