Wheat Spread

[rain]

Charlie do you have any idea what the normal wheat spread is between chicago wheat futures and Minn Red wheat futures.

Thanks

[charliep]

The MGE (spring wheat) CBOT (SRW) spread varies a lot but has held mostly in the 40 to 70 cent/bu range over past three years. Tight supplies in soft red winter crop, seeding delays in the US SRW crop as a result of rain and the Egyptian wheat tender are all factors that are narrowing this spread. I can send a spread sheet but it is interesting in the early 90 s the spread was more like zero to 40 cents with several periods SRW was worth more than spring wheat.