Glacier FarmMedia MarketsFarm — Hard red spring wheat bids in Western Canada were mixed during the week ended Oct. 24, although the general bias was lower in most locations.
Average Canada Western Red Spring (13.5%) wheat prices were down by C$8.30 per tonne in southern Alberta but edged up by 90 cents per tonne in western Manitoba, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from C$270.70 per tonne in southeastern Saskatchewan to as high as C$292.80 per tonne in southern Alberta.
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Quoted basis levels varied from location to location and ranged from $43.60 to $65.70 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$0.7223) CWRS basis levels ranged from C$11.30 to C$22.80 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were also mixed, ranging from losses of C$1.60 to gains of C$0.50 per tonne, with prices ranging from C$249.30 to C$275.50 per tonne.
Average durum prices were up by C$5.90 to C$10.20 per tonne, ranging from C$323.10 to C$340.80 per tonne.
Spring wheat futures in Minneapolis were down by 10.75 cents per bushel in the December contract to settle at US$6.18 per bushel on Oct. 24.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The December Kansas City wheat contract was down by nine cents at US$5.87 per bushel on Oct. 24.
The December Chicago Board of Trade soft wheat contract settled at US$5.8150 per bushel on Oct. 24, down eight cents on the week.
The Canadian dollar was down by just over a quarter of a cent relative to its United States counterpart, at 72.23 U.S. cents on Oct. 24.
