Cash wheat bids across Western Canada were steady to lower during the week ending Monday, with both Canada Western red spring (CWRS) and Canada Prairie red spring (CPRS) wheat seeing some softness in the spot market.
Average spot bids for CWRS at 13.5 per cent protein on April 15 across Manitoba, Saskatchewan and Alberta came in at around C$281 per tonne ($7.65 per bushel) based on pricing available from a cross-section of delivery points. That compares with $283 per tonne ($7.72/bu.) at the same point the previous week. Basis levels only saw small adjustments over the week.
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The May spring wheat contract in Minneapolis held reasonably compared to the previous week, down only one cent to trade at around US$7.98. However, many elevators were starting to trade off of the July contract, which was down by nearly 10 cents to trade at US$7.89.
CPRS bids were also a little softer over the reporting period, with average values at C$240 per tonne ($6.52/bu.) from the $244 per tonne ($6.64/bu.) level seen the previous week.
Durum prices were steady to a little lower, depending on the location, with average spot bids down $2 from the previous week at about C$276 per tonne ($7.50/bu.).
— Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.
