Wheat is the third most produced cereal in the world behind corn and rice. In terms of human consumption, wheat is second most important to rice, while a significant proportion of corn is being used as animal feed as well as in bio fuel production.

Wheat played an important role in the urbanization of early human settlements. It was the earliest crop to be domesticated and cultivated on a large scale and was easy to store for later consumption.

Wheat is a staple food for making flour, bread, cookies, noodles and other pastas. Wheat can also be used to produce bio fuels and as a forage crop for livestock. In recent years, the rise in oil prices has increased the demand for bio fuels and wheat. In addition, improved standard of living in developing countries has shifted eating patterns from a predominantly starch-based diet to a more prevalent meat-based diet which requires more intensive inputs of wheat as animal feed.

The major wheat producing countries are China, India, Russia, United States, France, Canada, Germany, Pakistan, Australia and Ukraine. Collectively, the European Union is the largest wheat producing block.

Wheat futures contracts are traded in the Chicago Board of Trade (CBOT), the Kansas City Board of Trade (KCBT) and the Minneapolis Grain Exchange (MGEX). The contracts mature on the months of March (H), May (K), July (N), September (U) and December (Z).