Prairie CWRS bids ease along with U.S. futures

CNS Canada — Average cash bids for Canada Western Red Spring (CWRS) wheat were softer during the week, following declines seen in U.S. wheat futures.

CWRS prices ranged from $4 to $7 per tonne lower in Alberta and Saskatchewan. The best pricing opportunities were still available in Manitoba, where prices were down almost $8 at the $222.25 per tonne level.

Basis levels for CWRS were nearly unchanged from the week prior, at $18.10 below the futures. The best basis opportunities were in Manitoba, where they averaged about $11 per tonne under the futures.

Average Canada Prairie Spring Red (CPSR) bids were down by about $3.50 to $9 across the Prairies, with prices at $174.20 per tonne in Manitoba, $173-$178 per tonne in Saskatchewan and $183-$188 in Alberta. Basis levels were holding steady at about $59 below the futures.

Soft white spring (CWSWS) wheat prices were lower following the CBOT wheat market, with bids down $5-$8 per tonne on the week, ranging from $183 to $185.50 per tonne in Alberta. Winter wheat (CWRW) prices were also weaker, with prices $5-$10 lower. Values ranged from $164.00 to $170.50 per tonne across Western Canada, with the best pricing opportunities in Manitoba.

Durum (CWAD) prices were unchanged from the week prior, ranging from about $354 to $367.50 across Western Canada. Spot durum prices in southern Saskatchewan, where the bulk of the crop is grown, were at roughly $354 per tonne.

The December spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted at US$6.315 per bushel on Dec. 26, down 16.75 cents from the previous week.

Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPRS in Canada. The March Kansas City wheat contract was quoted at US$6.4425 per bushel on Dec. 26, down 21.75 cents from last week.

The December Chicago Board of Trade soft wheat contract settled at US$6.1075 on Dec. 26, 21.5 cents lower compared to the week prior.

— Terryn Shiells writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.

Table: A weekly snapshot of average published prices in C$ per tonne, as of Dec. 29, 2014. Futures vary slightly due to changes while data is collected. Source: AGCanada.com.

CWRS Future….. Basis……. Net
Manitoba 233.54 -11.29 222.25
Sask North Central….. 234.56 -25.12 209.44
Sask South 234.71 -17.00 217.71
Alberta South 234.49 -15.92 218.57
Alberta Central 234.39 -19.38 215.00
Peace 234.19 -19.86 214.33
CPSR Future Basis Net
Manitoba 239.75 -66.65 174.20
Sask North Central 239.81 -66.68 173.13
Sask South 240.96 -62.95 178.01
Alberta South 239.28 -52.07 187.21
Alberta Central 239.35 -51.89 187.46
Peace 239.39 -55.95 183.43
CWSWS Future Basis Net
Alberta South 227.63 -43.79 183.84
Alberta Central 227.52 -42.03 185.49
Peace 227.11 -43.52 183.59
CWRW Future Basis Net
Manitoba 238.21 -67.69 170.52
Sask North Central 239.86 -76.13 163.73
Sask South 240.07 -70.89 169.18
Alberta South 239.26 -75.32 163.94
Alberta Central 240.32 -71.08 169.24
Peace 239.40 -73.66 165.75
CWAD     Net
Sask North Central 364.47
Sask South 353.67
Alberta South 367.41
Alberta Central 372.92

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