Glacier FarmMedia MarketsFarm — Hard red spring wheat bids in Western Canada moved lower during the week ended Feb. 13, as losses in the United States futures and strength in the Canadian dollar weighed on values.
Average Canada Western Red Spring (13.5%) wheat prices were down by C$1.50 to C$5.90 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$279.30 per tonne in western Manitoba to as high as C$311.30 per tonne in southern Alberta.
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Quoted basis levels varied from location to location and ranged from $52.70 to $84.70 per 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$0.7021) CWRS basis levels ranged from C$5.70 to C$21.40 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were also lower, down by C$5.10 to C$6.50 per tonne, with prices ranging from C$270.40 to C$298.20 per tonne.
Average durum prices were steady, losing only 10 to 20 cents, ranging from C$322.20 to C$327.90 per tonne.
Spring wheat futures in Minneapolis were down by 11.75 cents per bushel in the March contract to settle at US$6.1675 per bushel on Feb. 13.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The March Kansas City wheat contract was down by 9.25 cents at US$5.9825 per bushel on Feb. 13.
The March Chicago Board of Trade soft wheat contract lost ten cents on the week at US$5.7775 per bushel.
The Canadian dollar was up by just over a third of a cent relative to its U.S. counterpart, at 70.21 U.S. cents on Feb. 13.
