CNS Canada — Average cash bids for Canada Western Red Spring (CWRS) and Canada Prairie Spring Red (CPSR) were weaker during the week ended Monday, as continued losses in the U.S. futures remained a bearish influence on Canadian bids.
Average spot bids on Monday for CWRS (13.5 per cent protein) across Manitoba, Saskatchewan and Alberta came in at around $190 per tonne, or $5.19 per bushel, based on pricing available from a cross-section of delivery points. That compares with $202 per tonne ($5.49/bu.) the previous week. Basis levels were dependent on location, but held at an average discount of about C$66 relative to the futures.
Average CPSR bids came in at $157 per tonne ($4.28/bu.), which compares with average bids at the same level the previous week. Average basis levels widened by roughly $4 per tonne during the week, to an average of C$121 per tonne below the futures.
The July spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted at US$6.9725 per bushel on Monday, down 28 cents from the previous week.
Kansas City hard red winter wheat futures, now traded in Chicago, are more closely linked to CPSR in Canada. The July Kansas City wheat contract lost 26.25 cents during the week, and was quoted Monday at US$7.1875 per bushel.
Improving moisture conditions for winter wheat in the southern U.S. Plains, bearish technical signals and expectations for ample global wheat supplies all contributed to the softer tone in U.S. futures during the week.
Average durum prices were slightly softer compared to the previous week, generally losing a dollar per tonne. Average durum prices came in at $186 per tonne ($5.06/bu.).
— Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.