Cash wheat bids across Western Canada saw some mixed activity during the week ended Tuesday, with a steady to firmer tone in Canada Western red spring (CWRS) wheat, but losses in Canada Prairie red spring (CPRS).
Average spot bids for 13.5 per cent-protein CWRS across Manitoba, Saskatchewan and Alberta came in on Tuesday at around C$282 per tonne ($7.68 per bushel) based on pricing available from a cross-section of delivery points. That compares with $281 per tonne ($7.64/bu.) at the same point the previous week.
Basis levels improved slightly overall, with actual basis opportunities dependent on the delivery point.
U.S. wheat futures saw some mixed activity during the week. The July spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted at US$8.135 per bushel on Tuesday, up about one cent per bushel from the previous week.
July wheat in Kansas City, which is more closely linked to CPRS in Canada, lost around 28 cents on the week to trade at US$7.385 per bushel.
CPRS bids weakened over the reporting period, with average values at C$231 per tonne ($6.29/bu.), down from the $247 per tonne ($6.73/bu.) level seen the previous week.
Durum prices, meanwhile, were steady to as much as C$10 per tonne higher over the week, with spot bids ranging from C$275 to as high as $299 per tonne ($7.48-$8.14/bu.), depending on the location.
— Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.