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
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
--
19.95
--
--
--
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.