Commodity News Service Canada — Spring wheat cash bids across Western Canada ended slightly lower for the week ended July 18, tracking choppy action in the U.S. futures.
Depending on the location, average Canada Western Red Spring (CWRS) wheat prices were one to two dollars per tonne lower, according to price quotes from a cross-section of delivery points across the Prairie Provinces compiled by PDQ (Price and Data Quotes). Average prices ranged from about C$200 per tonne in southeastern Saskatchewan, to as high as C$215 in parts of Alberta.
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Quoted basis levels varied from location to location, but lost about two dollars on average to range from $29 to $38 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.
When accounting for currency exchange rates by adjusting Canadian prices to U.S. dollars (C$1=US$0.7730 as of July 18), CWRS bids were roughly US$182 per tonne; which was down by about two dollars compared to the previous week. That would put the currency-adjusted basis levels at about US$17 to US$29 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 range from C$13 to C$27 below the futures.
Average Canada Prairie Red Spring (CPRS) bids were roughly the same as the previous week. Average CPRS prices came in at about C$152 per tonne in Saskatchewan, and C$152 to C$180 per tonne in Alberta.
Average durum prices were down by two to six dollars per tonne, depending on the location, with bids in Saskatchewan ranging from roughly C$259 to C$261 per tonne.
The September spring wheat contract in Minneapolis, which most CWRS contracts in Canada are based off of, was quoted at US$4.9675 per bushel on July 15, down 2.75 cents per bushel from the previous week.
The September Chicago Board of Trade soft wheat contract settled at US$4.2475 on July 15, which was down by 10.25 U.S. cents on the week.
The Canadian dollar closed at 77.30 U.S. cents on July 18, which was up by roughly a quarter of a cent relative to its U.S. counterpart on the week.
