Glacier FarmMedia — Western Canadian wheat prices followed the lead of United States futures during the week ended Dec. 9, after the release of production estimates from both sides of the border.
Statistics Canada released its December principal field crop estimates on Dec. 4, which projected record production for wheat in 2025-26. All wheat was pegged at 39.955 million tonnes, up from 36.624 million in 2024-25. Spring wheat production increased by 10.3 per cent at 29.259 million, while that for durum rose 11.8 per cent at 7.135 million.
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The Canadian Grain Commission reported 654,900 tonnes of wheat exports for the week ended Nov. 30, up from 583,100 tonnes the previous week. So far this marketing year, 7.828 million were shipped compared to 6.911 million one year ago.
The U.S. Department of Agriculture released its supply/demand estimates on Dec. 9, keeping ending stocks steady at 901 million bushels in December.
Canadian Western Red Spring (CWRS) wheat was down C$5.10 to up C$7.20 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices were between C$244.70/tonne in southeast Saskatchewan to C$273.20 in southern Alberta.
Quoted basis levels ranged from between C$31.00 to C$59.60/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.
Accounting for exchange rates and adjusting Canadian prices to U.S. dollars (C$1=US$0.7223), CWRS bids were from US$176.70 to US$197.40/tonne. Currency adjusted basis levels ranged from US$16.30 to US$36.90 below the futures. If the futures were converted to Canadian dollars, basis levels would be C$11.80 to C$26.70 below the futures.
Meanwhile, Canadian Prairie Red Spring (CPRS) prices lost C$5.70 to C$6.30 per tonne. The lowest average bid for CPRS was C$220.40 in southeast Saskatchewan, while the highest average bid was C$245.60 in southern Alberta.
The average prices for Canadian Western Amber Durum (CWAD) lost C$5.80 to C$10.50 per tonne with bids between C$267.50 in southwest Saskatchewan to C$281.80 in southern Alberta.
The March spring wheat contract in Minneapolis, which most CWRS contracts are based off of, was quoted at US$5.7625 per bushel on Dec. 9, down 4.5 cents.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The March contract was down six cents at US$5.27/bu.
The March Chicago soft red contract dropped 6.5 cents at US$5.3450/bu.
The Canadian dollar moved up 0.69 of a cent to close at 72.23 U.S. cents on Dec. 9.
