Hard red winter wheat futures are the mainstay of the Kansas City Board of Trade. Hard red winter wheat represents the bulk of U.S. wheat production and is the primary ingredient in the world's bread. Market users from around the globe look to this contract as the international benchmark for bread wheat prices.

In 2006, the exchange traded more than 4.76 million wheat futures contracts, equivalent to more than 23.81 billion bushels, setting an exchange record. KCBT wheat futures have a record of consistent growth, and volume in 2006 more than six times that of 20 years earlier.

The exchange prides itself on the fact that most of the wheat business transacted here is commercially based, testimony to the efficient and fair markets the KCBT provides.

Options on wheat futures were introduced in 1984, and record options volume was traded in 2002. Options provide still another pricing tool for the grains industry and provide unique risk-management benefits to wheat producers.

In addition to its important role in wheat, the KCBT also is a leader in the financial markets. The KCBT was the first exchange to trade stock index futures contracts when it launched Value Line® futures in 1982. Stock index futures extended the risk management benefits the KCBT helped pioneer in grain to the holders of stock portfolios

The exchange introduced options based on the Value Line® in 1992.

On December 12, 2004, the exchange started trading Value Line exclusively by electronic trading and began trading wheat electronically after hours.

On August 1, 2006 the wheat futures contract began side-by-side trading.

Value Line® is a registered mark of Value Line, Inc., a New York corporation that provides financial services and publications. Since 1982, the Kansas City Board of Trade has been licensed to use the Value Line® mark in connection with its efforts to establish futures markets tied to the Value Line® index. The Kansas City Board of Trade and Value Line, Inc. are not affiliated corporate entities.