CNS Canada –– Cash spring wheat bids across Western Canada moved higher during the week ended Monday, as gains in U.S. futures and continued weakness in the Canadian dollar both provided support.

Average Canada Western Red Spring (CWRS) wheat prices were up by C$3-$6 per tonne during the week, according to price quotes from a cross-section of delivery points across the Prairie provinces. Average prices ranged from about $230 per tonne in Manitoba to as high as $246 in southern Alberta.

Quoted basis levels varied from location to location, but improved by $1.50 on average to sit at $48 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.

When accounting for the currency exchange rates by adjusting the Canadian prices to U.S. dollars, CWRS bids ranged from US$172 to $184 per tonne. That would put the currency adjusted basis levels at about US$6-$18 below the futures.

Looking at it the other way around, if the Minneapolis futures are converted to Canadian dollars, CWRS basis levels across Western Canada range from C$8 to $24 below the futures.

Average Canada Prairie Spring Red (CPSR) bids were up by C$8-$9 per tonne. Average CPSR prices came in at about $191 per tonne in Manitoba, $199-$200 per tonne in Saskatchewan, and $208-$213 per tonne in Alberta.

Soft white spring (CWSWS) wheat prices were up by C$11-$12 per tonne, ranging from $214 to $216 per tonne in Alberta.

Winter (CWRW) wheat prices were up by C$6-$7 per tonne on the week. Prices ranged from roughly C$184 to $187 per tonne across the Prairies.

Average durum prices were also up, rising by C$1 to as much as $7 per tonne. Bids in southern Saskatchewan, where the bulk of the crop is grown, were up by $3, at $291 per tonne.

The March spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted at US$5.1550 per bushel on Friday, up nine U.S. cents from the week prior.

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 at US$4.805 per bushel on Friday, up US14 cents from the week before.

The March Chicago Board of Trade soft wheat contract settled Friday at US$4.845, US5.5 cents stronger compared to the week prior.

The Canadian dollar closed Friday at US74.76 cents, which was steady with its U.S. counterpart compared to the previous week.

CLICK HERE for the weekly list of Prairie futures and average cash prices effective Dec. 7, 2015.

— Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.