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
1985/86
Q1 Jun-Aug
8.60
10.95
.79
11.74
3.14
Q2 Sep-Nov
8.94
11.38
.89
12.28
3.34
Q3 Dec-Feb
9.14
11.80
.98
12.78
3.63
Q4 Mar-May
9.27
11.40
.93
12.33
3.05
MY Jun-May
8.99
11.38
.90
12.28
3.29
1986/87
Q1 Jun-Aug
6.86
9.70
.62
10.32
3.46
Q2 Sep-Nov
6.78
9.52
.64
10.16
3.38
Q3 Dec-Feb
7.03
8.55
.66
9.21
2.18
Q4 Mar-May
7.30
9.10
.58
9.68
2.39
MY Jun-May
6.99
9.22
.63
9.84
2.85
1987/88
Q1 Jun-Aug
6.80
8.63
.51
9.14
2.34
Q2 Sep-Nov
7.07
8.98
.90
9.88
2.81
Q3 Dec-Feb
7.36
9.77
1.18
10.95
3.59
Q4 Mar-May
7.50
10.17
.98
11.15
3.65
MY Jun-May
7.18
9.39
.89
10.28
3.10
1988/89
Q1 Jun-Aug
9.72
11.00
1.48
12.48
2.76
Q2 Sep-Nov
9.78
9.80
1.67
11.47
1.69
Q3 Dec-Feb
9.96
10.05
1.70
11.75
1.79
Q4 Mar-May
10.32
10.72
1.62
12.34
2.01
MY Jun-May
9.94
10.39
1.62
12.01
2.07
1989/90
Q1 Jun-Aug
9.84
10.63
1.15
11.78
1.94
Q2 Sep-Nov
9.38
9.70
1.51
11.21
1.84
Q3 Dec-Feb
9.50
9.92
1.47
11.38
1.88
Q4 Mar-May
9.22
9.77
1.31
11.08
1.86
MY Jun-May
9.48
10.00
1.36
11.36
1.88
1990/91
Q1 Jun-Aug
8.03
8.85
1.21
10.06
2.03
Q2 Sep-Nov
6.45
7.18
1.35
8.54
2.08
Q3 Dec-Feb
6.46
7.17
1.26
8.42
1.96
Q4 Mar-May
6.97
7.72
1.03
8.75
1.78
MY Jun-May
6.98
7.73
1.21
8.94
1.96
1991/92
Q1 Jun-Aug
6.90
7.72
1.00
8.71
1.81
Q2 Sep-Nov
8.11
8.75
1.23
9.98
1.87
Q3 Dec-Feb
9.90
10.48
1.24
11.72
1.82
Q4 Mar-May
9.94
10.62
1.16
11.78
1.84
MY Jun-May
8.71
9.39
1.16
10.55
1.84
1992/93
Q1 Jun-Aug
9.20
10.00
1.06
11.06
1.85
Q2 Sep-Nov
8.80
9.98
1.41
11.39
2.59
Q3 Dec-Feb
8.97
10.18
1.23
11.41
2.44
Q4 Mar-May
8.65
10.32
.91
11.23
2.58
MY Jun-May
8.91
10.12
1.15
11.27
2.37
1993/94
Q1 Jun-Aug
10.37
11.73
1.01
12.75
2.38
Q2 Sep-Nov
11.83
12.53
1.41
13.94
2.11
Q3 Dec-Feb
12.21
13.17
1.46
14.63
2.42
Q4 Mar-May
11.38
12.55
1.23
13.78
2.39
MY Jun-May
11.45
12.50
1.28
13.77
2.33
1994/95
Q1 Jun-Aug
9.38
10.82
1.14
11.95
2.57
Q2 Sep-Nov
9.94
11.13
1.11
12.24
2.30
Q3 Dec-Feb
9.63
10.85
.94
11.79
2.16
Q4 Mar-May
9.90
11.23
.99
12.23
2.33
MY Jun-May
9.71
11.01
1.04
12.05
2.34
1995/96
Q1 Jun-Aug
11.76
12.70
1.06
13.76
2.00
Q2 Sep-Nov
12.48
13.07
1.57
14.63
2.15
Q3 Dec-Feb
13.10
13.17
1.97
15.14
2.04
Q4 Mar-May
14.80
13.17
2.13
15.29
.49
MY Jun-May
13.04
