Cash wheat bids across Western Canada saw some choppiness during the week ended Feb. 19, with spot bids for Canada Western Red Spring wheat steady to a couple of dollars per tonne lower in some areas, but up by over $10 per tonne at other locations.
Basis levels did improve across the board, helping counter the declines posted in the U.S. futures during the week.
Average spot bids for 13.5 per cent protein CWRS on Tuesday across Manitoba, Saskatchewan and Alberta came in at around $281 per tonne, or $7.65 per bushel, based on pricing available from a cross-section of delivery points.
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That compares with $277 per tonne, or $7.54 per bushel, at the same point the previous week. Basis levels improved from $2 per tonne to as much as $12 per tonne during the week.
At the same time, the March spring wheat contract in Minneapolis declined by 10 cents per bushel over the week, to trade at around US$8.16 per bushel.
Canada Prairie Red Spring (CPRS) bids also saw some mixed activity during the week, but average values were a little softer overall, declining by $6 per tonne (16 cents per bushel) from the previous week to come in at $249 per tonne.
Durum prices held steady in the $270-$290 per tonne ($7.35-$7.90 per bushel) area in southern Saskatchewan.
— Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.
