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Prairie spring wheat bids soften

CNS Canada — Average cash bids for Canada Western Red Spring (CWRS) wheat moved lower during the week ended Friday, as basis levels held reasonably steady and prices drifted down with the U.S. futures.

In Manitoba, the average CWRS price declined to $223 per tonne, from $234 the previous week. Similar declines were noted across the rest of the Prairies, with average prices in both Alberta and Saskatchewan moving down by about $8 per bushel.

In Saskatchewan, prices came in at about $210 per tonne in the north and $216 in the south. Average Alberta spot CWRS prices ranged from $200 per tonne in the Peace River region to about $215 to $216 across the rest of the province.

Basis levels for CWRS remained favourable, with all regions reporting a positive basis. The basis opportunities were in Manitoba, averaging $21.77 per tonne above the futures.

Average Canada Prairie Spring Red (CPSR) bids were also down by about $6-$8 per tonne across the Prairies, with prices at around $144 per tonne in Manitoba, at $146 to $149 in Saskatchewan and $149 to $156 in Alberta. Basis levels were holding steady at about $59 below the futures.

Soft white spring (CWSWS) wheat prices were down by about $6 per tonne on the week, ranging from $152 to $154 in Alberta. Winter wheat prices lost $2 to $9, depending on the location, with average values ranging from $131 to $143 per tonne across Western Canada.

Durum (CWAD) prices were the one bright spot in the wheat markets, with average prices rising by anywhere from $3 to $19 per tonne. Spot durum prices in southern Saskatchewan, where the bulk of the crop is grown, gained about $6 on average to trade at roughly $358 per tonne.

The December spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted at US$5.4625 per bushel on Friday, down 28 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 KC wheat contract was quoted Friday at US$5.6925 per bushel, down 24.5 cents from the week prior.

The December Chicago Board of Trade soft wheat contract settled at US$5.145 on Friday, down 18 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: A weekly snapshot of average published wheat prices. Futures vary slightly due to changes while data is collected. Prices in $C per tonne released Nov. 7, 2014. Source: AGCanada.com.

CWRS Future Basis Net
Manitoba 201.84… 21.77…. 223.61
Sask North Central…. 202.09 8.35 210.44
Sask South 201.46 15.35 216.80
Alberta South 200.25 15.10 215.35
Alberta Central 200.25 16.32 216.57
Peace 200.69 0.08 200.77
CPSR Future Basis Net
Manitoba 210.78 -66.16 144.62
Sask North Central 210.00 -63.42 146.57
Sask South 210.15 -60.71 149.44
Alberta South 207.97 -52.85 155.12
Alberta Central 208.38 -51.99 156.39
Peace 209.05 -59.22 149.84
CWSWS Future Basis Net
Alberta South 188.95 -36.63 152.32
Alberta Central 188.95 -34.89 154.07
Peace 189.14 -36.35 152.78
CWRW Future Basis Net
Manitoba 210.26 -65.00 145.26
Sask North Central 209.94 -71.70 138.24
Sask South 209.86 -66.10 143.76
Alberta South 207.97 -76.50 131.47
Alberta Central 209.14 -73.46 135.67
Peace 209.05 -72.81 136.24
CWAD     Net
Sask North Central 367.79
Sask South 358.37
Alberta South 378.84
Alberta Central 370.88
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