HRS Wheat Spread at Pivotal Point

HRS wheat costs the most to store out of the three wheat types traded at CME.

Current storage rate for calculation is $0.00365 per bushel per day. HRW sits lower at $0.00265/bu/day, and SRW is at the base rate of $0.00165/bu/day.

Looking at the Jul’26-Sep’26 calendar spread of HRS wheat, it’s been sitting at about 51.5% of full financial carry during the calculation period. We’ve seen some big jumps too, especially on May 29 and then again June 10-11.

If the spread closes around 9.25c for the rest of this calculation window (June 23 to June 26), the storage cost effectively drops to $0.00265/bu/day.

Over the next four trading days, expect the spread to bounce around that key level a lot. That’ll happen no matter what the front-month contract does.