Cash wheat bids across Western Canada experienced some mixed activity during the week ended June 3. Canada Western red spring (CWRS) wheat bids were nearly unchanged, with some elevators reporting small declines, and others showing slightly stronger prices.
Average spot bids for CWRS with 13.5 per cent protein across Manitoba, Saskatchewan and Alberta came in at around C$282 per tonne ($7.68 per bushel), based on pricing available from a cross-section of delivery points. That compares with $281 per tonne ($7.65/bu.), at the same point the previous week.
Basis levels widened at most of the elevators, coming in at an average discount of C$18.61 per tonne compared to futures prices, from a $13.61 discount the week prior.
U.S. wheat futures strengthened during the week, with concerns over seeding delays due to wet weather behind much of the price firmness
The July spring wheat contract in Minneapolis, off which most CWRS contracts in Canada are based, was quoted at US$8.23 per bushel on Monday, up 16.5 cents per bushel from the previous week.
July wheat in Kansas City, which is more closely linked to Canada Prairie red spring (CPRS), gained eight cents on the week to trade at US$7.515 per bushel.
CPRS bids were fractionally firmer over the reporting period, with average values at C$234 per tonne ($6.39/bu.), slightly up from the $233 per tonne ($6.34/bu.) level seen the previous week.
Durum prices were steady, with spot bids ranging from C$275 to as high as $299 per tonne ($7.48 to $8.14/bu.), depending on the location. The average price came in at $288 per tonne ($7.85/bu.), which compares with the previous week’s average of $290 per tonne ($7.91/bu.).
— Terryn Shiells writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.