Glacier Farm Media | MarketsFarm — While Western Canadian cash prices for spring wheat were mostly higher during the week ended April 10, those for amber durum eased back.
Gains in Minneapolis and Chicago wheat lent support, but such were tempered by losses in Kansas City futures.
The United States Department of Agriculture released its latest supply and demand report on April 10, with domestic wheat ending stocks raised 27 million bushels to now 846 million. Most of the increase came in spring and winter hard red wheats, while the carryovers for white wheat and durum were reduced.
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The Canadian dollar climbed more than a quarter of a cent on the week, settling at 71.35 U.S. cents.
Canada Western Red Spring
Average CWRS (13.5%) prices gained C$3.50 to C$4.90 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$282.80 per tonne in western Manitoba to C$310.90 per tonne in southern Alberta.
Quoted basis levels varied from location to location and ranged from C$61.60 to C$89.70 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 Canadian prices to U.S. dollars (C$1=US$0.7135), CWRS bids ranged from US$201.80 to US$221.80 per tonne. That would put the currency-adjusted basis levels at about US$19.40 below to 60 cents above 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$13.90 below to 40 cents above the futures.
Canada Prairie Spring Red, amber durum
Average CPRS (11.5%) wheat slipped C$1.30 to bumping up C$1.20 per tonne. Bids ranged from C$257.30 per tonne in southeastern Saskatchewan to C$288.90 per tonne in southern Alberta.
Average CWAD prices gave up 30 cents to C$2.00 per tonne. Bids ranged from C$332.80 per tonne in northwestern Saskatchewan to C$344.20 per tonne in southern Alberta.
U.S. wheat complex
The May spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$6.0200 per bushel on April 10, up 10.75 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 May Kansas City wheat contract was quoted at US$5.5800 per bushel on April 10, falling 11 cents from a week ago.
The May Chicago Board of Trade soft wheat contract settled at US$5.3800 per bushel on April 11, adding two cents.
