The end of the spring wheat harvest and a weaker loonie supported Western Canadian bids during the week ended Oct. 9.
The Saskatchewan spring wheat harvest was 98 per cent complete as of Oct. 6, as reported in the province’s weekly crop report. In Manitoba, spring wheat combining was 99 per cent finished with yields averaging 60 bushels per acre and some fields at 90 bu./ac.
The week ended Oct. 5 was a slow week for Canadian wheat exports. The Canadian Grain Commission reported 420,900 tonnes, compared to 841,500 the week before. So far this marketing year, 3.571 million tonnes of wheat were shipped for export, compared to 3.158 million one year ago.
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CWRS wheat was up C$2.40 to C$6.80 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices were between C$240.50/tonne in southeast Saskatchewan to C$267.60 in southern Alberta.
Quoted basis levels ranged from between C$35.90 to C$62.90/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.
Accounting for exchange rates and adjusting Canadian prices to U.S. dollars (C$1=US$0.7143), CWRS bids were from US$171.80 to US$191.10/tonne. Currency adjusted basis levels ranged from US$13.50 to US$32.90 below the futures. If the futures were converted to Canadian dollars, basis levels would be C$9.70 to C$23.50 below the futures.
Meanwhile, CPRS prices were up C$1.30 to C$3.10 per tonne. The lowest average bid for CPRS was C$212.80 in southeast Saskatchewan, while the highest average bid was C$234.80 in southern Alberta.
The average prices for CWAD were up C$2.30 to C$6.30 per tonne with bids between C$277.40 in northwest Saskatchewan to C$291.90 in western Manitoba.
The December spring wheat contract in Minneapolis, which most CWRS contracts are based off of, was quoted at US$5.57 per bushel on Oct. 9, down 3.5 cents.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The December contract was down 9.25 cents at US$4.8975/bu.
The December Chicago soft red contract lost 8.25 cents at US$5.0650/bu.
The Canadian dollar declined 0.19 of a cent to close at 71.43 U.S. cents on Oct. 9.
