Feed barley in Lethbridge was selling for C$295 to C$300 per tonne for May and June delivery, up C$5 from two weeks earlier, said Brandon Motz, owner and manager of CorNine Commodities in Lacombe, Alta. He also heard offers of up to C$310/tonne. Meanwhile, feed wheat was selling at C$305 to C$310/tonne.

“There still seems to be some very aggressive bids (for feed barley) from the line companies,” Motz said. “Actual feedlot demand is below average this time of year, but there are a lot of moving factors.”

• For daily market updates, visit the Western Producer Markets Desk

As barley and wheat move through the markets, rising corn prices have weakened demand for the crop.

“Corn is trickling into the market. There is some feeding corn. Corn has always kind of been in the background, but there’s not a lot of volume. Corn prices have rallied up too. So they’ve stayed out of reach,” Motz said.

Rising fuel prices, brought on by the war in Iran, have tightened margins for grain companies and railways, resulting in surcharges and higher freight rates. Motz added that they are affecting growers’ bottom lines as well.

“That’s quite a jump if you didn’t have your spring needs already booked,” he said. “It’s definitely something to be watched and unfortunately not a lot can be done to manage that risk. The bid offer spread has to be adjusted to compensate for fuel prices.”

Where grain prices could go is hard to determine, but Motz believes there will be little movement in the near term.

“It’s safe to assume that prices will remain in this area for the next week at least. There’s nothing to suggest that anything should change,” he said. “But at the same time, this market has been one tweet way from dramatic correction on either side … We need some global shifts to take place before any of the markets come off their highs at this point.”

Prairie Ag Hotwire reported that delivered feed barley prices in Alberta ranged from C$5.01 to C$6.75 per bushel on April 6, steady from the week before. In Saskatchewan, they were also steady, ranging from C$5.12 to C$5.45/bu. In Manitoba, prices were up 25 cents at C$4.77 to C$5/bu.

Feed wheat prices in Alberta were from C$6.18 to C$8.38/bu., down three cents. Manitoba’s feed wheat price was C$6.45, up 13 cents, while Saskatchewan’s was steady at C$7.30/bu.

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• For daily market updates, visit the Western Producer Markets Desk

The loonie also gave up more than 9/10ths of a cent, making wheat and durum more appealing to export customers.

Canadian Western Red Spring

Average CWRS (13.5 per cent) prices advanced C$14.60 to C$25.70 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Prices ranged from about C$278.10 per tonne in southeastern Saskatchewan to C$304.70 per tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from C$36.20 to C$62.70 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.

CWRS basis levels

When accounting for currency exchange rates by adjusting Canadian prices to U.S. dollars (C$1=US$0.7174), CWRS bids ranged from US$199.50 to US$218.60 per tonne. That would put the currency-adjusted basis levels at about US$23.40 to US$42.40 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 ranged from C$16.80 to C$30.50 below the futures.

Canadian Prairie Spring Red

Average CPRS (11.5 per cent) wheat prices increased C$15.90 to C$17.30 per tonne. Bids ranged from C$252.60 per tonne in northeastern Saskatchewan to C$281.20 per tonne in southern Alberta.

Canadian Western Amber Durum

Average CWAD prices were up more moderately, adding 40 cents to C$1.50 per tonne. Bids ranged from C$282.20 per tonne in northwestern Saskatchewan to C$296.90 per tonne in western Manitoba.

U.S. wheat complex

The May spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$6.5850 per bushel on March 31, advancing 27.25 cents on the week.

The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The May Kansas City wheat contract was quoted at US$6.3550 per bushel on March 31, jumping 31.50 cents.

The May Chicago Board of Trade soft wheat contract settled at US$6.1625 per bushel March 31, gaining 26.25 cents.

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Terry Reilly, an independent analyst, said soyoil on the Chicago Board of Trade is the commodity most closely following the lead of crude oil, with the latter almost touching US$120 per barrel earlier this week. The May soyoil contract closed at 67.16 U.S. cents per pound on March 11, up 3.57 cents or 5.6 per cent from the week before.

While corn, soybean and wheat prices won’t be as closely tied to crude oil as soyoil, Reilly said their movement will still be determined elsewhere.

“The outside markets will continue to drive the markets for at least until when the conflict starts to wind down,” he added. “Fertilizer is going to be heavily impacted and it will drive up the costs for farmers across the globe. It’s shifting some ideas and we could see less acres go into the ground this spring across North America.”

