Glacier FarmMedia — Cash prices for Western Canadian wheat and durum were stronger during the week ended March 31, pushed higher by large gains in the United States wheat complex.
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The loonie also gave up more than 9/10ths of a cent, making wheat and durum more appealing to export customers.
Canadian Western Red Spring
Average CWRS (13.5 per cent) prices advanced C$14.60 to C$25.70 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Prices ranged from about C$278.10 per tonne in southeastern Saskatchewan to C$304.70 per tonne in southern Alberta.
Quoted basis levels varied from location to location and ranged from C$36.20 to C$62.70 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.
CWRS basis levels
When accounting for currency exchange rates by adjusting Canadian prices to U.S. dollars (C$1=US$0.7174), CWRS bids ranged from US$199.50 to US$218.60 per tonne. That would put the currency-adjusted basis levels at about US$23.40 to US$42.40 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$16.80 to C$30.50 below the futures.
Canadian Prairie Spring Red
Average CPRS (11.5 per cent) wheat prices increased C$15.90 to C$17.30 per tonne. Bids ranged from C$252.60 per tonne in northeastern Saskatchewan to C$281.20 per tonne in southern Alberta.
Canadian Western Amber Durum
Average CWAD prices were up more moderately, adding 40 cents to C$1.50 per tonne. Bids ranged from C$282.20 per tonne in northwestern Saskatchewan to C$296.90 per tonne in western Manitoba.
U.S. wheat complex
The May spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$6.5850 per bushel on March 31, advancing 27.25 cents on the week.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The May Kansas City wheat contract was quoted at US$6.3550 per bushel on March 31, jumping 31.50 cents.
The May Chicago Board of Trade soft wheat contract settled at US$6.1625 per bushel March 31, gaining 26.25 cents.
