Wheat bids in Western Canada were up for the week ended Dec. 7, as strength in U.S. futures provided support.
Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were up $5-$7, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about $255 per tonne in southeastern Saskatchewan to as high as $277 in southern Alberta.
Quoted basis levels varied from location to location and ranged from $40 to $62 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$192 to US$208 per tonne. That would put the currency-adjusted basis levels at about US$7-$23 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 $9 to $31 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were stronger, increasing by $9-$11 per tonne depending on the location. Prices ranged from $228 in southeastern Saskatchewan to $247 per tonne in southern Alberta.
Average durum prices were up, with bids ranging anywhere from $214 in northwestern Saskatchewan to $228 in western Manitoba.
The March spring wheat contract in Minneapolis, off of which most CWRS contracts Canada are based, was quoted Dec. 7 at US$5.815 per bushel, up 5.75 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 March K.C. wheat contract was quoted Dec. 7 at US$5.12 per bushel, up 11.75 U.S. cents compared to the previous week.
The March Chicago Board of Trade soft wheat contract settled Dec. 7 at US$5.3125 per bushel, up by 15.5 U.S. cents on the week.
The Canadian dollar settled steady on the week at 75.19 U.S. cents.