Prairie CWRS wheat bids edge down

CNS Canada — Average cash bids for Canada Western Red Spring (CWRS) wheat moved lower during the week ended Friday, despite a firmer tone in U.S. futures as basis levels slipped slightly.

In Manitoba, the average CWRS price declined to C$234 per tonne, from $236 the previous week. Average losses of $1 to $5 per tonne were seen across the rest of the Prairies, with average prices in Alberta and Saskatchewan of $218-$229 per tonne.

Basis levels for CWRS weakened in most areas, with only Manitoba and southern Alberta still offering average basis opportunities above the futures.

Average Canada Prairie Spring Red (CPSR) wheat bids declined by $3 to $4 per tonne, with prices of $176 per tonne seen in Manitoba and $180-$186 per tonne in Saskatchewan and Alberta.

Soft white spring (CWSWS) wheat prices held relatively steady on the week, ranging from $179 to $182 per tonne in Alberta. Winter wheat prices were down by $1 to $2 from the previous week, with average values ranging from $162 to $172 per tonne across Western Canada.

Average durum (CWAD) prices were unchanged, with spot bids in southern Saskatchewan, where the bulk of the crop is grown, steady at roughly $353 per tonne.

The March spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted at US$6.23 per bushel on Friday, up eight cents from the previous week.

Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The March Kansas City wheat contract was quoted at US$6.3925 per bushel on Friday, down three-quarters of a cent from the week prior.

The March Chicago Board of Trade soft wheat contract settled Friday at US$5.94, up 15.5 cents from the previous week.

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

Table: The weekly snapshot of average published prices, available on Monday of each week, as of Dec. 8, 2014. Futures vary slightly due to changes while data is collected. Prices in Canadian dollars per tonne. Source: AGCanada.com.

CWRS Future Basis Net
Manitoba 229.52 4.18 233.70
Sask North Central 230.10 -6.91 223.19
Sask South 230.16 -2.55 227.62
Alberta South 227.35 1.32 228.67
Alberta Central 227.99 -2.23 225.76
Peace 228.79 -10.61 218.18
CPSR Future Basis Net
Manitoba 236.17 -59.98 176.18
Sask North Central 236.20 -60.12 176.07
Sask South 236.88 -55.75 181.12
Alberta South 233.32 -49.09 184.23
Alberta Central 233.96 -48.21 185.76
Peace 235.29 -55.41 179.88
CWSWS Future Basis Net
Alberta South 216.97 -37.48 179.49
Alberta Central 217.12 -35.52 181.61
Peace 218.84 -36.68 182.16
CWRW Future Basis Net
Manitoba 235.67 -63.20 172.47
Sask North Central 236.24 -69.71 166.53
Sask South 236.56 -64.49 172.08
Alberta South 233.32 -71.85 161.47
Alberta Central 233.96 -68.32 165.64
Peace 235.57 -68.23 167.33
CWAD     Net
Sask North Central 363.92
Sask South 353.22
Alberta South 365.44
Alberta Central 372.92

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

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