CWRS wheat bids rise with U.S. futures

CNS Canada — Average cash bids for Canada Western Red Spring (CWRS) wheat moved higher during the week ended Friday, as a rally in the U.S. futures provided some support.

In Manitoba, the average CWRS price rose to $236 per tonne, from $232 per tonne the previous week. Average gains of $5 to $10 per tonne were seen across the rest of the Prairies, with average prices in Alberta and Saskatchewan of $219-$233 per tonne.

Basis levels for CWRS weakened in most areas, causing the Canadian bids not to rise to the same extent as the U.S. futures.

Average Canada Prairie Spring Red (CPSR) wheat bids improved by $15 to $18 per tonne, with prices of $179 per tonne seen in Manitoba, $180 to $184 per tonne in Saskatchewan, and $184 to $191 in Alberta.

Soft white spring (CWSWS) wheat prices were up by roughly $10 to $13 per tonne on the week, ranging from $178 to $181 per tonne in Alberta. Winter wheat prices were up $17 to $20 from the previous week, with average values ranging from $165 to $174 per tonne across Western Canada.

Durum (CWAD) prices were mixed, with spot bids in southern Saskatchewan, where the bulk of the crop is grown, down about $2 at roughly $353 per tonne.

The March spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted Friday at US$6.15 per bushel, up 23 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 Kansas City wheat contract was quoted at US$6.40/bu. on Friday, up 33 cents from the week prior.

The March Chicago Board of Trade soft wheat contract settled at US$5.785 on Friday, up 25 cents from the previous week.

— Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.

Table: The weekly snapshot of average published prices, available on Monday of each week, released Dec. 1, 2014. Futures vary slightly due to changes while data is collected. Prices in C$ per tonne. Source: AGCanada.com.