Western Canadian wheat bids were up during the week ended May 31, with strong gains observed across the Prairies.
Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were up $4-$7, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about $226 per tonne in western Manitoba to as high as $247 in southern Alberta.
Quoted basis levels varied from location to location and ranged from $20 to $42 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$167 to US$183 per tonne. That would put the currency-adjusted basis levels at about US$23-$39 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 $31 to $52 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were up by between $17 and $18 at most locations. Prices ranged from $197 to $221 per tonne across the Prairies.
Average durum prices were steady, up by less than $1 per tonne, 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 in Canada are based, was quoted at US$5.52 per bushel on May 31, up 37 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 at US$4.73 per bushel on May 31, up by 31 U.S. cents compared to the previous week.
The Chicago Board of Trade July soft wheat contract settled at US$5.03 per bushel on May 31, up 13 U.S. cents on the week.
The Canadian dollar was down about one-tenth of a cent relative to its U.S. counterpart, at 73.93 U.S. cents.