Weekly Market Highlights
- Wheat futures prices are very close to last week’s levels. Markets are in the process of moving to July futures.
- Futures tested lows through Monday but found support in Tuesday’s and Wednesday’s trading sessions, led in part by planting concerns.
- Spring wheat planting is well behind last year and the recent five-year average now. So far the weather has not turned favorable.
- Basis premiums are firm to higher, sharply higher in the case of spring wheat, especially high protein spring wheat due in part to a lack of farmer selling.
- This season’s U.S. winter wheat crop has gone from concerns around drought to a fair chance it will be another low-protein crop.
- Prices could continue to be higher and more volatile until the spring wheat crop is planted and markets can be more certain of the quality of the winter wheat crop.
Facts on Flour: Put’em all together and what d’ya get?
With the major classifications categories defined – Winter and Spring, Hard and Soft, Red and White – we can combine them to discover the range of wheat available. The major classifications of wheat used in the U.S. are Hard Red Winter, Hard Red Spring, Soft Red Winter and Soft White Winter. One other classification of wheat is Durum. Now that we have identified the major wheat types, over the next several weeks, we can begin to discuss different flour types. Because, just as wheat is not “just wheat,” flour is not “just flour.”
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