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![Page 1: 2010 World & U.S. Wheat Situation 2010 Hard Red Spring & Durum Quality December 7, 2010 Jim Peterson Marketing Director North Dakota Wheat Commission jpeterso@ndwheat.com.](https://reader035.fdocuments.us/reader035/viewer/2022062421/56649c865503460f9493dac1/html5/thumbnails/1.jpg)
2010 World & U.S. Wheat Situation
2010 Hard Red Spring & Durum Quality
December 7, 2010
Jim PetersonMarketing Director
North Dakota Wheat [email protected]
www.ndwheat.com
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World Wheat Situation• Production far below early summer projections…
but still 3rd highest on record– Russian drought, reduced Canadian acres, Western
Australian drought• Usage will reach record high
– Exceed production for first time in 3 years– Continued food growth– Increase in feed use…low quality wheat in
EU/CAN/AUS• Ending stocks expected to decline..but still
historically large• Supply situation different than in 2007-08 when
prices soared to double digits but concerns over 2011 prospects pushing prices
• U.S. export share up dramatically
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WORLD WHEATPRODUCTION AND USE
00-01
01-02
02-03
03-04
04-05
05-06
06-07
07-08
08-09
09-10
Proj. 10-11
300
350
400
450
500
550
600
650
700
11,022
12,859
14,696
16,533
18,370
20,207
22,044
23,881
25,718
Production UseMillion Ton Million Bushel
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WORLD WHEAT PRODUCTION – MAP(Million Bushels)
08-09 09-10 Proj 10-11
1051 988851
Canada
08-09 09-10 Proj 10-11
2498 2218 2208
U.S.
08-09 09-10 Proj 10-11
367 386496
Argentina
08-09 09-10 Proj 10-11
5551 5070 4982
EU 27
08-09 09-10 Proj 10-11
4247 41813108
FSU
08-09 09-10 Proj 10-11
4133 4225 4207
China
08-09 09-10 Proj 10-11
2888 2965 2965
India
08-09 09-10 Proj 10-11
768 827 882
Australia
USDA October 2010xldata./world/all/prod & use
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WORLD WHEAT STOCKS
00-01
01-02
02-03
03-04
04-05
05-06
06-07
07-08
08-09
09-10
Proj 10-11
0
50
100
150
200
250
0
1,837
3,674
5,511
7,348
9,185Million Tons Million Bushels
Source: USDA
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WORLD WHEAT EXPORTSMillion Bushels
EU-27 U.S. Canada Australia Argentina FSU-120
300
600
900
1200
1500
808
1250
643
588
294
614
07-08 08-09 09-10 Proj 10-11
Source: USDA
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U.S. WHEAT PLANTINGS & PRODUCTIONAcres/Bushels
98 99 00 01 02 03 04 05 06 07 08 09 100
20
40
60
80
0
700
1400
2100
2800Planted Harvested Production
Source: USDA Small Grains Summary
Million Acres Million Bushels
Historically low winter wheat acres but offset by record national yield
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Historical U.S. Wheat Yields
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 201020
25
30
35
40
45
50HRS Durum All Wheat
Bushels Per Acre
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U.S. WHEAT SUPPLY & DEMAND Million Bushels
05-06 06-07 07-08 08-09 09-10 Proj10-11
Change
Beg Stocks 540 571 456 306 657 976 49%
Production 2,105 1,808 2,051 2,499 2,218 2,208 0%
Imports 82 122 113 127 119 110 -8%Tot Supply 2,727 2,501 2,620 2,932 2,993 3,294 10%
Dom Use 1,146 1,137 1,050 1,260 1,137 1,196 5%
Exports 1,009 908 1,263 1,015 881 1,250 42%Tot Use 2,155 2,045 2,314 2,275 2,018 2,446 21%End Stocks 571 456 306 657 976 848 -13%
S/U Ratio 26% 22% 13% 29% 48% 35%
Source: USDA
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EXPORT PACE FOR U.S. WHEAT(Shipments and Sales as of November 25, 2010)
HRW SRW HRS WHITE DURUM0
50100150200250300350400
0.01.42.74.15.46.88.29.510.9
09-10 Pace 10-11 PaceMillion Bushels Million Tons
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U. S. FUTURES TRENDSMinneapolis – Hard Red SpringKansas City – Hard Red Winter
Chicago – Soft Red Winter – World prices
$3.00
$4.50
$6.00
$7.50
$9.00
$110.22
$165.33
$220.44
$275.55
$330.66MGE KCBOT CBOT $ per Ton$ per Bushel
Shortage of quality wheat in world market and strong U.S. exports have pushed MPLS and KC prices higher.
