Hard red spring wheat bids in Western Canada rose for the week ending Nov. 3, tracking action in the U.S. futures.
Depending on the location, average Canada Western Red Spring (13.5 per cent protein CWRS) wheat prices were up C$3 to C$5 per tonne across the Prairie provinces, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about $237 per tonne in western Manitoba, to as high as $260 in Alberta.
Quoted basis levels varied from location to location, but generally held steady to range from about $16 to $30 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 the Canadian dollar cash bids.
When accounting for currency exchange rates by adjusting Canadian prices to U.S. dollars (C$1=US$0.7835) CWRS bids ranged from US$185 to US$204 per tonne, which was up on a U.S. dollar basis on the week. That would put the currency adjusted basis levels at about US$23 to US$41 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 $35 to $58 below the futures.
Canada Prairie Red Spring (CPRS) wheat bids were roughly $3 lower to $5 higher. Prices across the Prairies ranged from $165 per tonne in southeastern Saskatchewan to $185 per tonne in southern Alberta.
Average durum prices rose $3 to $5, with bids in Saskatchewan and Alberta ranging from about $265 to $274 per tonne.
The December spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$6.2475 per bushel on November 3, which was up by 7.75 U.S. 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 December Kansas City wheat contract was quoted at US$4.2675 per bushel on November 3, up by 1.50 U.S. cents compared to the previous week.
The December Chicago Board of Trade soft wheat contract settled at US$4.2575 on November 3, which was down by 1.50 U.S. cents on the week.
The Canadian dollar settled at 78.35 U.S. cents on November 3, which was up by roughly two-thirds of a cent compared to the previous week.