Glacier FarmMedia — Canada Western Red Spring wheat bids moved higher in early January, as support from a weaker Canadian dollar countered the bearish influence of small declines for spring wheat futures in the United States.
Average CWRS (13.5 per cent) wheat prices were up C$3.20 to C$5.60 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from C$246.10/tonne in southeastern Saskatchewan to as high as C$277.40/tonne in southern Alberta.
Quoted basis levels varied from location to location and ranged from $37.80 to $69.14/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 the Canadian dollar cash bids.
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When accounting for currency exchange rates by adjusting everything into Canadian dollars (C$1=US$0.7201) CWRS basis levels ranged from C$6.10 to C$22.40 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were mixed, C$1.90/tonne lower to C$0.30/tonne higher, with prices ranging from C$222.50 to C$248.60/tonne.
Average durum prices were down C$0.40 to up C$3.50/tonne, ranging from C$273.90 to C$283.70/tonne.
MIAX spring wheat futures lost 0.75 cents per bushel in the March contract to settle at US$5.6650/bu. on Jan. 13.
Hard red winter wheat futures were down by two cents in the March contract on the week at US$5.1950/bu.
The March Chicago soft wheat contract moved higher at one point before running into resistance to settle unchanged on the week at US$5.1050/bu.
The Canadian dollar was down by roughly half of a cent relative to its U.S. counterpart, at 72.01 U.S. cents on Jan. 13.
