Glacier FarmMedia — Hard red spring wheat bids in Western Canada softened during the week ended June 12, as losses in the United States futures and strength in the Canadian dollar weighed on values.
Average Canada Western Red Spring (13.5%) wheat prices were down by C$7.40 to C$9.70 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from C$286.10/tonne in western Manitoba to as high as C$317.50/tonne in southern Alberta.
Quoted basis levels varied from location to location and ranged from $57.90 to $89.20/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.
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When accounting for currency exchange rates by adjusting everything into Canadian dollars (C$1=US$0.7346) CWRS basis levels ranged from C$3.60 above to C$13.30 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were also lower, down by C$14.10 to C$17.10/tonne, with prices ranging from C$255.10 to C$280.40/tonne.
Average durum prices were narrowly mixed, down 30 cents to up C$1.40/tonne, ranging from C$327.50 to C$339.30/tonne.
Minneapolis spring wheat futures were down by 4.50 cents per bushel in the July contract to settle at US$6.2075/bu. on June 12.
Kansas City hard red winter wheat futures, which are now traded on the Chicago Board of Trade, were down by 19.75 cents in the July contract on the week at US$5.2276/bu. on June 12.
The July Chicago soft wheat contract decreased 19 cents on the week at US$5.2650/bu.
The Canadian dollar was up by a quarter of a cent relative to its U.S. counterpart, at 73.46 U.S. cents on June 12.
