The U.S. Department of Agriculture report was so good for wheat, that it has exceeded last year's condition by a whopping 55 percent for the same time frame.
As of October 26, 65 percent of winter wheat was in either good or excellent condition said the USDA report.
With the plethora of wheat available, wheat futures dropped 15.5 cents to $5.14 a bushel on the Chicago Board of Trade.
Much of this abundance came because farmers saw the amazing price of $13.495 a bushel on February 27, and so planted far too much, thinking it would profit them. Unfortunately, they never seem to learn that once the price has elevated to such levels, there was no way it could continue on because of the obvious surge in planting, which would ultimately drive the prices down, as supply increased. That, of course, is what has happened.
Another key factor has been the abundance of rain, which along with the huge sowing, has produced a huge crop.
Global wheat harvests could increase by 11 percent to reach a record of 680.2 million tons. It's also estimated that stockpiles around the world could grow by 21 percent to 144.4 million tons, according to the USDA.
Tuesday, October 28, 2008
Friday, October 24, 2008
As Technology Improves, Better Wheat Varieties Developed Quicker
It wasn't too long ago that it took ten years for a new variety of wheat to move from the greenhouse to the fields. That has all changed now as wheat lines are able to be diagnosed much quicker than their past counterparts.
In simple terms, a scientist looks for what they call molecular markers, which are what is measured to determine if a particular trait desired by the breeder is inherent in the plant.
The reason this quickens the process is the plants can be weeded out at the lab level rather than the field test level, streamlining the process.
So what breeders do is use that information to decide what plants should go forward in the program.
To that end, Shiaoman Chao, a molecular geneticist at the Agricultural Research Service (ARS) laboratory at North Dakota State University, has put together a database on wheat molecular markers which will ultimately be put up on the GrainGenes Web site, where breeders will be able to search the database for information to help them decide which wheat lines they want to proceed with.
In simple terms, a scientist looks for what they call molecular markers, which are what is measured to determine if a particular trait desired by the breeder is inherent in the plant.
The reason this quickens the process is the plants can be weeded out at the lab level rather than the field test level, streamlining the process.
So what breeders do is use that information to decide what plants should go forward in the program.
To that end, Shiaoman Chao, a molecular geneticist at the Agricultural Research Service (ARS) laboratory at North Dakota State University, has put together a database on wheat molecular markers which will ultimately be put up on the GrainGenes Web site, where breeders will be able to search the database for information to help them decide which wheat lines they want to proceed with.
Wednesday, October 22, 2008
Wheat Foods Council Explores Pasta Around the Globe with 'World of Pastabilities'
Pasta recipes from North Africa to Russia celebrate World Pasta Day
PARKER, Colo., Oct 22, 2008 /PRNewswire via COMTEX/ -- In celebration of World Pasta Day on Saturday, October 25th, the Wheat Foods Council explores pasta's global influence with World of Pastabilities. Beginning in October, people can get a "taste" of pasta in a variety of ethnic cuisines via educational information and authentic recipes for Italian, Mediterranean, Mexican, North African and Russian pasta dishes at http://www.wheatfoods.org.
"World of Pastabilities challenges people to think outside of what they traditionally consider pasta and discover how others around the world consume the popular grain food," said Marcia Scheideman M.S., R.D., president of the Wheat Foods Council. "No matter the country or cuisine, pasta is a nutritious, delicious and economically efficient food and a sizeable amount of that pasta is made with durum wheat grown right here in the United States."
At Wheat Foods, people can taste pasta as it is enjoyed in other countries and cultures through the following recipes: Spiced Couscous (North Africa), Shrimp Fideos Soup (Mexico), Sausage with Fettuccini (Italian), Pasta with Shrimp and Feta (Mediterranean) and Beef Stroganoff (Russian). Visitors will also find pasta information, including the wheat from which it is made, its history, nutritional content and proper preparation.
