Chicago soft red winter (SRW) and Kansas City hard red winter (HRW) · CME Group · Last trade Oct 19, 12:45 a.m. CT
$6.63¾
$ / bushel · Nearby Dec '26
▲ +3¼¢ (+0.49%)
These are wheat futures prices from the Chicago and Kansas City markets, in dollars per bushel. An elevator pays futures plus or minus its basis. See what elevators near you pay.
Data: CME Group futures via Yahoo Finance, about 15 minutes delayed. Sources at the bottom of the page.
Loading prices
Mar '27 (deferred): $6.78½ (+0.52%), winter wheat new-crop is July
Nearby Dec '26 wheat last traded near $6.63¾ · Mar '27 (deferred) near $6.78½ · as of Oct 19, 12:45 a.m. CT.
Latest from USDA: Oct 9 WASDE (2026/27, change from Sep): wheat ending stocks 740 million bu, up 23; production 1,534 million bu, up 3. Crop Progress, week ending Oct 11: 51% of winter wheat planted (5-yr avg 58%). Sources: USDA WASDE, NASS Crop Progress; 5-yr avg is AGSIST's arithmetic on the NASS weeks. Report track record
Last trade · as of Oct 19, 12:45 a.m. CT · Yahoo Finance, delayed, not the settle · quotes above refresh every 15 minutes in session
Contract
Last
Change
52-wk range
Nearby Dec '26
$6.63¾
+3¼¢ (+0.49%)
$5.57¼–$7.95
Mar '27 (deferred)
$6.78½
+3½¢ (+0.52%)
$5.72½–$8.10½
KC HRW (KE, Dec '26)
$7.07½
+3½¢ (+0.50%)
$5.64–$8.58¼
Wheat futures trade on three exchanges: Chicago (ZW, soft red winter), Kansas City (KE, hard red winter), and Minneapolis (MWE, hard red spring): each the benchmark for a different class and protein.
Basis and what moves wheat
The front-month contract tracks nearest delivery. Your local cash price equals futures plus or minus basis, which varies by class and protein. Wheat prices move mainly on the monthly USDA WASDE report, US winter-wheat condition and Plains drought, Black Sea and Russian supplies, and global export competition. See what’s priced in ahead of each report. Live prices below are refreshed every 15 minutes during trading hours. Reload for the latest. Compare with live corn and soybean futures.
Weekly closes by calendar month, scaled 0–100 (0 = weakest month, 100 = strongest). Continuous front-month, not roll-adjusted, over a short window: a description of these years, not a forecast. Black Sea supply and weather events can override any seasonal pattern.
Contract specs and report timesSize, tick, months, the reports that move it
Contract Specs (SRW)
ExchangeCBOT / CME Group
Contract Size5,000 bushels
Tick Size¼¢/bu ($12.50/contract)
SymbolZW (SRW)
Active MonthsMar, May, Jul, Sep, Dec
Key Reports
WASDEMonthly (~10th) · highest impact
Crop ProgressWeekly Mon 4pm ET (Apr–Nov)
Winter wheat seedingsJanuary
Export SalesThu 7:30am CT
Black Sea updatesWatch daily
Price signals
Feed spreadWheat minus corn $/bu
Parity rangeWheat within $0.25–$0.50 of corn, a rule of thumb
Three classesSRW (ZW), HRW (KE), HRS (MWE)
Typical breakeven$5.00–$7.00/bu avg
Global wheat
#1 exporterRussia
Black Sea share~30% of global exports
Top importersEgypt, Indonesia (about 13 MMT each, USDA 2025/26)
US export rank~4th globally
Understanding wheat pricesHow the contract works and what moves it
Understanding wheat prices
Futures vs cash
The CBOT futures price (ZW) is what speculators and processors trade on the exchange, the global benchmark for soft red winter wheat. The cash bid is what your local elevator will actually pay you today for wheat delivered to their facility. The gap between the two is your basis, and it is part of what lands in your check. It varies by location, season and local supply and demand. AGSIST shows both side by side so you can see whether your local market is firm or soft relative to the exchange.
Three wheats, three prices
The US trades three major wheat classes. CBOT soft red winter (SRW, ZW) is the global price benchmark and primarily grown in the Eastern corn belt and Mid-South. KC HRW (KE on CME Globex, formerly KCBT) is the hard red winter used for most bread flour, grown in the Southern Plains. Minneapolis HRS (MWE, on MIAX Futures, the exchange formerly known as MGEX) is the high-protein spring wheat grown in the northern plains and Minnesota/Wisconsin border region. Know which class you grow: basis and price can run quite differently across the three. For HRW, the domestic weather story is southern-Plains drought during dormancy and spring green-up. Track it on the drought monitor.
