In commodity trading terminology, Wheat refers to a grain grass which originated in the Fertile Crescent area of the Near East and is now cultivated worldwide. Wheat grain is a world staple food used in the making of bread flour, breakfast cereal, noodles, beer and other alcoholic products, as well as biofuel.
Wheat futures trade on the Chicago Board of Trade and on the CME Groupís Globex electronic trading platform. Contracts are for 5,000 bushels or 136 metric tons of #1 or #2 Red Winter Wheat. Contract prices are quoted in U.S. Dollars with a minimum fluctuation of ľ cent per bushel or $12.50 per contract. The trading symbol for Wheat is W.