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
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
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.