About Wheat
Wheat is a global staple grown on every inhabited continent. Major exporters include Russia, the EU, Canada, Australia, the US, Argentina and Ukraine, so prices respond to weather and policy far beyond any one country.
What moves the wheat price
- Crop weather in major growing regions and harvest timing.
- Export policy, Black Sea shipping and trade flows.
- The monthly USDA WASDE supply and demand report.
- The US dollar and competing export prices.
Many wheats, one headline price
Wheat comes in classes with different uses: soft red winter for cakes and crackers, hard red winter and spring wheat for bread, durum for pasta. The Chicago contract is the most liquid, but Kansas City hard red winter and Euronext milling wheat in Paris matter for bread wheat and for Black Sea export competition. Russia is the largest exporter, so Black Sea harvests, export taxes and shipping security heavily influence world prices.
Crop calendar
Northern-hemisphere winter wheat is planted in autumn and harvested from about June to August; spring wheat is planted in April and May and harvested in late summer. Southern-hemisphere crops in Australia and Argentina are harvested around December. Prices often build a weather premium during the growing season and come under harvest pressure as new supply arrives. The monthly USDA WASDE report and weekly crop-condition ratings are the key scheduled data.
Contract specifications
| Benchmark future | CBOT Chicago SRW Wheat (ZW), CME Group |
|---|---|
| Contract size | 5,000 bushels |
| Minimum tick | 1/4 cent per bushel = $12.50 per contract |
| Contract months | March, May, July, September, December |
| Settlement | Physical delivery via shipping certificates |
| Related contracts | KC Hard Red Winter (KE), Minneapolis spring wheat, Euronext milling wheat |
Specifications as published by the exchange; they can change, so confirm on the exchange website before trading.
Trading hours
CBOT grains trade on CME Globex Sunday to Friday 7:00 pm to 7:45 am US Central Time, then Monday to Friday 8:30 am to 1:20 pm Central Time.
Contract basics
CBOT Chicago SRW Wheat (ZW) covers 5,000 bushels, quoted in cents per bushel, minimum tick 1/4 cent ($12.50 per contract). KC HRW wheat and Euronext milling wheat are other key benchmarks.
Quote unit
US cents per bushel. Hours and specifications can change; always confirm on the exchange's website, especially around holidays.
Wheat FAQ
What moves the price of wheat?
Crop weather in major growing regions and harvest timing. Export policy, Black Sea shipping and trade flows. The monthly USDA WASDE supply and demand report. The US dollar and competing export prices.
When does wheat trade?
CBOT grains trade on CME Globex Sunday to Friday 7:00 pm to 7:45 am US Central Time, then Monday to Friday 8:30 am to 1:20 pm Central Time.
What is the standard wheat contract?
CBOT Chicago SRW Wheat (ZW) covers 5,000 bushels, quoted in cents per bushel, minimum tick 1/4 cent ($12.50 per contract). KC HRW wheat and Euronext milling wheat are other key benchmarks.
What is a bushel of wheat?
A volume measure standardised at 60 pounds (about 27.2 kg) of wheat for trading purposes.
Why does the Black Sea matter for wheat?
Russia and Ukraine are among the world's largest exporters, so crop size, export policy and shipping risk in the region move global prices.