An agricultural commodity that is produced throughout the United States, as well as Canada and Australia. Wheat is used in a variety of products such as bread, baked goods, pastas, and cereals. Futures and options on wheat have been traded since 1877 on the Chicago Board of Trade. Futures and options contracts also are traded on many other futures exchanges throughout the world. Traders watch the monthly wheat crop reports produced by the U.S. Department of Agriculture because they give information about expected supply, which will directly affect prices.