MarketsFarm — Wheat bids in Western Canada for the week ended Thursday were up for CWRS and CPSR, while durum (CWAD) bids were mostly higher.
The Canadian dollar was down by more than a half cent during the week.
Average CWRS (Canada Western Red Spring, 13.5 per cent protein) wheat prices ranged from up $3-$5 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about $231 per tonne in eastern Saskatchewan to as high as $249 per tonne in southern Alberta.
Quoted basis levels varied from location to location and ranged from $27 to $45 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between U.S. dollar-denominated futures and Canadian dollar cash bids.
When accounting for currency exchange rates by adjusting Canadian prices to U.S. dollars, CWRS bids ranged from US$176 to US$190 per tonne. That would put the currency-adjusted basis levels at about US$14-$28 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 $11 to $22 below the futures.
Bids for CPSR wheat were up $2-$5 per tonne. Prices ranged from $204 per tonne in southeastern Saskatchewan to $225 per tonne in southern Alberta.
Average durum prices ranged from down $2 to up $9, with bids ranging from $272 per tonne in northwestern Saskatchewan to $281 per tonne in western Manitoba.
The March spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted Thursday at US$5.5575 per bushel, up 5.5 cents from the previous week.
Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The March K.C. wheat contract was quoted Thursday at US$4.9225 per bushel, up 7.5 cents compared to the previous week.
The March Chicago Board of Trade soft wheat contract settled Thursday at US$5.805 per bushel, up 15.25 cents on the week.
The Canadian dollar closed Thursday at 76.09 U.S. cents, down 0.57 cent from the previous week.
— Glen Hallick writes for MarketsFarm, a Glacier FarmMedia division specializing in grain and commodity market analysis and reporting.