11 September 2026.
Durum against the wheat futures.
This note did not name a cash durum price.
It named the rally off the 2025 lows as Chicago wheat about 50 percent, Kansas City about 70 percent, and Minneapolis about 40 percent, and said durum has no futures market to buy.
The rest of the note stays below the paywall.
Levels in this note, 11 September 2026
Item | Level |
|---|---|
Chicago wheat off the 2025 low | About 50 percent |
Kansas City | About 70 percent |
Minneapolis | About 40 percent |
Durum | Cash only. No futures leg. |
These are the figures written in this note. They are not a new call.
I see a lot of great discussion about the discount between higher-quality MPLS wheat and KC wheat.
I also see great discussion of the divergence of cash Durum prices with KC and MPLS wheat.
Higher-quality wheats like MPLS and Durum usually trade at a premium to lower-quality wheat.
That is not the case right now.
Why is this?
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