Hard red spring wheat bids in Western Canada finished mostly higher during the week ended June 2, taking strength from advances in the U.S. futures.
Depending on the location, average Canada Western Red Spring (CWRS) wheat prices were up $7-$10 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 $245 per tonne in western Manitoba, to as high as $265 in northern Alberta.
Quoted basis levels varied from location to location, but generally ranged from about $31 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$181 to US$196 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 $24 to $45 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were mixed, with small gains in some areas and losses in others. Prices ranged from $162 to $177 per tonne.
Average durum prices were down $1 to up $2, with bids in Saskatchewan coming in at about $260 to $270 per tonne.
The July spring wheat contract in Minneapolis, off of which most CWRS contracts Canada are based, was quoted June 2 at US$5.8375 per bushel, up 15 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 June 2 at US$4.375 per bushel, up roughly four U.S. cents compared to the previous week.
The July Chicago Board of Trade soft wheat contract settled June 2 at US$4.295, down by nearly nine U.S. cents on the week.
The Canadian dollar settled June 2 at 74.05 U.S. cents, down roughly a quarter of a cent compared to its U.S. counterpart in the previous week.