CNS Canada –– Canada Western Red Spring (CWRS) and Canada Prairie Spring Red (CPSR) cash bids moved higher in Western Canada during the week ended Friday, underpinned by strength in U.S. wheat futures and improving basis levels.
Average CWRS wheat prices were C$6 to more than $9 per tonne higher during the week, with bids ranging from $207 per tonne in north-central Saskatchewan to $225 per tonne in Manitoba, according to price quotes from a cross-section of delivery points across Western Canada.
Quoted basis levels varied from location to location, but generally showed improvement. Basis levels improved to $6.75 per tonne over the futures, from $2.60 above the week prior.
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Average Canada Prairie Spring Red (CPSR) bids were $9.50 to $11 per tonne higher during the week. CPSR prices came in at about $178 in Manitoba, at about $181-$182 per tonne in Saskatchewan, and $190-$196 in Alberta. Basis levels averaged about $14 per tonne below the futures, up from a discount of $19 the week prior.
Soft white spring (CWSWS) wheat prices were up by about $9-$11, ranging from $184 to $189 per tonne in Alberta. Winter wheat prices were up by $7.50-$9.50, ranging from $157 to $163 per tonne across Western Canada.
Durum prices were steady to lower on the week, with prices in southern Saskatchewan, where the bulk of the crop is grown, down $2 at $319 per tonne.
The May spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted at US$5.675 per bushel on Friday, up 11 cents from the previous week.
Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The May K.C. wheat contract was quoted at US$5.3925 per bushel on Friday, up 17 cents from last week.
The May Chicago Board of Trade soft wheat contract settled Friday at US$5.02, 19.5 cents higher compared to the week prior.
The Canadian dollar finished the week at US78.19 cents, which was down by more than a full cent compared to the previous week.
— Terryn Shiells writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.
Table: The weekly snapshot of average published prices as of March 16, 2015. Futures prices (US$ per tonne) vary slightly due to changes while data is collected. Cash bids (C$ per tonne) include currency conversion in the basis. Source: AGCanada.com.
| CWRS | Future… | Basis… | Net |
| Manitoba | 209.97 | 14.73 | 224.70 |
| Sask North Central | 210.60 | -3.53 | 207.07 |
| Sask South | 210.06 | 7.09 | 217.15 |
| Alberta South | 209.51 | 9.84 | 219.35 |
| Alberta Central | 209.98 | 6.90 | 216.88 |
| Peace | 209.82 | 5.38 | 215.20 |
| CPSR | Future | Basis | Net |
| Manitoba | 201.06 | -23.48 | 177.59 |
| Sask North Central | 200.60 | -18.90 | 181.70 |
| Sask South | 200.46 | -19.29 | 181.17 |
| Alberta South | 199.67 | -6.81 | 192.86 |
| Alberta Central | 200.44 | -4.87 | 195.57 |
| Peace | 200.29 | -9.95 | 190.34 |
| CWSWS | Future | Basis | Net |
| Alberta South | 184.61 | -0.64 | 183.96 |
| Alberta Central | 186.18 | 2.54 | 188.72 |
| Peace | 185.86 | 2.79 | 188.65 |
| CWRW | Future | Basis | Net |
| Manitoba | 200.15 | -36.89 | 163.26 |
| Sask North Central | 200.47 | -38.36 | 162.12 |
| Sask South | 199.94 | -35.66 | 164.28 |
| Alberta South | 200.79 | -43.79 | 156.99 |
| Alberta Central | 200.49 | -39.06 | 161.43 |
| Peace | 200.29 | -37.21 | 163.08 |
| CWAD | Net | ||
| Sask North Central | 323.63 | ||
| Sask South | 318.78 | ||
| Alberta South | 325.22 | ||
| Alberta Central | 334.20 |
