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
2005/06
Q1 Jun-Aug
11.07
11.58
.88
12.46
1.39
Q2 Sep-Nov
11.42
12.70
.85
13.55
2.13
Q3 Dec-Feb
11.44
12.20
1.01
13.21
1.77
Q4 Mar-May
11.46
12.53
.99
13.53
2.07
MY Jun-May
11.35
12.25
.93
13.19
1.84
2006/07
Q1 Jun-Aug
12.30
13.03
1.10
14.14
1.84
Q2 Sep-Nov
11.99
12.52
1.40
13.92
1.93
Q3 Dec-Feb
12.24
12.70
2.11
14.81
2.56
Q4 Mar-May
12.80
13.42
1.37
14.78
1.99
MY Jun-May
12.33
12.92
1.49
14.41
2.08
2007/08
Q1 Jun-Aug
14.95
15.60
1.21
16.81
1.86
Q2 Sep-Nov
20.41
19.97
1.94
21.91
1.49
Q3 Dec-Feb
32.41
32.82
2.47
35.29
2.88
Q4 Mar-May
30.85
31.38
2.50
33.89
3.04
MY Jun-May
24.66
24.94
2.03
26.97
2.32
2008/09
Q1 Jun-Aug
24.92
23.78
2.65
26.43
1.51
Q2 Sep-Nov
17.24
17.80
2.43
20.23
2.99
Q3 Dec-Feb
17.81
17.55
2.05
19.60
1.79
Q4 Mar-May
17.80
17.58
1.47
19.05
1.26
MY Jun-May
19.44
19.18
2.15
21.33
1.89
2009/10
Q1 Jun-Aug
15.92
15.75
1.53
17.28
1.36
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. 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.