Kansas City Wheat Futures

Agrimoney.com  Mar 26  Comment 
Hard red winter wheat shows particular weakness. Corn is weighed by fund data, while soybeans fall despite reduced fears of China-US trade tensions
Agrimoney.com  Mar 20  Comment 
Tardy crop development has curtailed damage from drought, academics say. Still, official US hard red winter wheat ratings decline
Agrimoney.com  Apr 5  Comment 
Hard red winter wheat futures prove especially firm, amid ideas that their discount had gone too far - especially vs spring wheat. Soybeans revive too
Agrimoney.com  Mar 17  Comment 
Soy and corn markets struggle to muster a rally, given prospect of massive South American crops, while sugar makes a short-lived leg downward
Agrimoney.com  Feb 13  Comment 
Kansas City wheat leads Chicago futures higher, while cocoa plumbs new eight-year lows on a glut of West African supplies
Agrimoney.com  Jan 31  Comment 
...but the premium of hard red winter wheat falls, after crop condition in the US plains stabilises
Agrimoney.com  Jan 12  Comment 
Wheat area for the 2016 harvest fell by far more than had been expected, amid low prices. Sowings of hard red winter wheat fell particularly hard
Agrimoney.com  Nov 17  Comment 
... at least, selling pressure on corn and Kansas City wheat diminishes, after stats show big sales already last week. Chicago wheat extends fall
Benzinga  Aug 26  Comment 
Wheat futures traded choppy on Wednesday and ended the session mixed. Chicago Wheat settled lower and Kansas City Wheat futures were little changed. September Chicago Wheat settled at 489 3/4, down 5 1/4 cents, and December Chicago Wheat...
Benzinga  Aug 4  Comment 
Wheat futures are trading a little higher Tuesday morning. September Chicago Wheat is trading at 503 1/2, up 4 1/2 cents and December Chicago Wheat is trading at 510, up 5 cents. September Kansas City Wheat is trading at 492 3/4, up 3 3/4 cents...


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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