Config.
Marché
Rapport
Unité

COT Hard Red Winter Wheat (HRW, CBOT)

Période
Échelle

As-of mardi · close vendredi · source CFTC

Long vs Short

Long et short en % d’OI (catégorie focus)

Δ 4 semaines

Variation du net vs le rapport d’il y a 4 semaines

Cette semaine

Catégorie Long Short Spreading Net Δ Long Δ Short Δ Net % OI long % OI short

Historique

Grains · CBOT (Kansas heritage)

What is Hard Red Winter (HRW) wheat?

Kansas HRW wheat

Satellite of Soft Red Winter Wheat (SRW, CBOT)

A long means…

Exposure to a rise in Hard Red Winter — Plains bread wheat — not Chicago Soft Red Winter.

What is this?

Hard Red Winter is Plains bread wheat: about 40% of the US crop, from northern Texas through Montana. Flour for breads, croissants and Asian noodles — and a protein booster in blends. The Kansas future delivers No. 2 HRW at 11% protein at par from Kansas City; Wichita, Hutchinson and Salina/Abilene deliver at a discount. Below 10.5% protein, the grain is not deliverable. Chicago also takes HRW at par, but that market remains river soft wheat, not Plains hard winter.

Elevators and exporters hedge the grain; millers hedge the cost of bread flour.

Pitfalls

  • KE / 001612, not ZW / 001602.
  • Kansas City Board of Trade heritage.
  • HRW = hard winter, not spring wheat.

Univers LIX

Le positionnement n’est pas le risque

Le COT décrit qui est positionné. Le LIX décrit le niveau de risque de marché — 12 indicateurs, hors COT.