MarketsFarm — Hard red spring wheat bids in Western Canada were mixed during the week ended Thursday, with small gains in some areas and small losses in others as the market adjusted in a narrow range.
Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were down by as much as $2 per tonne in some areas, while they improved by the same amount in others, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes).
Average CWRS prices ranged from about $214 per tonne in northeastern Saskatchewan to as high as $232 per tonne in southern Alberta.
Quoted basis levels varied from location to location and ranged from $30 to $48 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 everything into Canadian dollars, CWRS basis levels ranged from $6 to $16.50 below the futures.
Bids for Canada Prairie Spring Red (CPSR) wheat were up by $1-$5.50 per tonne, tracking the U.S. futures more closely than CWRS. Prices ranged from $184.50 per tonne in southeastern Saskatchewan to $208 per tonne in southern Alberta.
Average durum prices were down by $3 to as much as $7 per tonne across the Prairies, with bids ranging anywhere from $262 to $279.50 per tonne.
The March spring wheat contract in Minneapolis, off of which most CWRS contracts Canada are based, was quoted Thursday at US$5.23 per bushel, up 9.25 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 Thursday at US$4.4275 per bushel, up 7.25 cents compared to the previous week.
The March Chicago Board of Trade soft wheat contract settled at US$5.3025 per bushel on Thursday, up 6.5 cents on the week.
The Canadian dollar closed Thursday at 75.86 U.S. cents, steady with the previous week.
— Phil Franz-Warkentin reports for MarketsFarm, a Glacier FarmMedia division specializing in grain and commodity market analysis and reporting.Tagged basis, Canadian dollar, cash wheat, cbot, CPSR, CWRS, durum, K.C. wheat, MGEX, wheat bids, wheat futures