Glacier FarmMedia – Western Canadian wheat bids were mixed during the week ended Feb. 10 despite weaker United States wheat prices and a stronger loonie.
The Canadian Grain Commission reported 230,300 tonnes of wheat exports for the week ended Feb. 1, down from 353,300 tonnes the previous week. So far this marketing year, 11.5 million tonnes of wheat were exported, compared to 10.5 million at the same time last year.
The U.S. Department of Agriculture released its monthly supply/demand estimates on Feb. 10, with 2025-26 wheat ending stocks raised by five million tonnes at 931 million, exceeding trade expectations. Global carryout was tightened by 740,000 tonnes at 277.51 million, below the trade’s pre-report estimates.
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Canadian Western Red Spring (CWRS) wheat was down C$0.10 to up C$2.40 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices were between C$249.10/tonne in southeast Saskatchewan to C$279.60 in southern Alberta.
Quoted basis levels ranged from between C$40.20 to C$70.80/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.
Accounting for exchange rates and adjusting Canadian prices to U.S. dollars (C$1=US$0.7383), CWRS bids were from US$183.90 to US$206.50/tonne. Currency adjusted basis levels ranged from US$2.40 to US$25 below the futures. If the futures were converted to Canadian dollars, basis levels would be C$1.80 to C$18.40 below the futures.
Meanwhile, Canadian Prairie Red Spring (CPRS) prices lost C$1.80 to C$2.60 per tonne. The lowest average bid for CPRS was C$224.30 in southeast Saskatchewan, while the highest average bid was C$248.80 in southern Alberta.
The average prices for Canadian Western Amber Durum (CWAD) were up C$2.80 to C$3 per tonne with bids between C$278.50 in southwest Saskatchewan to C$289.60 in southern Alberta.
The March spring wheat contract in Minneapolis, which most CWRS contracts are based off of, was quoted at US$5.6825 per bushel on Feb. 10, down 0.75 of a cent.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The March contract declined 4.25 cents at US$5.3050/bu.
The March Chicago soft red contract was down 0.5 of a cent at US$5.825/bu.
The Canadian dollar moved up 0.58 of a cent to close at 73.83 U.S. cents on Feb. 10.
