Prairie wheat bids mixed to start December

Glacier FarmMedia — Wheat bids across Western Canada were mixed to start December, with support from gains in the United States futures countered by the bearish influence of a stronger Canadian dollar.

Average CWRS (13.5 per cent) wheat prices were down C$1.50 to up 20 cents per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from C$251.40/tonne in southeastern Saskatchewan to as high as C$278.30/tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from $34.50 to $61.40/tonne above the futures when using the grain company methodology of quoting the basis as the difference between the U.S. dollar denominated futures and the Canadian dollar cash bids.

When accounting for currency exchange rates by adjusting everything into Canadian dollars (C$1=US$0.7154) CWRS basis levels ranged from C$12.70 to C$26.50 below the futures.

Canada Prairie Spring Red (CPSR) wheat bids were also mixed, C$1.80/tonne lower to C$1.60/tonne higher, with prices ranging from C$226.10 to C$251.90/tonne.

Average durum prices were down C$3.70 to up C$1.70/tonne, ranging from C$274.80 to C$291.00/tonne.

MIAX spring wheat futures gained 12.75 cents per bushel in the December contract to settle at US$5.9275/bu. on Dec. 2.

Hard red winter wheat futures were up by 10.25 cents in the December contract on the week at US$5.250/bu.

The December Chicago soft wheat contract was up 10.50 cents on the week at US$5.3775/bu.

The Canadian dollar was up by roughly two thirds of a cent relative to its U.S. counterpart, at 71.54 U.S. cents on Dec. 2.