Wheat bids in Western Canada were strong for the week ended March 15, with gains observed across the board.
Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were up $1 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 $244 per tonne in southeastern Saskatchewan to as high as $263 per tonne in southern Alberta.
Quoted basis levels varied from location to location and ranged from $40 to $60 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$183 to US$197 per tonne. That would put the currency-adjusted basis levels at about US$7-$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 $9 to $28 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were up by $4 per tonne on average, depending on location. Prices ranged from $214 per tonne in southeastern Saskatchewan to $231 per tonne in southern Alberta.
Average durum prices traded steady to down $3, from $235 per tonne in western Saskatchewan to C$241 per tonne in southern Alberta.
The May spring wheat contract in Minneapolis, off of which most CWRS contracts Canada are based, was quoted March 15 at US$5.5475 per bushel, up 5.5 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 May K.C. wheat contract was quoted March 15 at US$4.43 per bushel, up 12.25 U.S. cents compared to the previous week.
The May Chicago Board of Trade soft wheat contract settled at US$4.6225 per bushel on March 15, up 22.75 U.S. cents on the week.
The Canadian dollar closed March 15 at 74.95 U.S. cents, an increase of 0.44 of a cent from the previous week.