Glacier FarmMedia – Spring wheat bids in Western Canada moved higher during the week ended March 21, as wheat futures in the United States continued to recover off their nearby lows.
Average Canada Western Red Spring (13.5%) wheat prices were up by C$1.20 to C$3.10 per tonne across the Prairies, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from C$299.30 per tonne in southeastern Saskatchewan to as high as C$319.60 per tonne in southern Alberta.
Quoted basis levels varied from location to location and ranged from $56.10 to $78.40 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.
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When accounting for currency exchange rates by adjusting everything into Canadian dollars (C$1=US$0.7394) CWRS basis levels ranged from C$3.60 to C$15.80 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were up by C$4.60 to C$6.90 per tonne, with prices ranging from C$257.50 to C$280.60 per tonne.
Average durum prices were steady to higher on the week, rising as much as C$1.60 per tonne to range from C$392.00 to C$397.90 per tonne.
Spring wheat futures in Minneapolis were up by 1.25 cents per bushel in the May contract to settle at US$6.5650 per bushel on March 21.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The May Kansas City wheat contract was up 7.00 cents at S$5.8175 per bushel on March 21.
The May Chicago Board of Trade soft wheat contract settled at US$5.4675 per bushel on March 21, up by 14.50 cents on the week.
The Canadian dollar weakened relative to its United States counterpart, down by about a tenth of a cent at 73.94 U.S. cents on March 14.
