Table 33--Wheat and flour price relationships, Minneapolis (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
17.18
16.75
1.35
18.10
.92
Q2 Sep-Nov
20.16
18.55
2.37
20.92
.75
Q3 Dec-Feb
25.54
23.88
2.84
26.72
1.18
Q4 Mar-May
29.00
27.07
3.04
30.11
1.11
MY Jun-May
22.97
21.56
2.40
23.96
.99
2011/12
Q1 Jun-Aug
26.10
25.28
3.21
28.49
2.39
Q2 Sep-Nov
22.96
21.07
3.53
24.60
1.64
Q3 Dec-Feb
21.77
20.20
2.90
23.10
1.32
Q4 Mar-May
21.55
20.93
2.79
23.72
2.16
MY Jun-May
23.10
21.87
3.10
24.98
1.88
2012/13
Q1 Jun-Aug
22.15
19.75
4.05
23.80
1.66
Q2 Sep-Nov
22.91
20.08
4.40
24.48
1.57
Q3 Dec-Feb
21.73
19.18
4.07
23.25
1.52
Q4 Mar-May
20.85
18.83
3.71
22.54
1.69
MY Jun-May
21.91
19.46
4.06
23.52
1.61
2013/14
Q1 Jun-Aug
19.85
18.50
3.13
21.63
1.78
Q2 Sep-Nov
19.29
18.10
2.82
20.92
1.63
Q3 Dec-Feb
20.51
20.15
2.59
22.74
2.22
Q4 Mar-May
21.04
19.92
2.61
22.53
1.49
MY Jun-May
20.17
19.17
2.79
21.95
1.78
2014/15
Q1 Jun-Aug
--
19.10
--
--
--
1/ June-May. Latest data may be preliminary.
2/ No. 1 dark northern spring, 14-percent protein. Cost of 2.28 bushels based on a 73-percent extraction rate. cwt = hundredweight. The Minneapolis prices beginning in January 2010 are calculated by adding freight and unloading charges to Chicago prices (see table 19). The Minneapolis price series ended in December 2009.
3/ Quoted as mid-month bakers' spring 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: 8/21/2014