Glacier FarmMedia – Wheat prices across the Canadian Prairies were narrowly mixed for Canadian Western Red Spring Wheat and Canada Prairie Red Spring Wheat, while those for Canadian Western Amber Durum eased back by small amounts.
During the week ended Jan. 11, there were declines in Minneapolis spring wheat, Kansas City and Chicago winter wheat.
Average CWRS (13.5%) prices were down C$3.40 to up C$3.00 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$310.50 per tonne in western Manitoba to C$334.10 per tonne in southern Alberta.
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Quoted basis levels varied from location to location and ranged from C$53.30 to C$76.90 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 United States dollars (C$1=US$0.7458), CWRS bids ranged from US$231.60 to US$249.20 per tonne. That would put the currency adjusted basis levels at about US$8.00 to US$25.70 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$6.00 to C$19.10 below the futures.
Average CPRS (11.5%) wheat lost C$2.10 to gaining C$1.60 per tonne. Bids ranged from C$264.70 per tonne in southeastern Saskatchewan to C$290.60 per tonne in southern Alberta.
Average CWAD prices dipped by 40 cents to C$1.80 per tonne. Bids ranged from C$439.80 per tonne in northeastern Saskatchewan to C$447.20 per tonne in southern Alberta.
The March spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$7.000 per bushel on Jan. 11, giving up 11.25 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 March Kansas City wheat contract was quoted at US$6.1600 per bushel on Jan. 11, losing 9.75 cents compared to a week ago.
The March Chicago Board of Trade soft wheat contract settled at US$6.0375 per bushel on Jan. 11, also falling 9.75 cents.
The Canadian dollar closed Jan. 11 at 74.58 U.S. cents, losing three-tenths during the week.
— Glen Hallick reports for MarketsFarm from Winnipeg.