Spring wheat bids in Western Canada were mixed during the week ended March 17, with gains in some classes and losses in others as markets reacted to activity in the U.S. futures.
Depending on the location, average Canada Western Red Spring (CWRS) wheat prices were up $1-$2 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 $226 per tonne in western Manitoba to as high as $246 in northern Alberta.
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Quoted basis levels varied from location to location, but generally improved slightly to range from about $24 to $44 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$169 to US$184 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 $44 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were down by $2-$3.50 per tonne, with prices ranging from $165 to $179 per tonne.
Average durum prices were down a few cents to $1 per tonne, with bids in Saskatchewan coming in at about $262-$263 per tonne.
The May spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted at US$5.49 per bushel on March 17, up 10.5 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 May K.C. wheat contract was quoted March 17 at US$4.535 per bushel, down two U.S. cents compared to the previous week.
The May Chicago Board of Trade soft wheat contract settled March 17 at US$4.3625, down by 4.25 U.S. cents on the week.
The Canadian dollar settled March 17 at 74.98 U.S. cents, up by roughly three-quarters of a cent relative to its U.S. counterpart compared to the previous week.