There was also speculation the United States Environmental Protection Agency may submit its 2026 renewal fuel standard later this week, which could increase the need for corn (ethanol) and soybeans (biodiesel). However, Reilly doesn’t anticipate any increased demand.

“Currently, the prices of some of the feed stocks like canola oil going to California or (used cooking oil) and tallow, their prices are at a discount to soybean oil,” he explained. “I don’t see any greater demand for alternative fuel sources, but no doubt we’ll probably be blending as much ethanol as we can.”

Reilly added he was surprised to see the U.S. Department of Agriculture trim projected soyoil use for biofuel by 800 million pounds at 14 billion in its monthly supply/demand estimates released on March 10. But there were little changes to projected U.S. corn, soybean and wheat stocks. While Reilly thought corn and soybean exports were “on the low side”, he believes the trade is more focused on new crop plantings.

“We still have several months to go until the end of the regular crop year,” Reilly said. “But either way, U.S. soybean stocks are expected to be pretty tight at the end of the season as China continues to buy U.S. beans.”

The war in Iran will continue to leave the trade guessing and keep prices higher, Reilly stated, adding that some analysts believe crude oil could surpass US$150/barrel. However, prices should stabilize once the war ends.

“I think after things start to cool down a little bit, I’d look for prices to get lower,” he said.

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The loonie climbed more than six-tenths of a cent, making wheat and durum more expensive for export customers.

For daily markets coverage, visit the Western Producer markets desk

Those declines were tempered by gains in the United States wheat complex.

Canadian Western Red Spring

Average CWRS (13.5%) prices gave up 30 cents to C$2.90 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Prices ranged from about C$260.20 per tonne in southeastern Saskatchewan to C$287.60 per tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from C$31.60 to C$58.90 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.

CWRS basis levels

When accounting for currency exchange rates by adjusting Canadian prices to U.S. dollars (C$1=US$0.7371), CWRS bids ranged from US$191.80 to US$212.00 per tonne. That would put the currency-adjusted basis levels at about US$16.70 to US$36.80 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 ranged from C$12.30 to C$27.10 below the futures.

Canadian Prairie Spring Red

Average CPRS (11.5%) wheat prices stepped back 30 cents to C$4.50 per tonne. Bids ranged from C$236.40 per tonne in southeastern Saskatchewan to C$262.90 per tonne in southern Alberta.

Canadian Western Amber Durum

Average CWAD prices were down 30 cents to C$4.70 per tonne. Bids ranged from C$278.50 per tonne in northwestern Saskatchewan to C$294.50 per tonne in western Manitoba.

U.S. wheat futures

The May spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$6.3500 per bushel on March 10, advancing 21.75 cents on the week.

The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The May Kansas City wheat contract was quoted at US$6.0875 per bushel on March 10, jumping 30.50 cents.

The May Chicago Board of Trade soft wheat contract settled at US$5.9100 per bushel March 10, gaining 17 cents.

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There are suggestions that more spring wheat will be planted this spring compared to that seeded in 2025/26. Statistics Canada is set to release its initial 2026-27 seeding estimates on March 5. About 20.6 million wheat acres (except durum) are expected to be planted, compared to 20.5 million last year. Forecasts for durum, of 5.8 million to 6.4 million acres, were lower than last spring’s 6.532 million.

The Canadian Grain Commission reported wheat exports for the week ended Feb. 22 at 408,300 tonnes, greater than the 220,300 tonnes shipped the previous week. So far this marketing year, 12.645 million tonnes of wheat have been exported, compared to 11.531 million tonnes shipped at the same point one year ago.

Canadian Western Red Spring (CWRS) wheat was up C$2.00 to C$5.40 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices were between C$260.70/tonne in southeast Saskatchewan to C$289.60 in southern Alberta.

Quoted basis levels ranged from between C$39.70 to C$68.60/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.

Accounting for exchange rates and adjusting Canadian prices to U.S. dollars (C$1=US$0.7308), CWRS bids were from US$190.50 to US$211.60/tonne. Currency adjusted basis levels ranged from US$9.30 to US$30.40 below the futures. If the futures were converted to Canadian dollars, basis levels would be C$6.80 to C$22.20 below the futures.

Meanwhile, Canadian Prairie Red Spring (CPRS) prices gained C$4.00 to C$10.50 per tonne. The lowest average bid for CPRS was C$240.50 in southeast Saskatchewan, while the highest average bid was C$265.40 in southern Alberta.

