Western Canadian wheat bids were mixed during the week ended April 12, reacting to activity in U.S. futures and a firmer Canadian dollar, with gains in hard red spring wheat and losses in Prairie spring wheat.
Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were up by $1-$5 per tonne at most locations, with only eastern Manitoba seeing a slight decline, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about $229 per tonne in western Manitoba to as high as $250 in southern Alberta.
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Quoted basis levels varied from location to location and ranged from $32 to $53 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$172 to US$188 per tonne. That would put the currency-adjusted basis levels at about US$9-$25 below the futures.
Looking at it the other way around, if Minneapolis futures are converted to Canadian dollars, CWRS basis levels across Western Canada range from $12 to $33 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were steady to mostly lower, losing as much as $2.70 per tonne in northwestern Saskatchewan. Prices ranged from $193 to $223 per tonne across the Prairies.
Average durum prices were down $1-$5 per tonne, with bids averaging $236 per tonne in the key durum-growing region of southern Saskatchewan.
The May spring wheat contract in Minneapolis, off of which most CWRS contracts Canada are based, was quoted April 12 at US$5.3125 per bushel, up by 8.75 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 April 12 at US$4.3425 per bushel, up three U.S. cents compared to the previous week.
The Chicago Board of Trade May soft wheat contract settled at US$4.645 per bushel on April 12, down by 3.25 U.S. cents on the week.
The Canadian dollar was up by roughly a quarter-cent relative to its U.S. counterpart during the week at 75.02 U.S. cents.
