Glacier FarmMedia — Canada Western Red Spring (CWRS) wheat bids across the Prairie provinces saw some strength during the week ended Nov. 11, taking some direction from the United States futures. However, other wheat classes were mixed.
Average CWRS (13.5 per cent) wheat prices were up by C$4.90 to C$6.40 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from C$253.80/tonne in southeastern Saskatchewan to as high as C$281.00/tonne in southern Alberta.
Quoted basis levels varied from location to location and ranged from $49.10 to $76.30/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.
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When accounting for currency exchange rates by adjusting everything into Canadian dollars (C$1=US$0.7133) CWRS basis levels ranged from C$3.10 to C$16.90 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were mixed, C$2.60/tonne higher to C$2.10/tonne lower, with prices ranging from C$229.00 to C$253.50/tonne.
Average durum prices were up C$0.60 to down C$4.00/tonne, ranging from C$281.00 to C$296.30/tonne.
MIAX spring wheat futures gained 12.25 cents per bushel in the December contract to settle at US$5.6950/bu. on Nov. 11.
Hard red winter wheat futures were up by 1.50 cents in the December contract on the week at US$5.2375/bu.
The December Chicago soft wheat contract was down 14.25 cents on the week at US$5.3600/bu.
The Canadian dollar was up by roughly a third of a cent relative to its U.S. counterpart, at 71.33 U.S. cents on Nov. 10.
