MarketsFarm — Spring wheat bids in Western Canada were mixed during the week ended Thursday, as losses in U.S. futures were countered by support from a weakening Canadian dollar. The currency lost roughly a full cent during the week.
Average Canada Western Red Spring (13.5 per cent protein) wheat prices were steady to down $2 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about $220 per tonne in southeastern Saskatchewan to as high as $238 per tonne in Alberta.
Quoted basis levels varied from location to location and ranged from $23.50 to $41.50 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between U.S. dollar-denominated futures and Canadian dollar cash bids.
When accounting for currency exchange rates by adjusting everything into Canadian dollars, CWRS basis levels ranged from $14 to $24 below the futures.
Bids for Canada Prairie Spring Red wheat were mostly firmer on the week, rising as much as $1.20 per tonne. Prices ranged from $200 per tonne in southeastern Saskatchewan to $218 per tonne in southern Alberta.
Average durum prices were up by $3-$8 per tonne, with bids ranging anywhere from $268.50 to $276.50 per tonne.
The December spring wheat contract in Minneapolis, off of which most CWRS contracts Canada are based, was quoted Thursday at US$5.3475 per bushel, down by 6.75 U.S. 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 K.C. wheat contract was quoted Thursday at US$4.83 per bushel, down 4.5 U.S. cents compared to the previous week.
The December Chicago Board of Trade soft wheat contract settled Thursday at US$5.4975 per bushel, down 6.5 U.S. cents on the week.
The Canadian dollar closed Thursday at 74.77 U.S. cents, which was down by one cent compared to the previous week.
— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.