MarketsFarm — Spring wheat bids in Western Canada were mostly higher during the week ended Thursday, as a rally in Minneapolis spring wheat futures countered the bearish influence of a rising Canadian dollar.
Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were up by $8.80-$10.70 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 $361 per tonne in southeastern Saskatchewan to as high as $379.40 per tonne in southern Alberta.
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Quoted basis levels varied from location to location and ranged from $69.30 to $87.60 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.
When accounting for currency exchange rates by adjusting everything into Canadian dollars, CWRS basis levels ranged from $5.80 to $16.10 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were down by $3.40 to up by $7.10 per tonne, with prices ranging from $338.80 to $361.20 per tonne.
Average durum prices lost $2.20-$3.60 per tonne. Prices ranged from $383.50 to $395.80 per tonne.
Spring wheat futures in Minneapolis were up by 26.75 U.S. cents per bushel in the July contract to settle Thursday at US$8.1575 per bushel.
Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The July K.C. wheat contract was up by 2.25 U.S. cents on the week to close Thursday at US$8.0475 per bushel.
The July Chicago Board of Trade soft wheat contract settled at US$6.2625 per bushel on Thursday, up 15.5 U.S. cents on the week.
The Canadian dollar was up by roughly two thirds of a cent relative to its U.S. counterpart, finishing at 74.86 U.S. cents on Thursday.
— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.