Prairie wheat bids strengthen with weather concerns

Cash bids for Canada Western red spring (CWRS) wheat across Western Canada moved higher during the week ended Monday, as concerns over yield losses for the U.S. winter wheat crop and seeding delays in the northern U.S. and Canada provided support.

Average spot bids for 13.5 per cent CWRS across Manitoba, Saskatchewan and Alberta came in Monday at around C$281 per tonne ($7.64 per bushel) based on pricing available from a cross-section of delivery points.

That compares with $278 per tonne ($7.57/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 held rangebound over the reporting period, but were firmer overall. The July spring wheat contract in Minneapolis was quoted at US$8.125 per bushel on Monday, up about seven cents per bushel from the previous week.

July wheat in Kansas City, at US$7.665 per bushel, gained around 10 cents on the week.

Canada Prairie red spring (CPRS) bids also strengthened over the reporting period, with average values at C$247 per tonne ($6.73/bu.), up from the $244 per tonne ($6.63/bu.) level seen the previous week.

Durum prices held relatively steady, with spot bids ranging from C$270 to as much as $290 per tonne ($7.35-$7.89/bu.), depending on the location.

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

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