Kansas City Wheat Futures

Benzinga  Jul 24  Comment 
Wheat futures settled lower on Friday; trading was choppy and weak for most of the session. September Chicago Wheat settled at 511.75, down 9.75 cents, and December Chicago Wheat settled 519.75, down 9 cents. September Kansas City Wheat settled...
Benzinga  Jul 20  Comment 
Wheat Futures settled sharply lower on Monday. Trading was very choppy and some general selling accelerated the losses near the end of the trading session. September Chicago Wheat settled at 532 3/4, down 21 1/4 cents and December Chicago Wheat...
Benzinga  Jun 19  Comment 
Wheat futures traded range-bound and choppy on Friday. Kansas City wheat closed higher and Chicago wheat was little changed. July Chicago Wheat settled at 488 1/4, up 1/2 of a cent. December Chicago Wheat settled at 492 1/2, down 3/4 of a cent....
Benzinga  Jun 10  Comment 
July Chicago Wheat is trading at 534 1/2, up 2 1/4 cents. December Chicago Wheat is trading at 554 3/4, up 2 3/4 cents. July Kansas City Wheat is trading at 551 3/4, up 3 1/2 cents. December Kansas City Wheat is trading at 581, up 3 1/2...
Benzinga  Apr 23  Comment 
Chicago Wheat futures settled Thursday mostly higher. July Chicago Wheat settled at 501 1/4, up 2 1/4 cents. May Chicago Wheat settled at 497 3/4, down 1 cent. Kansas City Wheat ended the session higher. July Kansas City Wheat settled at 522, up 4...
Agrimoney.com  Mar 17  Comment 
Tuesday brings a somewhat negative start to many markets. But hard red winter wheat makes headway after data shows US crop condition worsening
Benzinga  Feb 25  Comment 
May Chicago Wheat is trading steady Wednesday morning at 504 1/2, up 3/4 of a cent. July Chicago Wheat is up 1 cent at 509 1/4. May Kansas City Wheat is trading at 538 1/2, up 1/2 of a cent. Reports are Egypt bought 290,000 tons of U.S. hard red...
Agrimoney.com  Feb 3  Comment 
...at least, for hard red winter wheat crops, for which condition ratings drop in major growing states. Will the decline be reflected in prices?
Agrimoney.com  Jan 28  Comment 
Corn futures are being squeezed between two chart lines. But for how long? Meanwhile, wheat falls again. Hard red winter wheat prices hit a 4-year low
Agrimoney.com  Sep 29  Comment 
US sowings of hard red winter wheat in particular are to rise, helped by improved moisture levels, and a relatively strong price versus corn


This article is about a specific futures contract. For wheat prices in general, see the article on Wheat Prices.

Kansas City Wheat Futures (alternately referred to as "KC Wheat," "KCBT Wheat," "Hard Red Winter Wheat," and "HRW Wheat") are traded on the Kansas City Board of Trade (KCBT) under ticker symbol KW in cents per bushel.[1] For electronic trading sessions, the symbol KE is used[2]

The chart to the left shows Front Month Kansas City Wheat Futures prices on the Kansas City Board of Trade (KCBT) in cents per bushels.

Delivery Dates

Kansas City Wheat futures contracts are delivered every year in March, May, July, September, and December.[3]

The following is a table with Kansas City Wheat futures delivery dates and resultant tickers for 2009. For an explanation on commodity tickers see commodity ticker construction.

Delivery Month Full Ticker Symbol Thomson-Reuters Symbol
March, 2009KWH9KW/H9-KC
May, 2009KWK9KW/K9-KC
July, 2009KWN9KW/N9-KC
September, 2009KWU9KW/U9-KC

Contract Specifications

Contract Size

One hard red winter wheat futures contract on the Kansas City Board of Trade (KCBT) is 5,000 bushels.[3]

Daily Price Limit

The daily price limit for hard red wheat futures contracts on the Kansas City Board of Trade (KCBT) is $.60 per bushel ($1500 per contract) above or below the previous day's settlement price.[3] However, this limit increases fifty percent in the following trading session if the price of two or more futures contracts with delivery months in the first five listed non-spot contract months, or the the final contract month of a crop year, closes at the price limit.[3] Price limits can expand only two consecutive times (e.g. from $.60 per bushel to $.90 per bushel, and then from $.90 per bushel to $1.35 per bushel). If the price limit has been raised to either of the higher limits and no futures contract month closes at the limit, in the following trading session the limit will revert back to the previous price limit.[3] A contract has no price limits whatsoever during its spot month.[3]

Last Trading Day

Trading of kansas city wheat futures contracts on the Kansas City Board of Trade (KCBT) ends on the business day prior to the fifteenth calendar day of the contract month.[3]

Deliverable Grades

Deliverable wheat grades for futures contracts on the Kansas City Board of Trade (KCBT) at are: No. 2 Hard Red Winter Wheat (at par), and No. 1 Hard Red Winter Wheat (at a 1.5 cent premium to the contract price), and No. 3 Hard Red Winter Wheat (at a 5 cent discount to the contract price).[3] As of July 2008, No. 3 Hard Red Winter Wheat is no longer accepted unless the receipt holder agrees to pay for an upgrade to No. 2 Hard Red Winter Wheat.

CBOT Wheat vs. KCBT Wheat

Both wheat futures traded on Chicago Board of Trade (CBOT) and the Kansas City Board of Trade (KCBT) are used as benchmarks for wheat prices in general. However, generally speaking, the term "wheat futures" refers to wheat futures traded on the CBOT while wheat futures traded on the KCBT are specified to be "KCBT Wheat," "KC Wheat," or "Kansas City Wheat".

See Also


  1. Kansas City Board of Trade Wheat Futures Contract Specifications
  2. Price Quotes for outcry and electronic KCBT wheat
  3. 3.0 3.1 3.2 3.3 3.4 3.5 3.6 3.7
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