By Glen Hallick, Commodity News Service Canada
WINNIPEG, Nov. 19 (CNS Canada) – Wheat bids in Western Canada were up for the week ended Nov. 16, as a weaker Canadian dollar supported prices.
Average Canada Western Red Spring (13.5% CWRS) wheat prices were up, increasing by as much as C$3 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about C$250 per tonne in southeastern Saskatchewan, to as high as C$271 in southern Alberta.
Quoted basis levels varied from location to location and ranged from $37 to $58 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.
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$9 to C$30 below the futures.
Canada Prairie Red Spring (CPRS) wheat bids were stronger, increasing by C$2 to C$6 per tonne depending on the location. Prices ranged from C$215 in southeastern Saskatchewan to C$234 per tonne in southern Alberta.
Average durum prices were up, with bids ranging anywhere from C$212 in southwestern Saskatchewan to C$224 in western Manitoba, depending on the location.
The December spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$5.7125 per bushel on Nov. 16, down by 8.75 U.S. cent from the previous week.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The December Kansas City wheat contract was quoted at US$4.8275 per bushel on Nov. 16, down by 14.5 U.S. cents compared to the previous week.
The December Chicago Board of Trade soft wheat contract settled at US$5.0675 per bushel on Nov. 16, down by one U.S. cent on the week.
The Canadian dollar settled at 76.02 U.S cents on Nov. 16, which was down almost a quarter of a U.S. cent.