Pasta, an Italian word meaning paste, describes the various shapes and sizes of products made with flour and water. There are more than 600 pasta shapes worldwide, ranging from the tiny bead-like North African couscous, Greek-favored orzo and German spaetzle to the larger, ingredient-filled Italian ravioli, Asian wontons and Polish pierogis. With the highest per capita pasta consumption at 62 pounds, Italy is the country most commonly associated with pasta according to a 2006 survey conducted by Union of Organizations of Manufacturers of Pasta Products of the EU. The Italians are followed by Venezuela at 29 pounds, Tunisia at 26 pounds, Greece at 22 pounds, Switzerland 21 pounds and the United States at 20 pounds.
While opening eyes and mouths to pasta in other countries, the Wheat Foods Council also recognizes the important role America plays in pasta production. Much of the world's pasta is made from durum wheat flour. Durum is the hardest of the six classes of wheat grown in the United States and North Dakota leads the country in Durum production. Italy followed by Tunisia, Venezuela and Nigeria were the top importers of U.S. durum wheat in 2007.
"Durum is considered the gold standard for pasta production; the wheat kernel's density and high protein and gluten content result in firm pasta with consistent cooking quality," said Kyle Martin, communications director, North Dakota Wheat Commission. "This program teaches people about the origins and culinary diversity of a food that connects cuisines and cultures around the world. It's a true celebration of World Pasta Day."
About the Wheat Foods Council
The Wheat Foods Council is a nonprofit organization formed in 1972 to help increase public awareness of grains, complex carbohydrates and fiber as essential components of a healthful diet. The Council is supported voluntarily by wheat producers, millers, bakers, and related industries.
SOURCE Wheat Foods Council
Copyright (C) 2008 PR Newswire. All rights reserved
PARKER, Colo., Oct 22, 2008 /PRNewswire via COMTEX/ -- In celebration of World Pasta Day on Saturday, October 25th, the Wheat Foods Council explores pasta's global influence with World of Pastabilities. Beginning in October, people can get a "taste" of pasta in a variety of ethnic cuisines via educational information and authentic recipes for Italian, Mediterranean, Mexican, North African and Russian pasta dishes at http://www.wheatfoods.org.
"World of Pastabilities challenges people to think outside of what they traditionally consider pasta and discover how others around the world consume the popular grain food," said Marcia Scheideman M.S., R.D., president of the Wheat Foods Council. "No matter the country or cuisine, pasta is a nutritious, delicious and economically efficient food and a sizeable amount of that pasta is made with durum wheat grown right here in the United States."
At Wheat Foods, people can taste pasta as it is enjoyed in other countries and cultures through the following recipes: Spiced Couscous (North Africa), Shrimp Fideos Soup (Mexico), Sausage with Fettuccini (Italian), Pasta with Shrimp and Feta (Mediterranean) and Beef Stroganoff (Russian). Visitors will also find pasta information, including the wheat from which it is made, its history, nutritional content and proper preparation.
Pasta, an Italian word meaning paste, describes the various shapes and sizes of products made with flour and water. There are more than 600 pasta shapes worldwide, ranging from the tiny bead-like North African couscous, Greek-favored orzo and German spaetzle to the larger, ingredient-filled Italian ravioli, Asian wontons and Polish pierogis. With the highest per capita pasta consumption at 62 pounds, Italy is the country most commonly associated with pasta according to a 2006 survey conducted by Union of Organizations of Manufacturers of Pasta Products of the EU. The Italians are followed by Venezuela at 29 pounds, Tunisia at 26 pounds, Greece at 22 pounds, Switzerland 21 pounds and the United States at 20 pounds.
While opening eyes and mouths to pasta in other countries, the Wheat Foods Council also recognizes the important role America plays in pasta production. Much of the world's pasta is made from durum wheat flour. Durum is the hardest of the six classes of wheat grown in the United States and North Dakota leads the country in Durum production. Italy followed by Tunisia, Venezuela and Nigeria were the top importers of U.S. durum wheat in 2007.