13.02
1.68
14.71
1.67
1996/97
Q1 Jun-Aug
13.73
13.98
2.23
16.21
2.49
Q2 Sep-Nov
10.61
10.88
1.91
12.79
2.19
Q3 Dec-Feb
10.32
10.52
1.75
12.26
1.94
Q4 Mar-May
10.62
11.32
1.58
12.90
2.27
MY Jun-May
11.32
11.68
1.87
13.54
2.22
1997/98
Q1 Jun-Aug
10.10
10.98
1.28
12.27
2.17
Q2 Sep-Nov
9.98
10.50
1.50
12.00
2.02
Q3 Dec-Feb
9.53
10.27
1.44
11.71
2.18
Q4 Mar-May
9.72
10.72
1.13
11.84
2.12
MY Jun-May
9.83
10.62
1.34
11.96
2.12
1998/99
Q1 Jun-Aug
8.72
9.97
1.00
10.97
2.24
Q2 Sep-Nov
8.90
10.03
.92
10.95
2.06
Q3 Dec-Feb
8.87
9.72
1.17
10.88
2.02
Q4 Mar-May
8.40
9.47
1.00
10.46
2.06
MY Jun-May
8.72
9.80
1.02
10.82
2.09
1999/00
Q1 Jun-Aug
8.35
9.20
.86
10.06
1.71
Q2 Sep-Nov
8.38
9.37
.92
10.29
1.91
Q3 Dec-Feb
8.06
9.13
1.03
10.17
2.11
Q4 Mar-May
8.47
9.48
.96
10.44
1.98
MY Jun-May
8.31
9.30
.95
10.24
1.93
2000/01
Q1 Jun-Aug
8.03
9.10
.84
9.94
1.90
Q2 Sep-Nov
8.08
9.14
.95
10.09
2.01
Q3 Dec-Feb
8.35
9.20
1.21
10.41
2.06
Q4 Mar-May
8.54
9.67
.86
10.53
1.99
MY Jun-May
8.25
9.28
.97
10.24
1.99
2001/02
Q1 Jun-Aug
8.41
9.40
.95
10.35
1.94
Q2 Sep-Nov
8.30
9.07
1.21
10.28
1.98
Q3 Dec-Feb
8.09
9.00
1.13
10.13
2.03
Q4 Mar-May
8.09
8.98
1.09
10.07
1.98
MY Jun-May
8.23
9.11
1.09
10.21
1.98
2002/03
Q1 Jun-Aug
9.15
9.88
1.07
10.95
1.80
Q2 Sep-Nov
11.73
12.45
1.40
13.85
2.13
Q3 Dec-Feb
10.13
10.92
1.16
12.08
1.95
Q4 Mar-May
9.71
10.87
.95
11.81
2.10
MY Jun-May
10.18
11.03
1.14
12.17
1.99
2003/04
Q1 Jun-Aug
9.33
10.33
.96
11.29
1.96
Q2 Sep-Nov
9.67
10.15
1.15
11.30
1.62
Q3 Dec-Feb
10.27
11.03
1.20
12.23
1.97
Q4 Mar-May
10.65
11.17
1.29
12.46
1.81
MY Jun-May
9.98
10.67
1.15
11.82
1.84
2004/05
Q1 Jun-Aug
9.87
10.48
1.19
11.67
1.80
Q2 Sep-Nov
11.16
11.50
1.05
12.55
1.38
Q3 Dec-Feb
10.69
11.88
.84
12.72
2.03
Q4 Mar-May
10.77
11.38
.68
12.06
1.29
MY Jun-May
10.62
11.31
.94
12.25
1.62
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
Q2 Sep-Nov
15.16
15.73
1.74
17.47
2.31
Q3 Dec-Feb
16.99
15.75
1.71
17.46
.47
Q4 Mar-May
16.58
16.38
1.20
17.59
1.01
MY Jun-May
16.16
15.90
1.54
17.45
1.29
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
--
18.10
2.82
20.92
--
Q3 Dec-Feb
20.51
20.15
--
--
--
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: 4/18/2014