Hard red spring wheat bids in Western Canada generally moved higher in most locations during the week ended July 20, tracking gains in the U.S. futures.
Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were down by $9 per tonne in northwestern Saskatchewan but up by $9-$11 per tonne in most other locations, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about $211 per tonne in northwestern Saskatchewan to as high as $240 in southern Alberta.
Quoted basis levels varied from location to location and ranged from $7 to $37 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$160 to US$182 per tonne. That would put the currency-adjusted basis levels at about US$22 to US$44 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 $29 to $58 above the futures.
Canada Prairie Spring Red (CPSR) wheat bids were stronger, gaining anywhere from $5 to $7 per tonne depending on the location. Prices ranged from $191 to $208 per tonne.
Average durum prices were narrowly mixed, with bids in southern Saskatchewan coming in at $233-$255 per tonne.
The September spring wheat contract in Minneapolis, off of which most CWRS contracts Canada are based, was quoted July 20 at US$5.55 per bushel, up 23.25 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 September K.C. wheat contract was quoted at US$5.085 per bushel on July 20, up 16.75 U.S. cents compared to the previous week.
The September Chicago Board of Trade soft wheat contract settled at US$5.16 on July 20, up 19 U.S. cents on the week.
The Canadian dollar settled July 20 at 76.09 U.S. cents, up by about a fifth of a cent on the week.