"Durum is considered the gold standard for pasta production; the wheat kernel's density and high protein and gluten content result in firm pasta with consistent cooking quality," said Kyle Martin, communications director, North Dakota Wheat Commission. "This program teaches people about the origins and culinary diversity of a food that connects cuisines and cultures around the world. It's a true celebration of World Pasta Day."
About the Wheat Foods Council
The Wheat Foods Council is a nonprofit organization formed in 1972 to help increase public awareness of grains, complex carbohydrates and fiber as essential components of a healthful diet. The Council is supported voluntarily by wheat producers, millers, bakers, and related industries.
SOURCE Wheat Foods Council
Copyright (C) 2008 PR Newswire. All rights reserved
Wednesday, October 15, 2008
Wheat Prices in European Union Fall on Recession Fears
Wheat prices in the European Union fell today, largely tracking the global markets and U.S. grain futures.
The emotional boost from the central banks' PR machine around the world is largely over, and even if bankruptcy on a global scale has been avoided, the fundamentals underlying the problem remain, and most commodities, including wheat, continue to feel the downward pressure as a result.
In Europe, November milling wheat futures dropped by 4 euros to 143.00 euros a ton, as of 1500 GMT on the Euronext.
Wheat futures in London fell as well, as the strength of the British pound against the U.S. dollar and euro is slowing down exports from the country. Wheat exports from Britain are down a huge 42 percent from last year, as competition, along with the stronger sterling hammers the export market.
Italy also experienced a significant drop in wheat prices, as they have fallen between 5-10 euros from last week's close.
There is an abundance of wheat, and that surplus, along with weaker demand, is pushing down prices.
The emotional boost from the central banks' PR machine around the world is largely over, and even if bankruptcy on a global scale has been avoided, the fundamentals underlying the problem remain, and most commodities, including wheat, continue to feel the downward pressure as a result.
In Europe, November milling wheat futures dropped by 4 euros to 143.00 euros a ton, as of 1500 GMT on the Euronext.
Wheat futures in London fell as well, as the strength of the British pound against the U.S. dollar and euro is slowing down exports from the country. Wheat exports from Britain are down a huge 42 percent from last year, as competition, along with the stronger sterling hammers the export market.
Italy also experienced a significant drop in wheat prices, as they have fallen between 5-10 euros from last week's close.
There is an abundance of wheat, and that surplus, along with weaker demand, is pushing down prices.
Tuesday, October 14, 2008
ICE Delisting Feed Wheat as of Thursday
Thursday will be the last day feed wheat will be offered ICE Futures Canada exchange, as the October 2008 contract on Thursday will be the last offered.
In place of the feed wheat contract, which simply drew little interest, the InterContinental Exchange (ICE), parent of ICE Futures Canada, suggests the transition to western barley futures instead, which closely mirror the Canadian domestic feed wheat market. It could be used as a hedge in place of feed wheat, suggests ICE.
In place of the feed wheat contract, which simply drew little interest, the InterContinental Exchange (ICE), parent of ICE Futures Canada, suggests the transition to western barley futures instead, which closely mirror the Canadian domestic feed wheat market. It could be used as a hedge in place of feed wheat, suggests ICE.
Friday, October 10, 2008
U.S. Department of Agriculture's Supply/demand Report Raises 2008-09 Wheat Carryout Estimate
The U.S. Department of Agriculture's supply/demand report on wheat carryout surprised a number of industry analysts, as they were looking for carryout to fall, as overseas demand and increased usage for feed generated the assumption carryout would decrease.
On the contrary, government estimates for 2008-09 wheat carryout increased from 574 million bushels to 601 million.
The major reason for all this is even with increased demand and domestic usage, wheat production has been so high that it offset the other two factors.
