Weekly Market Highlights
- Wheat futures and basis premium prices both continued to climb higher this week. Flour prices for nearly all grades likely will be higher for the foreseeable future.
- Spring wheat crop condition reports disappointed the market. Much needed rains did fall over the weekend, but it may take some time before we see ratings improve, and more rain is needed long term.
- Crop condition reports set the market on a tear Tuesday; weather for the spring wheat crop will continue to command attention.
- Reports of low protein and disease in winter wheat that is currently being harvested have gone from bad to worse. The next couple of weeks will about wrap up this harvest, but from what we know now, protein is going to be very costly for the next year.
- The wheat movement could be expected to slow as farmers wait to see where this market will take prices for the wheat they have in storage.
Facts on Flour: Soft White Wheat
Soft White Wheat is primarily grown in the Pacific Northwest. It is also grown in areas scattered throughout Montana. Soft wheat flour is used in cakes, crackers, cookies, pastries, quick bread, muffins and snack foods. The
bulk of this wheat class is exported for use in flat bread, noodles and sponge cake.
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