Western Canadian wheat bids were mostly up during the week ended May 3, with steady gains observed across the Prairies.
Average Canada Western Red Spring (CWRS, 13.5 per cent) wheat prices were steady to up as much as $2 in most locations. However, losses of $1-$2 were reported in southwestern Saskatchewan and in Alberta’s Peace region, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about $221 per tonne in western Manitoba to as high as $240 in southern Alberta.
Quoted basis levels varied from location to location and ranged from $32 to $50 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$165 to US$179 per tonne. That would put the currency-adjusted basis levels at about US$10-$23 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 $14 to $33 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were up $1-$3 per tonne at most locations. Prices ranged from $184 to $211 per tonne across the Prairies.
Average durum prices were between steady and up by $3 per tonne, with bids as low as $237 in northwestern Saskatchewan and as high as $247 in western Manitoba.
The July spring wheat contract in Minneapolis, off of which most CWRS contracts Canada are based, was quoted May 3 at US$5.15 per bushel, up 0.5 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 3 at US$4.015 per bushel, down 0.6 U.S. cent compared to the previous week.
The Chicago Board of Trade July soft wheat contract settled at US$4.38 per bushel on May 3, down 4.5 U.S. cents on the week.
The Canadian dollar was up by 0.18 of a cent, relative to its U.S. counterpart, at 74.47 U.S. cents.