Glacier FarmMedia — Western Canadian cash prices for spring wheat were mostly higher and those for durum were a pinch lower for the week ended Feb. 17.
A firmer tone United States wheat complex offered support, as did the Canadian dollar which lost six-tenths of a cent on the week.
CWRS
Average CWRS (13.5 per cent) prices were 30 cents lower to C$1.70 per tonne higher, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Prices ranged from about C$249.00 per tonne in southeastern Saskatchewan to C$279.90 per tonne in southern Alberta.
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Quoted basis levels varied from location to location and ranged from C$40.30 to C$71.10 per 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 Canadian prices to U.S. dollars (C$1=US$0.7323), CWRS bids ranged from US$182.40 to US$205.00 per tonne. That would put the currency-adjusted basis levels at about US$3.80 to US$26.40 below the futures.
Looking at it the other way around, if the Minneapolis futures are converted to Canadian dollars, CWRS basis levels across Western Canada ranged from C$2.80 to C$19.40 below the futures.
CPSR, CWAD
Average CPRS (11.5 per cent) wheat prices were up C$3.20 to C$4.70 per tonne. Bids ranged from C$227.60 per tonne in southeastern Saskatchewan to C$253.50 per tonne in southern Alberta.
Average CWAD prices gave up 40 to 80 cents per tonne. Bids ranged from C$277.70 per tonne in southwestern Saskatchewan to C$289.20 per tonne in southern Alberta.
U.S. wheat complex
The March spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$5.6825 per bushel on Feb. 17, holding steady on the week.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The March Kansas City wheat contract was quoted at US$5.3875 per bushel on Feb. 17, advancing 8.25 cents.
The March Chicago Board of Trade soft wheat contract settled at US$5.3775 per bushel Feb. 17, increasing 9.50 cents.
