Glacier FarmMedia | MarketsFarm – Hard red spring wheat bids in Western Canada moved lower during the week ended Aug. 8, as losses in the United States futures and a firmer tone in the Canadian dollar weighed on values.
Average Canada Western Red Spring (13.5%) wheat prices were down C$0.90 to down C$3.30 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 C$244.80 per tonne in southeastern Saskatchewan to as high as C$272.60 per tonne in southern Alberta.
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Quoted basis levels varied from location to location and ranged from $29.70 to $57.60 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$0.7276) CWRS basis levels ranged from C$12.10 to C$26.90 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were down by C$2.70 to C$5.20 per tonne, with prices ranging from C$207.90 to C$238.80 per tonne.
Average durum prices were down by C$0.80 to C$2.80 per tonne, ranging from C$291.20 to C$306.00 per tonne.
Spring wheat futures in Minneapolis were down by 3.25 cents per bushel in the September contract to settle at US$5.8525 per bushel on Aug. 8.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The September Kansas City wheat contract was down by 3.00 cents at US$5.5150 per bushel on Aug. 8.
The September Chicago Board of Trade soft wheat contract settled at US$5.3750 per bushel on Aug. 8, recovering from earlier losses to gain 5.50 cents on the week.
The Canadian dollar strengthened relative to its United States counterpart, up by about half a cent at 72.76 U.S. cents on Aug. 8.
