Glacier FarmMedia MarketsFarm — Hard red spring wheat bids in Western Canada moved higher during the week ended Jan. 23, as a rally in the United States futures provided support.
Average Canada Western Red Spring (13.5%) wheat prices were up by C$5.80 to C$11.40 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$282.50 per tonne in southeastern Saskatchewan to as high as C$313.20 per tonne in southern Alberta.
Quoted basis levels varied from location to location and ranged from $60.40 to $91.00 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 the Canadian dollar cash bids.
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When accounting for currency exchange rates by adjusting everything into Canadian dollars (C$1=US$0.6958) CWRS basis levels ranged from C$2.90 to C$17.80 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were also higher, up by C$10.40 to C$12.60 per tonne, with prices ranging from C$263.00 to C$291.50 per tonne.
Average durum prices were mixed, up C$2.60 to down C$3.50 per tonne, ranging from C$310.70 to C$331.70 per tonne.
Spring wheat futures in Minneapolis were up by 23 cents per bushel in the March contract to settle at US$6.0450 per bushel on Jan. 23.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The March Kansas City wheat contract was up by 22.50 cents at US$5.7075 per bushel on Jan. 23.
The March Chicago Board of Trade soft wheat contract rose 16.50 cents on the week at US$5.54 per bushel.
The Canadian dollar was up by roughly a tenth of a cent relative to its U.S. counterpart, at 69.58 U.S. cents on Jan. 23.
