Wheat

Wheat and the ZW contract

The ZW series follows CBOT wheat futures with defined quality and delivery terms. It is not a single universal price for every wheat variety or delivery location. The chart uses USD per bushel.

Source prices expressed in US cents are converted consistently into dollars. Contract volume is not changed by that price conversion.

Weather, stocks and trade

Planted area, weather and yield influence production, while inventories help bridge crop years. Harvest problems can affect the available supply of one quality or region more than the world total suggests.

Export routes, shipping costs and trade rules affect what can reach an importing region. A local delivered price can therefore differ from the futures benchmark.

Crop years and continuous history

Delivery months can reflect different expectations for harvests and stocks. The continuous chart is not the direct return from storing grain or holding one contract indefinitely. Corn adds another grain market and soybeans another use of farmland. Bread prices also contain milling, labour, energy, packaging and distribution costs beyond the grain input.

Updated 2 November 2026