Cash bids for Canada Western red spring (CWRS) wheat across Western Canada were slightly weaker during the week ending Aug. 12, while basis levels were holding steady.
Average spot bids for CWRS at 13.5 per cent protein across Manitoba, Saskatchewan and Alberta came in Monday at around C$245 per tonne ($6.66 per bushel) based on pricing available from a cross-section of delivery points. That compares with C$247 per tonne ($6.72/bu.) at the same point the previous week.
Basis levels held steady, with an average discount of C$25 relative to the futures, from a C$24 discount seen the previous week.
Canada Prairie red spring (CPRS) bids were holding steady during the reporting period. Average values were at C$214 per tonne ($5.82/bu.). That compares with prices of C$215 per tonne ($5.85/bu.) the previous week. Average basis levels were unchanged from the week prior at a discount of C$43 compared to futures.
U.S. wheat futures were steady to slightly weaker during the week, amid a lack of fresh news. The U.S. Department of Agriculture released its latest production report Monday, but left all-wheat estimates unchanged from its previous report at 2.114 billion bu.
The September spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted Monday at US$7.3675/bu., down 2.75 cents/bu. from the previous week.
Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The September Kansas City wheat contract lost 1.75 cents over the week, finishing at US$7.0025 per bushel on Monday.
Durum prices moved lower, with average spot bids down by C$7 per tonne. The average price came in at C$270 per tonne ($7.34/bu.).
— Terryn Shiells writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.