SRW wheat was experimentally milled to 70%, 80%, 90% and 100% extraction flours, and “standard” bread was prepared from these flours. Six inositol phosphates and inorganic phosphate were found in all flours and breads. Inositol hexaphosphate, inorganic phosphate and total P increased with the degree of extraction. About 2/3 of the inositol hexaphosphate disappeared as a result of bread making, but an overall phosphate balance was possible only after taking into account the intermediate inositol phosphates. Commercial white bread and whole wheat bread were also analyzed for the entire spectrum of phosphates.