Western Canadian wheat bids were down during the week ended April 18, with losses across the board in both hard red spring wheat and Prairie spring wheat.
Average Canadian Western Red Spring (13.5 per cent CWRS) wheat prices were down by about $3 per tonne at most locations, with only eastern Manitoba seeing a decline by only $1, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about C$227 per tonne in western Manitoba to as high as $247 in southern Alberta.
Quoted basis levels varied from location to location and ranged from $33 to $52 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between the U.S. dollar-denominated futures and the Canadian dollar cash bids.
When accounting for currency exchange rates by adjusting Canadian prices to U.S. dollars (C$1=US$0.7473) CWRS bids ranged from US$170 to US$185 per tonne. That would put the currency adjusted basis levels at about US$10 to US$25 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 $14 to $33 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were down by $6 to $8 per tonne at most locations. Prices ranged from $187 to $214 per tonne across the Prairies.
Average durum prices were up by $1 to $4 per tonne, with bids low of $237 in Saskatchewan and high of $244 in Manitoba.
The May spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$5.2325 per bushel on April 18, down by eight U.S. cents from the previous week.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada.
The March Kansas City wheat contract was quoted at US$4.2000 per bushel on April 18, down by 14.25 U.S. cents compared to the previous week.
The Chicago Board of Trade March soft wheat contract settled at US$4.4425 per bushel on April 18, down by 20.25 U.S. cents on the week.
The Canadian dollar was down by 0.29 of a cent relative to its U.S. counterpart at 74.73 U.S. cents.