MarketsFarm — Bids spiked for Canada Western Red Spring (CWRS), Canada Prairie Spring Red (CPSR), and durum (CWAD) wheats in Western Canada for the week ended Thursday.
Steep increases in U.S. wheat futures supported values, as did a lower Canadian dollar which lost more than a half cent.
Average CWRS (13.5 per cent protein) wheat prices jumped $34.20-$39.40 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 $365.70 per tonne in western Manitoba to $385.50 per tonne in northern Alberta.
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Quoted basis levels varied from location to location and ranged from $37.20 to $57 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$291.90 to US$306.70 per tonne. That would put the currency adjusted basis levels at about US$21.80-$37.60 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$17.40 to C$29.90 below the futures.
Average CPSR (11.5 per cent protein) wheat prices vaulted $28.10-$32 per tonne. Bids ranged from $323.40 per tonne in northeastern Saskatchewan to $334.10 per tonne in northern Alberta.
Average durum prices gained $14.10-$23 with bids ranging from $342.70 per tonne in southern Alberta to $362.70 per tonne in northeastern Saskatchewan.
The September spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted at US$8.94 per bushel on Thursday, up 89 U.S. cents from the previous week.
Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The July K.C. wheat contract was quoted at US$6.4025 per bushel on Thursday, gaining 52.25 U.S. cents compared to the previous week.
The July Chicago Board of Trade soft wheat contract settled at US$6.72 per bushel on Thursday, jumping 54 cents from the previous week.
The Canadian dollar fell 0.2 cent on the week, to 79.54 U.S. cents on Thursday.
— Glen Hallick reports for MarketsFarm from Winnipeg.