Protein scales: why the board isn't your price
On HRW and HRS wheat, the futures board is only the starting point. Every elevator runs a protein scale (premiums for loads that test above the base protein spec, discounts for loads that come in under it) and those scales are set locally, change through the year, and can swing your check meaningfully in either direction. Two loads of the same class, delivered the same day to the same town, can net very different money purely on protein. Before you price wheat off a futures quote, pull your elevator's bid sheet and read the scale, not just the base bid. Check local cash bids →
The corn/wheat feed spread
When CBOT wheat trades within $0.25–$0.50/bu of CBOT corn, feedlots and poultry producers begin substituting wheat for corn in rations, creating a natural demand floor under wheat prices. This spread, shown live above, is a support signal wheat traders watch. A spread above $1.50 means corn is the feed of choice and wheat loses that demand support. Watch for the spread to narrow sharply during harvest pressure periods. It often signals the seasonal low.
Black Sea supply and global competition
Russia alone supplies roughly 20–25% of global wheat exports, and Russia plus Ukraine combined account for about 30%. US soft red winter wheat competes directly against Black Sea origins in export markets. Russian export restrictions, seasonal tariffs, or Black Sea weather disruptions can move world wheat prices sharply in a few days. That makes wheat more exposed to world events than corn or soybeans, so wheat growers watch it daily along with the weather.
Wheat prices: common questions
What's the difference between wheat futures and cash bids?
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, which varies by location, season, and local supply/demand. AGSIST shows both: live CBOT futures plus cash bids across the grain belt from the AGSIST elevator network, read from each elevator's own bid board, with basis vs futures. The basis card above will show your nearest sample location once you set your ZIP.
What is the wheat futures price today?
The live price above shows the nearby CBOT soft red winter wheat contract (ZW), refreshed every 15 minutes during trading hours. Reload for the latest. The "Today's market read" block puts price position, the corn/wheat feed spread, price vs breakeven and the season into one short read, updated with every price refresh.
What is the corn/wheat feed spread and why does it matter?
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.
What is CBOT soft red winter wheat vs hard red winter or hard red spring?
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 can run quite differently by class, depending on each class's own supply and demand.
What is a typical wheat production breakeven?
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, forward-selling some of the crop usually pencils. Use AGSIST's breakeven calculator to input your specific costs and yield expectations.
How does Black Sea production affect US wheat prices?
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 move CBOT wheat sharply within days. That makes wheat more exposed to world events than corn or soybeans.
When is the best seasonal window to sell wheat?
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.
What USDA reports move wheat prices the most?
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 (Thursday 7:30am CT) and Export Inspections (Monday) track US competitiveness against Black Sea origins. The January Winter Wheat Seedings report establishes the new crop area estimate. Weekly Crop Progress (Monday 4pm ET, April–November) tracks winter wheat dormancy, green-up, and harvest progress. See AGSIST's USDA Calendar for all upcoming dates.
When is CBOT wheat open for trading?
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 15 minutes during trading hours. Reload for the latest. Significant overnight moves are common in wheat: Black Sea geopolitical news and Southern Hemisphere weather reports often come out outside US business hours, so the early-morning price is worth a look.
What moves wheat futures prices?
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.
What is the KC wheat futures price today?
When KC HRW quotes are available, the KC HRW (KE) card near the top of this page shows the Kansas City hard red winter contract for the same delivery month the class spread uses. 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.
What is Kansas City wheat?
Kansas City wheat is the hard red winter (HRW) wheat futures contract, symbol KE. It started on the Kansas City Board of Trade (KCBT) and now trades on CME Globex beside the Chicago soft red winter contract (ZW). HRW is the higher-protein bread wheat grown mostly in Kansas, Oklahoma, Texas and the rest of the southern Plains, so elevators in HRW country usually set their wheat bids against KC futures, not Chicago. The KC HRW card near the top of this page shows the nearby KC price, and the class spreads card shows KC minus Chicago.
What is the difference between Chicago and KC wheat futures?
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.
Prices from Yahoo Finance via GitHub Actions (delayed ~15 min). Chart shows Capital.com WHEAT CFD which tracks CBOT wheat futures; for exact ZW1! data use the TradingView link. Not financial advice. Verify with your elevator or broker before making marketing decisions.