Cash bids and basis levels for Canadian Western Spring Wheat (CWRS) wheat in Western Canada were holding steady during the week ended October 21.
On October 21, average spot bids for 13.5% CWRS across Manitoba, Saskatchewan, and Alberta came in at around $229 per tonne, or $6.25 per bushel, based on pricing available from a cross-section of delivery points, which compares to $230 per tonne, or $6.28 per bushel the week prior.
Basis levels were at an average discount of $46 relative to the futures, from a $45 discount the previous week.
Canadian Prairie Red Spring (CPRS) wheat cash prices were up slightly in Western Canada, following the Kansas City Board of Trade wheat contracts. Average CPRS values were at $213 per tonne, or $5.80 per bushel, up from $211 per tonne, or $5.75 per bushel a week ago. Average basis levels widened to a discount of $67 compared to futures, from $66 the week prior.
U.S. wheat futures were steady to slightly stronger during the week, with continued worries about lower global wheat keeping a firm floor under values. Though, overbought price sentiment was bearish for the futures.
The December spring wheat contract in Minneapolis, which most CWRS contracts in Canada are based off of, was quoted at US$7.5175 per bushel on October 21, up 1.5 cents from the previous week.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The December Kansas City wheat was firmer, gaining 5 cents over the week to US$7.6125 per bushel.
Durum prices were unchanged during the week, with average spot bids holding steady at $204 per tonne, or $5.55 per bushel.