Direct answer: CBOT wheat futures are the Chicago soft red winter (SRW) wheat contract, ticker ZW, traded on CME Group's Chicago Board of Trade. One contract is 5,000 bushels, prices are quoted in U.S. cents per bushel, and the contract months are March, May, July, September and December. It is a world wheat benchmark, but it is not a Prairie spring wheat price.
The contract at a glance
Item | CBOT SRW wheat (ZW) |
|---|---|
Wheat class | Soft red winter |
Contract size | 5,000 bushels |
Quote | U.S. cents per bushel |
Minimum move | ¼ cent per bushel, worth $12.50 per contract |
One-cent move | $50 per contract |
Contract months | March (H), May (K), July (N), September (U), December (Z) |
Settlement | Physical delivery |
How to read a CBOT wheat quote
A quote such as 540'2 means 540 and 2/8 cents, or about US$5.4025 a bushel. The front month is the nearest contract still trading. When it rolls to the next month, the printed price can jump without the market moving; see Contract Rolls Explained.
What CBOT wheat means for Prairie wheat
It sets the world tone. Chicago SRW and Euronext MATIF milling wheat are the two most-watched wheat benchmarks. Big moves in either change the export competition Prairie wheat faces.
It is the wrong class for CWRS. SRW is a lower-protein soft wheat. The closest U.S. futures for Canadian spring wheat is Minneapolis hard red spring (HRS).
It is not a cash bid. Protein premiums, basis and the Canadian dollar sit between any futures close and a Saskatchewan or Alberta elevator bid.
Frequently asked questions
What is the ticker for CBOT wheat?
ZW. Kansas City hard red winter is KE and Minneapolis hard red spring is MW.
How big is one CBOT wheat contract?
5,000 bushels. A one-cent move is $50 per contract.
Is CBOT wheat a good proxy for Prairie wheat prices?
Not on its own. Watch it for direction, then price spring wheat off Minneapolis HRS and your local basis.
See also Why Are There Three Wheat Futures?, Settlement Price vs Last Price, and the Klarenbach Grain Report's CBOT SRW wheat charts, hard red spring wheat, KC HRW wheat and CPSR and MATIF wheat pages.
