Glacier FarmMedia | MarketsFarm – Most Western Canadian wheat bids showed small declines during the week ended March 20.
The Canadian Grain Commission reported the country exported 456,900 tonnes during the week ended March 16, compared to 393,600 the year before. So far this marketing year, 12.876 million tonnes of wheat were shipped, slightly below the 13.006 million at this time last year.
The United States Department of Agriculture reported net sales reductions of 248,800 tonnes of 2024-25 wheat, mostly by Panama at 272,900 tonnes, during the week ended March 13. Meanwhile, 491,100 tonnes of 2025-26 wheat were sold for export.
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The International Grains Council forecasted global wheat production for 2025-26 at 807 million tonnes, up eight million from the previous year. Wheat production in the European Union was projected to increase by 13.5 million tonnes at 132.9 million.
Canadian Western Red Spring wheat was down C$1.20 to C$3 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$272/tonne in western Manitoba to C$306.30 in southern Alberta.
Quoted basis levels ranged from between C$49.80 to C$84.10/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$0.6970), CWRS bids were from US$189.60 to US$213.50/tonne. Currency adjusted basis levels ranged from US$8.70 to US$32.60 below the futures. If the futures were converted to Canadian dollars, basis levels would be C$6.10 to C$22.70 below the futures.
Meanwhile, CPRS prices were down C$1.40 to up C$0.40 per tonne. The lowest average bid for CPRS was C$266 in southeast Saskatchewan, while the highest average bid was C$291.40 in southern Alberta.
The average prices for Canada Western Amber Durum (CWAD) were down C$0.30 to C$0.70 per tonne with bids between C$328.70 in northwest Saskatchewan to C$346 in southern Alberta.
The May spring wheat contract in Minneapolis, which most CWRS contracts are based off of, was quoted at US$6.0475 per bushel on March 20, up one cent.
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$5.8650/bu., down one cent.
The May Chicago Board of Trade (CBOT) wheat contract lost 5.25 cents at US$5.5725/bu.
The Canadian dollar gained 0.30 of a cent to close at 69.70 U.S. cents on March 20.
