Wheat Futures Prices Today

CBOT wheat futures (ZW) are the global price benchmark — what speculators and processors trade on the exchange. Cash bids are what your local elevator will actually pay you today for wheat delivered. The difference between the two is your basis, typically -$0.20 to -$0.50/bu in the SRW belt, varying by location, season, and local supply/demand. AGSIST shows both: live CBOT futures plus a 50-ZIP grid sample of cash bids across the grain belt with basis vs futures. The basis card above will show your nearest sample location once you set your ZIP.

The live price above shows the nearby CBOT soft red winter wheat contract (ZW), refreshed every 30 minutes during trading hours — reload for the latest. The "Today's Market Read" block synthesizes price position, the corn/wheat feed spread signal, price vs breakeven tier, and seasonal context — updated with every price refresh.

The corn/wheat spread is the price difference in $/bu between CBOT wheat and corn. When wheat trades within $0.25–0.50 of corn, feedlots, poultry producers, and cattle operations begin substituting wheat for corn in rations, creating a natural demand floor under wheat. A spread above $1.50 means corn is the feed of choice and wheat loses that demand support. The feed spread widget above updates live with every price refresh and shows which zone you're currently in.

CBOT ZW is soft red winter (SRW) wheat — lower protein, used for crackers, pastry, and flat breads, primarily grown in the Eastern corn belt. KC HRW (KE on CME Globex) is hard red winter — higher protein, most bread flour, grown in Kansas, Oklahoma, Texas. Minneapolis HRS (MWE, on MIAX Futures — formerly MGEX) is hard red spring — highest protein, specialty milling, grown in the Northern Plains and upper Midwest. Basis and price behavior can diverge significantly across classes depending on class-specific supply and demand conditions.

Full cost of production for winter wheat typically ranges $5.00–7.00/bu depending on land costs, input costs, and expected yield. Below $5.00, most operations lose money on a full-cost basis. $5.00–$6.00 covers variable costs but is thin on land rent and fixed overhead. $6.00–$7.00 supports profitable production for most well-run operations. Above $7.00, strong forward selling opportunities typically exist. Use AGSIST's breakeven calculator to input your specific costs and yield expectations.

Russia is the world's largest wheat exporter, and Russia plus Ukraine together supply roughly 30% of globally traded wheat. US soft red winter wheat competes directly against Black Sea origins in Egyptian and other import tenders. Geopolitical disruptions, Russian export restrictions or tariffs, or drought in Black Sea growing regions can add $0.50–$2.00/bu to CBOT wheat almost immediately. This geopolitical sensitivity is wheat's key distinguishing characteristic compared to corn or soybeans, and warrants daily monitoring.

CBOT wheat historically makes its seasonal low in June–July when Northern Hemisphere harvest peaks globally and supply is greatest. Prices tend to recover into fall and winter as old-crop stocks tighten, then peak around April–May as pre-harvest uncertainty about the coming crop builds a risk premium. The seasonal chart above illustrates these tendencies by month. Black Sea supply surprises, geopolitical events, and export policy decisions routinely override seasonal patterns in any given year — wheat is more news-sensitive than corn or soybeans.

The USDA WASDE (World Agricultural Supply and Demand Estimates), released monthly around the 10th, is the primary report for wheat — particularly global ending stocks and the US export pace. Weekly Export Sales and Inspections (Thursday 7:30am CT) track US competitiveness against Black Sea origins. The January Winter Wheat Seedings report establishes the new crop area estimate. Weekly Crop Progress (Monday 4pm CT, April–November) tracks winter wheat dormancy, green-up, and harvest progress. See AGSIST's USDA Calendar for all upcoming dates.

CBOT wheat futures trade electronically Sunday through Friday — overnight session 7:00 PM to 7:45 AM CT, day session 8:30 AM to 1:20 PM CT. AGSIST prices are refreshed every 30 minutes during trading hours — reload for the latest. Significant overnight moves are common in wheat — Black Sea geopolitical news and Southern Hemisphere weather reports frequently release outside US business hours, making early-morning price checks valuable for wheat producers.

Key drivers: Black Sea supply from Russia and Ukraine, USDA WASDE monthly reports, weather during winter wheat dormancy and spring green-up, the US Dollar Index affecting export competitiveness, global food security policy, and the corn/wheat feed spread which creates a demand floor when prices approach parity. For KC HRW specifically, southern-Plains drought during dormancy and green-up is the domestic weather story to watch — track it on the drought monitor.

When KC HRW quotes are available, the KC HRW (KE) card near the top of this page shows the most-active Kansas City hard red winter contract. KC wheat trades on CME Globex under the KE symbol and typically trades at a premium or discount to Chicago SRW, reflecting HRW supply and protein conditions in the southern Plains. The class spreads card shows the live KC-minus-Chicago difference when both quotes are loaded.

Chicago (ZW) is soft red winter wheat — lower protein, grown mainly in the eastern Corn Belt and Mid-South. KC (KE) is hard red winter wheat — higher protein, the backbone of US bread flour, grown in Kansas, Oklahoma, Texas, and the southern Plains. They are different crops in different regions, so they respond to different weather and demand stories, and the KE−ZW spread widens or narrows as class fundamentals diverge.