Hard red spring wheat bids in Western Canada during the week ended Aug. 18 moved lower for a fourth consecutive week as declines in U.S. futures and strength in the Canadian dollar weighed on prices.
Depending on the location, average Canada Western Red Spring (CWRS) wheat prices were down by $1-$4 per tonne across 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 $253 per tonne in western Manitoba to as high as $267 in eastern Manitoba.
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Quoted basis levels varied from location to location, but generally held steady to range from about $7 to $21 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$201 to US$212 per tonne. That would put the currency-adjusted basis levels at about US$34-$45 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 $43 to $57 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were down by $13-$14 per tonne, with prices ranging from $150 to $160 per tonne.
Average durum prices were steady to down by as much as $15 per tonne, with bids in Saskatchewan coming in at about $303-$314 per tonne.
The December spring wheat contract in Minneapolis, off of which most CWRS contracts Canada are based, was quoted Aug. 18 at US$6.825 per bushel, down 5.75 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 December K.C. wheat contract was quoted at US$4.4225 per bushel on Aug. 18, down 27 U.S. cents compared to the previous week.
The September Chicago Board of Trade soft wheat contract settled at US$4.425 on August 18, down 24.5 U.S. cents on the week.
The Canadian dollar settled Aug. 18 at 79.45 U.S. cents, up roughly two-thirds of a cent on the week.
