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
1985/86
Q1 Jun-Aug
8.06
8.97
1.14
10.10
2.04
Q2 Sep-Nov
8.06
9.00
1.16
10.16
2.09
Q3 Dec-Feb
8.47
9.28
1.27
10.55
2.08
Q4 Mar-May
8.38
9.60
1.18
10.78
2.41
MY Jun-May
8.24
9.21
1.19
10.40
2.16
1986/87
Q1 Jun-Aug
6.19
7.90
.79
8.69
2.50
Q2 Sep-Nov
6.27
8.18
.85
9.03
2.76
Q3 Dec-Feb
6.70
7.97
.99
8.96
2.26
Q4 Mar-May
7.01
8.18
.74
8.92
1.91
MY Jun-May
6.54
8.06
.84
8.90
2.36
1987/88
Q1 Jun-Aug
6.62
7.85
.72
8.57
1.95
Q2 Sep-Nov
7.04
7.85
1.19
9.04
2.00
Q3 Dec-Feb
7.51
7.97
1.53
9.50
1.99
Q4 Mar-May
7.43
8.18
1.12
9.31
1.87
MY Jun-May
7.15
7.96
1.14
9.10
1.95
1988/89
Q1 Jun-Aug
8.83
9.57
1.57
11.13
2.30
Q2 Sep-Nov
9.48
9.88
1.76
11.64
2.17
Q3 Dec-Feb
9.93
10.37
1.81
12.18
2.24
Q4 Mar-May
10.37
11.03
1.59
12.62
2.25
MY Jun-May
9.65
10.21
1.68
11.89
2.24
1989/90
Q1 Jun-Aug
9.89
11.07
1.14
12.21
2.32
Q2 Sep-Nov
9.67
10.33
1.64
11.97
2.30
Q3 Dec-Feb
9.68
10.35
1.58
11.93
2.25
Q4 Mar-May
9.12
9.90
1.43
11.33
2.21
MY Jun-May
9.59
10.41
1.45
11.86
2.27
1990/91
Q1 Jun-Aug
7.46
8.62
1.29
9.91
2.45
Q2 Sep-Nov
6.53
7.25
1.42
8.67
2.14
Q3 Dec-Feb
6.52
7.32
1.34
8.66
2.14
Q4 Mar-May
6.93
7.95
1.10
9.05
2.11
MY Jun-May
6.86
7.78
1.29
9.07
2.21
1991/92
Q1 Jun-Aug
6.86
8.02
1.05
9.07
2.21
Q2 Sep-Nov
8.21
9.07
1.34
10.41
2.20
Q3 Dec-Feb
9.85
10.65
1.45
12.10
2.25
Q4 Mar-May
9.42
10.37
1.21
11.57
2.16
MY Jun-May
8.58
9.52
1.26
10.79
2.21
1992/93
Q1 Jun-Aug
8.45
9.48
1.10
10.58
2.13
Q2 Sep-Nov
8.25
9.47
1.44
10.90
2.66
Q3 Dec-Feb
8.98
9.87
1.46
11.32
2.35
Q4 Mar-May
8.43
9.78
1.13
10.91
2.48
MY Jun-May
8.53
9.65
1.28
10.93
2.40
1993/94
Q1 Jun-Aug
8.64
9.80
1.09
10.89
2.25
Q2 Sep-Nov
10.48
10.47
1.56
12.02
1.54
Q3 Dec-Feb
10.90
10.83
1.79
12.62
1.72
Q4 Mar-May
10.09
10.25
1.39
11.64
1.55
MY Jun-May
10.03
10.34
1.46
11.79
1.77
1994/95
Q1 Jun-Aug
8.56
9.72
1.27
10.99
2.43
Q2 Sep-Nov
9.73
10.80
1.29
12.09
2.36
Q3 Dec-Feb
9.42
10.63
1.19
11.82
2.40
Q4 Mar-May
9.28
10.83
1.10
11.93
2.65
MY Jun-May
9.25
10.50
1.21
11.71
2.46
1995/96
Q1 Jun-Aug
11.51
12.45
1.21
13.66
2.15
Q2 Sep-Nov
12.50
12.88
1.79
14.68
2.18
Q3 Dec-Feb
13.03
13.07
2.31
15.38
2.35
Q4 Mar-May
14.85
15.00
2.40
17.40
2.55
MY Jun-May
12.97
13.35
1.93
15.28
2.31
1996/97
Q1 Jun-Aug
12.61
13.35
2.19
15.54
2.93
Q2 Sep-Nov
10.82
11.30
1.96
13.26
2.44
Q3 Dec-Feb
10.58
11.08
1.92
13.00
2.42
Q4 Mar-May
10.85
11.82
1.63
13.45
2.60
MY Jun-May
11.22
11.89
1.92
13.81
2.60
1997/98
Q1 Jun-Aug
9.20
10.42
1.20
11.62
2.42
Q2 Sep-Nov
9.31
10.00
1.66
11.66
2.35
Q3 Dec-Feb
8.87
9.65
1.65
11.30
2.43
Q4 Mar-May
8.75
9.87
1.20
11.07
