MarketsFarm — Spring wheat bids in Western Canada moved lower during the week ended Thursday, as seasonal harvest pressure and losses in U.S. futures weighed on values.
Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were down $5.30-$8 per tonne across the Prairies, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes).
Average CWRS prices ranged from $327.10 per tonne in northeastern Saskatchewan to as high as $350.90 per tonne in southern Alberta.
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Quoted basis levels varied from location to location and ranged from $45.10 to $68.90 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between the U.S. dollar-denominated futures and Canadian dollar cash bids.
When accounting for currency exchange rates by adjusting everything into Canadian dollars, CWRS basis levels ranged from $16.20 to $29.30 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were down by $10.80-$11.90 per tonne, with prices ranging from $292.10 to $313 per tonne.
Average durum prices were down by between 80 cents and $4.30 per tonne. Prices ranged from $499.40 to $509.50 per tonne.
Spring wheat futures in Minneapolis were down by 16 U.S. cents per bushel in the December contract to settle Thursday at US$7.675.
Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The December K.C. wheat contract was down by 26 U.S. cents on the week to close Thursday at US$7.105 per bushel.
The December Chicago Board of Trade soft wheat contract settled at US$5.7575 per bushel Thursday, down 18 U.S. cents on the week.
The Canadian dollar was up by just over a 10th of a cent relative to its U.S. counterpart, finishing at 74.15 U.S. cents on Thursday.
— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.
