Glacier FarmMedia — Wheat bids across Western Canada were mixed to start December, with support from gains in the United States futures countered by the bearish influence of a stronger Canadian dollar.
Average CWRS (13.5 per cent) wheat prices were down C$1.50 to up 20 cents per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from C$251.40/tonne in southeastern Saskatchewan to as high as C$278.30/tonne in southern Alberta.
Quoted basis levels varied from location to location and ranged from $34.50 to $61.40/tonne above the futures when using the grain company methodology of quoting the basis as the difference between the U.S. dollar denominated futures and the Canadian dollar cash bids.
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When accounting for currency exchange rates by adjusting everything into Canadian dollars (C$1=US$0.7154) CWRS basis levels ranged from C$12.70 to C$26.50 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were also mixed, C$1.80/tonne lower to C$1.60/tonne higher, with prices ranging from C$226.10 to C$251.90/tonne.
Average durum prices were down C$3.70 to up C$1.70/tonne, ranging from C$274.80 to C$291.00/tonne.
MIAX spring wheat futures gained 12.75 cents per bushel in the December contract to settle at US$5.9275/bu. on Dec. 2.
Hard red winter wheat futures were up by 10.25 cents in the December contract on the week at US$5.250/bu.
The December Chicago soft wheat contract was up 10.50 cents on the week at US$5.3775/bu.
The Canadian dollar was up by roughly two thirds of a cent relative to its U.S. counterpart, at 71.54 U.S. cents on Dec. 2.
