Glacier Farm Media | MarketsFarm – Western Canadian cash prices for spring wheat and amber durum were mixed during the week ended April 3.
While upticks in the United States wheat complex lent support, concerns over the worldwide reciprocal tariffs announced by President Donald Trump on April 2 generated a lot of uneasiness in the markets.
Although the Canadian dollar was significantly higher during the week ended April 3, much of that increase came the day after Trump unveiled his global levy scheme. Of note, Canada and Mexico were spared in the announcement, with the president noting the U.S. would continue to tariff imports from the two countries that aren’t covered by their trilateral trade agreement.
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Canada Western Red Spring wheat
Average CWRS (13.5%) prices slipped C$2.30 to gaining C$12.90 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Those prices ranged from about C$278.70 per tonne in southeastern Saskatchewan to C$306.40 per tonne in southern Alberta.
Quoted basis levels varied from location to location and ranged from C$61.40 to C$89.20 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.
When accounting for currency exchange rates by adjusting Canadian prices to U.S. dollars (C$1=US$0.7108), CWRS bids ranged from US$198.10 to US$217.80 per tonne. That would put the currency-adjusted basis levels at about US$19.20 below to 60 cents above the futures.
Looking at it the other way around, if the Minneapolis futures are converted to Canadian dollars, CWRS basis levels across Western Canada ranged from C$13.60 below to 40 cents above the futures.
Prairie Red Spring, amber durum
Average CPRS (11.5%) wheat dipped 90 cents to tacking on a C$1.20 per tonne. Bids ranged from C$258.60 per tonne in southeastern Saskatchewan to C$282.00 per tonne in southern Alberta.
Average CWAD prices gave up C$1.50 to rising C$6.10 per tonne. Bids ranged from C$333.10 per tonne in northwestern Saskatchewan to C$346.20 per tonne in southern Alberta.
U.S. wheat complex
The May spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$5.9125 per bushel on April 3, up 2.75 cents on the week.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The May Kansas City wheat contract was quoted at US$5.6900 per bushel on April 3, also adding 2.75 cents from a week ago.
The May Chicago Board of Trade soft wheat contract settled at US$5.3600 per bushel on April 3, for a gain of four cents.
The loonie climbed almost 1.20 cents on the week, settling at 71.08 U.S. cents.
