MarketsFarm — Spring wheat bids in Western Canada were mostly higher during the week ended Thursday, underpinned by gains in U.S. wheat futures. However, durum bids lost some ground.
Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were up by between 10 cents and $5.80 per tonne across the Prairies, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from $411 per tonne in southeastern Saskatchewan to as high as $431.60 per tonne in southern Alberta.
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Quoted basis levels varied from location to location and ranged from $71.90 to $95 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 $11.10 to $22.70 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were down by 20 cents to up by $2.10 per tonne, with prices ranging from $395.50 to $418.60 per tonne.
Average durum prices were lower, losing $6.30-$9.40 per tonne. Prices ranged from $444.10 to $459.60 per tonne.
Spring wheat futures in Minneapolis were up by 6.75 U.S. cents per bushel in the March contract to settle at US$9.2475 per bushel on Thursday.
Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The March K.C. wheat contract was quoted at US$8.8075 per bushel on Thursday, rising 16 U.S. cents per bushel compared to the previous week.
The March Chicago Board of Trade soft wheat contract settled Thursday at US$7.61 per bushel, up by 8.5 U.S. cents on the week.
The Canadian dollar was up by roughly a fifth of a cent relative to its U.S. counterpart, settling Thursday at 75.12 U.S. cents.
— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.
