CWRS wheat bids edge down in Western Canada

(Country Guide file photo)

CNS Canada — Average cash bids for Canada Western Red Spring (CWRS) wheat moved lower during the week ended Friday, with adjustments to basis levels behind much of the declines.

In Manitoba, the average CWRS price declined to $232 per tonne, from $234 the previous week. Similar losses were noted across the rest of the Prairies, with average prices in Alberta and Saskatchewan of $210-$224 per tonne, down by about $2-$4 on the week.

Basis levels for CWRS weakened slightly in most areas, although basis was still generally above the futures, with only the Peace River district reporting average basis levels below the futures.

Average Canada Prairie Spring Red (CPSR) wheat bids held reasonably steady on the week, with prices at around $162 per tonne in Manitoba, at $165-$169 in Saskatchewan and $169-$175 in Alberta.

Soft white spring (CWSWS) wheat prices were down by roughly $5 per tonne on the week, ranging from $166 to $170 in Alberta. Winter wheat prices only moved by a couple of dollars one way or the other, depending on the location, with average values ranging from $145 to $158 per tonne across Western Canada.

Durum prices held steady, with spot bids in southern Saskatchewan, where the bulk of the crop is grown, unchanged at roughly $355 per tonne.

The December spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted Friday at US$5.8325 per bushel, down six cents from the previous week.

Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The December Kansas City wheat contract was quoted at US$6.04 per bushel on Friday, down 1.5 cents from the week prior.

The December Chicago Board of Trade soft wheat contract settled Friday at US$5.4725, down 13.25 cents from the previous week.

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

Table: The weekly snapshot of average published prices, available on Monday of each week. Futures vary slightly due to changes while data is collected. Prices in C$ per tonne, released Nov. 21. Source: AGCanada.com.

CWRS Future Basis Net
Manitoba 216.51 15.77 232.28
Sask North Central 216.99 0.43 215.74
Sask South 216.50 8.12 224.62
Alberta South 215.47 8.31 223.79
Alberta Central 216.43 7.80 224.24
Peace 216.72 -6.75 209.97
CPSR Future Basis Net
Manitoba 222.63 -60.46 162.18
Sask North Central 222.33 -56.79 165.54
Sask South 222.63 -53.58 169.05
Alberta South 221.46 -48.67 172.79
Alberta Central 222.45 -47.11 175.34
Peace 222.46 -53.72 168.74
CWSWS Future Basis Net
Alberta South 202.79 -36.18 166.61
Alberta Central 204.03 -34.15 169.89
Peace 203.62 -35.65 167.97
CWRW Future Basis Net
Manitoba 222.50 -64.46 158.04
Sask North Central 222.29 -71.43 150.86
Sask South 222.55 -65.65 156.90
Alberta South 221.46 -76.02 145.44
Alberta Central 222.45 -72.28 150.17
Peace 222.47…. -72.21…. 150.26
CWAD     Net
Sask North Central…… 365.11
Sask South 355.16
Alberta South 372.39
Alberta Central 370.88

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