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Hard Red Winter Wheat Dec '25 (KEZ25)

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Hard Red Winter Wheat Futures Market News and Commentary

Wheat Falls Lower on Wednesday

Wheat posted Wednesday weakness, as futures saw a delayed response to USDA’s added world production from Tuesday. Chicago SRW futures poste losses of a nickel in the front months on the midweek session. KC HRW futures saw losses of 3 to 4 cents on Wednesday. MPLS spring wheat as steady to a penny lower.

The weekly Export Sales report will get another catch-up release on Thursday morning. Analysts are looking for between 200,000 to 600,000 MT in sales for the week ending on 11/13.

The quarterly Flour Milling report from NASS was released on Wednesday, with the July-September wheat ground for flour totaling 231.4 million bushels. That was 8.5 million bushels above the April-June total, but down 1 mbu vs. the same period last year. 

CFTC released another update to the Commitment of Traders report this afternoon, indicating managed money cutting 11,852 contracts from their net short in CBT wheat to 58,761 contracts as of 11/10. In KC wheat, speculators trimmed 9,237 co... 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
$1,760/1,600
First Notice Date
11/28/25
Expiration Date
12/12/25 (1 day)

Seasonal Chart

Hard Red Winter Wheat Dec '25
Average Price Chart for 5 Prior Dec Contracts

Commitment of Traders Positions as of Nov 10, 2025

View Chart Details
Commercials - Long / Short
129,696 (-4,260)
112,473 (+2,055)
Non-Commercials - Long / Short
79,903 (+2,230)
95,434 (-4,847)
Producers - Long / Short
54,835 (-1,761)
100,270 (+6,417)
Swap Dealers - Long / Short
67,776 (+2,019)
5,118 (+156)
Managed Money - Long / Short
56,522 (+2,292)
90,419 (-6,161)
Other Reportables - Long / Short
23,381 (-62)
5,015 (+1,314)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
503-4 +3.67%
on 11/21/25
534-0 -2.25%
on 11/14/25
-1-6 (-0.33%)
since 11/11/25
3-Month
477-2 +9.38%
on 10/14/25
540-0 -3.33%
on 11/05/25
+12-0 (+2.35%)
since 09/11/25
52-Week
477-2 +9.38%
on 10/14/25
682-6 -23.54%
on 02/19/25
-88-6 (-14.53%)
since 12/11/24

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Most Recent Stories

More News
Corn Pulls Back on Wednesday

Corn futures gave back some of the Tuesday gains, with contracts own 3 to 4 cents on Wednesday, as soon to expire December was down 6 cents. The CmdtyView national average Cash Corn price was down 3 1/2...

ZCZ25 : 436-6 (+0.46%)
ZCH26 : 444-4 (+0.06%)
ZCZ25 : 436-6 (+0.46%)
ZCPAUS.CM : 3.9894 (-0.90%)
Soybeans Post Gains, as NASS Confirms Record October Crush

Soybeans were 1 to 4 cents higher across most contracts on Wednesday. The cmdtyView national average Cash Bean price was 4 1/4 cents lower at $10.21 3/4. Soymeal futures ere steady to $3.10 in the red,...

ZSPAUS.CM : 10.2073 (+0.41%)
ZLH26 : 51.51s (-0.19%)
ZMH26 : 306.7s (+0.13%)
ZSX25 : 1112-6s (-1.70%)
ZSF26 : 1092-2s (+0.09%)
ZSH26 : 1102-0s (+0.09%)
Wheat Falls Lower on Wednesday

Wheat posted Wednesday weakness, as futures saw a delayed response to USDA’s added world production from Tuesday. Chicago SRW futures poste losses of a nickel in the front months on the midweek session....

KEH26 : 524-4 (+0.24%)
KEZ25 : 522-0 (+1.06%)
MWZ25 : 5.8150s (unch)
ZWZ25 : 531-2s (unch)
ZWH26 : 530-4s (+0.19%)
Shootin' the Bull about cattle feeders going backwards.

Cattle feeders appear to have gone backwards today.

Corn Posting Wednesday Weakness, as Ethanol Production Remains Robust

Corn futures are showing losses of 3 to 4 cents across the front months on Wednesday, as contracts give back some of the Tuesday gains. The CmdtyView national average Cash Corn price is down 3 1/2 cents...

ZCZ25 : 436-6 (+0.46%)
ZCH26 : 444-4 (+0.06%)
ZCZ25 : 436-6 (+0.46%)
ZCPAUS.CM : 3.9894 (-0.90%)
Wheat Falling on Wednesday

Wheat is trading with Wednesday weakness, as contracts are having a delayed response to USDA’s added world production from Tuesday. Chicago SRW futures are down 6 to 8 cents in the nearbys. KC HRW futures...

KEH26 : 524-4 (+0.24%)
KEZ25 : 522-0 (+1.06%)
MWZ25 : 5.8150s (unch)
ZWZ25 : 531-2s (unch)
ZWH26 : 530-4s (+0.19%)
Soybean Bulls Battling Back at Wednesday’s Midday

Soybeans are back to higher trade on Wednesday, with contracts up 1 to 3 1/2 cents. The cmdtyView national average Cash Bean price is 3 1/4 cents lower at $10.20 1/4. Soymeal futures are steady to $1.10...

ZSPAUS.CM : 10.2073 (+0.41%)
ZLH26 : 51.51s (-0.19%)
ZMH26 : 306.7s (+0.13%)
ZSX25 : 1112-6s (-1.70%)
ZSF26 : 1092-2s (+0.09%)
ZSH26 : 1102-0s (+0.09%)
Shootin' the Bull about preparing

I anticipate feeder cattle to sell off sharply and maybe even produce a counter seasonal trade for which prices tend to rise from the first of December to the middle of February.

Corn Fading Back Early on Wednesday

Corn price action is down fractionally to 2 cents so far on Wednesday morning. Futures posted gains of 4 to 5 cents across most contracts on Tuesday, following a bullish USDA report. Open interest was...

ZCZ25 : 436-6 (+0.46%)
ZCH26 : 444-4 (+0.06%)
ZCZ25 : 436-6 (+0.46%)
ZCPAUS.CM : 3.9894 (-0.90%)
Soybeans Extending Losses on Wednesday Morning

Soybeans are trading with 2 to 4 ½ cent losses early on Wednesday. Futures posted Tuesday losses of 6 to 8 cents in the nearbys, as contracts pulled off lows into the close. Preliminary open interest...

ZSPAUS.CM : 10.2073 (+0.41%)
ZLH26 : 51.51s (-0.19%)
ZMH26 : 306.7s (+0.13%)
ZSX25 : 1112-6s (-1.70%)
ZSF26 : 1092-2s (+0.09%)
ZSH26 : 1102-0s (+0.09%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 520-5
2nd Resistance Point 519-7
1st Resistance Point 518-1
Last Price 522-0
1st Support Level 515-5
2nd Support Level 514-7
3rd Support Level 513-1

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52-Week High 682-6
Fibonacci 61.8% 604-2
Fibonacci 50% 580-0
Fibonacci 38.2% 555-6
Last Price 522-0
52-Week Low 477-2

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