2.32
MY Jun-May
9.03
9.98
1.43
11.41
2.38
1998/99
Q1 Jun-Aug
7.80
8.93
1.10
10.03
2.23
Q2 Sep-Nov
8.15
9.43
.94
10.37
2.22
Q3 Dec-Feb
8.13
9.10
1.29
10.39
2.26
Q4 Mar-May
7.73
8.78
1.01
9.79
2.06
MY Jun-May
7.95
9.06
1.08
10.15
2.19
1999/00
Q1 Jun-Aug
7.62
8.88
.80
9.68
2.06
Q2 Sep-Nov
7.95
8.85
1.01
9.86
1.91
Q3 Dec-Feb
7.81
8.60
1.16
9.76
1.95
Q4 Mar-May
7.68
9.10
.95
10.05
2.37
MY Jun-May
7.77
8.86
.98
9.84
2.07
2000/01
Q1 Jun-Aug
7.58
9.13
.79
9.93
2.35
Q2 Sep-Nov
7.99
9.35
1.04
10.39
2.40
Q3 Dec-Feb
8.13
9.15
1.49
10.64
2.51
Q4 Mar-May
8.08
9.82
.92
10.73
2.66
MY Jun-May
7.94
9.36
1.06
10.42
2.48
2001/02
Q1 Jun-Aug
7.67
9.13
1.14
10.27
2.61
Q2 Sep-Nov
7.63
8.90
1.23
10.13
2.50
Q3 Dec-Feb
7.71
8.95
1.19
10.14
2.43
Q4 Mar-May
7.53
8.92
.98
9.89
2.36
MY Jun-May
7.63
8.98
1.13
10.11
2.48
2002/03
Q1 Jun-Aug
8.98
10.35
1.01
11.36
2.38
Q2 Sep-Nov
11.32
12.57
1.29
13.86
2.54
Q3 Dec-Feb
9.52
10.70
1.34
12.04
2.52
Q4 Mar-May
8.82
10.52
1.01
11.53
2.71
MY Jun-May
9.66
11.03
1.17
12.20
2.54
2003/04
Q1 Jun-Aug
8.68
10.20
1.03
11.23
2.55
Q2 Sep-Nov
8.85
10.15
1.39
11.54
2.69
Q3 Dec-Feb
9.98
10.78
1.60
12.39
2.41
Q4 Mar-May
10.21
11.20
1.43
12.63
2.43
MY Jun-May
9.43
10.58
1.36
11.95
2.52
2004/05
Q1 Jun-Aug
9.29
10.67
1.12
11.78
2.49
Q2 Sep-Nov
9.59
11.08
.98
12.07
2.48
Q3 Dec-Feb
9.48
11.12
.95
12.07
2.59
Q4 Mar-May
8.97
10.65
.77
11.42
2.45
MY Jun-May
9.33
10.88
.95
11.83
2.50
2005/06
Q1 Jun-Aug
9.07
10.80
.66
11.46
2.39
Q2 Sep-Nov
10.28
12.10
1.00
13.10
2.82
Q3 Dec-Feb
10.59
11.25
1.40
12.65
2.07
Q4 Mar-May
11.57
12.75
1.07
13.82
2.25
MY Jun-May
10.38
11.73
1.03
12.76
2.38
2006/07
Q1 Jun-Aug
12.13
13.13
1.17
14.30
2.18
Q2 Sep-Nov
12.44
13.38
1.47
14.85
2.41
Q3 Dec-Feb
12.37
12.80
2.32
15.12
2.75
Q4 Mar-May
12.69
13.78
1.33
15.11
2.42
MY Jun-May
12.41
13.28
1.57
14.85
2.44
2007/08
Q1 Jun-Aug
15.14
16.32
.88
17.20
2.06
Q2 Sep-Nov
20.59
20.27
1.94
22.20
1.62
Q3 Dec-Feb
27.70
27.12
2.74
29.86
2.16
Q4 Mar-May
27.25
27.60
2.45
30.05
2.79
MY Jun-May
22.67
22.82
2.00
24.83
2.16
2008/09
Q1 Jun-Aug
21.90
22.32
2.57
24.88
2.99
Q2 Sep-Nov
15.96
16.48
2.35
18.83
2.87
Q3 Dec-Feb
15.15
15.37
2.31
17.68
2.53
Q4 Mar-May
15.56
16.22
1.47
17.69
2.13
MY Jun-May
17.14
17.60
2.18
19.77
2.63
2009/10
Q1 Jun-Aug
14.48
15.00
1.40
16.40
1.92
Q2 Sep-Nov
12.61
13.95
1.66
15.61
3.00
Q3 Dec-Feb
13.17
13.58
1.87
15.46
2.29
Q4 Mar-May
12.91
13.97
1.12
15.08
2.17
MY Jun-May
13.29
14.12
1.51
15.64
2.34
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
1.56
20.24
2.62
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: 11/20/2014