Wheat bids in Western Canada were up for the week ended Nov. 2, with gains in the United States futures supporting on values.
Average Canada Western Red Spring (13.5 per cent CWRS) wheat prices were steady to $4 per tonne higher, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about $250 per tonne in southeastern Saskatchewan, to as high as $271 per tonne in southern Alberta.
Quoted basis levels varied from location to location and ranged from $34 to $56 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$0.7631) CWRS bids ranged from US$191 to US$208 per tonne. That would put the currency adjusted basis levels at about US$8 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 $11 to $33 below the futures.
Canada Prairie Red Spring (CPRS) wheat bids were mixed depending on location. Prices ranged from $218 to $234 per tonne in Alberta and Saskatchewan.
Average durum prices were up, with bids ranging anywhere from $211 in southwestern Saskatchewan to $222 in western Manitoba.
The December spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$5.8050 per bushel on Nov. 2, up by 2.75 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$5.0425 per bushel on Nov. 2, up by four U.S. cents compared to the previous week.
The December Chicago Board of Trade soft wheat contract settled at US$5.0875 per bushel on Nov. 2, up by 3.50 U.S. cents on the week.
The Canadian dollar settled at 76.31 U.S. cents on Nov. 2, which was steady on the week.