Most wheat bids in Western Canada rose for the week ended April 27, taking strength from a lower Canadian dollar.
Average Canada Western Red Spring (CWRS, 13.5 per cent) wheat prices rose by $3 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 $227 per tonne in northwestern Saskatchewan, to as high as $253 in northern Alberta.
Quoted basis levels varied from location to location but overall prices were $4-$30 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$177 to US$196 per tonne, which was mixed on a U.S. dollar basis for the week. That would put the currency-adjusted levels at about US$27-$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 $34 to $60 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were up $13-$15 per tonne, with prices ranging from $200 to $219 per tonne.
Average durum prices fell, with prices dropping $1-$3 per tonne. Bids across Western Canada ranged from $233 to $258 per tonne.
The July spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted April 27 at US$6.08 per bushel, up 2.25 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 July K.C. wheat contract was quoted at US$5.3025 per bushel on April 27, down 28.25 U.S. cents compared to the previous week.
The July Chicago Board of Trade soft wheat contract settled at US$4.985 on April 27, up 21.25 U.S. cents on the week.
The Canadian dollar settled April 27 at 77.78 U.S. cents, down 0.79 U.S. cents on the week.