MarketsFarm — Wheat bids in Western Canada were mostly higher for the week ended Thursday.
Strong gains were seen in Canada Western Red Spring (CWRS) and Canada Prairie Spring Red (CPRS) wheats, while Canada Western Amber Durum (CWAD) was steady to lower.
The Canadian dollar gained almost nine-10ths of a cent during the week, closing at 76.09 U.S. cents on Thursday.
Average CWRS (13.5 per cent protein) wheat prices were up $9-$12 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about $235 per tonne in southeastern Saskatchewan to as high as $252 per tonne in southern Alberta.
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Quoted basis levels varied from location to location and ranged from $27 to $44 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between U.S. dollar-denominated futures and Canadian dollar cash bids.
When accounting for currency exchange rates by adjusting Canadian prices to U.S. dollars (C$1=76.09 U.S. cents), CWRS bids ranged from US$179 to US$192 per tonne. That would put the currency-adjusted basis levels at about US$19-$32 below the futures.
Looking at it the other way around, if Minneapolis futures are converted to Canadian dollars, CWRS basis levels across Western Canada range from $21 to $37 below the futures.
Wheat bids for CPSR were up $17 per tonne. Prices ranged from $196 per tonne in southeastern Saskatchewan to $212 per tonne in southern Alberta.
Average durum prices were steady to lower by $1, with bids ranging from $267 per tonne in western Saskatchewan to $288 per tonne in western Manitoba.
The December spring wheat contract in Minneapolis, off of which most CWRS contracts Canada are based, was quoted Thursday at US$5.52 per bushel, up 16.75 cents from the previous week.
Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The December K.C. wheat contract was quoted Thursday at US$4.3125 per bushel, up 28 cents compared to the previous week.
The December Chicago Board of Trade soft wheat contract settled at US$5.255 per bushel on Thursday, up 32.5 cents on the week.
— Glen Hallick reports for MarketsFarm, a Glacier FarmMedia division specializing in grain and commodity market analysis and reporting.