MarketsFarm — Spring wheat bids in Western Canada saw some mixed activity during the week ended Thursday (Dec. 22), with small losses reported for red spring wheat in Manitoba, while prices were up in Alberta and Saskatchewan.
Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were down by 30-40 cents in Manitoba, while they rose by as much as $3.90 per tonne across the rest of the Prairies, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes).
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Average CWRS prices ranged from $420.80 per tonne in southeastern Saskatchewan to as high as $443.70 per tonne in southern Alberta.
Quoted basis levels varied from location to location and ranged from $82.10 to $105.10 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, CWRS basis levels ranged from $10.10 to $22.30 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were up by $2.60-$10.40 per tonne, with prices ranging from $402.10 to $425.20 per tonne.
Average durum prices were higher, gaining 30 cents to $4.30 per tonne. Prices ranged from $495.30 to $502.60 per tonne.
Spring wheat futures in Minneapolis were up by 3.5 U.S. cents per bushel in the March contract to settle Thursday at US$9.2225 per bushel.
Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The March K.C. wheat contract was quoted at US$8.66 per bushel on Thursday, up by 5.5 U.S. cents per bushel compared to the previous week.
The March Chicago Board of Trade soft wheat contract settled at US$7.6225 per bushel on Thursday, up by five U.S. cents on the week.
The Canadian dollar closed Thursday at 73.23 U.S. cents, down roughly a 10th of a cent relative to its U.S. counterpart on the week.
— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.
