Western Canadian wheat bids varied during the week ended June 21, with strong gains observed in CWRS bids along with mixed CPSR bids and steady CWAD bids.
Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were down $5-$8, except for in eastern Manitoba, where prices were only down by 65 cents, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about $225 per tonne in southeastern Saskatchewan to as high as $244 in southern Alberta.
Quoted basis levels varied from location to location and ranged from $21 to $40 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$170 to US$185 per tonne. That would put the currency-adjusted basis levels at about US$20-$35 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 $27 to $46 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were between steady and down about $2 across the Prairies, with the exception of southwestern Saskatchewan, where prices were up by $12. Prices ranged from $198 to $221 per tonne.
Average durum prices were steady, with bids as low as $240 in northwestern Saskatchewan and as high as $254 in western Manitoba.
The September spring wheat contract in Minneapolis, off of which most CWRS contracts Canada are based, was quoted June 21 at US$5.44 per bushel, down 26.5 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 June 21 at US$4.645 per bushel, down 24 cents compared to the previous week.
The Chicago Board of Trade September soft wheat contract settled at US$5.3075 per bushel on June 21, down 11.25 cents on the week.
The Canadian dollar was up by nearly one full cent relative to its U.S. counterpart at 75.69 U.S. cents.