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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 Feeling Stronger on Thursday’s Midday

The wheat complex are trading with gains across the three exchanges on Thursday. Chicago SRW futures are 7 to 8 cents in the green at midday. KC HRW futures are 4 to 5 cents higher on Thursday. MPLS spring wheat is showing 6 to 7 cent higher trade at midday.

USDA Export Sales data will be delayed until Friday morning due to the Monday holiday. Traders are looking for between 150,000 and 450,000 MT in wheat bookings in that week.

Russia’s wheat crop estimate from SovEcon is at 83.8 MMT for 2026, unchanged from their previous estimate.

Mar 26 CBOT Wheat  is at $5.15, up 7 1/4 cents,

May 26 CBOT Wheat  is at $5.26 1/4, up 7 1/4 cents,

Mar 26 KCBT Wheat  is at $5.24 1/2, up 4 3/4 cents,

May 26 KCBT Wheat  is at $5.35 1/4, up 4 1/2 cents,

Mar 26 MIAX Wheat  is at $5.70 1/2, up 6 3/4 cents,

May 26 MIAX Wheat  is at $5.81 3/4, up 6 1/2 cents,

On the date of publication, Austin Schroeder did not have (either directly... 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 (expired)

Seasonal Chart

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

Commitment of Traders Positions as of Jan 13, 2026

View Chart Details
Commercials - Long / Short
120,995 (+3,102)
115,111 (-172)
Non-Commercials - Long / Short
86,843 (-2,775)
87,183 (-805)
Producers - Long / Short
33,019 (-4,782)
98,438 (+410)
Swap Dealers - Long / Short
75,734 (+8,587)
4,431 (+121)
Managed Money - Long / Short
65,090 (-1,553)
78,265 (-4,132)
Other Reportables - Long / Short
21,753 (-1,222)
8,918 (+3,327)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
498-6 unch
on 12/12/25
534-0 -6.60%
on 11/14/25
-26-6 (-5.09%)
since 11/12/25
3-Month
477-2 +4.50%
on 10/14/25
540-0 -7.64%
on 11/05/25
-16-0 (-3.11%)
since 09/12/25
52-Week
477-2 +4.50%
on 10/14/25
682-6 -26.95%
on 02/19/25
-107-2 (-17.70%)
since 12/12/24

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Corn Posting Midday Gains on Thursday

Corn futures are up 1 to 2 cents across most contracts on Thursday. The CmdtyView national average Cash Corn price is up 1 1/2 cents at $3.86. Weekly EIA data showed a total of 1.119 million barrels per...

ZCZ25 : 431-4s (-0.86%)
ZCK26 : 432-2s (+0.58%)
ZCH26 : 424-0s (+0.53%)
ZCPAUS.CM : 3.8676 (+0.61%)
Wheat Feeling Stronger on Thursday’s Midday

The wheat complex are trading with gains across the three exchanges on Thursday. Chicago SRW futures are 7 to 8 cents in the green at midday. KC HRW futures are 4 to 5 cents higher on Thursday. MPLS spring...

KEK26 : 536-0s (+0.99%)
KEH26 : 525-6s (+1.15%)
MWH26 : 5.7325 (+1.69%)
ZWH26 : 515-4s (+1.53%)
ZWK26 : 526-4s (+1.45%)
Soybean Extending Strength to Thursday Morning

Soybeans are down 1 to 3 ¼ cents in the front months on Thursday. The cmdtyView national average Cash Bean price is 3 cents lower at $9.9. Soymeal futures are up $3.40 to $3.70/ton, with Soy Oil futures...

ZSPAUS.CM : 9.9377 (-0.02%)
ZLH26 : 53.78s (-0.43%)
ZMH26 : 296.2s (+1.65%)
ZSX25 : 1112-6s (-1.70%)
ZSH26 : 1064-0s (-0.05%)
ZSK26 : 1076-2s (+0.12%)
Soybean Extending Strength to Thursday Morning

Soybeans prices are up 3 to 4 so far on Thursday AM. Futures held on to the Wednesday gains as contracts were up 8 to 11 ½ cents across most months. Open interest suggested net new buying, up 9,390 contracts...

ZSPAUS.CM : 9.9377 (-0.02%)
ZLH26 : 53.78s (-0.43%)
ZMH26 : 296.2s (+1.65%)
ZSX25 : 1112-6s (-1.70%)
ZSH26 : 1064-0s (-0.05%)
ZSK26 : 1076-2s (+0.12%)
Corn Starting Thursday Trade with Slight Gains

Corn price action is fractionally to 1 1/2 cents higher so far on Thursday morning. Futures posted weaker trade heading into Wednesday, with contracts fractionally to 2 cents lower on the session. Preliminary...

ZCZ25 : 431-4s (-0.86%)
ZCK26 : 432-2s (+0.58%)
ZCH26 : 424-0s (+0.53%)
ZCPAUS.CM : 3.8676 (+0.61%)
Wheat Kicking off Thursday with Slight Gains

Wheat is showing 3 to 5 cent gains so far on Thursday morning. The wheat complex posted mixed trade on Wednesday, with contracts weaker in the winter wheats and stronger in the spring wheats. Chicago SRW...

KEK26 : 536-0s (+0.99%)
KEH26 : 525-6s (+1.15%)
MWH26 : 5.7325 (+1.69%)
ZWH26 : 515-4s (+1.53%)
ZWK26 : 526-4s (+1.45%)
MAY ’26 WHEAT-CORN SPREAD (ZWK26-ZCK26) - WALSH PURE SPREADER

WALSH PURE SPREADER - Pure Hedge Division

Corn Gives into Weakness on Wednesday

Corn futures posted weaker trade heading into Wednesday, with contracts fractionally to 2 cents lower on the session. The CmdtyView national average Cash Corn price was down 1 1/2 cents at $3.84 1/2....

ZCZ25 : 431-4s (-0.86%)
ZCK26 : 432-2s (+0.58%)
ZCH26 : 424-0s (+0.53%)
ZCPAUS.CM : 3.8676 (+0.61%)
Soybean Rally Holding on Wednesday

Soybeans futures held on to the Wednesday gains as contracts were up 8 to 11 ½ cents across most months. The cmdtyView national average Cash Bean price was 12 1/4 cents lower at $9.94. Soymeal futures...

ZSPAUS.CM : 9.9377 (-0.02%)
ZLH26 : 53.78s (-0.43%)
ZMH26 : 296.2s (+1.65%)
ZSX25 : 1112-6s (-1.70%)
ZSH26 : 1064-0s (-0.05%)
ZSK26 : 1076-2s (+0.12%)
Wheat Closes with Mixed Action on Wednesday

The wheat complex posted mixed trade on Wednesday, with contracts weaker in the winter wheats and stronger in the spring wheats. Chicago SRW futures were 1 ¾ to 2 ¾ cents in the red. KC HRW futures were...

KEK26 : 536-0s (+0.99%)
KEH26 : 525-6s (+1.15%)
MWH26 : 5.7325 (+1.69%)
ZWH26 : 515-4s (+1.53%)
ZWK26 : 526-4s (+1.45%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 504-1
2nd Resistance Point 503-1
1st Resistance Point 500-7
Last Price 498-6s
1st Support Level 497-5
2nd Support Level 496-5
3rd Support Level 494-3

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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 498-6s
52-Week Low 477-2

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