Western Canadian CWRS wheat bids down, CPRS up

Cash wheat bids across Western Canada saw some mixed activity during the week ended July 15, with CWRS bids edging lower and CPRS prices moving higher. CWRS bids moved lower, following the Minneapolis wheat futures market while CPRS bids followed Kansas City wheat futures higher.

On July 15, average spot bids for 13.5% CWRS across
Manitoba, Saskatchewan and Alberta came in at around C$261 per tonne, or C$7.11 per bushel, based on pricing available from a cross-section of delivery points. That compares with C$264 per tonne, or C$7.20 per bushel, at the same point the previous week. Basis levels generally widened to see an average discount of C$16 relative to the futures, which compares with average nearby basis closer to C$15 the previous week.

Canada Prairie Red Spring (CPRS) bids moved higher during the reporting period, with average values at C$220 per tonne, or C$6.00 per bushel. That compares with prices of C$216 per tonne, or C$5.87 per bushel the previous week.

U.S. wheat futures were also mixed during the week. The September spring wheat contract in Minneapolis, which most CWRS contracts in Canada are based off, was quoted at US$7.500 per bushel on July 15, down 6 cents per bushel from the previous week. The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The September Kansas City wheat contract gained 12 cents on the week to trade at US$7.01 per bushel.

Durum prices were mostly lower, with average spot bids down by C$7 per tonne. The average price came in at C$286 per tonne, or C$7.60 per bushel.

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