Glacier FarmMedia — Canada Western Red Spring wheat bids were higher during the week ended Feb. 24, as a rally in the United States futures provided support.
CWRS
Average CWRS (13.5 per cent) wheat prices were up by C$6.30 to up C$8.10 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$256.40/tonne in southeastern Saskatchewan to as high as C$286.70/tonne in southern Alberta.
Quoted basis levels varied from location to location and ranged from $43.50 to $73.80/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.
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When accounting for currency exchange rates by adjusting everything into Canadian dollars (C$1=US$0.7295) CWRS basis levels ranged from C$2.80 to C$18.90 below the futures.
CPSR
Canada Prairie Spring Red (CPSR) wheat bids were also higher, gaining C$3.70 to C$6.00 per tonne, with prices ranging from C$233.50 to C$258.20 per tonne.
Durum
Average durum prices held closer to unchanged, down $0.30 to up C$2.40 per tonne. Durum prices ranged from C$280.10 to C$292.00 per tonne.
Futures
MIAX spring wheat futures gained 11.25 cents per bushel in the March contract to settle at US$5.7950/bu. on Feb. 24.
Hard red winter wheat futures were up by 15.50 cents in the March contract on the week at US$5.5425/bu.
The March Chicago soft wheat contract was up 29.75 cents at US$5.6750/bu.
The Canadian dollar was down by a quarter of a cent relative to its U.S. counterpart at 72.95 U.S. cents on Feb. 24.
