Cash wheat bids across Western Canada recovered most of the previous week’s losses during the period ended April 8, with both Canada Western red spring (CWRS) and Canada Prairie red spring (CPRS) wheat bids posting advances, as a correction in the U.S. futures spilled into the Canadian market.
Average spot bids for CWRS at 13.5 per cent protein on April 8 across Manitoba, Saskatchewan and Alberta came in at around C$283 per tonne ($7.72 per bushel), based on pricing available from a cross-section of delivery points. That compares with $269 per tonne ($7.32/bu.) at the same point the previous week.
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Basis levels only saw small adjustments over the week, with nearly all of the strength tied to the gains seen in the U.S. futures.
The May spring wheat contract in Minneapolis increased by about 34 cents per bushel, to trade at around US$7.99.
CPRS bids were also up over the reporting period, with average values at C$244 per tonne ($6.64/bushel) from the C$230 per tonne ($6.26/bu.) level seen the previous week.
Durum prices were firmer as well, although the gains were more subdued. Average spot bids were up by about $1-$2 per tonne from the previous week, to come in at about C$278 per tonne ($7.58/bu).
— Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.
