In a mid-October 2022 Barchart article, I wrote:
The metric I watch for clues about U.S. wholesale U.S. wheat consumer behavior is the spread between KCBT hard red winter and CBOT soft red winter wheat. Many U.S. bread manufacturers price their requirements from the KCBT contract. When the premium for KCBT wheat against CBOT wheat rises, it signifies supply and price concerns. The spread tends to rise when wholesale consumers increase their hedging activity, locking in price levels and assuring supplies.
