Legacy Market News 10-20-2017

Weekly Market Highlights

  • Hard red spring wheat futures are lower this week; hard red winter wheat futures are nearly unchanged as we write this.
  • Basis Premium prices for higher protein levels of both spring and winter wheat are moving higher, as futures prices are not high enough to encourage sellers to part with their wheat.
  • Russia’s massive wheat crop estimates continue to get larger, up 13% from their record crop last year. Russian exports are expected to be very large this year, making competition for export business more difficult.
  • U.S. winter wheat planting continues to lag the five-year average, but should make good progress if the weather is clear.
  • U.S. and world stocks of wheat are plentiful, limiting rally potential short term.

Facts on flour

Self-rising flour is an all-purpose flour with the addition of baking powder and salt. Baking powder, known by bakers as a chemical leavening agent, is a combination of baking soda and leavening acids (sodium aluminum phosphate and monocalcium phosphate). Once in a dough or a batter, the soda and the acids react to release carbon dioxide gas allowing a baked good, such as a cake or biscuit, to rise. The added salt is simply a flavoring component. If it is necessary to use all-purpose flour in recipes calling for self-rising flour, add 1 1/2 teaspoons baking powder and 1/2 teaspoon salt for each cup of flour. It is important to use a self-rising flour only for recipes that specifically call for this type of flour. A self-rising flour is most commonly used for chemically leavened baked goods such as quick breads (banana bread, pumpkin bread, etc.) and biscuits. A self-rising flour is not used for yeast leavened products such as pizza dough, pan breads, etc.

Legacy Market 20 October 2017

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