Spring wheat bids decline for fourth straight week

(Country Guide file photo)

CNS Canada — Average cash bids for Canada Western Red Spring (CWRS) and Canada Prairie Spring Red (CPRS) continued their downward slide during the week ended Monday, as losses in the U.S. wheat futures weighed on values for the fourth straight week.

Average spot bids for CWRS (13.5 per cent protein) across Manitoba, Saskatchewan and Alberta came in at around C$177 per tonne, or $4.81 per bushel, based on pricing available from a cross-section of delivery points. That compares with $180 per tonne ($4.90/bu.) the previous week.

Basis levels were up and down, depending on the delivery point, but showed a slight improvement overall narrowing in to an average discount of $66 relative to the futures, from $68 the previous week.

Average CPSR bids came in at $135 per tonne ($3.68/bu.), which compares with average bids the previous week. Average basis levels for CPSR narrowed in by $4 to come in at $118 per tonne below the futures.

The September spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted at US$6.6175 per bushel on Monday, down 15.25 cents from the previous week.

Kansas City hard red winter wheat futures, now traded in Chicago, are more closely linked to CPSR in Canada. The September K.C. wheat contract decreased by 30.5 cents during the week, and was quoted Monday at US$6.6975 per bushel.

Durum prices posted small gains over the week, with average values at $231 per tonne ($6.28/bu.).

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

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