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August 1, 2025
Breakout Sessions
per unit of
output
Labor Productivity
ܸ݈ܽݑ݁ ݂ ܨܽݎ݉ … 1951)
• Greater labor productivity and efficiency are associated … 2019)
• Labor efficiency and productivity are significantly correlated …
May 7, 2019
Grain Market Outlook
Kansas HRW Winter Wheat Futures & Cash Markets
Hard red winter wheat market prices in the U.S. have continued to weaken since late January 2019, with
declines in futures prices somewhat mitigated by stronger basis levels in Kansas Hard Red Winter (HRW)
wheat cash markets.
After reaching highs of $6.34 on August 8, 2018, and $5.35 ½ on January 24, 2019, JULY 2019 HRW Wheat
futures had declined down to lows of $3.90 ½ on Tuesday, April 30th and $3.91 ½ on Monday, May 6th – before
closing at $4.03 the same day. The closing price of $4.03 on May 6th is down 36.4% from the August 2018
high, and down 24.7% from the January 2019 high.
In central Kansas terminal markets on Monday, May 6th reflect these same lower price trends but with
relatively strong basis levels compared to past large supply years. These prices reflect cash market sentiments
immediately after the 2019 Kansas Wheat Tour (April 30‐May 2), and four days ahead of the scheduled USDA
Crop Production and World Agricultural Supply‐Demand Estimates (WASDE) reports due on May 10th.
On May 6th Central Kansas cash wheat price terminal quotes for ordinary U.S. no. 1 HRW ranged from
$3.72 to $3.93 per bushel – with basis ranging from $0.31 to $0.08 under JULY 2019 KS HRW Wheat futures.
Cash wheat prices in eastern Kansas grain terminals in Topeka and Atchison ranged from $3.78 to $3.93 /bu
with basis ranging from $0.25 to $0.10 under JULY 2019 futures. These prices have declined to where they are
only moderately above the range of $3.42 ¼ to $3.83 ¼ /bu that occurred in late December 2017 in eastern
and central Kansas. However, basis levels at that time were much wider (i.e., “weaker”), being from $0.80
under to $0.39 under nearby MARCH 2018 futures (Figure 2).
In comparison, in western Kansas on May 6th, bids for ordinary U.S. no. 1 HRW wheat at selected major
grain elevators ranged from $3.53 to $3.74 /bu, with basis being $0.50 to $0.29 under JULY 2019 futures.
Recent wheat cash price bids in western Kansas are only marginally higher than the lows of $3.47 to $3.64 /bu
that occurred in late December 2017 in this same area – when local basis varied from $0.85 under to $0.58
under MARCH 2018 futures.
A Hard White Wheat (HWW) grain terminal bid was available in Wichita, Kansas on May 6th for $3.95 per
bushel, with a basis of $0.08 /bu under JULY 2019 Kansas HRW wheat futures. On March 22, 2019 this bid was
$4.4000 /bu, with a basis of $0.05 /bu under MAY 2019 Kansas HRW wheat futures.
…
October 20, 2016
Grain Market Outlook
r 20, 2016
Summary
Since the USDA’s October 12th Crop Production and World Agricultural Su … y of improved U.S. HRW prices in coming months – helped by both low prices and
acceptable protein and quality. Second, while the supply of wheat in World markets overall is growing, the
supply of wheat in the “World Less China” is projected to have actually “contracted” or “diminished” in
“current crop” MY 2016/17 compared to a year ago – to the tightest supply situation since MY 2013/14.
Even so, given the broader World wheat market’s current focus – it is likely that significant World wheat
production problems and/or trade dis …
December 17, 2014
Grain Market Outlook
… ear limited – unless
unexpected and substantial crop production problems occur in other … ur in other major coarse grain production regions of
the World (s …
December 18, 2015
Grain Market Outlook
15/16
marketing year, it will be difficult for corn futures prices to rise to $4.50‐$5.00+ by spring 2016 unless crop
production problems occur South Amer … … elated weather patterns in spring‐summer 2016 with negative impacts on 2016 crop production, could each
still impact …
May 3, 2016
Grain Market Outlook
year depend largely on the planting and growing conditions for the U.S. 2016 feedgrain crops along with the
ongoing strength of U.S. grain sorghum usage. To date in its preseason projections the USDA has assumed that
there will be no serious crop production problems in the summer o …
September 6, 2017
Grain Market Outlook
… exporters – including the United States. Combined
wheat production in Russia, Ukraine and K … 016/17, and up 15.6% from 102.1 mmt in MY 2015/16.
Wheat production from these three countries amounts to 15.9% of World production in “new crop” MY
2 …
October 31, 2013
Risk Management Strategies
the major safety net for production agriculture. Often farmers’ … will
have major impact on production agriculture should either … for a larger share of the production than their numbers would …
April 12, 2012
Risk Management Strategies
capped at the full cost of production3 No strike price cap
Target … to maintain full cost of
production values8
3
the current … currently published ERS Cost of Production (COP)
budgets are used …