Wheat bids in Western Canada were weak for the week ended April 5, with losses observed across the Prairies.
Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were down $10-$14 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Prices were down in Manitoba by approximately $12. Average prices ranged from about $228 per tonne in western Manitoba to as high as $247 per tonne in Alberta.
Quoted basis levels varied from location to location and ranged from $36 to $55 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.
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When accounting for currency exchange rates by adjusting Canadian prices to U.S. dollars, CWRS bids ranged from US$170 to US$184 per tonne. That would put the currency-adjusted basis levels at about US$8-$22 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 $11 in northern Alberta to $29 in western Manitoba.
Canada Prairie Spring Red (CPSR) wheat bids were mixed, depending on location. Bids in southwestern Saskatchewan were down by $9, while they increased by as much as $8 in southern Alberta. Prices ranged from $196 per tonne in southwestern Saskatchewan to $224 per tonne in southern Alberta.
Average durum prices traded up about $2, from $237 per tonne in southwestern Saskatchewan to $243 per tonne in southern Alberta.
The May spring wheat contract in Minneapolis, off of which most CWRS contracts Canada are based, was quoted April 5 at US$5.225 per bushel, down 32.25 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 May K.C. wheat contract was quoted April 5 at US$4.3125 per bushel, up 1.25 U.S. cents compared to the previous week.
The May Chicago Board of Trade soft wheat contract settled at US$4.6775 per bushel on April 5, up 10 U.S. cents on the week.
The Canadian dollar closed at 74.7 U.S. cents on April 5, down about a fifth of a cent from the previous week.
