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Hard Red Winter Wheat Dec '26 (KEZ26)

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Hard Red Winter Wheat Futures Market News and Commentary

Wheat Rallies to Near 3 Year Highs on Wednesday on Black Sea Export Limitations

The wheat complex led the grain rally again on Wednesday as the KC complex led the way to fresh highs. Chicago SRW contracts were the highest since 2024 on the front month continuation chart, up 21 to 27 ¾ cents in the front months. KC HRW futures led the rally to the highest spot level since August 2023, 21 to 30 ½ cents higher. MPLS spring wheat posted 16 to 24 3//4 cent gains. 

Export Sales data from FAS will be released on Thursday as traders surveyed by Reuters are looking for net 2026/27 sales in a range of 200,000 to 550,000 MT.

Minnesota and the Dakotas through the PNW are seen with little to no precip in the next week according to the NOAA 7-day QPF. The annual spring wheat tour showed a day 1 yield for southern portions of ND at 45.9 bpa, 3.9 bpa below last year.

Russia has paused shipments out of a major export center, Novorossiysk, during the night time hours due to recent drone strikes by Ukraine.

Sep 26 CBOT Wheat  closed at $7.05 3/4, up 27 3/4... Read more

Contract Specifications

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Contract
Hard Red Winter Wheat
Contract Size
5,000 bushels
Tick Size
1/4 cent per bushel ($12.50 per contract)
Trading Hours
7:00p.m. - 7:45a.m. and 8:30a.m. - 1:20p.m. (Settles 1:15p.m.) (Sun-Fri) CST
Exchange
CBOT
Point Value
$50
Margin/Maintenance
$1,870/1,700
First Notice Date
11/30/26 (131 days)
Expiration Date
12/14/26 (145 days)

Seasonal Chart

Hard Red Winter Wheat Dec '26
Average Price Chart for 5 Prior Dec Contracts

Commitment of Traders Positions as of Jul 14, 2026

View Chart Details
Commercials - Long / Short
112,852 (-220)
112,879 (+9,155)
Non-Commercials - Long / Short
68,849 (-1,205)
67,080 (-8,987)
Producers - Long / Short
29,036 (+243)
103,413 (+6,070)
Swap Dealers - Long / Short
80,854 (-1,144)
6,504 (+2,404)
Managed Money - Long / Short
61,680 (-1,625)
47,891 (-6,685)
Other Reportables - Long / Short
7,169 (+420)
19,189 (-2,302)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
626-0 +24.40%
on 06/30/26
784-0 -0.67%
on 07/22/26
+139-2 (+21.77%)
since 06/23/26
3-Month
626-0 +24.40%
on 06/30/26
784-0 -0.67%
on 07/22/26
+74-2 (+10.54%)
since 04/23/26
52-Week
562-4 +38.44%
on 10/14/25
784-0 -0.67%
on 07/22/26
+157-6 (+25.40%)
since 07/23/25

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Most Recent Stories

More News
Wheat Rallies to Near 3 Year Highs on Wednesday on Black Sea Export Limitations

The wheat complex led the grain rally again on Wednesday as the KC complex led the way to fresh highs. Chicago SRW contracts were the highest since 2024 on the front month continuation chart, up 21 to...

KEZ26 : 779-6 (+0.10%)
KEU26 : 762-6 (-0.10%)
MWU26 : 7.2750 (-0.21%)
ZWU26 : 703-2 (-0.35%)
ZWZ26 : 720-4 (-0.31%)
Soybeans Hit Fresh 2 Year Highs on Wednesday

Soybeans posted front month buying on Wednesday, as contracts were 11 ¾ to 16 ¼ cents higher across the nearbys and up 7 ¾ to 9 ¾ cents in the deferreds. The rally to $12.38 in the August contract...

ZSPAUS.CM : 11.9940 (+1.30%)
ZLZ26 : 73.40 (+0.80%)
ZMZ26 : 333.1 (+0.06%)
ZSPX26US.CM : 11.8180 (+1.38%)
ZSX26 : 1241-2 (+0.18%)
ZSQ26 : 1236-6 (+0.30%)
ZSU26 : 1229-0 (+0.24%)
Corn Posts Midweek Rally

Corn futures rallied 8 to 9 1/2 cents into the Wednesday close, holding within 2 cents of the intraday highs across most contracts. Deferred contracts were fractionally to 4 ½ cents higher. Spillover...

ZCZ26 : 484-6 (unch)
ZCZ26 : 484-6 (unch)
ZCU26 : 461-4 (-0.11%)
ZCPZ26US.CM : 4.4936 (+2.35%)
ZCPAUS.CM : 4.3146 (+2.47%)
Grain Spreads: Dec 26/Dec27 Corn

Funds Continue to Extend Long

Walsh Soybean Oil Opportunities - Pure Hedge Division

Low-Cost Trades, With Limited Risk

Wheat Rallying on Wednesday Following Black Sea Export Limitations

The wheat complex is posting a sharp rally on Wednesday with support from the Black Sea conflict. Chicago SRW contracts are 25 to 27 cents higher is most contracts on Wednesday. KC HRW futures are leading...

KEZ26 : 779-6 (+0.10%)
KEU26 : 762-6 (-0.10%)
MWU26 : 7.2750 (-0.21%)
ZWU26 : 703-2 (-0.35%)
ZWZ26 : 720-4 (-0.31%)
Corn Rallying at Midday

Corn futures are trading with 7 to 9 cent gains at midday, with spillover support from wheat. The CmdtyView national average Cash Corn price is up 8 1/2 cents at $4.30 3/4. EIA’s weekly Petroleum Status...

ZCZ26 : 484-6 (unch)
ZCZ26 : 484-6 (unch)
ZCU26 : 461-4 (-0.11%)
ZCPZ26US.CM : 4.4936 (+2.35%)
ZCPAUS.CM : 4.3146 (+2.47%)
Soybeans Posting Midweek Gains

Soybeans are posting strength on Tuesday, with contracts 12 to 13 cents higher in the front months. The cmdtyView national average Cash Bean price is up 13 ¼ cents at $11.84. Soymeal futures are $5.50...

ZSPAUS.CM : 11.9940 (+1.30%)
ZLZ26 : 73.40 (+0.80%)
ZMZ26 : 333.1 (+0.06%)
ZSPX26US.CM : 11.8180 (+1.38%)
ZSX26 : 1241-2 (+0.18%)
ZSQ26 : 1236-6 (+0.30%)
ZSU26 : 1229-0 (+0.24%)
Soybean Analysis & Targets

Educational and Actionable information using Fibonacci and W.D. Gann analysis.

ZSX26 : 1241-2 (+0.18%)
Three Key Factors to Watch in Grains in Late Summer

The last five months of 2026 are set to be exciting in the Grains sector.

ZCZ26 : 484-6 (unch)
ZWBAUS.CM : -0.4500 (+18.57%)
ZCU26 : 461-4 (-0.11%)
ZSX26 : 1241-2 (+0.18%)

Barchart Trading Guide

The Barchart Trading Guide is a Buy Signal with a Maximum Signal Strength.

Relative Strength is above 70%. The market is in overbought territory. Watch for a potential trend reversal.

Key Turning Points

3rd Resistance Point 828-0
2nd Resistance Point 806-0
1st Resistance Point 792-4
Last Price 779-4
1st Support Level 757-0
2nd Support Level 735-0
3rd Support Level 721-4

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52-Week High 784-0
Last Price 779-4
Fibonacci 61.8% 699-3
Fibonacci 50% 673-2
Fibonacci 38.2% 647-1
52-Week Low 562-4

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