Glacier FarmMedia | MarketsFarm – Despite a stronger Canadian dollar and declining United States futures, wheat prices in Western Canada were mixed during the week ended March 27.
The Canadian Grain Commission reported 445,300 tonnes of wheat shipped for export during the week ended March 23, slightly less than the 456,900 tonnes shipped the previous week. In the 2024-25 marketing year to date, 13.321 million tonnes were exported, compared to 13.521 million at this time last year.
The United States Department of Agriculture reported poor wheat export sales for the week ended March 20 with 100,300 tonnes of old crop and 11,200 tonnes of new crop. So far, new crop sales are less than one million tonnes, the second slowest pace in 10 years.
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U.S. wheat futures closed higher on Thursday on concerns over the limited availability of supplies for export in Russia, analysts said.
The White House announced on March 25 it has brokered a deal between Russia and Ukraine towards a ceasefire in the Black Sea, allowing commercial vessels to pass without incident. However, Russia said it wants to see sanctions lifted before committing to the agreement and Ukrainian President Volodymyr Zelenskyy claims Russia is lying about the terms of the agreement.
Canadian Western Red Spring wheat was down C$7.50 to up C$5.10 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices were between C$273/tonne in southeast Saskatchewan to C$302.30 in southern Alberta.
Quoted basis levels ranged from between C$56.80 to C$86.10/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.
Accounting for exchange rates and adjusting Canadian prices to U.S. dollars (C$1=US$0.6989), CWRS bids were from US$190.80 to US$211.30/tonne. Currency adjusted basis levels ranged from US$5 to US$25.40 below the futures. If the futures were converted to Canadian dollars, basis levels would be C$3.50 to C$17.80 below the futures.
Meanwhile, CPRS prices were down C$6.90 to C$8.50 per tonne. The lowest average bid for CPRS was C$258.70 in southeast Saskatchewan, while the highest average bid was C$282.90 in southern Alberta.
The average prices for Canada Western Amber Durum (CWAD) were up C$0.20 to C$1.90 per tonne with bids between C$330.50 in northwest Saskatchewan to C$347.70 in southern Alberta.
The May spring wheat contract in Minneapolis, which most CWRS contracts are based off of, was quoted at US$5.885 per bushel on March 27, down 16.25 cents.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The May contract was quoted at US$5.6625/bu., down 20.25 cents.
The May Chicago Board of Trade (CBOT) wheat contract lost 25.25 cents at US$5.32/bu.
The Canadian dollar gained 0.19 of a cent to close at 69.89 U.S. cents on March 27.
