Wheat bids in Western Canada were down for the week ended Oct. 26 with losses in the United States futures weighing on values.
Average Canada Western Red Spring (13.5 per cent CWRS) wheat prices were down $1 to $4 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 $248 per tonne in southeastern Saskatchewan, to as high as $268 in southern Alberta.
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 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$0.7629) CWRS bids ranged from US$189 to US$204 per tonne. That would put the currency adjusted basis levels at about US$11 to US$26 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 $34 below the futures.
Canada Prairie Red Spring (CPRS) wheat bids were mixed depending on location. Prices ranged from $211 to $236 per tonne in Alberta and Saskatchewan.
Average durum prices were down, with bids ranging anywhere from $203 in northwestern Saskatchewan to $216 in southeastern Saskatchewan.
The December spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$5.7775 per bushel on Oct. 26, down by 11 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$5.0025 per bushel on Oct. 26, down by 16 U.S. cents compared to the previous week.
The December Chicago Board of Trade soft wheat contract settled at US$5.0525 per bushel on Oct. 26, down by 9.5 cents on the week.
The Canadian dollar settled at 76.29 U.S. cents on Oct. 26, which was down by two-tenths of a cent on the week.