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MS-Value Determin

Lecture One

QuestionAnswer
HIstorically when determining price a cattle buyer will pay is determined by the: drop credit, which is the the parts of the animal you can't eat (hide, ect) This usually covers the cost of killing the animal so can sell the carcass for at cost
Drop credit covers what costs kill cost, condemnation charge, marketing cost, and profit
CAB stands for certified angus beef
Hardbone meat is low quality, old and generally over 42 months
Meat Ranking system Prime, Choice, Select, Standard, CAB, Dairy, Bullock/Stag, Hardbone, Dark Cutter, Over 30 Months (People choose sensational socks cause dour boring/socks harbor despicable cutting odors)
The recession is killing the beef industry because nobody is going out and buying the prime quality steaks
Beef and Lamb hav established wholesale prices because hey are sold in carcass form
Pork is usually sold as primal cuts
The carcass price is the wholesale price divided by the ------- --------, wile this barely seems to cover costs, the seller recovers what is lost and makes a profit by selling the dressing percentage, byproducts
The two biggest byproducts sold are leather furniture and leather for high priced cars
Prices are all taken from the "------ -----" which bases prices on supply and demand yellow sheet
To establish beef and carcass price sellers use (4) weight, class/sex, yield, and quality grade
To the buyer several things are very improtant (3) 1. Condemnation of by products (ie condition of the pelt), 2. Estimation of dressing percentage, 3. Estimation of grade or quality
Retail Pricing goals are to cover cost and make a profit
There are three venues that prices are marketed for: wholesale, retail or HRI (hotel, restaurant, and institutional) establishments
Retail Selling Price formula is wholesale cost of the meat (or item per pound) / (100% - % mark up)
HRI markup system wholesale cost of meat item X (100% + % mark up)
Created by: kccroy