Commodities
Wheat price chart
Wheat is one of the world's most widely grown staple grains, used for bread, pasta and animal feed, and is benchmarked internationally through Chicago wheat futures. The chart tracks its price in US cents per bushel.
The chart shows a CFD (contract for difference) that tracks the Chicago Board of Trade (CBOT) wheat futures market, not a futures contract itself. It is a derivative designed to follow the underlying price on a continuous basis.
Wheat chart
OANDA:WHEATUSDCFD on wheat (OANDA WHEATUSD), tracking the Chicago wheat futures contract.
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At a glance
| Full name | Wheat (CBOT soft red winter) |
|---|---|
| Common ticker | ZW / WHEATUSD |
| TradingView symbol | OANDA:WHEATUSD |
| Instrument type shown | CFD tracking CBOT wheat futures |
| Underlying market / benchmark | Chicago Board of Trade (CBOT, part of CME Group) Wheat futures, the leading global wheat price reference |
| Quotation unit | US cents per bushel (60 pounds for wheat); note this differs from metric tonne pricing used in many other markets |
| Market schedule | CBOT wheat futures trade nearly 24 hours a day, five days a week, with a short daily break; the CFD shown here follows the same schedule |
| Spot vs futures vs CFD | The exchange-listed instrument is a futures contract with set delivery months; the CFD shown here tracks that futures price continuously |
| Contract month / rollover | CBOT wheat futures have set delivery months (for example March, May, July, September, December); continuous charts roll between active contracts, which can create step changes reflecting the futures curve |
| Data delay | Real-time streaming price from the data provider |
What is Wheat?
Wheat is grown across a wide range of climates, with major producers including the European Union, China, India, Russia, the United States, Canada and Australia. Different varieties (winter and spring wheat, hard and soft, red and white) are used for different end products, from bread flour to pasta to animal feed.
The most widely referenced global price benchmark is the CBOT Wheat futures contract traded on CME Group, based on soft red winter wheat delivered in the US Midwest. Wheat is also traded on other exchanges, including Euronext in Paris (referencing European milling wheat) and Russian and Black Sea export markets, but CBOT remains the primary global reference.
How to read this chart
Rising wheat prices typically reflect poor harvests or adverse weather in major growing regions, disrupted export flows from key exporters, or strong import demand; falling prices can reflect bumper harvests, ample stocks or weaker demand.
Because the underlying instrument is a futures contract with specific delivery months tied to the agricultural growing and harvest cycle, continuous charts must roll between contracts, and near-term prices can differ from deferred months depending on expected harvest size and current stock levels.
Wheat is quoted in US cents per bushel on CBOT, a volume-based unit specific to grain markets; this differs from the metric tonne pricing convention used in many other wheat markets internationally, so care is needed when comparing prices across exchanges.
What moves it?
- Northern Hemisphere weather
- Growing-season weather across the US, Europe, Russia and Ukraine — drought, frost, or excess rain at planting, growing or harvest stages — is the primary driver of wheat supply expectations.
- Black Sea export flows
- Russia and Ukraine are among the world's largest wheat exporters; disruptions to their production or to Black Sea shipping routes have historically caused significant price volatility.
- USDA WASDE reports
- The US Department of Agriculture's monthly World Agricultural Supply and Demand Estimates (WASDE) report provides closely watched official estimates of global wheat production, consumption and stocks.
- Currency and freight costs
- Because wheat is traded internationally, exchange rate movements in major exporting and importing countries, along with ocean freight costs, affect the competitiveness of different origins and influence CBOT pricing.
Why businesses and investors monitor it
Food processors, bakers, animal feed producers and agricultural traders use wheat futures pricing for input cost budgeting, hedging and forward purchasing decisions.
Because wheat is a globally traded staple food, governments, aid organisations and businesses in food-insecure regions also monitor it as an indicator of food price and supply pressures, without treating the chart as investment advice.
Wheat vs natural gas
Wheat and natural gas are both essential commodities but sit in very different markets: wheat pricing is driven by weather, harvests and international trade flows on an annual growing cycle, while natural gas pricing responds to short-term weather (heating and cooling demand) and storage dynamics within a single season.
Notably, natural gas is also an input into nitrogen fertiliser production, so sustained moves in gas prices can feed through to farmers' input costs and, with a lag, to wheat planting decisions and yields.
Frequently asked questions
Why is wheat quoted in cents per bushel?
It is the traditional US grain trading convention on CBOT; a bushel of wheat weighs 60 pounds, and prices are quoted in cents rather than dollars for historical reasons.
Why do Black Sea disruptions move wheat prices so much?
Russia and Ukraine together account for a large share of global wheat exports, so disruptions to their production or shipping routes can materially affect global available supply.
What is the WASDE report?
It is a monthly US Department of Agriculture publication estimating global supply, demand and ending stocks for major crops including wheat, closely watched by traders and analysts.
Does the chart reflect physical grain ownership?
No. It is a CFD tracking CBOT futures pricing; it does not represent ownership of physical wheat or storage.
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Sources
Written and maintained by the StandardsDesk editorial team. Last reviewed 2026-08-06. The explanatory text on this page is evergreen: it is not updated with market movements, and no current price or level is quoted anywhere outside the chart.
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