Wheat

The most traded food grain, milled into flour, with distinct classes and three big export origins.

Overview

World output runs near 800 million tonnes, with China the top grower consuming at home while exports flow from the EU, Russia, Australia, Canada, Argentina, and the US. Classes split hard red winter, hard red spring, soft red winter, white, and durum, each with futures on Chicago, Kansas City, or Minneapolis, priced by protein and end use from bread to pasta. The Black Sea sets the margin: Russian export prices dominate trade, and the 2022 invasion, mined ports, and corridor deals swung prices violently. Weather is the fundamental, US winterkill, Russian drought, Australian harvest rain, and contract size is 5,000 bushels.