With the added facilities for protein tests in 1928, it follows that a relatively- 

 larger proportion of the 1928 crop will be sold with reference to its protein value 

 than has been the case in preceding years. 



PROTEIN PRICES 



The bulk of Montana wheat goes to Minneapolis and Duluth markets. The 

 trend of protein premiums at the Minneapolis market since the 1928 marketing 

 season began have tended to follow down the decline in the future prices. Where 

 number 1 dark northern spring wheat of 14 per cent protein on September 15, 

 1928, was selling at 24 cents premium over December, the same wheat on Oc- 

 tober 15 was selling at 17 cents over. Subsequently premiums improved for a 

 while and on November 15th the premium for 14 per cent protein over December 

 was 21 cents; but by December 31 it had dropped again to 18 V^ cents. Premiums 

 for the same wheat during January (1929): to date have held fairly close to 19 

 cents. 



The opinion of the State Department of Agriculture is that the 1928 wheat 

 crop in Montana will average a protein content about 1 per cent higher than in 

 1927 when the state average was placed at 12.21 per cent. The average for the 

 1926 crop was 13.91 per cent and that of the 1925 crop was 14.29 per cent. The 

 five year average for the state is 13.41 per cent. 



Year 



1923 



1924 : 



1926 



1926 10,101 



1927 



1928 



Valuing the protein of Montana wheat in the form of additional cash returns 

 to growers requires that there be known the proportions of wheat that comes 

 within the different protein classifications of 12, 13, 14 and 15 per cent on which 

 prices are quoted as well as the amounts of wheat sold monthly at least in order 

 to allow for the fluctuations in the premiums themselves. With the building 



up of laboratory records and monthly records of shipments, it will soon be possible 

 to approximate the money value that protein adds to Montana wheat. Meanwhile 

 the rough estimates place this value upwards of three millions of dollars, as- 

 suming that a third of the entire 1928 crop will secure an average protein value to 

 growers of 10 cents per bushel. If allowance is made for indirect reflection of 

 protein value in the card price where the wheat is not actually sold on sample, 

 this estimate of value would be raised. 



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