Spring wheat bids in Western Canada moved lower during the week ended March 10, as spillover pressure from losses in U.S. wheat futures more than made up for the supportive influence of a weaker Canadian dollar.
Depending on the location, average Canada Western Red Spring (CWRS) wheat prices were steady to down $3 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 $224 per tonne in western Manitoba, to as high as $245 in northern Alberta.
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Quoted basis levels varied from location to location, but generally improved slightly to range from about $26 to $47 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$166 to US$182 per tonne. That would put the currency-adjusted basis levels at about US$16 to US$32 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 $22 to $43 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were down by $1-$3 per tonne, with prices ranging from $167 to $183 per tonne.
Average durum prices were steady to up $1 per tonne, with bids in Saskatchewan coming in at about $262-$265 per tonne.
The May spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted March 10 at US$5.385 per bushel, down by 9.25 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 May K.C. wheat contract was quoted March 10 at US$4.555 per bushel, down by 16.25 U.S. cents compared to the previous week.
The May Chicago Board of Trade soft wheat contract settled March 10 at US$4.405, down by about 13 U.S. cents on the week.
The Canadian dollar settled March 10 at 74.26 U.S. cents, down by roughly half a cent relative to its U.S. counterpart compared to the previous week.