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U.S. Hard Red Spring Wheat Share of production by state
18% 49% 15%
10%
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U.S. HARD RED SPRIJNG2010 Overview
A second year of very strong yields with little to no disease pressures but a more challenging harvest in western areas compared to 2009
Planting / Emergence Timely in the central and east but some delays in western
areas Growing Season
Excellent subsoil moisture and timely rains Minimal disease pressures No excessive heat Record yields for the region
Harvest Timely, rapid harvest in eastern half of the region Later than normal in western areas with parts of Montana and
northwest North Dakota hit by long delay in September
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U.S. SPRING WHEAT PLANTINGS & PRODUCTION
98-9
9
99-
00
00-
01
01-
02
02-
03
03-
04
04-
05
05-0
6
06-0
7
07-
08
08-
09
09-
10
10-
11
0
4
8
12
16
20
0
130
260
390
520
650
Planted Harvested Production
Source: USDA Small Grains SummaryXldata/HRS/Acres
* Typically includes 30-60 million bushels of white spring wheat.
Million Acres Million Bushels
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U.S. SPRING WHEAT PRODUCTION BY STATE
North Dakota
Montana South Dakota
Minnesota0
1.5
3
4.5
6
7.5
9
0
55.11
110.22
165.33
220.44
275.55
330.66
Million Tons
050607081011
Million Bushels
Source: USDA Small Grains Summary
Montana had largest production gains in 2010
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U.S. Hard Red Spring Wheat 2010 Harvest Progress
As of August 29
31% 74% 97%
95%
Nationally – 69% versus 75% normalMN and SD completedND near normal, MT well behind
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U.S. Hard Red Spring Wheat 2010 Harvest Progress
As of September 12
56% 85% 100%
100%
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U.S. HARD RED SPRING DEMAND
00-0
1
01-0
2
02-0
3
03-0
4
04-0
5
05-0
6
06-0
7
07-0
8
08-
09
09-
10
10-1
1
0
50
100
150
200
250
300
350
400Exports Domestic Use
Million Bushels
Source: USDA
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COMPARATIVE U.S. WHEAT PROTEIN LEVELS
12% Moisture Basis
80 82 84 86 88 90 92 94 96 98 00 02 04 06 08 1010
11
12
13
14
15
16
17
HRS Wheat5 Yr AvgHRW WheatFive Yr Avg
Protein Content
10/26/10
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COMPARATIVE U.S. HRS & CWRS PROTEIN LEVELS
12% Moisture Basis
90 92 94 96 98 00 02 04 06 08 1012.0
12.5
13.0
13.5
14.0
14.5
15.0
15.5
U.S. HRS5 Yr AvgCWRSFive Yr Avg
Protein Content
10/26/10
Grade shortfalls and low protein dual challenge with Canadian crop in 2010
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EXPORT PACE – U.S. HRS WHEAT2010-11 as of November 25, 2010
Total Europe Asia Africa W Hemisphere0
1.5
3
4.5
6
7.5
0
55
110
165
220
276
09/10 10/11Million Tons Million Bushels
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U.S. HARD RED SPRING SUPPLY & DEMAND Million Bushels
05/06 06/07 07/08 08-09 09-10 Proj10-11
Change
Beg Stocks 159 132 117 68 142 234 65%Production 467 432 450 512 548 570 4%Imports 12 50 48 45 41 35 -15%Tot Supply 638 614 615 625 731 839 15%Dom Use 225 247 242 273 282 268 -5%Exports 282 250 305 210 214 360 70%Tot Use 506 497 547 483 496 628 25%End Stocks 132 117 68 142 234 211 -10
S/U Ratio 26% 24% 12% 29% 47% 34%
Source: USDA
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U.S. HARD RED SPRING2010 Quality
Summary:Average grade - #1 Northern Spring with above average test weights
Improved protein levels over record low 2009 crop, but still below traditional level
Little to no damaged kernels, but lower vitreousness (color) and some pockets of lower falling numbers
Performance – Increased flour yields, lower absorption, some improvement in dough strength and similar loaf volumes (both still below traditional levels)
