Wheat Chicago SRW

Wheat is a grain that is the basic raw material of bread, pasta, bulgur, biscuits and flour products. Because it can grow in different climates, it is produced in many countries; it is divided into various classes by characteristics such as winter or spring sowing and hard or soft kernels. Because Turkey is both a significant wheat producer and an exporter of flour and pasta, international wheat prices are closely watched.

The wheat value on Lzzo.com is based on the soft red winter (SRW) wheat futures contract traded on the Chicago Board of Trade (CBOT); the data comes from the front-month contract (ZW=F) obtained via Yahoo Finance. The contract is quoted in cents per bushel, and the site converts this quote into US dollars. SRW wheat is mainly used in products such as biscuits, crackers and cakes.

Weather and harvest expectations, production and exports in the Black Sea region, the US Department of Agriculture's supply and demand reports, shipping costs and the value of the dollar are the main factors affecting the wheat price. The futures price differs from prices on commodity exchanges in Turkey and from those announced by the Turkish Grain Board (TMO).