Prairie cash wheat: Bids mixed

MGEX, K.C. wheats down on week

MarketsFarm — Spring wheat bids in Western Canada were mixed during the week ended Thursday, as the Minneapolis futures bounced around within a 15-cent per bushel range.

Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were down by $3 to up by $2 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes).

Average CWRS prices ranged from about $228 per tonne in southeastern Saskatchewan to as high as $248.50 per tonne in northern Alberta.

Quoted basis levels varied from location to location and ranged from $38.50 to $59 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.

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When accounting for currency exchange rates by adjusting everything into Canadian dollars, CWRS basis levels ranged from $4 to $15.50 below the futures.

Bids for CPSR (Canada Prairie Spring Red) wheat held relatively steady on the week. Prices ranged from $209 per tonne in southeastern Saskatchewan to $224 per tonne in northern Alberta.

Average durum prices were steady to $4 per tonne lower, with bids ranging anywhere from $283 to $295 per tonne.

The September spring wheat contract in Minneapolis, off of which most CWRS contracts Canada are based, was quoted Thursday at US$5.1025 per bushel, down by 10.75 cents from the previous week.

Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The September K.C. wheat contract was quoted Thursday at US$4.4875 per bushel, down eight U.S. cents compared to the previous week.

The September Chicago Board of Trade soft wheat contract settled at US$5.3525 per bushel on Thursday, up 10.25 U.S. cents on the week.

The Canadian dollar closed Thursday at 73.84 U.S. cents, up roughly a 10th of a cent compared to the previous week.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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