Table 32--Wheat and flour price relationships, Kansas City (dollars per cwt)
Mkt year and qtr 1/
Cost of wheat to produce flour 2/
Wholesale price of bakery flour 3/
Wholesale price of byproducts 4/
Total wholesale price
Total wholesale price less cost of wheat
2010/11
Q1 Jun-Aug
14.27
15.30
1.18
16.48
2.21
Q2 Sep-Nov
17.52
17.12
2.46
19.58
2.06
Q3 Dec-Feb
21.58
20.80
2.86
23.66
2.08
Q4 Mar-May
22.49
21.88
2.91
24.79
2.30
MY Jun-May
18.97
18.78
2.35
21.13
2.16
2011/12
Q1 Jun-Aug
20.61
20.40
3.27
23.67
3.06
Q2 Sep-Nov
19.52
18.32
3.40
21.71
2.19
Q3 Dec-Feb
18.48
17.58
2.89
20.47
1.99
Q4 Mar-May
18.22
18.72
2.28
21.00
2.78
MY Jun-May
19.21
18.75
2.96
21.71
2.50
2012/13
Q1 Jun-Aug
21.00
19.17
3.76
22.92
1.93
Q2 Sep-Nov
22.70
21.37
3.79
25.16
2.46
Q3 Dec-Feb
21.40
19.95
3.75
23.70
2.30
Q4 Mar-May
20.04
19.17
3.19
22.35
2.31
MY Jun-May
21.29
19.91
3.62
23.53
2.25
2013/14
Q1 Jun-Aug
19.13
19.25
2.49
21.74
2.61
Q2 Sep-Nov
19.24
19.02
2.65
21.67
2.43
Q3 Dec-Feb
18.20
18.63
3.07
21.70
3.50
Q4 Mar-May
20.24
20.03
2.58
22.62
2.38
MY Jun-May
19.20
19.23
2.70
21.93
2.73
2014/15
Q1 Jun-Aug
17.62
18.68
--
--
--
1/ June-May. Latest data may be preliminary.
2/ No. 1 hard red winter, 13-percent protein. Cost of 2.28 bushels based on a 73-percent extraction rate. cwt = hundredweight.
3/ Quoted as mid-month bakers' standard patent, bulk basis.
4/ Assumes 50-50 millfeed distribution between bran and shorts or middlings, bulk basis.
Source: USDA, Agricultural Marketing Service, Monthly Feedstuffs Prices; Milling and Baking News, Market Fax; and ERS estimates.
Date run: 9/22/2014