Glacier Farm Media | MarketsFarm — Cash prices for spring wheat across the Canadian Prairies fell hard during the week ended June 26, while those for amber durum nudged up slightly.
Sharp losses in the United States wheat complex pushed Prairie cash prices lower, as crop conditions were quite favourable across the U.S. with the winter wheat harvest beginning to gain momentum.
Additional pressure on cash prices came from a stronger Canadian dollar. The loonie added more than four-tenths of a cent, settling at 73.31 U.S. cents.
Read Also
U.S. grains: Soybean futures set two-week high on US weather worry, soyoil rally
Chicago Board of Trade soybean futures touched a two-week high on Friday on worries that heat may threaten U.S. crops and expectations that the country’s biofuel policy would boost demand for soyoil, analysts said.
Statistics Canada issued its principal field crop area report on Friday, lowering its forecast of 2025/26 total planted wheat to 26.93 million acres from 27.48 million in March. However, it’s more than 26.65 million seeded in 2024/25.
Average CWRS (13.5%) prices dropped C$16.50 to C$20.10 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Those prices ranged from about C$283.30 per tonne in western Manitoba to C$310.60 per tonne in southern Alberta.
Quoted basis levels varied from location to location and ranged from C$53.50 to C$80.80 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 Canadian prices to U.S. dollars (C$1=US$0.7331), CWRS bids ranged from US$207.70 to US$227.70 per tonne. That would put the currency-adjusted basis levels at about US$2.10 to US$22.10 below the futures.
Looking at it the other way around, if the Minneapolis futures are converted to Canadian dollars, CWRS basis levels across Western Canada ranged from C$1.60 to C$16.20 below the futures.
Average CPRS (11.5%) wheat fell C$20.70 to C$24.20 per tonne. Bids ranged from C$254.00 per tonne in southeastern Saskatchewan to C$277.60 per tonne in southern Alberta.
Average CWAD prices inched up C$0.20 to C$1.10 per tonne. Bids ranged from C$337.80 per tonne in northwestern Saskatchewan to C$348.50 per tonne in southern Alberta.
The September spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$6.2550 per bushel on June 26, down 36 cents on the week.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The September Kansas City wheat contract was quoted at US$5.3375 per bushel on June 26, dropping 52.75 cents from a week ago.
The September Chicago Board of Trade soft wheat contract settled at US$5.3675 per bushel on June 26, retreating 53.75 cents.
