# The Shifting Value Dynamics Between Winter Wheats

> 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.

- Date: 2025-11-01 · published 2025-11-01T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/22434-the-shifting-value-dynamics-between-winter-wheats
- Commodities: [Wheat (HRW)](https://feedsoft.ai/c/KWHEAT.md), [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md)

## Why it matters

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.

## Read by commodity

- WHEAT: bullish ▲
- KWHEAT: bearish ▼

## Sources

- cmegroup.com: https://www.cmegroup.com/openmarkets/agriculture/2025/The-Shifting-Value-Dynamics-Between-Winter-Wheats.html

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.