Weekly Market Highlights
- Minneapolis spring wheat market futures prices closed higher this week following Wednesday’s market.
- Kansas City winter wheat futures prices continued to fall along with the welcome rain across the Central and Southwest winter wheat growing areas.
- Hopes are that these timely rains will begin to improve the crop conditions that had been sliding in recent weeks.
- The current trade U.S. spring wheat crop estimate is about 3% smaller than last year and 9% smaller than the recent five year average. Last year’s crop was already the smallest crop since 1972. Spring wheat carryover is not as ample as winter wheat. This explains well why futures are finding support.
- Market participants are eager to learn what the USDA will report tomorrow in their annual Prospective
- Plantings and quarterly Grain Stocks reports. Markets could take their lead from this information in the coming weeks.
Facts on Flour Got Flour?
When we talk “flour,” we are talking about wheat flour. Because wheat is the most commonly distributed cereal grain in the world, a reference to flour is generally a reference to wheat flour. And just as flour is not “just flour,” wheat is not “just wheat.” Wheat can be classified by three major categories: growing season (winter, spring), kernel hardness (hard, soft) and bran color (red, white).
These categories have a significant impact on the functionality of the finished flour.
Over the next few weeks, we will be discussing each of these categories more in depth.
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