Prairie CWRS bids rise with U.S. futures

Cash wheat bids across Western Canada were steady to higher during the week ended April 22, with Canada Western red spring (CWRS) posting the largest gains in the spot market.

Average spot bids for 13.5 per cent CWRS on Monday across Manitoba, Saskatchewan and Alberta came in at around C$286 per tonne, or $7.78 per bushel, based on pricing available from a cross-section of delivery points. That compares with C$281 per tonne ($7.65/bu.), at the same point the previous week.

Basis levels generally saw some improvement, with some locations in Alberta offering basis levels above the futures for nearby delivery.

The July spring wheat contract in Minneapolis was quoted at US$8.03 per bushel on Monday, a 14-cent per bushel increase from the previous week.

Canada Prairie red spring (CPRS) bids held relatively steady over the reporting period, with average values at C$239 per tonne ($6.51/bu.), from the C$240 per tonne ($6.52/bu.) level seen the previous week.

Durum prices were steady to a little lower, depending on the location. Spot bids declined by about $2-$3 from the previous week, with the average coming in at about C$268 per tonne ($7.30/bu.).

— Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.

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Phil Franz-Warkentin writes for MarketsFarm specializing in grain and commodity market reporting.

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