Reuters reports that a combination of well-fertilized fields and hot, dry weather is leading to the highest-protein U.S. spring wheat crop in five years, and former high premiums for protein are evaporating.
MGEX spring wheat futures are trading near a three-month high due to the small crop, closing at $9.50 per bushel on Thursday, and the Minneapolis premium over Chicago Board of Trade wheat remains at about a two-month high.
But with half of the crop harvested, the wheat had an average protein content of 15.1 per cent, up from averages of 13.7 per cent and 13.2 per cent during the past two years, according to the U.S. Wheat Associates.
Two months ago, rail cars of 15 per cent protein wheat delivered to Chicago were priced $5.10 per bushel above the benchmark MGEX futures price while 13 per cent wheat was 80 cents above futures, according to USDA data. Last week, the price was the same for 13 or 15 per cent protein.
Funny its dry from texas to SD kind of think protien would be high wouldnt you. But also how much will get seeded this fall in this area HM!!
MGEX spring wheat futures are trading near a three-month high due to the small crop, closing at $9.50 per bushel on Thursday, and the Minneapolis premium over Chicago Board of Trade wheat remains at about a two-month high.
But with half of the crop harvested, the wheat had an average protein content of 15.1 per cent, up from averages of 13.7 per cent and 13.2 per cent during the past two years, according to the U.S. Wheat Associates.
Two months ago, rail cars of 15 per cent protein wheat delivered to Chicago were priced $5.10 per bushel above the benchmark MGEX futures price while 13 per cent wheat was 80 cents above futures, according to USDA data. Last week, the price was the same for 13 or 15 per cent protein.
Funny its dry from texas to SD kind of think protien would be high wouldnt you. But also how much will get seeded this fall in this area HM!!