Cash bids for Canadian wheat were down during the week ended April 10, as losses in the U.S. futures weighed on values.
Average Canada Western Red Spring (CWRS) wheat prices were down by $8 to $10 per tonne, with bids ranging from $200 per tonne in north-central Saskatchewan to $219 per tonne in Manitoba, according to price quotes from a cross-section of delivery points across Western Canada.
Quoted basis levels varied from location to location, but held relatively steady if using the grain company methodology of quoting the basis as the difference between the U.S. dollar denominated futures and the Canadian dollar cash bids.
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When accounting for the currency exchange rates by adjusting the Canadian prices to U.S. dollars ($1=US$0.7949 as of April 10), CWRS bids ranged from US$159 to US$174. That would put the currency-adjusted basis levels at about US$34 to US$49 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 $43 to $61 below the futures.
Average Canada Prairie Red Spring (CPRS) bids were down by $17 to $19 per tonne compared to the week prior. CPRS prices came in at about $166 in Manitoba, at about $168 to $169 per tonne in Saskatchewan, and $179 to $185 in Alberta.
Soft white spring wheat prices were down by about $10 to $11 per tonne, ranging from $181 to $182 per tonne in Alberta. Winter wheat prices were $11 to $19 per tonne lower, ranging from $151 to $164 per tonne across Western Canada.
Durum prices were down by anywhere from $5 to $22 per tonne, with prices in southern Saskatchewan, where the bulk of the crop is grown, quoted at about $303 per tonne.
The May spring wheat contract in Minneapolis, which most CWRS contracts in Canada are based from, was quoted at US$5.81 per bushel on April 10, down 14.50 cents from the previous week.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The May Kansas City wheat contract was quoted at US$5.5875 per bushel on April 10, down 24 cents from last week.
The May Chicago Board of Trade soft wheat contract settled at US$5.2650 on April 10, which was 9.75 cents weaker compared to the week prior.
The Canadian dollar finished the week at 79.49 U.S. cents, which was down by a tenth of a cent relative to its U.S. counterpart compared to the previous week.
