Hard red spring wheat bids in Western Canada were lower during the week ended May 12, weighed down by action in U.S. futures.
Depending on the location, average Canada Western Red Spring (CWRS) wheat prices were down by $1.20 to as much as $3.50 in 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 $230 per tonne in western Manitoba to as high as $251 in northern Alberta.
Quoted basis levels varied from location to location, but generally ranged from about $29 to $50 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$168 to US$183 per tonne. That would put the currency-adjusted basis levels at about US$18-$33 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 $25 to $45 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were down by roughly $4.50, with prices coming in between $164 and $181 per tonne.
Average durum prices were down $1-$2 per tonne, with bids in Saskatchewan coming in at about $255-$260 per tonne.
The July spring wheat contract in Minneapolis, off of which most CWRS contracts Canada are based, was quoted May 12 at US$5.465 per bushel, down by nearly eight 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 July K.C. wheat contract was quoted May 12 at US$4.3925 per bushel, down nearly 11 U.S. cents compared to the previous week.
The July Chicago Board of Trade soft wheat contract settled May 12 at US$4.3275, down by roughly 10 U.S. cents on the week.
The Canadian dollar settled May 12 at 72.92 U.S. cents, unchanged compared to its U.S. counterpart to the previous week.