MarketsFarm — Wheat bids across Western Canada were mixed during the week ended Thursday, as losses in U.S. futures were countered by the supportive influence of a weaker Canadian dollar.
Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were down by $7.60-$11.60 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about $406.30 per tonne in southeastern Saskatchewan to as high as $430.10 per tonne in northern Alberta.
Quoted basis levels varied from location to location and ranged from $74.70 to $98.50 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 everything into Canadian dollars, CWRS basis levels ranged from $9.40 below to $5.30 above the futures.
The Canadian dollar closed Thursday at 78.67 U.S. cents, down 1.5 cents relative to its U.S. counterpart on the week.
Meanwhile, spring wheat futures in Minneapolis fell sharply lower, losing 42.25 U.S. cents in the March contract to settle Thursday at US$9.025 per bushel in that month.
Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The March K.C. wheat contract was quoted Thursday at US$7.935 per bushel, down only three cents compared to the previous week.
As result, Canada Prairie Spring Red (CPSR) wheat bids were mostly higher, gaining $2.50-$3.60 per tonne at most locations. Prices ranged from $380.60 to $403.40 per tonne.
Average durum prices were higher, gaining $2.60-$6.60 per tonne. Bids ranged from $692 to $705.40 per tonne.
The March Chicago Board of Trade soft wheat contract settled Thursday at US$7.77 per bushel, down by 13.25 U.S. cents on the week.
— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.