Hard red spring wheat bids in Western Canada rose for the week ending Nov. 9, following increases in the United States markets.
Depending on the location, average Canada Western Red Spring (13.5 per cent protein CWRS) wheat prices were up C$8 to C$9 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 $245 per tonne in western Manitoba, to as high as $269 in northern Alberta.
Quoted basis levels varied from location to location, but generally held steady to range from about $7 to $24 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$0.7879) CWRS bids ranged from US$193 to US$212 per tonne, which was up on a U.S. dollar basis on the week. That would put the currency adjusted basis levels at about US$26 to US$45 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 $57 below the futures.
Canada Prairie Red Spring (CPRS) wheat bids were anywhere from $1 higher to $6 lower. Prices across the Prairies ranged from $165 per tonne in southeastern Saskatchewan to $185 per tonne in northern Alberta.
Average durum prices rose $3 to $6, with bids in Saskatchewan and Manitoba ranging from about $268 to $279 per tonne.
The December spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$6.48 per bushel on Nov. 9, which was up by 23.25 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 CPRS in Canada. The December Kansas City wheat contract was quoted at US$4.29 per bushel on Nov. 9, up by 2.25 U.S. cents compared to the previous week.
The December Chicago Board of Trade soft wheat contract settled at US$4.29 on Nov. 9, which was up by 3.25 U.S. cents on the week.
The Canadian dollar settled at 78.79 U.S. cents on Nov. 9, which was up by roughly half a cent compared to the previous week.