Western Canadian wheat bids were mostly up during the week ended May 24, with steady gains observed across the Prairies.
Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were up by $8-$8.50, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about $220 per tonne in western Manitoba to as high as $244 in southern Alberta.
Quoted basis levels varied from location to location and ranged from $16 to $40 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between the 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$164 to US$181 per tonne. That would put the currency-adjusted basis levels at about US$23-$40 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 $54 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were up by $10-$12 at most locations. Prices ranged from $179 to $229 per tonne across the Prairies.
Average durum prices were between steady and up $1 per tonne, with bids as low as $237 in northwestern Saskatchewan and as high as $244 in southern Alberta.
The July spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted May 24 at US$5.48 per bushel, up 20.25 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 July K.C. wheat contract was quoted May 24 at US$4.42 per bushel, up 21 U.S. cents compared to the previous week.
The Chicago Board of Trade July soft wheat contract settled at US$4.895 per bushel on May 24, up 24 U.S. cents on the week.
The Canadian dollar was up by about one-tenth of a cent relative to its U.S. counterpart, at 74.39 U.S. cents.