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The pricing of Red Winter Wheat in April 2025. It’s important to understand that there are two main types of red winter wheat futures traded in the U.S., each with its own pricing:
* Chicago Soft Red Winter Wheat (SRW), traded on the Chicago Mercantile Exchange (CBOT).
* Kansas City Hard Red Winter Wheat (HRW), traded on the Kansas City Board of Trade (KCBT).
Here’s a look at the futures prices for these contracts during April 2025. Keep in mind that these are futures prices, which represent the agreed-upon price for delivery at a specific date in the future. Cash prices for physical wheat at different locations can vary due to factors like transportation costs and local supply/demand.
Chicago Soft Red Winter Wheat (SRW) Futures (CBOT) in April 2025:
* Early April (around April 1st): Prices for the May 2025 contract were trading around $5.38 – $5.52 per bushel.
* Mid-April (around April 15th): Prices for the May 2025 contract were fluctuating but generally remained in the $5.35 – $5.50 per bushel range.
* Late April (around April 29th):
* May 2025 (ZWK25): Traded around $5.06 – $5.38 per bushel.
* July 2025 (ZWN25): Traded around $5.31 – $5.52 per bushel.
Kansas City Hard Red Winter Wheat (HRW) Futures (KCBT) in April 2025:
* Early April (around April 1st): Prices for the May 2025 contract were trading around $5.50 – $5.68 per bushel.
* Mid-April (around April 15th): Prices for the May 2025 contract were generally in the $5.50 – $5.60 per bushel range.
* Late April (around April 29th):
* May 2025 (KEK25): Traded around $5.15 – $5.50 per bushel.
* July 2025 (KEN25): Traded around $5.31 – $5.63 per bushel.
Factors Influencing Prices in April 2025:
* Weather Conditions: Reports indicated improved weather for growing winter wheat in the Southern Plains, which likely put some downward pressure on prices due to expectations of better yields.
* Planting Progress: The planting of spring wheat was progressing ahead of the average, which could have a broader impact on overall wheat market sentiment.
* Export Demand: Reports suggested that demand for U.S. wheat in export markets had been somewhat poor, contributing to price pressure.
* Crop Condition Ratings: Winter wheat crop conditions were reported to have improved in key producing states like Kansas and Oklahoma, further suggesting a positive outlook for supply.
Important Note: These are futures prices. The actual cash price a farmer would receive or a buyer would pay for physical red winter wheat in April 2025 would have varied depending on location, quality, and other market factors. Transportation costs and the local basis (the difference between the futures price and the cash price at a specific location) play a significant role.

KDPW video

Video courtesy of KDPW