Cash wheat bids across Western Canada declined in sympathy with U.S. futures over the week ended Feb. 11, with average spot bids for Canada Western Red Spring (CWRS) wheat down by about $3-$7 per tonne (eight to 19 cents per bushel) over the reporting period.
However, basis levels did narrow in slightly, limiting the declines.
Average spot bids for 13.5 per cent-protein CWRS on Monday across Manitoba, Saskatchewan and Alberta came in at around $277 per tonne, or $7.54/bu., based on pricing available from a cross-section of delivery points.
That compares with $282 per tonne, or $7.68/bu., at the same point the previous week. The March spring wheat contract in Minneapolis declined by US20 cents per bushel over the week, to trade at US$8.26/bu.
Canada Prairie Red Spring (CPRS) bids were also trending lower during the reporting period, declining by $6-$9 per tonne (16-24 cents per bushel) from the previous week. Average spot bids across the Prairie provinces currently come in at about $254 per tonne ($6.91/bu.), which compares with $262 per tonne ($7.13/bu.) the previous week.
Durum prices showed some softness as well, with spot bids generally declining by about $2 per tonne (six cents per bushel) where available. Spot durum bids can currently be found in the $270-$290 per tonne ($7.35-$7.90/bu.) area in southern Saskatchewan.
— Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.