CNS Canada — Cash bids for Canada Western Red Spring (CWRS) wheat showed some improvement at many delivery points across Western Canada during the week ended Monday, and held steady overall despite sharp declines in U.S. futures.
Average spot bids for CWRS (13.5 per cent protein) across Manitoba, Saskatchewan and Alberta came in Monday at around C$176 per tonne, or $4.79 per bushel, based on pricing available from a cross-section of delivery points. That compares with $177 per tonne ($4.81/bu.) the previous week.
Basis levels were up and down, depending on the delivery point, but showed a marked improvement at many locations allowing the average discount to narrow in to $58 relative to the futures, from $66 the previous week.
Average Canada Prairie Spring Red (CPSR) bids came in at $123 per tonne ($3.35/bu.), which compares with average bids the previous week of $128 per tonne ($3.48/bu.). Average basis levels for CPSR narrowed in by $4, to come in at $114 per tonne below the futures.
The September spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted at US$6.3925 per bushel on Monday, down 22.5 cents from the previous week.
Kansas City hard red winter wheat futures, now traded in Chicago, are more closely linked to CPSR in Canada. The September Kansas City wheat contract decreased by 23.5 cents during the week, and was quoted Monday at US$6.4625 per bushel.
Durum prices posted small gains over the week, with average values at $237 per tonne ($6.45/bu.).
— Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.