Canada Western Red Spring (CWRS) wheat bids held relatively steady during the week ended May 10, as the Minneapolis futures managed to edge higher on the week despite losses in the Chicago and Kansas City winter wheat markets.
Average CWRS (13.5 per cent protein) wheat prices were held within $1 per tonne of unchanged at most locations, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about $222 per tonne in western Manitoba to as high as $240 in southern Alberta.
Quoted basis levels varied from location to location and ranged from $32 to $50 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, CWRS bids ranged from US$166 to US$179 per tonne. That would put the currency-adjusted basis levels at about US$11-$25 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 $15 to $33 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were down $4-$6 per tonne, with prices ranging from $178 to $206 per tonne across the Prairies.
Average durum prices were steady to down $1 per tonne, with bids averaging $237-$242 per tonne in the key durum-growing region of Saskatchewan.
The July spring wheat contract in Minneapolis, off of which most CWRS contracts Canada are based, was quoted May 10 at US$5.15 per bushel, up by two 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 July K.C. wheat contract was quoted May 10 at US$4.015 per bushel, down 14.5 U.S. cents compared to the previous week.
The July soft wheat contract at the Chicago Board of Trade settled at US$4.38 per bushel on May 10, down by 13.25 U.S. cents on the week.
The Canadian dollar held steady with its U.S. counterpart during the week, at 74.53 U.S. cents.