Average cash bids for Canada Western Red Spring (CWRS) wheat moved down across Western Canada during the week ended Friday, as continued losses in U.S. futures weighed on values.
The highest CWRS prices were still available in Manitoba, but average bids in the province declined by $8 from the previous week, coming in at roughly $191 per tonne, according to prices quoted from a cross-section of Prairie elevators. Average Saskatchewan prices were also down by about $8, ranging from $173 in the north to $181 the south. In Alberta, CWRS prices ranged from $172 in the Peace River district to $178 in the central and southern parts of the province.
Basis levels did show some improvement, with Canadian bids not falling to the same extent as the U.S. futures.
Average Canada Prairie Spring Red wheat (CPSR) bids were down by about $1 in Manitoba at $137 per tonne, and by as much as $9 lower in Alberta at $145 per tonne.
Soft white spring wheat prices were down by about $10 on the week, ranging from $123 to $126 per tonne in Alberta. Average winter wheat prices ranged from $122 to $133 across Western Canada, with the best pricing opportunities in southern Saskatchewan.
Durum was the one class of wheat that actually saw improvement during the week. Spot durum prices in southern Saskatchewan, where the bulk of the crop is grown, gained about $30 on average to trade at roughly $290 per tonne.
The December spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted Friday at US$5.355 per bushel, down 43 cents from the previous week.
Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The December Kansas City wheat contract lost 33 cents during the week, and was quoted at US$5.6025 per bushel on Friday.
The December Chicago Board of Trade soft wheat contract settled Friday at US$4.745, which was down 28 cents from the previous week.
— Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.
Table: Snapshot of average published prices (in C$ per tonne) released Sept. 22, 2014. Futures vary slightly due to changes while data is collected. Source: AGCanada.com
|Sask North Central||195.95||-22.84||172.94|
|Sask North Central||204.65||-66.98||137.67|
|Sask North Central||204.62||-76.87||127.75|
|Sask North Central||290.97|