Wheat

A hardy grass grown almost everywhere, whose gluten makes bread possible and whose trade feeds import-dependent North Africa and Asia.

Grains · No. 86

• Not on a critical list
• HHI 777 · unconcentrated

Wheat was the first crop ever traded on futures, and a Russian drought in 2010 more than doubled its price.

Chart: Illustration: Wheat

Where it comes from

Chart: Map of where it comes from

Wheat was first farmed in the Fertile Crescent over 10,000 years ago. Today about three-quarters of US wheat is winter wheat, dormant under snow until spring.

Three things to know

1. Wheat is the most evenly spread big grain, with an HHI of 777 in 2024 and China's 17.6% the largest share.
2. Between June 2010 and February 2011, wheat prices more than doubled after Russia's drought and export ban.
3. Protein and gluten strength decide whether a wheat becomes bread, noodles, biscuits or pasta.

The journey

1. 1 SowingWinter wheat in autumn, spring wheat later
2. 2 HarvestCut and graded by class and protein
3. 3 ElevatorsStored in country and port elevators
4. 4 ShippingBulk vessel to importing country
5. 5 MillingGround to flour, bran goes to feed
6. 6 FoodBread, noodles, pasta and biscuits

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