Wheat Price Today

Wheat futures trade on three major U.S. exchanges, each representing a different class of wheat. CBOT wheat (ZW) is the benchmark for soft red winter (SRW) wheat, grown primarily in the eastern Midwest and Mid-South. Kansas City wheat (KE) tracks hard red winter (HRW) wheat, the dominant class grown across the Southern and Central Plains from Texas to Nebraska. Minneapolis Grain Exchange (MGEX) spring wheat tracks hard red spring (HRS) wheat, produced in the Dakotas, Montana, and Minnesota.

Each contract represents 5,000 bushels and trades standard months of March, May, July, September, and December. CBOT wheat day session hours run from 8:30 a.m. to 1:20 p.m. Central Time, with Globex electronic trading extending through the evening and overnight. The July contract serves as the old-crop benchmark, while December represents new-crop pricing for winter wheat varieties.

The spreads between these three wheat contracts carry significant market information. The KC-Chicago spread reflects protein premiums and the relative supply of hard versus soft wheat. When HRW supplies are tight — often due to Southern Plains drought — KC wheat trades at a premium to Chicago. The Minneapolis-KC spread reflects spring wheat protein premiums, which can widen dramatically in years when northern Plains weather reduces spring wheat quality.

Wheat basis varies more than any other major grain because of the multiple wheat classes and quality specifications involved. A hard red winter wheat producer in Kansas prices off the KC contract, while a soft red winter producer in Ohio prices off CBOT. Each market has its own basis structure driven by local supply, elevator capacity, flour mill demand, and transportation logistics.

Protein premiums add another layer of pricing complexity unique to wheat. Most HRW wheat elevators establish a base protein level (typically 11.0% or 11.5%) and pay premiums or assess discounts per quarter-point of protein above or below that threshold. In years when drought stress raises protein content, the protein premium may narrow because supply of high-protein wheat is abundant. In years with excellent yields and lower protein, premiums can reach 15-20 cents per bushel per quarter-point of protein above the base.

Test weight and falling number are two additional quality factors that directly affect wheat cash prices. Standard test weight for wheat is 60 pounds per bushel, with discounts applied below that level. Falling number, which measures alpha-amylase enzyme activity (and indicates sprouting damage), must typically exceed 300 seconds for milling wheat. Weather events during harvest — particularly rain on mature standing wheat — can severely reduce falling number and push affected wheat into the lower-value feed market.

The United States produces approximately 1.8 billion bushels of wheat annually, a figure that has been declining as more competitive corn and soybean economics have pulled acreage away from wheat in many regions. Despite lower U.S. production, wheat remains a major global commodity with total world production near 800 million metric tons per year. The U.S. ranks fourth in production behind the EU, China, and India, but remains a significant exporter.

Global wheat trade is dominated by a handful of major exporters. Russia has become the world's largest wheat exporter, with annual shipments of 40-50 million metric tons. Australia, Canada, the EU, Ukraine, and Argentina round out the major exporters. Developments in the Black Sea region — Russian export taxes, Ukraine supply disruptions, and logistics constraints — have outsized influence on global wheat pricing.

Domestic wheat demand is split between food use (approximately 950 million bushels per year for flour milling), feed and residual use (variable, depending on wheat's price competitiveness with corn), seed use, and exports. Food use is relatively stable and grows slowly with population, while feed use fluctuates significantly based on the wheat-corn price ratio. When wheat prices fall close to or below corn on a per-bushel basis, livestock feeders incorporate more wheat into rations, supporting demand.