MarketsFarm — Spring wheat bids in Western Canada posted losses during the week ended Thursday, underpinned as losses in U.S. futures weighed on values.
Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were down by $3.50-$8.10 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 $402.60 per tonne in southeastern Saskatchewan to as high as $420.60 per tonne in northern Alberta.
Quoted basis levels varied from location to location and ranged from $80.60 to $98.60 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.
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When accounting for currency exchange rates by adjusting everything into Canadian dollars, CWRS basis levels ranged from $9.60 to $19.30 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were down by $7-$12.40 per tonne, with prices ranging from $378.30 to $395.80 per tonne.
Average durum prices were mixed, gaining as much as $1.70 in some locations while others saw losses of up to $4.70 per tonne. Prices ranged from $455.70 to $468.80 per tonne.
Spring wheat futures in Minneapolis were down by 27.75 U.S. cents per bushel in the May contract to settle Thursday at US$8.7625 per bushel.
Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The May K.C. wheat contract was quoted Thursday at US$8.26 per bushel, losing 30.75 U.S. cents per bushel compared to the previous week.
The May Chicago Board of Trade soft wheat contract settled Thursday at US$7.1275 per bushel, down 37.75 U.S. cents on the week.
The Canadian dollar was down by roughly a third of a U.S. cent relative to its U.S. counterpart, settling Thursday at 73.45 U.S. cents.
— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.
