CNS Canada — Average cash bids for Canada Western Red Spring (CWRS) wheat were higher during the week, as basis levels moved higher, now offering farmers a premium over futures in many areas.
CWRS prices were up between about $7 and C$13 compared to a week ago. The best pricing opportunities were still available in Manitoba, where prices were about $226 per tonne. Prices in Saskatchewan ranged from $207 per tonne in the north to $216 in the south. In Alberta, CWRS prices were quoted between $202 and $219 per tonne.
Basis levels for CWRS moved to an average premium of $7 per tonne above the futures, from a discount of 50 cents per tonne a week ago. The best basis opportunities were in Manitoba, where they ranged from $6 to $32 per tonne above the futures.
Average Canada Prairie Spring Red (CPSR) bids were up by about $2.50 to $6.25 across the Prairies, with prices at around $148 per tonne in Manitoba, at $154 to $156 per tonne in Saskatchewan and $158 to $165 in Alberta. The gains were linked to improving U.S. futures prices. Basis levels improved slightly, to about $61 below the futures, from a discount of $62 the week prior.
Soft white spring (CWSWS) wheat prices were stronger, with bids up about $2.50 to $3.50 per tonne on the week, ranging from $147 to $149 per tonne in Alberta. Average winter wheat prices were up between $4.50 and $6.50 per tonne during the week, ranging from $139 to $152 per tonne across Western Canada, with the best pricing opportunities in Manitoba.
Durum (CWAD) prices were up sharply during the week, ranging from $15 to $29 per tonne higher. Spot durum prices in southern Saskatchewan, where the bulk of the crop is grown, gained about $24.50 on average to trade at roughly $351 per tonne.
The December spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted at US$5.705 per bushel on Oct. 17, up 17.25 cents from the previous week.
Kansas City hard red winter wheat futures, now traded in Chicago, are more closely linked to CPSR in Canada. The December Kansas City wheat contract gained 24 cents during the week, and was quoted at US$6.0175 per bushel on Oct. 17.
The December Chicago Board of Trade soft wheat contract settled at US$5.16 on October 17, which was up 17.5 cents from the previous week.
— Terryn Shiells writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.
Table: A weekly snapshot of average published prices, available on Monday of each week. Futures vary slightly due to changes while data is collected. Prices in Canadian dollars per tonne, released Oct. 20, 2014. Source: AGCanada.com
|Sask North Central||207.50||-0.40||207.26|
|Sask North Central||219.53||-65.59||153.94|
|Sask North Central…||219.39||-74.45||144.94|
|Sask North Central||347.50|