Western Canadian wheat bids were mixed during the week ended June 7, with strong gains observed in Canada Western Red Spring (CWRS) wheat and a drop in Canada Prairie Spring Red (CPSR) values.
Average CWRS (13.5 per cent protein) wheat prices were up by between $2 and $5, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about $231 per tonne in western Manitoba to as high as $250 in southern Alberta.
Quoted basis levels varied from location to location and ranged from $19 to $38 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$174 to US$188 per tonne. That would put the currency-adjusted basis levels at about US$24-$38 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 $32 to $50 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were down by between $13 and $15 across the Prairies. Prices ranged from $170 to $207 per tonne.
Average durum prices were steady, with bids as low as $237 in northwestern Saskatchewan and as high as $248 in southern Alberta.
The July spring wheat contract in Minneapolis, off of which most CWRS contracts Canada are based, was quoted June 7 at US$5.6875 per bushel, up by 16.75 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 June 7 at US$4.49 per bushel, down 24 cents compared to the previous week.
The Chicago Board of Trade July soft wheat contract settled at US$5.045 per bushel on June 7, up 1.5 cents on the week.
The Canadian dollar was up more than one full cent relative to its U.S. counterpart, at 75.28 U.S. cents.