Glacier FarmMedia — Rising United States wheat prices and strong export demand for Canadian wheat increased Western Canadian bids during the week ended March 3.
There are suggestions that more spring wheat will be planted this spring compared to that seeded in 2025/26. Statistics Canada is set to release its initial 2026-27 seeding estimates on March 5. About 20.6 million wheat acres (except durum) are expected to be planted, compared to 20.5 million last year. Forecasts for durum, of 5.8 million to 6.4 million acres, were lower than last spring’s 6.532 million.
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The Canadian Grain Commission reported wheat exports for the week ended Feb. 22 at 408,300 tonnes, greater than the 220,300 tonnes shipped the previous week. So far this marketing year, 12.645 million tonnes of wheat have been exported, compared to 11.531 million tonnes shipped at the same point one year ago.
Canadian Western Red Spring (CWRS) wheat was up C$2.00 to C$5.40 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices were between C$260.70/tonne in southeast Saskatchewan to C$289.60 in southern Alberta.
Quoted basis levels ranged from between C$39.70 to C$68.60/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.
Accounting for exchange rates and adjusting Canadian prices to U.S. dollars (C$1=US$0.7308), CWRS bids were from US$190.50 to US$211.60/tonne. Currency adjusted basis levels ranged from US$9.30 to US$30.40 below the futures. If the futures were converted to Canadian dollars, basis levels would be C$6.80 to C$22.20 below the futures.
Meanwhile, Canadian Prairie Red Spring (CPRS) prices gained C$4.00 to C$10.50 per tonne. The lowest average bid for CPRS was C$240.50 in southeast Saskatchewan, while the highest average bid was C$265.40 in southern Alberta.
The average prices for Canadian Western Amber Durum (CWAD) were up C$2.70 to C$3.40 per tonne with bids between C$282.80 in southwest Saskatchewan to C$294.80 in western Manitoba.
The May spring wheat contract in Minneapolis, which most CWRS contracts are based off of, was quoted at US$6.1325 per bushel on March 3, up 17.75 cents.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The May contract rose 11.25 cents at US$5.7825/bu.
The May Chicago soft red contract was up 0.75 of a cent at US$5.74/bu.
The Canadian dollar tacked on 0.13 of a cent to close at 73.08 U.S. cents on March 3.
