Prairie wheat bids drift lower with U.S. futures

CNS Canada — Average cash bids for Canada Western Red Spring (CWRS) and Canada Prairie Spring Red (CPSR) wheats were weaker during the week ended Monday, as continued losses in U.S. futures weighed on prices.

Average spot bids for CWRS (13.5 per cent protein) across Manitoba, Saskatchewan and Alberta came in at around C$202 per tonne ($5.49 per bushel) based on pricing available from a cross-section of delivery points. That compares with $207 per tonne ($5.54/bu.) the previous week. Average basis levels were unchanged at an average discount of about C$65 relative to the futures.

Average CPSR bids came in at $157 per tonne ($4.28/bu.), which compares with average bids the previous week of $168 per tonne ($4.57/bu.). Basis levels held steady on the week at roughly C$117 per tonne below the futures.

The July spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted Monday at US$7.2525 per bushel, down 12.75 cents from the previous week.

Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The July Kansas City wheat contract lost 23.25 cents during the week, and was quoted at US$7.45/bu. on Monday.

Improving moisture conditions for winter wheat in the southern U.S. Plains accounted for much of the selling pressure in U.S. futures during the week.

Average durum prices were unchanged from a week ago, with the average value coming in at $187 per tonne ($5.09/bu.).

— Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.


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