Glacier FarmMedia COVID-19 & the Farm

Prairie CWRS bids mostly higher despite losses in U.S. futures

(Canada Beef Inc. photo)

CNS Canada — Average cash bids for Canada Western Red Spring (CWRS) wheat were mostly higher during the week, despite weakness in Minneapolis spring wheat futures as basis levels improved in most regions.

Prices in the Peace region of Alberta declined, however, as basis levels widened out.

CWRS prices were between $1.50 lower in the Peace region and $6 higher in northern Saskatchewan compared to a week ago. The best pricing opportunities were still available in Manitoba, where prices were about $228 per tonne. Prices in Saskatchewan ranged from $213 per tonne in the north to $220 in the south. In Alberta, CWRS prices were quoted between $201 and $221 per tonne.

Basis levels for CWRS moved to an average premium of $9.15 per tonne above the futures, from a premium of $7 per tonne a week ago. The best basis opportunities were in Manitoba, where they ranged from $7 to $38 per tonne above the futures.

Average Canada Prairie Spring Red (CPSR) bids were down by about 50 cents to $3 across the Prairies, with prices at around $148 per tonne in Manitoba, at $152 to $155 per tonne in Saskatchewan and $155 to $163 in Alberta. Basis levels widened slightly, to about $62 below the futures, from a discount of $61 the week prior.

Soft white spring wheat (CWSWS) prices were slightly stronger, with bids up about $1.50 to $2.50 per tonne on the week, ranging from $149 to $152 per tonne in Alberta. Average winter wheat prices were down between $1.50 and $3.50 per tonne during the week, ranging from $137 to $150 per tonne across Western Canada, with the best pricing opportunities in Manitoba.

Durum (CWAD) prices were up sharply during the week, ranging from $8.50 to $30 per tonne higher. Spot durum prices in southern Saskatchewan, where the bulk of the crop is grown, gained about $24 on average to trade at roughly $364.50 per tonne.

The December spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted Friday at US$5.67 per bushel, down 3.5 cents from the previous week.

Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The December Kansas City wheat contract lost eight cents during the week, and was quoted at US$5.9375 per bushel on Friday.

The December Chicago Board of Trade soft wheat contract settled Friday at US$5.1775, which was up 1.75 cents from the previous week.

— Terryn Shiells writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.

Table: A weekly snapshot of average published prices, available Monday each week. Futures vary slightly due to changes while data is collected. Prices in Canadian dollars per tonne released Oct. 27, 2014. Source: AGCanada.com

CWRS Future Basis Net
Manitoba 207.97 20.25 228.22
Sask North Central 209.41 3.96 213.42
Sask South 208.77 11.61 220.38
Alberta South 207.42 11.84 219.26
Alberta Central 207.66 13.70 221.36
Peace 207.88 -6.46 201.42
CPSR Future Basis Net
Manitoba 216.99 -69.09 147.90
Sask North Central 218.80 -66.37 152.43
Sask South 218.31 -63.01 155.30
Alberta South 217.49 -55.54 161.95
Alberta Central 217.56 -54.51 163.05
Peace 217.41 -61.81 155.60
CWSWS Future Basis Net
Alberta South 189.66 -39.81 149.79
Alberta Central 189.60 -38.03 151.58
Peace 189.44 -39.51 149.94
CWRW Future….. Basis….. Net
Manitoba 217.82 -68.07 149.75
Sask North Central… 218.77 -75.23 143.54
Sask South 218.70 -69.08 149.62
Alberta South 217.55 -80.49 137.07
Alberta Central 217.63 -76.68 140.95
Peace 217.32 -76.44 140.88
CWAD     Net
Sask North Central 356.06
Sask South 364.55
Alberta South 375.75
Alberta Central 352.51

 

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