Wheat Futures and Options

The Global Benchmarks

CBOT Wheat futures and options contracts provide access to the world’s wheat marketplace. Chicago Wheat and KC Wheat are the global industry standards for wheat price risk management, while newer Black Sea Wheat and Australian Wheat contracts provide price discovery and trading opportunities on emerging grain markets around the world.

Use Wheat futures and options contracts to build hedging strategies, manage risk and discover liquidity in one efficient marketplace. Learn more about the Wheat Complex.

Learn more about Wheat futures and options contracts.

Global Wheat Futures Market Share

Things to Know

Hedging opportunities using Black Sea Wheat futures
Learn how to hedge using Black Sea Wheat futures, designed for grain from the Black Sea region, where nearly 35 percent of world wheat exports originates.

CME Group’s Wheat Futures Lead Price Discovery of the Global Wheat Market
Read about CME Group’s expanded Wheat futures lineup, including Black Sea and Australian Wheat, and their effectiveness for price discovery and hedging.

Hedging using a basis versus Australian Wheat futures
Read how millers can use basis trading in CME Group financially settled Australia FOB Wheat futures to hedge exposure to Australian physical wheat prices.

KC vs. Chicago Wheat Spread: A Tale of Two Markets
As Kansas City Wheat futures (KE) trade at an unusual discount to Chicago Wheat futures (ZW), this paper looks at trading data to analyze the two markets. 


North America

Joanna Litchfield


Eric Hasham


Nelson Low