Spring wheat bids in Western Canada were lower during the week ended March 24, as favourable weather in the U.S. Plains and large world supplies weighed on the market.
Depending on the location, average Canada Western Red Spring (CWRS) wheat prices were down $4-$5 per tonne across the Prairie provinces, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about $221 per tonne in western Manitoba to as high as $241 in northern Alberta.
Quoted basis levels varied from location to location, but generally improved slightly to range from about $24 to $44 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between U.S. dollar-denominated futures and Canadian dollar cash bids.
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When accounting for currency exchange rates by adjusting Canadian prices to U.S. dollars, CWRS bids ranged from US$165 to US$180 per tonne. That would put the currency-adjusted basis levels at about US$18-$33 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 range from $24 to $44 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were lower by roughly $10 per tonne, with prices ranging from $154 to $169 per tonne.
Average durum prices were mostly lower, with bids in southern Alberta, up by 25 cents, being the lone exception. Bids in Saskatchewan were steady to down $2 per tonne, to range from $260 to $263.
The May spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted March 24 at US$5.3575 per bushel, down 13.25 U.S. cents from the previous week.
Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The May K.C. wheat contract was quoted March 24 at US$4.28 per bushel, down 25.5 U.S. cents compared to the previous week.
The May Chicago Board of Trade soft wheat contract settled March 24 at US$4.2475, down by 12 U.S. cents on the week.
The Canadian dollar settled March 24 at 74.74 U.S. cents, down by nearly a quarter of a cent compared to the week earlier.
