CNS Canada — Cash bids for Canada Western Red Spring (CWRS) bids were mixed during the week ended Friday, as prices in Manitoba and Saskatchewan followed U.S. futures lower, but basis levels in Alberta saw some improvements due to unfavourable dry growing conditions.

Average CWRS wheat prices were anywhere from C$6 per tonne lower to as much as $7 dollars per tonne higher, with bids ranging from about C$229 per tonne in north-central Saskatchewan, to as high as $245 per tonne in Manitoba, according to price quotes from a cross-section of delivery points across Western Canada.

Quoted basis levels varied from location to location, but generally improved by about $4 per tonne, to average about C$17 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.

When accounting for the currency exchange rates by adjusting the Canadian prices to U.S. dollars, CWRS bids ranged from US$181 to $193 per tonne. That would put the currency adjusted basis levels at about US$28 to $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 range from C$35 to $51 below the futures.

Average Canada Prairie Spring Red (CPSR) bids were C$1 to $8 per tonne lower. CPRS prices came in at about $182 per tonne in Manitoba, $190 to $191 per tonne in Saskatchewan, and $200 to $209 per tonne in Alberta.

Soft white spring (CWSWS) wheat prices were up by C$7 per tonne, ranging from $217 to $218 per tonne in Alberta.

Winter (CWRW) wheat prices were C$2 to $8 per tonne lower across Western Canada, with prices ranging from $184 to $195 per tonne.

Durum prices were up sharply, gaining C$20 to as much as $37 per tonne amid mounting concerns about drought in Alberta and Saskatchewan. Bids in southern Saskatchewan, where the bulk of the crop is grown, were up by C$27, at $318 per tonne.

The September spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted at US$6.075 per bushel on Friday, down 17 cents from the week prior.

Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The September K.C. wheat contract was quoted Friday at US$5.7225 per bushel, down 19.5 cents from last week.

The September Chicago Board of Trade soft wheat contract settled at US$5.76 on Friday, 14.5 cents weaker compared to the week prior.

The Canadian dollar closed at US78.87 cents on Friday, down three quarters of a cent relative to its U.S. counterpart compared to the previous week.

— Terryn Shiells writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.

Table: The weekly snapshot of average published prices as of July 13, 2015. Futures prices (US$ per tonne) vary slightly due to changes while data is collected. Cash bids (C$ per tonne) have currency conversion included in the basis. Source: AGCanada.com.

CWRS	Future	Basis	Net
Manitoba	220.70	24.23	244.93
Sask North Central	221.10	8.29	229.39
Sask South	220.89	15.13	236.02
Alberta South	220.91	22.02	242.93
Alberta Central	220.60	17.07	237.67
Peace	220.57	17.98	238.55
CPSR	Future	Basis	Net
Manitoba	207.86	-25.39	182.46
Sask North Central	208.41	-17.48	190.93
Sask South	208.03	-17.63	190.40
Alberta South	208.12	0.94	209.07
Alberta Central	207.91	-0.43	207.48
Peace	207.64	-7.34	200.30
CWSWS	Future	Basis	Net
Alberta South	209.86	9.02	218.88
Alberta Central	210.45	9.00	219.45
Peace	210.11	8.39	218.50
CWRW	Future.    .	Basis.     .	Net
Manitoba	207.82	-12.54	195.29
Sask North Central	208.02	-24.25	183.77
Sask South	208.03	-19.14	188.90
Alberta South	205.41	-20.10	185.31
Alberta Central	207.91	-21.44	186.47
Peace	207.64	-21.80	185.84
CWAD			Net
Sask North Central.     .			321.72
Sask South			318.05
Alberta South			309.54
Alberta Central			342.94