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 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