MarketsFarm — Spring wheat bids in Western Canada moved higher during the week ended Thursday, taking back most of the losses from the previous week as gains in U.S. futures provided support.
Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were up by $12-$15.50 per tonne during the week ended Thursday, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes).
Average CWRS prices ranged from about $391.90 per tonne in southeastern Saskatchewan to as high as $411.40 per tonne in northern Alberta.
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Quoted basis levels varied from location to location and ranged from $53.20 to $72.70 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 everything into Canadian dollars, CWRS basis levels ranged from $12.60 to $24.60 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were up by $6.60-$15.60 per tonne, with prices ranging from $359.30 to $371.90 per tonne.
Average durum prices were lower, losing 30-80 cents per tonne, as strength in the Canadian dollar weighed on values. Bids ranged from $432.60 to $445.90 per tonne.
Spring wheat futures in Minneapolis were up by 27.5 U.S. cents per bushel in the September contract to settle Thursday at US$9.2175 per bushel.
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$8.8925 per bushel, up 29 U.S. cents per bushel compared to the previous week.
The September Chicago Board of Trade soft wheat contract settled at US$8.1075 per bushel on Thursday, up by 28.25 U.S. cents on the week.
The Canadian dollar closed Thursday at 78.41 U.S. cents, up 0.6 of a U.S. cent relative to its U.S. counterpart on the week.
— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.
