Direct answer: There are three wheat futures because they represent three different wheat classes with different uses, protein levels, and geographic bases.
Chicago (ZW) is soft red winter (SRW).
Kansas City (KE) is hard red winter (HRW).
Minneapolis (MW) is hard red spring (HRS).
The Daily Board prints all three because a single “wheat” price would hide real differences that matter to Prairie producers.
The three contracts
Chicago SRW (ZW) — Soft red winter. Lower protein, used mainly for cakes, cookies, and crackers. Often the most speculative of the three and closely linked to the corn trade. A poor proxy for Prairie spring-wheat bids.
Kansas City HRW (KE) — Hard red winter. Higher protein, the main U.S. export hard-winter class. Sometimes referenced in Prairie CPSR conversations, but still not a cash bid.
Minneapolis HRS (MW) — Hard red spring, often called the Minnie. The closest U.S. futures reference for hard red spring wheat. Protein premiums, basis, and the Canadian dollar still sit between this close and a Saskatchewan or Alberta elevator bid. Durum is not this contract.
How to read a split day
When one board rises and another falls, The Daily Board will say the complex split.
Do not average the three.
The relevant so-what follows the board that matches the wheat you are pricing.
Spring wheat looks primarily at Minneapolis.
A Chicago rally alone does not tighten a Prairie spring-wheat bid.
What the three boards are not
None of them is a CWRS cash price, a durum price, or a basis.
The Board gives the futures leg and the reason it moved.
The Klarenbach Grain Report holds the technical plan.
Frequently asked questions
Why does The Daily Board show three wheat prices?
Because they are three different contracts: Chicago SRW, Kansas City HRW, and Minneapolis HRS.
Averaging them hides real differences.
Which wheat board matters most for Prairie spring wheat?
Minneapolis hard red spring (HRS).
Protein, basis, and the Canadian dollar still sit between that close and your elevator bid.
Is Chicago wheat a good proxy for Prairie bids?
No.
Chicago is soft red winter.
It is a poor stand-in for hard red spring pricing on the Prairies.
Does The Daily Board print a durum futures price?
No.
Durum is not the Minneapolis contract, and The Board does not print a durum futures settle.
See also The Three Wheat Boards, the commodity market glossary, and How to Read The Daily Board.