With acreage for wheat use already expanded for the 2008-09 season based on high wheat prices, it will be a challenge to maintain those prices as production increases even more than this year.
According to the USDA, global wheat production is estimated at 680.2 million tons, a record crop.
All of this isn't a big surprise of course, as we all knew there was going to be a huge crop, the surprise is in the increase of the carryout rather than decline.
On the contrary, government estimates for 2008-09 wheat carryout increased from 574 million bushels to 601 million.
The major reason for all this is even with increased demand and domestic usage, wheat production has been so high that it offset the other two factors.
With acreage for wheat use already expanded for the 2008-09 season based on high wheat prices, it will be a challenge to maintain those prices as production increases even more than this year.
According to the USDA, global wheat production is estimated at 680.2 million tons, a record crop.
All of this isn't a big surprise of course, as we all knew there was going to be a huge crop, the surprise is in the increase of the carryout rather than decline.
Wednesday, October 8, 2008
New Gascoigne wheat Strain May Work Well in Dry Australian Climate
Australian farmers should have another arrow in their wheat quiver as a new variety named Gascoigne has been developed that has worked well in past trials.
According to CSIRO it will probably perform best in the south-east New South Wales area.
CSIRO wheat breeder Garry Rosewarne said:
"It topped two trial sites in a very dry environment, but we've also had this in trials in 2004 and 2005 when they were quite good years and it was also yielding very well then.
"It's also got quite a large seed size, so we think that's certainly an advantage, particularly in dry finishes where you might get a lot of screenings.
"And it seems to perform well against all of the three rusts; leaf rust, stripe rust and stem rust."
According to CSIRO it will probably perform best in the south-east New South Wales area.
CSIRO wheat breeder Garry Rosewarne said:
"It topped two trial sites in a very dry environment, but we've also had this in trials in 2004 and 2005 when they were quite good years and it was also yielding very well then.
"It's also got quite a large seed size, so we think that's certainly an advantage, particularly in dry finishes where you might get a lot of screenings.
"And it seems to perform well against all of the three rusts; leaf rust, stripe rust and stem rust."
Tuesday, October 7, 2008
US Wheat Plunges on Economic Fears and Pressure
Commodities continue to take a beating as the markets worldwide become under increasing pressure. Wheat suffered along with most others as they tumbled on all the exchanges.
Along with the economic conditions, other factors were the stronger U.S. dollar and the drop in price of soybeans and corn. A stronger U.S. dollar makes investments in commodities less attractive to foreign traders.
The outlook for 2008 through 2009 looks somewhat grim for wheat, as outside pressures of the global economy continue and the projected record wheat crop drives prices further down.
Along with U.S. wheat production, Canada is raising its wheat production forecast, as are many other countries.
Much of that is because of increased number of acres being planted in wheat as well as expected good weather conditions.
On the Chicago Board of Trade December wheat dropped by 45 cents to $5.95 1/4 a bushel for December. December wheat on the Kansas City Board of Trade fell 42 1/4 cents to $6.28 1/4 a bushel, while December wheat declined by 38 cents to $6.64 3/4 on the Minneapolis Grain Exchange.
Along with the economic conditions, other factors were the stronger U.S. dollar and the drop in price of soybeans and corn. A stronger U.S. dollar makes investments in commodities less attractive to foreign traders.
The outlook for 2008 through 2009 looks somewhat grim for wheat, as outside pressures of the global economy continue and the projected record wheat crop drives prices further down.
Along with U.S. wheat production, Canada is raising its wheat production forecast, as are many other countries.
Much of that is because of increased number of acres being planted in wheat as well as expected good weather conditions.
On the Chicago Board of Trade December wheat dropped by 45 cents to $5.95 1/4 a bushel for December. December wheat on the Kansas City Board of Trade fell 42 1/4 cents to $6.28 1/4 a bushel, while December wheat declined by 38 cents to $6.64 3/4 on the Minneapolis Grain Exchange.
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