Glacier FarmMedia — Canada spring wheat bids were mixed during the week ended March 17, as the United States futures traded in a wide range and the Canadian dollar weakened. General uncertainty in the world markets due to the escalating conflict in the Middle East accounted for some of the choppiness in the wheat market.
CWRS
Average Canada Western Red Spring (13.5 per cent) wheat prices were up by C$1.40 to down by C$2.70 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from C$260.10/tonne in southeastern Saskatchewan to as high as C$288.10/tonne in southern Alberta.
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Quoted basis levels varied from location to location and ranged from $31.60 to $59.60/tonne above the futures when using the grain company methodology of quoting the basis as the difference between the U.S. dollar denominated futures and the Canadian dollar cash bids.
When accounting for currency exchange rates by adjusting everything into Canadian dollars (C$1=US$0.7300) CWRS basis levels ranged from C$13.30 to C$28.20 below the futures.
CPSR
Canada Prairie Spring Red (CPSR) wheat bids were also mixed, down C$1.30 to up C$1.80 per tonne, with prices ranging from C$238.20 to C$262.30 per tonne.
Durum
Average durum prices were softer, down $1.30 to C$3.20 per tonne. Durum prices ranged from C$277.10 to C$293.20 per tonne.
Futures
MIAX spring wheat futures lost 10.75 cents per bushel in the May contract to settle at US$6.2425/bu. on March 17.
Hard red winter wheat futures were down by two cents in the May contract on the week at US$6.0675/bu.
The May Chicago soft wheat contract lost 1.25 cents at US$5.8975/bu.
The Canadian dollar was down by nearly three-quarters of a cent relative to its U.S. counterpart at 73.00 U.S. cents on March 17.
