KC HRW Wheat-European Milling Wheat Spread

Futures
Globex Code
KWDK5
Last
36.50
Change
+0.50 (+1.39%)
Volume
1
Last Updated12 Apr 2025 10:48:04 PM CT.
Market data is delayed by at least 10 minutes

Access two of the most important global wheat markets in one trade

Discover simpler and more capital-efficient trading of KC Wheat futures vs. Euronext Wheat futures in a single spread trade, in U.S. dollars per metric ton. Take advantage of trading through one exchange and one clearing house with CME Group and CME Clearing.

Get exposure to both the North American HRW wheat and European wheat markets with cash-settled, USD-denominated KC HRW Wheat vs. European Milling Wheat Spread futures.

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Features and benefits

Mitigate currency risk

Get exposure to European and North American wheat on one exchange in U.S. dollars, eliminating currency risk. No need to hold positions in two currencies.

One position, one margin required per spread trade

Cleared in U.S. dollars by CME Clearing – only one position and one margin required per spread trade, resulting in margin efficiencies.

Complement or diversify your wheat exposure

Manage price differentials between KC HRW wheat, and European milling wheat.

No physical delivery risk

Contracts are cash settled, so you can gain exposure without engaging in physical markets and manage price risk on a purely financial basis. 

Explore this product in depth

Review contract highlights

  • Contract Unit
    50 Metric Tons
  • Price Quotation
    USD per Metric Ton
  • Product Code
    CME Globex: KWD
    CME ClearPort: KWD
    Clearing: KWD
  • Trading Hours
    CME Globex:
    Sunday - Friday, 7:00 p.m. - 7:45 a.m. CT and
    Monday - Friday, 8:30 a.m. - 1:20 p.m. CT
    CME ClearPort:
    Sunday 5:00 p.m. - Friday 5:45 p.m. CT with no reporting Monday - Thursday from 5:45 p.m. – 6:00 p.m. CT
Last Updated12 Apr 2025 10:48:03 PM CT.
Date
Future VolumeOptions Volume
Get to know more about KC Wheat futures

KC Wheat futures contracts are based on Kansas City hard red winter (HRW) wheat, which is considered to be the most important class produced in the United States. This type of wheat is grown primarily throughout the high plains and is used for cereal, pan bread, general purpose flour and other foods.

Vendor codes

Unlock potential in global wheat markets

As the global wheat harvest season winds down, both U.S. and European Wheat futures have been climbing. With the market honing in on world export demand, Dan Basse from AgResource notes, "This year, managing the price differences between various regions will be more critical than ever."

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