ZW wheat futures explained: what moves Chicago wheat
Corn is mostly an American story. Wheat is a world story. It grows on every continent but Antarctica, so a drought in Russia or a war near a port can move a Chicago chart.
At a glance
| Item | ZW (Chicago SRW Wheat) |
|---|---|
| What it is | A futures contract for 5,000 bushels of soft red winter wheat, priced in cents per bushel |
| Tick size | 1/4 cent per bushel |
| One tick is worth | $12.50 ($50 per full cent) |
| Busiest hours (ET) | 9:30 am – 2:20 pm, and noon on USDA report days |
| What moves it most | Crops in Russia, Ukraine, the EU and the US, export prices, the dollar |
| Trading hours | Sun–Fri 8:00 pm – 8:45 am ET, then Mon–Fri 9:30 am – 2:20 pm ET |
Specs checked Oct 2026. Check cmegroup.com for current specs before you trade.
Which wheat is this?
"Wheat" isn't one thing. ZW is soft red winter wheat, used mostly for cakes, crackers and cookies. It's the most traded wheat contract in the world and the usual benchmark.
Other US wheats trade too, like hard red winter wheat (KE), used for bread. They usually move together, but not always.
Winter wheat is planted in the fall, sleeps through winter and is harvested in early summer.
What moves it
The Black Sea. Russia is one of the world's biggest wheat exporters, and Ukraine is a major one. When Russia invaded Ukraine in February 2022, wheat surged to record highs within weeks. News about ports, shipping and export rules from the region still moves the price.
World weather. Drought or frost in Russia, the EU, Australia, Argentina, Canada or the US Plains can all matter, depending on the season.
USDA reports. WASDE monthly at 12:00 pm ET. Crop Progress on Mondays at 4:00 pm ET, which rates winter wheat in spring and fall. Export Sales on Thursdays at 8:30 am ET.
The US dollar. US wheat competes with wheat from other countries. A strong dollar makes it pricier abroad.
Corn. Wheat can be fed to animals instead of corn, so the two often move together.
When it's busiest
CME sets hours in Chicago time, which changes clocks with New York.
- 8:00 pm – 8:45 am ET: overnight. Black Sea and European news can land here.
- 9:30 am – 2:20 pm ET: the day session and most volume.
- 12:00 pm ET: USDA report days.
Its personality
- News-sensitive. Because supply is global, headlines from far away can move it at odd hours.
- Spikes and fades. War or weather scares can lift wheat fast. When the scare passes, it can give much of it back.
- Daily limits. Like corn and soybeans, wheat has daily price limits that CME resets in May and November.
- Delivered contract. Months are March, May, July, September and December. Most traders roll before delivery. See Contract rollover.
Reading it with our method
- Weekly and daily charts first. Mark the last places price turned around. Wheat's big moves often start with a sharp break on the daily chart.
- Trade with the bigger direction. After a scare spike, wait for a new turning point before deciding the trend changed.
- Body-close rule. Headline candles leave long tails. Only a body close past a level counts.
- Stop first, size second. Example: a 12-cent stop is 48 ticks × $12.50 = $600 of risk per contract. If that's more than your plan allows, don't take it at full size. A math example, not a promise.
The futures tick value calculator does the math.
Common mistakes
- Chasing a war or weather spike. Late buyers often get the worst prices when the news fades.
- Watching only the US. In wheat, Russia's crop can matter more than Kansas.
- Holding over a weekend in a news-heavy period. Sunday's 8 pm ET open can gap.
- Mixing up ZW and KE. They're different wheats with different contracts.
Questions
What is ZW wheat?
ZW is the CBOT Chicago soft red winter wheat futures contract: 5,000 bushels, quoted in cents per bushel. It's the world's most traded wheat contract.
How much is one tick on wheat futures?
$12.50 per contract. The tick is 1/4 cent per bushel on 5,000 bushels.
Why did wheat prices spike in 2022?
Russia's invasion of Ukraine in February 2022 put a big share of world wheat exports at risk. Chicago wheat hit record highs within weeks.
When do wheat futures expire?
The contract months are March, May, July, September and December. Check cmegroup.com for exact dates.
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