Glacier FarmMedia — Cash prices for Western Canadian wheat and durum stepped back during the week ended March 11, pushed lower by a stronger Canadian dollar.
The loonie climbed more than six-tenths of a cent, making wheat and durum more expensive for export customers.
For daily markets coverage, visit the Western Producer markets desk
Those declines were tempered by gains in the United States wheat complex.
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Canadian Western Red Spring
Average CWRS (13.5%) prices gave up 30 cents to C$2.90 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Prices ranged from about C$260.20 per tonne in southeastern Saskatchewan to C$287.60 per tonne in southern Alberta.
Quoted basis levels varied from location to location and ranged from C$31.60 to C$58.90 per 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.
CWRS basis levels
When accounting for currency exchange rates by adjusting Canadian prices to U.S. dollars (C$1=US$0.7371), CWRS bids ranged from US$191.80 to US$212.00 per tonne. That would put the currency-adjusted basis levels at about US$16.70 to US$36.80 below the futures.
Looking at it the other way around, if the Minneapolis futures are converted to Canadian dollars, CWRS basis levels across Western Canada ranged from C$12.30 to C$27.10 below the futures.
Canadian Prairie Spring Red
Average CPRS (11.5%) wheat prices stepped back 30 cents to C$4.50 per tonne. Bids ranged from C$236.40 per tonne in southeastern Saskatchewan to C$262.90 per tonne in southern Alberta.
Canadian Western Amber Durum
Average CWAD prices were down 30 cents to C$4.70 per tonne. Bids ranged from C$278.50 per tonne in northwestern Saskatchewan to C$294.50 per tonne in western Manitoba.
U.S. wheat futures
The May spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$6.3500 per bushel on March 10, advancing 21.75 cents on the week.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The May Kansas City wheat contract was quoted at US$6.0875 per bushel on March 10, jumping 30.50 cents.
The May Chicago Board of Trade soft wheat contract settled at US$5.9100 per bushel March 10, gaining 17 cents.
