Wheat bids in Western Canada were weaker for the week ended Sept. 28, taking direction from U.S. futures markets which finished the week lower as well.
Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were down by $5-$11 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 $235 per tonne in southeastern Saskatchewan to as high as $255 in southern Alberta.
Quoted basis levels varied from location to location and ranged from $25 to $45 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$182 to US$197 per tonne. That would put the currency adjusted basis levels at about US$13-$28 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 $17 to $37 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were weaker, dropping anywhere from $3 to $11 per tonne depending on the location. Prices ranged from $205 to $225 per tonne in Alberta and Saskatchewan.
Average durum prices were lower, with bids ranging anywhere from $209 in northwestern Saskatchewan to $218 in southern Alberta, depending on the location.
The December spring wheat contract in Minneapolis, off of which most CWRS contracts Canada are based, was quoted Sept. 28 at US$5.725 per bushel, down 10 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 December K.C. wheat contract was quoted at US$5.1125 per bushel on Sept. 28, down 14 U.S. cents compared to the previous week.
The December Chicago Board of Trade soft wheat contract settled at US$5.09 per bushel on Sept. 28, down 12.75 U.S. cents on the week.
The Canadian dollar settled Sept. 28 at 77.25 U.S. cents, down 0.17 U.S. cents on the week.
