Ultrasound measurements by trained and accredited sonographers on 9,232 Angus, Hereford, and Polled Hereford cattle at an average age of 450 d were used to estimate genetic and environmental (co)variances for weight at scanning (Wt), longissimus muscle area (LMA), longissimus muscle area adjusted to a constant weight of 400 kg (LMAawt), and fat depths at the rump and 12/13 rib sites. Estimated kilograms (ESMkg) and percentage of saleable meat yield (ESM%) were also calculated and analyzed. Subjective muscle scores, available for 2,488 animals, were also included in the analysis. Estimated heritabilities were 46% for Wt, 21% for LMA and LMAawt, 37% for rump fat, 30% for rib fat, 15% for muscle score, 44% for ESMkg, and 36% for ESM%. The two measurements, LMA and LMAawt, had high genetic (.82) and environmental (.91) correlations. The two fat depths were also highly correlated (.86 genetic; .67 environmental). Weight at scanning was moderately correlated with LMA (.45 genetic; .41 environmental). Differences between breeds could not be detected, but some variation in parameter estimates between data sets of the same breed was observed. Environmental correlations between fat depths or muscle score and Wt were approximately .3; genetic correlations were .07 to .12. Subjective muscle score had marginally higher genetic correlations with LMA than with LMAawt (.22 vs .08) but similar environmental correlations (.31 vs .27). Results show that carcass traits measured by ultrasound and predictions of meat yield have genetic variability, are moderately heritable, and that genetic progress based on genetic evaluation by mixed-model analysis can be made.