Cash bids for CWRS across western Canada moved lower for the fourth straight week during the period ended July 22, as weather conditions have been generally favourable for wheat development in North America, analysts noted.
On July 22, average spot bids for 13.5% CWRS across
Manitoba, Saskatchewan, and Alberta came in at around C$255 per tonne, or C$6.95 per bushel, based on pricing available from a cross-section of delivery points. That compares with C$261 per tonne, or C$7.11 per bushel, at the same point the previous week. Basis levels generally widened to see an average discount of C$19 relative to the futures, which compares with average nearby basis closer to C$16 the previous week.
Canada Prairie Red Spring (CPRS) bids moved slightly lower during the reporting period, with average values at C$219 per tonne, or C$5.96 per bushel. That compares with prices of C$220 per tonne, or C$6.00 per bushel the previous week.
U.S. wheat futures were mixed during the week. The September spring wheat contract in Minneapolis, which most CWRS contracts in Canada are based off of, was quoted at US$7.4675 per bushel on July 22, down 8.25 cents per bushel from the previous 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 gained 1 cent on the week to trade at US$7.0200 per bushel.
Durum prices were steady to stronger, with average spot bids up by C$4 per tonne. The average price came in at C$283 per tonne, or C$7.70 per bushel.
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