Glacier FarmMedia MarketsFarm — Hard red spring wheat bids in Western Canada moved lower during the week ended April 24, but other wheat varieties held firm despite losses in the United States futures.
Average Canada Western Red Spring (13.5%) wheat prices were down by C$1.40 to C$3.40 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from C$280.20 per tonne in western Manitoba to as high as C$307.50 per tonne in southern Alberta.
Quoted basis levels varied from location to location and ranged from $56.90 to $84.20 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 everything into Canadian dollars (C$1=US$0.7209) CWRS basis levels ranged from C$1.20 to C$15.40 below the futures.
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Meanwhile, Canada Prairie Spring Red (CPSR) wheat bids were higher, up by C$0.80 to C$3.00 per tonne, with prices ranging from C$255.50 to C$279.00 per tonne.
Average durum prices were mixed, down 40 cents to up C$1.50, ranging from C$328.60 to C$341.50 per tonne.
Spring wheat futures in Minneapolis were down by 11.50 cents per bushel in the July contract to settle at US$6.0775 per bushel on April 24.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The July Kansas City wheat contract was down by 21.50 cents at US$5.5075 per bushel on April 24.
The July Chicago Board of Trade soft wheat contract was down by 16.50 cents on the week at US$5.4450 per bushel.
The Canadian dollar was up by a tenth of a cent relative to its U.S. counterpart, at 72.09 U.S. cents on April 24.
