Glacier FarmMedia | MarketsFarm — Spring wheat cash prices were mixed while those for durum were a little higher across the Canadian Prairies for the two-week period ended Jan. 6.
The United States wheat complex was either side of steady as well, with declines in Minneapolis wheat and small to moderate increases for Kansas City and Chicago wheat.
Although the Canadian dollar had a slight net decrease during the two-week period, the loonie climbed to 73.41 U.S. cents on Christmas Eve before turning lower.
CWRS
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Average CWRS (13.5 per cent) prices gave up C$1.40 to C$5.50 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Those prices ranged from about C$242.70 per tonne in southeastern Saskatchewan to C$272.90 per tonne in southern Alberta.
Quoted basis levels varied from location to location and ranged from C$34.30 to C$64.50 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between the U.S. dollar-denominated futures and the Canadian dollar cash bids.
When accounting for currency exchange rates by adjusting Canadian prices to U.S. dollars (C$1=US$0.7252), CWRS bids ranged from US$176.00 to US$197.90 per tonne. That would put the currency-adjusted basis levels at about US$10.50 to US$32.40 below the futures.
Looking at it the other way around, if the Minneapolis futures are converted to Canadian dollars, CWRS basis levels across Western Canada ranged from C$7.60 to C$23.50 below the futures.
CPRS & CWAD
Average CPRS (11.5 per cent) wheat prices swung higher, adding C$3.10 to C$8.80 per tonne. Bids ranged from C$222.20 per tonne in southeastern Saskatchewan to C$249.80 per tonne in southern Alberta.
Average CWAD prices rose C$1.90 to C$2.50 per tonne. Bids ranged from C$270.30 per tonne in southwestern Saskatchewan to C$282.90 per tonne in western Manitoba.
U.S. Wheat Complex & loonie
The March spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$5.6725 per bushel on Jan. 6, falling 10.75 cents.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The March Kansas City wheat contract was quoted at US$5.2150 per bushel on Jan. 6, climbing 6.25 cents.
The December Chicago Board of Trade soft wheat contract settled at US$5.1050 per bushel Dec. 19, tacking on three-quarters of a cent.
The Canadian dollar shed less than a 20th of a cent at 72.52 U.S. cents.