Data is based on collection of 713 producer samples -- represents entire harvest with the exception of parts of Montana. Analysis by North Dakota State University, Plant Sciences Department, Hard Red Spring Wheat Quality Lab
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HRS: Grade Distribution
#1 DNS #1 NS #2 DNS OTHER0
10
20
30
40
50
6054
34
1
11
56
28
3
13
2009 2010
Percent
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HRS: Test Weight
05 06 07 08 09 1057.0
58.0
59.0
60.0
61.0
62.0
63.0
60.2
60.6 61.1 61
61.8 61.6
Annual Avg5-yr Avg
Pounds/bushel
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HRS: Total Defects
05 06 07 08 09 100
1
2
3
4
Foreign MaterialDamagedShrunken & Broken
Percent
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HRS: Protein Content(12% Moisture Basis)
05 06 07 08 09 1012.0
12.5
13.0
13.5
14.0
14.5
15.0
15.5
16.0
14.615.0
14.2 14.3
13.1
13.7Annual Avg5-yr Avg
Percent
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HRS: Protein Content Distribution
-11.9 12.0-12.9 13.0-13.9 14.0-14.9 15.0+0
25
50
2009 2010Percent
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HRS: Protein by Area(12% moisture basis – percent)
A12.8
E13.6
C13.5
B13.4
D13.5
A14.1
B13.6
A13.1C
13.3
A13.5
B14.2 C
14.7
E14.4
D14.5
B13.8
F13.8
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HRS: Falling Number
05 06 07 08 09 10250
300
350
400
450
414 416428
379 375387
Annual Avg5-yr Avg
Seconds
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HRS: Vitreous Kernel Count
05 06 07 08 09 1050
60
70
80
90
100
68
8279
71 71 70
Annual Avg5-yr Avg
Seconds
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HRS: 2010 Vitreous Kernelsby State (percent)
74
77
70
58
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HRS: Flour Extraction
05 06 07 08 09 1060.0
62.0
64.0
66.0
68.0
70.0
72.0
70.0 68.6 68.8 69.869.1
70.0
Annual Avg.5-Yr. Avg.
Test milling was conducted on a Buhler laboratory mill. Results are suitable for comparison between crop years, however yields are lower than those obtained in commercial mills.
Percent
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HRS: Flour Protein (14% moisture)
05 06 07 08 09 1011.5
12.0
12.5
13.0
13.5
14.0
14.5
13.4
13.9
13.4 13.3
12.312.6
Annual Avg.5-Yr. Avg.
Percent
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HRS: Farinogram Absorption
05 06 07 08 09 1050.0
55.0
60.0
65.0
70.0
65.6 66.4 65.766.9 66.2
64.5
Annual Avg.5-Yr. Avg.
Percent
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U.S. Hard Red Spring: Dough Mixing Strength
05 06 07 08 09 100
2
4
6
8
Annual Avg 5-yr Avg
Mixogram ScoreScale 1- 8
Reference Farinograms
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U.S. Hard Red Spring WheatDough Quality : Farinograph Times
05 06 07 08 09 100
10
20
30
40
0
2
4
6
8
PEAK MIX TOL (minutes) CLASS (Scale: 1-8)
Minutes Classification
05 06 07 08 09 10Peak 5.7 10.8 9.6 7.1 6.3 6.2
Mix Tolerance
9.9 22.4 22.1 11.0 9.9 10.2
Class 5.1 7.5 6.9 5.0 4.8 4.8
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HRS: Stability by Area(minutes)
A9.0
B6.5
C7.5
A10.5 B
10.0
D11.5
C11.0
E8.5
A11.5
D11.0
E14.0
B9.5 A
9.0
B9.5
C12.0
F10.0
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HRS: Loaf Volume
05 06 07 08 09 10850
900
950
1000
1050
1100
1015
1042
975 977
925 927
Annual Avg.5-Yr. Avg.
Cubic Centimeters
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HRS: 2010 Loaf Volumeby State (cubic cm)
894 923943
917
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WORLD DURUM PRODUCTIONMillion Bushels
00 01 02 03 04 05 06 07 08 09 Proj 10
0
400
800
1200
1600
1,2311,165
1,2681,354
1,4881,378
1,313 1,286
1,4291,506
1,264
OtherTunisiaMoroccoAlgeriaTurkeyUSCanadaEU
Source: Stats Canada and Int’l Grains Council
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WORLD DURUM PRODUCTION – MAP(Million Bushels)
08 09 Pro 10
202 198110
Canada
08 09 Proj 10
85110 107
U.S.