The average prices for Canadian Western Amber Durum (CWAD) were up C$2.70 to C$3.40 per tonne with bids between C$282.80 in southwest Saskatchewan to C$294.80 in western Manitoba.

The May spring wheat contract in Minneapolis, which most CWRS contracts are based off of, was quoted at US$6.1325 per bushel on March 3, up 17.75 cents.

The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The May contract rose 11.25 cents at US$5.7825/bu.

The May Chicago soft red contract was up 0.75 of a cent at US$5.74/bu.

The Canadian dollar tacked on 0.13 of a cent to close at 73.08 U.S. cents on March 3.

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Scott Capinegro, hedging specialist for AgMarket.net, said May corn was approaching a February low but is setting itself up for a March rally. As for wheat, he said funds were short and technicals were conducive for rallies the past week.

Soybeans’ rise can be attributed to rallying soyoil, of which the May contract had a weekly gain of 1.58 cents per pound. But the White House is expected to announce its biodiesel fuel blend in the coming days.

“That one could end up being ‘buy the rumour, sell the fact,’” he said. “We’re racing to meet a self-imposed deadline by the end of March. We’ve already put that rally into the market.”

Exports also should be giving support to corn and soybeans, said Capinegro.

“The corn exports continue to be good, but the corn market does act sloppy. We are breaking to the lower end of the range (in March corn). As for soybeans, it’s China, China, China,” he said, adding that the U.S. is waiting for Lunar New Year celebrations to end before shipping more beans to China.

The United States Department of Agriculture will host its 2026 Agricultural Outlook Forum from Feb. 19 to 20 in Arlington, Va. Capinegro said many are expecting projected corn acres to be trimmed while those for soybeans are raised. However, one grain’s loss could benefit two major crops.

“Are they taking into consideration (the loss) of a lot of rice acres down south?” he said. “They’re going into corn and beans.”

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A firmer tone United States wheat complex offered support, as did the Canadian dollar which lost six-tenths of a cent on the week.

CWRS

Average CWRS (13.5 per cent) prices were 30 cents lower to C$1.70 per tonne higher, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Prices ranged from about C$249.00 per tonne in southeastern Saskatchewan to C$279.90 per tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from C$40.30 to C$71.10 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.

Related: Canadian wheat exports strong as new record remains possible

When accounting for currency exchange rates by adjusting Canadian prices to U.S. dollars (C$1=US$0.7323), CWRS bids ranged from US$182.40 to US$205.00 per tonne. That would put the currency-adjusted basis levels at about US$3.80 to US$26.40 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 ranged from C$2.80 to C$19.40 below the futures.

CPSR, CWAD

Average CPRS (11.5 per cent) wheat prices were up C$3.20 to C$4.70 per tonne. Bids ranged from C$227.60 per tonne in southeastern Saskatchewan to C$253.50 per tonne in southern Alberta.

Average CWAD prices gave up 40 to 80 cents per tonne. Bids ranged from C$277.70 per tonne in southwestern Saskatchewan to C$289.20 per tonne in southern Alberta.

U.S. wheat complex

The March spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$5.6825 per bushel on Feb. 17, holding steady on the week.

The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The March Kansas City wheat contract was quoted at US$5.3875 per bushel on Feb. 17, advancing 8.25 cents.

The March Chicago Board of Trade soft wheat contract settled at US$5.3775 per bushel Feb. 17, increasing 9.50 cents.

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The Canadian Grain Commission reported 230,300 tonnes of wheat exports for the week ended Feb. 1, down from 353,300 tonnes the previous week. So far this marketing year, 11.5 million tonnes of wheat were exported, compared to 10.5 million at the same time last year.

The U.S. Department of Agriculture released its monthly supply/demand estimates on Feb. 10, with 2025-26 wheat ending stocks raised by five million tonnes at 931 million, exceeding trade expectations. Global carryout was tightened by 740,000 tonnes at 277.51 million, below the trade’s pre-report estimates.

Canadian Western Red Spring (CWRS) wheat was down C$0.10 to up C$2.40 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices were between C$249.10/tonne in southeast Saskatchewan to C$279.60 in southern Alberta.

Quoted basis levels ranged from between C$40.20 to C$70.80/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.

Accounting for exchange rates and adjusting Canadian prices to U.S. dollars (C$1=US$0.7383), CWRS bids were from US$183.90 to US$206.50/tonne. Currency adjusted basis levels ranged from US$2.40 to US$25 below the futures. If the futures were converted to Canadian dollars, basis levels would be C$1.80 to C$18.40 below the futures.

