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Beef Reports

NEGOTIATED SALES
The sale of boxed beef where the price is agreed to upon a certain day through buyer-seller interaction.

FORMULA SALES
The sale of boxed beef where the price is established at a future date by means other than negotiation.

BRANDED
Boxed beef produced and marketed under a corporate trademark or qualifying for one of USDA's Certified Beef programs. Boxed beef reported on the LM_XB452 is further defined as product falling within the upper 2/3 of the Choice grade.

UNGRADED
Frequently referred to as "no-roll" this refers to boxed beef cuts from fed steer and heifer carcasses not qualifying for the Prime, Choice, or Select grades. This product is reported on LM_XB462.

PRIME
An official U.S.D.A. quality grade determined by skeletal maturity and marbling in the ribeye muscle. Prime is the highest quality grade, but only accounted for approximately 2.5 percent of graded meat in 2003.

CHOICE
An official U.S.D.A. quality grade determined by skeletal maturity and marbling in the ribeye muscle. Choice is the second highest quality grade and accounted for approximately 52.5 percent of graded meat in 2003.

SELECT
An official U.S.D.A. quality grade determined by skeletal maturity and marbling in the ribeye muscle. Select is the third highest quality grade and accounted for approximately 36.5 percent of quality graded meat in 2003.

LOADS
One load equals 40,000 pounds of product.

IMPS (Institutional Meat Purchase Specifications)
Product specifications for meat items developed by USDA to ensure uniformity of product. Items listed on the boxed beef report are referenced to IMPS whenever possible.

FORWARD CONTRACT
The sale of boxed beef where the price is immediately established through reference to publicly available prices.

GROUND BEEF
Ground beef produced from beef trimmings or boneless beef sourced strictly from fed cattle.

BLENDED GROUND BEEF
Ground beef produced in any combination from beef trimmings or boneless beef sourced from fed cattle and/or cow and bulls.