08 09 Proj 10
7381 81
MEXICO
08 09 Proj 10
367 323 320
EUROPEAN UNION
08 09 Proj 10
246276
235
TURKEY/SYRIA/KZ
08 09 Proj 10
312 272 242
OTHER
08 09 Proj 10
125
228165
NORTH AFRICA
08 09 Proj 10
18 18 18
AUSTRALIA
Source: Stats Canada and Int’l Grains Council
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Durum Stocks in Major Exporters U.S., Canada, European Union (As of June 1)
00-
01
01-
02
02-
03
03-
04
04-
05
05-0
6
06-0
7
07-0
8
08-0
9
09-1
0
10-1
1
0
2
4
6
8
0
73
146
219
292U.S. Canada EU
Source: Stats Canada and Int’l Grains Council
Million Tons Million Bushels
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WORLD DURUM EXPORTS
Canada United States
EU *Others0
50
100
150
200
0
10
20
30
40
50
60Million Bushels
05060708Proj 1011
Million Tons
Others includes Turkey, Syria, Mexico and Australia Source: Int’l Grains Council
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U.S. DURUM2010 Overview
Record yields and production in MT. Smaller Desert Durum Crop in AZ and CA (reduced acres). Larger durum crop in ND (higher acres). Quality of Northern crop compromised by September rains/frost.
Overall production Similar to 2009
Demand Still seeing strong domestic use Export sales started strong but have since fallen behind last
year due to political issues in Algeria, weaker Euro and compromised quality
Prices Wide quality price spreads in the market ($3.50 to $7.25) Top-end durum is nearly a $1 below 14% protein HRS
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U.S. DURUM WHEAT PLANTINGS & PRODUCTION
98-9
9
99-
00
00-
01
01-
02
02-
03
03-
04
04-
05
05-0
6
06-0
7
07-0
8
08-
09
09-
10
10-
11
0
1
2
3
4
5
6
0
25
50
75
100
125
150
Planted Harvested Production
Source: USDA Small Grains SummaryXldata/durum/acres
Million BushelsMillion Acres
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U.S. DURUM WHEAT PRODUCTION BY STATE
North Dakota Montana AZ & CA0.0
0.6
1.2
1.8
2.4
3.0
0
22
44
66
88
110Million Tons
0506070809Column2
Million Bushels
Source: USDA Small Grains Summary
Desert Durum accounted for smaller share of 2010 crop
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DURUM SUPPLIES IN THE U.S.
00-0
1
01-0
2
02-0
3
03-0
4
04-0
5
05-0
6
06-0
7
07-0
8
08-0
9
Est 0
9-10
Proj
10-
11
020406080
100120140160180200
0.0
1.4
2.7
4.1
5.4
6.8
50 45 33 28 26 38 40 22 8 25 35
11084
80 97 90101
53 72 84
109 107
25
3430 20 29
32
42 40 38
3540
Beg Stocks Production Imports
Source: USDA
Million Bushels Million Tons
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U.S. DURUM DEMAND
00-0
1
01-0
2
02-0
3
03-0
4
04-0
5
05-0
6
06-0
7
07-0
8
08-
09
09-
10
10/1
1
0.0
0.5
1.0
1.5
2.0
2.5
0
18
37
55
73
92Million Tons Exports Food Use Million Bushels
Source: USDA
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EXPORT PACE – U.S. DURUM WHEAT2010-11 as of November 25, 2010
Total Europe Africa W Hemisphere0.0
0.2
0.4
0.6
0.8
1.0
0.0
7.3
14.7
22.0
29.4
36.7
09/10 10/11Million Tons Million Bushels
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U.S. DURUM SUPPLY & DEMAND Million Bushels
05/06 06/07 07/08 08-09 09-10 Proj10-11
Change
Beg Stocks 38 40 22 8 25 35 40%Production 101 53 72 84 109 107 -1%Imports 32 42 40 38 35 40 15%Tot Supply 171 135 134 130 169 182 7%Dom Use 84 79 84 81 90 89 -1%Exports 47 35 42 24 44 50 14%Tot Use 131 114 126 105 134 139 2%End Stocks 40 21 8 25 35 43 23%
S/U Ratio 31% 18% 6% 24% 26% 31%
Source: USDA
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U.S. NORTHERN DURUM2010 Quality
Source: North Dakota State UniversityDurum Wheat Quality LabPlant Sciences Department
Summary: Crop averages a #1 HAD but first 60% of the crop is of much higher quality than last portion Near average test weights but below average protein, vitreous kernels and falling numbersMilling extractions higher than 09 and 5-yr averageSemolina mixing strength near averagePasta color scores and cooked firmness below average due to September rains