Meanwhile, Canadian Prairie Red Spring (CPRS) prices lost C$1.80 to C$2.60 per tonne. The lowest average bid for CPRS was C$224.30 in southeast Saskatchewan, while the highest average bid was C$248.80 in southern Alberta.

The average prices for Canadian Western Amber Durum (CWAD) were up C$2.80 to C$3 per tonne with bids between C$278.50 in southwest Saskatchewan to C$289.60 in southern Alberta.

The March spring wheat contract in Minneapolis, which most CWRS contracts are based off of, was quoted at US$5.6825 per bushel on Feb. 10, down 0.75 of a cent.

The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The March contract declined 4.25 cents at US$5.3050/bu.

The March Chicago soft red contract was down 0.5 of a cent at US$5.825/bu.

The Canadian dollar moved up 0.58 of a cent to close at 73.83 U.S. cents on Feb. 10.

The post Prairie Wheat Weekly: Spring wheat declines, durum higher appeared first on Manitoba Co-operator.

However, a heavy blanket of snow accompanied the frigid temperatures in many areas and the initial burst of strength proved brief.

Cold weather in central Russia and the Volga region was also being followed by wheat traders. While snow cover was deemed sufficient to limit damage, forecasts were turning warmer for early February. Some analysts were raising concerns over the possibility of early sprouting.

Spring wheat futures found spillover support from the gains in winter wheat, despite seeding still being several months away. While there is still the possibility of more weather-related movement in wheat, the broader outlook looks like sideways trade will persist for the time being.

Some of the strength in the U.S. wheat futures was also linked to weakness in the U.S. dollar index, which fell to its lowest levels in four years. The weaker U.S. dollar corresponded with strength in the Canadian dollar, which limited any supportive influence from the futures on Prairie cash bids.

Canadian wheat exports continue at a solid pace, largely unaffected by any of the various tariff threats facing canola and other crops.

Canada has exported 10.9 million tonnes of wheat through 24 weeks of the 2025-26 marketing year, according to Canadian Grain Commission data. That’s up from 9.7 million tonnes at the same point a year ago, and a record pace for wheat exports.

Final planting decisions are still being made and are likely to see some adjustment following the lowering of Chinese tariffs on Canadian canola, but early projections from Agriculture and Agri-Food Canada expect wheat area to remain relatively steady with the 27 million acres planted in 2025.

Of that total, durum area is forecast to decline by 6.9 per cent to 6.1 million acres, while other wheat is expected to increase 2.2 per cent to 20.9 million acres. A return to average yields would see total wheat production down 12.5 per cent on the year, at just under 35 million tonnes, the department predicts.

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Concerns about a severe winter storm across much of the U.S. that started on Jan. 24 spurred the increases in the wheat futures. As did below normal temperatures in Europe. However, it’s believed the U.S. winter wheat has sufficient snow cover and Europe is to turn warmer.

A stronger Canadian dollar put a lid on the upswing in the Prairie cash prices, as the loonie rose by 1.11 cents at 73.42 U.S. cents.

CWRS

Average CWRS (13.5%) prices gained 30 cents to C$3.50 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Those prices ranged from about C$247.00 per tonne in southeastern Saskatchewan to C$278.00 per tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from C$37.00 to C$67.80 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$0.7342), CWRS bids ranged from US$181.30 to US$204.00 per tonne. That would put the currency-adjusted basis levels at about US$6.10 to US$28.80 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 ranged from C$4.50 to C$21.10 below the futures.

CPSR & CWAD

Average CPRS (11.5%) wheat prices were down C$11.10 to up C$3.30 per tonne. Bids ranged from C$225.00 per tonne in northwestern Saskatchewan to C$249.10 per tonne in southern Alberta.

Average CWAD prices dipped 10 cents to adding C$3.70 per tonne. Bids ranged from C$273.80 per tonne in southwestern Saskatchewan to C$287.3 per tonne in western Manitoba.

U.S. wheat complex

The March spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$5.7175 per bushel on Jan.27, climbing 9.75 cents.

The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The March Kansas City wheat contract was quoted at US$5.3275 per bushel on Jan. 27, also up 9.75 cents.

The December Chicago Board of Trade soft wheat contract settled at US$5.2325 per bushel Jan. 27, increasing 13 cents.

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