Glacier FarmMedia — Cash prices for spring wheat and durum across the Canadian Prairies were mixed during the week ended Sept. 11.
There were slight increases in Minneapolis spring wheat and Chicago soft red, while Kansas City hard red was stronger.
The Canadian dollar was down than a 10th of a cent, making the country’s wheat exports a pinch less expensive.
Average CWRS (13.5%) prices were down C$3.10 to up C$5.60 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Those prices ranged from about C$240.40 per tonne in southeastern Saskatchewan to C$262.00 per tonne in southern Alberta.
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Quoted basis levels varied from location to location and ranged from C$38.20 to C$59.90 per 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.
When accounting for currency exchange rates by adjusting Canadian prices to U.S. dollars (C$1=US$0.7223), CWRS bids ranged from US$173.70 to US$189.30 per tonne. That would put the currency-adjusted basis levels at about US$12.90 to US$28.50 below the futures.
Looking at it the other way around, if the Minneapolis futures are converted to Canadian dollars, CWRS basis levels across Western Canada ranged from C$9.30 to C$20.60 below the futures.
Average CPRS (11.5%) wheat prices bumped up by C$0.80 to C$2.00 per tonne. Bids ranged from C$212.20 per tonne in southeastern Saskatchewan to C$237.10 per tonne in southern Alberta.
Average CWAD prices stepped back C$2.70 to C$3.80 per tonne. Bids ranged from C$268.00 per tonne in northwestern Saskatchewan to C$288.10 per tonne in southern Alberta.
The September spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$5.5025 per bushel on Sept. 11, nudging up 0.75 of a cent on the week.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The September Kansas City wheat contract was quoted at US$4.8700 per bushel on Sept. 11, adding 7.25 cents from a week ago.
The September Chicago Board of Trade soft wheat contract settled at US$5.0300 per bushel Sept. 11, inching up 0.75 of a cent.