2009 Carryover stocks remain high and the crop was of excellent quality…will help mitigate some quality issues in 2010
Data based on 204 producer samples collected during harvest. Last 20% of MT crop not sampled due to late harvest
Last 20% of MT
crop not analyzed
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N.D. Durum Harvest Progress
8-Aug 15-Aug 22-Aug 29-Aug 5-Sep 12-Sep 19-Sep 26-Sep 3-Oct0
20
40
60
80
100
2009 2010 5-yr. avg.Percent
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U.S. Northern DurumGrade Distribution
#1 HAD#2 HAD
#1-#2 AD#3 HAD
OTHER0
10
20
30
40
50
60
70
8069
10 10
0
11
54
15
6 6
19
2009 2010
Percent
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DURUM: Test Weight
05 06 07 08 09 1057.0
58.0
59.0
60.0
61.0
62.0
60.8
59.9 59.960.2
61.4
60Annual Avg5-yr Avg
Pounds/bushel
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DURUM: Falling Number
05 06 07 08 09 10200
250
300
350
400
450
378 385367
322
398
335Annual Avg5-yr Avg
Seconds
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DURM: Falling Numbers by Crop Area
A432
B414
A264
B323
C372
D443
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U.S. Northern Durum: Vitreous Kernel Content
05 06 07 08 09 1070
75
80
85
90
95
100
91 90
95
83 83 82Annual Avg5-yr Avg
Percent
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DURUM: Vitreous Kernel Content Distribution
-50 50-59 60-74 75-89 90+0
10
20
30
40
50
60
2009 2010
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DURUM: 2010 Vitreous Kernelsby Crop Area (percent)
A87
B86
A79
B82
C88
D84
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DURUM: Total Defects
04 05 06 07 08 09 100
1
2
3
4
Foreign MaterialDamageShrunken & Broken
Percent
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DURUM: 2010 Total Defectsby Crop Area (percent)
A0.8
B1.0
A3.2
B1.3
C1.2
D0.9
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DURUM: Protein Content(12% moisture basis)
05 06 07 08 09 1012.0
13.0
14.0
15.0
16.0
17.0
13.4
15.1 15.114.8
13.5 13.4
Annual Avg5-yr Avg
Percent
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DURUM: 2010 Protein Contentby Crop Area (12% moisture)
A13.1
B13.1
A13.5
B13.4
C13.9
D13.6
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DURUM: Semolina Extraction
05 06 07 08 09 1050
55
60
65
70
75
80
Total Extrac-tion5-Yr Avg.Semolina Extrac-tion
Percent
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DURUM: Semolina Mixing Strength
05 06 07 08 09 100
2
4
6
8
Annual Avg.5-Yr. Avg.
Mixogram ScoreScale 1- 8
Reference Mixograms
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DURUM: 2010 Semolina Mixing Strength (mixogram score by crop area)
A7.0
B5.0
A5.0
B6.0
C6.0
D6.0
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DURUM: Pasta Color Score
05 06 07 08 09 100
3
6
9
12
9.4 9 9.1 8.79.5
8.3
Annual Avg5-yr Avg
Scale of 1-12
A pasta sample with a score of 8.0 or higher is considered to have good quality.
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DURUM: 2010 Pasta Color Score scale of 1 -12
A8.5
B9.0
A8.0
B8.0
C8.5
D8.5
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DURUM: Pasta Cooked Firmness
05 06 07 08 09 104.0
5.0
6.0
7.0
5.65.9
5.6 5.7
5
4.5
Annual Avg5-yr Avg
Grams cm
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DURUM: 2010 Pasta Cooked Firmness grams cm
A4.2
B4.8
A4.4
B4.2
C4.4
D4.8
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Average N.D. Hard Red Spring & Durum Wheat Producer Bids
Per TonPer Bushel
Source: Basket of average 9 ND elevator bids posted in AgWeek
$3.00
$4.00
$5.00
$6.00
$7.00
$8.00
$110.22
$146.96
$183.70
$220.44
$257.18
$293.92
What does recent price gains in HRS mean for 2011 acres in U.S?
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THANK YOU!
QUESTIONS?
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U.S. SPRING WHEAT PLANTINGS BY STATE
North Dakota Montana South Dakota Minnesota0
1
2
3
4
0.0
2.5
4.9
7.4
9.9Million Hectares
050607080910
Million Acres
Source: USDA Small Grains Summary9/30/10