Cash wheat bids across Western Canada edged up during the week ended March 11, with spot bids for Canada Western red spring (CWRS) wheat steady to a couple of dollars per tonne higher in most areas.
Basis levels improved as well, as cash prices in Western Canada managed to firm up despite the fact that the Minneapolis futures held within a narrow range.
Average spot bids for CWRS at 13.5 per cent protein on March 11 across Manitoba, Saskatchewan and Alberta came in at around C$281 per tonne, or $7.65 per bushel, based on pricing available from a cross-section of delivery points. That compares with $277 per tonne ($7.54/bu.), at the same point March 4.
The best pricing was available in Alberta, where basis opportunities above the futures were available from some elevators for delivery over the next few months.
Over the same time, the May spring wheat contract in Minneapolis held steady over all, to trade at around US$7.94.
Canada Prairie red spring (CPRS) bids also saw some mixed activity during the reporting period, with average values at C$245 per tonne, up only slightly from the $244 per tonne level seen the previous week.
Durum prices were steady to up a few dollars, with average spot bids coming in at C$291.86 ($7.94/bu.).
— Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.