Glacier FarmMedia — Hard red spring wheat bids in Western Canada were weaker during the week ended Oct. 2, as losses in United States futures and seasonal harvest pressure weighed on values.
Average Canada Western Red Spring (13.5%) wheat prices were down by C$2.10 to C$4.80 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$236.60/tonne in southeastern Saskatchewan to as high as C$262.50/tonne in southern Alberta.
Quoted basis levels varied from location to location and ranged from $30.70 to $56.60/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.
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When accounting for currency exchange rates by adjusting everything into Canadian dollars (C$1=US$0.7162) CWRS basis levels ranged from C$12.80 to C$26.10 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were also lower, down by C$4.00 to C$5.40/tonne, with prices ranging from C$210.10 to C$233.50/tonne.
Average durum prices were up C$2.70 to C$5.20/tonne, ranging from C$273.14 to C$285.60/tonne.
MIAX spring wheat futures lost 12.50 cents per bushel in the December contract to settle at US$5.6050/bu. on Oct. 2.
Hard red winter wheat futures were down by 13.25 cents in the December contract on the week at US$4.9900/bu.
The December Chicago soft wheat contract lost 12.25 cents on the week at US$5.1475/bu.
The Canadian dollar was down by roughly a fifth of a cent relative to its U.S. counterpart, at 71.62 U.S. cents on Oct. 2.
