On our farm we compare winter wheat with spring wheat. There are some additional subtle differences such as cost of crop and hail insurance but we did not include these. Yield - Winter wheat has a much lower risk of flooding losses due to summer storms than spring wheat. This factor alone can make a substantial yield advantage for winter wheat on years with heavy summer rains. Also winter wheat is very tolerant to early spring flooding.
Winter wheat has no risk of loss to wheat midge.
Winter wheat has a risk of loss to rust which was substantial on our farm in one year in the last 10. Winter wheat has almost no risk to fall frost. Price - Winter wheat is discounted relative to spring wheat. Pricing of winter wheat is likely to improve as we increase production and have substantial product to develop markets around. Grade - It is harder to grow high grade winter wheat than spring wheat.