Western Canadian wheat bids were mainly steady during the week ended April 26, with minor losses observed across the Prairies for Canada Western Red Spring (CWRS) wheat and modest gains for Canada Prairie Spring Red (CPSR).
Average CWRS (13.5 per cent protein) wheat prices were down by about $1 per tonne at most locations, with eastern Manitoba seeing a decline of $4, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about $221 per tonne in western Manitoba to as high as $239 in southern Alberta.
Quoted basis levels varied from location to location and ranged from $32 to $51 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between U.S. dollar-denominated futures and Canadian dollar cash bids.
When accounting for currency exchange rates by adjusting Canadian prices to U.S. dollars (C$1=US$0.7429), CWRS bids ranged from US$165 to US$178 per tonne. That would put the currency-adjusted basis levels at about US$10-$23 below the futures.
Looking at it the other way around, if the Minneapolis futures are converted to Canadian dollars, CWRS basis levels across Western Canada range from $14 to $32 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were up by $2-$4 per tonne at most locations. Prices ranged from $184 to $210 per tonne across the Prairies.
Average durum prices were up by less than $1 per tonne, with bids at a low of $236 in northwestern Saskatchewan and high of $243 in southern Alberta.
The May spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted April 26 at US$4.98 per bushel, down by 25 U.S. cents from the previous week.
Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The March K.C. wheat contract was quoted April 26 at US$3.9975 per bushel, down by 20.25 U.S. cents compared to the previous week.
The Chicago Board of Trade March soft wheat contract settled at US$4.35 per bushel on April 26, down 9.25 U.S. cents on the week.
The Canadian dollar was down by 0.43 of a cent relative to its U.S. counterpart at 74.29 U.S. cents.