CWRS wheat bids rise with U.S. futures

(Country Guide file photo)

CNS Canada — Average cash bids for Canada Western Red Spring (CWRS) wheat moved higher during the week ended Friday, as a rally in the U.S. futures provided some support.

In Manitoba, the average CWRS price rose to $236 per tonne, from $232 per tonne the previous week. Average gains of $5 to $10 per tonne were seen across the rest of the Prairies, with average prices in Alberta and Saskatchewan of $219-$233 per tonne.

Basis levels for CWRS weakened in most areas, causing the Canadian bids not to rise to the same extent as the U.S. futures.

Average Canada Prairie Spring Red (CPSR) wheat bids improved by $15 to $18 per tonne, with prices of $179 per tonne seen in Manitoba, $180 to $184 per tonne in Saskatchewan, and $184 to $191 in Alberta.

Soft white spring (CWSWS) wheat prices were up by roughly $10 to $13 per tonne on the week, ranging from $178 to $181 per tonne in Alberta. Winter wheat prices were up $17 to $20 from the previous week, with average values ranging from $165 to $174 per tonne across Western Canada.

Durum (CWAD) prices were mixed, with spot bids in southern Saskatchewan, where the bulk of the crop is grown, down about $2 at roughly $353 per tonne.

The March spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted Friday at US$6.15 per bushel, up 23 cents from the previous week.

Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The March Kansas City wheat contract was quoted at US$6.40/bu. on Friday, up 33 cents from the week prior.

The March Chicago Board of Trade soft wheat contract settled at US$5.785 on Friday, up 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, released Dec. 1, 2014. Futures vary slightly due to changes while data is collected. Prices in C$ per tonne. Source: AGCanada.com.

CWRS Future Basis Net
Manitoba 228.19 8.46 236.65
Sask North Central 228.49 -3.20 225.29
Sask South 228.19 2.04 230.23
Alberta South 227.43 5.81 233.23
Alberta Central 227.74 3.56 231.31
Peace 227.59 -8.33 219.26
CPSR Future Basis Net
Manitoba 236.56 -56.80 179.76
Sask North Central 237.15 -56.47 180.69
Sask South 236.96 -52.29 184.67
Alberta South 237.07 -46.33 190.75
Alberta Central 236.86 -45.34 191.53
Peace 236.65 -52.52 184.13
CWSWS Future Basis Net
Alberta South 213.88 -34.48 179.40
Alberta Central 213.76 -32.69 181.07
Peace 213.02 -34.32 178.70
CWRW Future Basis Net
Manitoba 237.43 -61.16 176.28
Sask North Central 237.44 -68.00 169.44
Sask South 237.43 -62.75 174.68
Alberta South 237.07 -71.50 165.58
Alberta Central 235.72 -68.74 166.97
Peace 236.65 -68.28 168.37
CWAD     Net
Sask North Central 363.92
Sask South 353.22
Alberta South 365.44
Alberta Central 372.92

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