Glacier FarmMedia | MarketsFarm – Cash wheat prices for Canada Prairie Red Spring Wheat, Canadian Western Red Spring Wheat, and Canadian Western Amber Durum were mixed for the week ended Aug. 15.
The futures market in the United States saw gains in Minneapolis spring wheat and losses for Chicago and Kansas City winter wheat.
The United States Department of Agriculture issued its supply and demand report on Aug. 12, showing total domestic production slipping to 1.98 billion bushels in 2024/25 compared to the 2.01 billion harvested the previous year. Planted wheat acres in the U.S. for 2024/25 contracted by 900,000 from a year ago at 46.3 million.
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The Canadian dollar rose during the week, adding approximately seven-tenths of a cent.
Average CWRS (13.5%) prices dropped $7.80 to bumping up C$0.40 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$241.00 per tonne in southeastern Saskatchewan to C$265.20 per tonne in northwestern Saskatchewan.
Quoted basis levels varied from location to location and ranged from C$25.50 to C$49.70 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 United States dollars (C$1=US$0.7291), CWRS bids ranged from US$175.70 to US$193.30 per tonne. That would put the currency adjusted basis levels at about US$22.10 to US$39.70 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$16.10 to C$29.00 below the futures.
Average CPRS (11.5%) wheat dipped $2.90 to rising $2.10 per tonne. Bids ranged from C$210.00 per tonne in southeastern Saskatchewan to C$235.90 per tonne in southern Alberta.
Average CWAD prices dipped 0.60 to adding C$2.90 per tonne. Bids ranged from C$291.50 per tonne in northwestern Saskatchewan to C$306.00 per tonne in western Manitoba.
The September spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$5.8625 per bushel on Aug. 15, up one cent 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$5.3700 per bushel on Aug. 15, dropping 14.50 cents from a week ago.
The September Chicago Board of Trade soft wheat contract settled at US$5.2825 per bushel on Aug. 15, retreating 9.25 cents.
