Wheat bids in Western Canada were mixed for the week ended March 8, with losses in some classes and gains in others. While weakness in the Canadian dollar provided support, a drop in U.S. futures weighed on values.
Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were down $1-$3 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about $243 per tonne in southeastern Saskatchewan to as high as $263 per tonne in southern Alberta.
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Quoted basis levels varied from location to location and ranged from $41 to $61 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$181 to US$196 per tonne. That would put the currency-adjusted basis levels at about US$6-$21 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 $8 to $28 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids ranged from steady to an increase of $2 per tonne. Prices ranged from $210 per tonne in southeastern Saskatchewan to $227 per tonne in southern Alberta.
Average durum prices traded mostly steady, with bids ranging anywhere from $235 per tonne in western Saskatchewan to $244 per tonne in southern Alberta.
The May spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted March 8 at US$5.4925 per bushel, down nine 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 March 8 at US$4.3075 per bushel, down 14 U.S. cents compared to the previous week.
The May Chicago Board of Trade soft wheat contract settled at US$4.395 per bushel on March 8, down 17.75 U.S. cents on the week.
The Canadian dollar closed March 8 at 74.5 U.S. cents, a decrease of 0.91 of a cent from the previous week.
