Wheat bids under pressure in Western Canada

Cash wheat bids across Western Canada showed some softness over the past week, with average spot bids down by about C$10 per tonne (27 cents per bushel) over the reporting period.

Spot bids for No. 1 Canada Western red spring (CWRS) wheat, 13.5 per cent protein, declined by about C$7 to $13 per tonne (19 to 35 cents per bushel) from Jan. 28 to Feb. 4, depending on the location.

Average spot bids for 13.5 per cent CWRS on Feb. 4 across Manitoba, Saskatchewan and Alberta came in at around $282 per tonne, or $7.68/bu., based on pricing available from a cross-section of delivery points.

The March spring wheat contract in Minneapolis dropped by about US20 cents per bushel over the week, to trade around US$8.46/bu.

Canada Prairie Red Spring (CPRS) bids were also trending lower during the reporting period, declining by C$6 to $9 per tonne (16 to 24 cents per bushel) from the previous week. Average spot bids across the Prairie provinces currently come in at about C$262 per tonne, or $7.13 per bushel.

Durum prices showed some softness as well, with spot bids generally declining by about C$4 per tonne (11 cents per bushel) where available. Spot durum bids can currently be found in the C$272-$292 per tonne ($7.40-$7.94/bu.) area in southern Saskatchewan.

– Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.