Most wheat bids in Western Canada rose for the week ended May 4, supported by gains in the U.S. markets and a slightly weaker loonie.
Average Canada Western Red Spring (CWRS, 13.5 per cent) wheat prices rose by $8-$11 per tonne across most of 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 $235 per tonne in northwestern Saskatchewan to as high as $262 in northern Alberta and the Peace region.
Quoted basis levels varied from location to location but overall prices were $6-$33 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$183 to US$204 per tonne, which was mixed on a U.S. dollar basis for the week. That would put the currency-adjusted levels at about US$25-$46 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 $33 to $60 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were unchanged or rose by as much as $12 per tonne, with prices ranging from $200 to $231 per tonne.
Average durum prices were mixed; some fell by $1 per tonne while others rose by $3 per tonne. Bids across Western Canada ranged from $235 to $259 per tonne.
The July spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted May 4 at US$6.23 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 at US$5.5575 per bushel on May 4, down 25.5 U.S. cents compared to the previous week.
The July Chicago Board of Trade soft wheat contract settled at US$5.2625 on May 4, up 27.7 U.S. cents on the week.
The Canadian dollar settled May 4 at 77.75 U.S. cents, down 0.03 U.S. cents on the week.