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CME Group commentary says the normal premium of KC HRW wheat over Chicago SRW wheat has inverted, with the spread averaging negative since mid-August 2025. The article attributes this to abundant hard red winter supply and lower protein levels, and explains the contract differences.
A negative KC-Chicago spread signals that HRW wheat is cheap relative to SRW, which can shift buyer preference toward HRW for feed and milling blends and pressure Chicago relative values.
cmegroup.comCME GroupNov 1, 2025Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
