Average Canada Western Red Spring (13.5%) wheat prices were down by C$2.30 to C$4.80 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from C$277.70 per tonne in southeastern Saskatchewan to as high as C$306.10 per tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from $56.20 to $84.50 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 everything into Canadian dollars (C$1=US$0.7048) CWRS basis levels ranged from C$4.10 to C$18.20 below the futures.

Canada Prairie Spring Red (CPSR) wheat bids were also higher, up by C$7.10 to C$8.00 per tonne, with prices ranging from C$254.80 to C$281.80 per tonne.

Average durum prices were mixed, up C$1.10 to down C$1.90 per tonne, ranging from C$312.40 to C$333.90 per tonne.

Spring wheat futures in Minneapolis were up by four cents per bushel in the March contract to settle at US$6.0250 per bushel on Dec. 12.

The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The March Kansas City wheat contract was up by 10.25 cents at US$5.6275 per bushel on Dec. 12.

The March Chicago Board of Trade soft wheat contract held closer to unchanged, rising only a quarter cent on the week at US$5.5850 per bushel.

The Canadian dollar was down by just over three quarters of a cent relative to its United States counterpart, at 70.48 U.S. cents on Dec. 12.

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Average Canada Western Red Spring (13.5%) wheat prices were down by C$6.40 to C$8.70 per tonne across the Prairies, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from C$272.70 per tonne in southeastern Saskatchewan to as high as C$301.00 per tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from $41.70 to $70.00 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 everything into Canadian dollars (C$1=US$0.7252) CWRS basis levels ranged from C$9.20 to C$24.10 below the futures.

Canada Prairie Spring Red (CPSR) wheat bids were down by C$1.10 to C$4.70 per tonne, with prices ranging from C$248.80 to C$277.10 per tonne.

Average durum prices were up by C$0.50 to C$2.30 per tonne, ranging from C$312.90 to C$332.70 per tonne.

Spring wheat futures in Minneapolis were down by 21.50 cents per bushel in the December contract to settle at US$6.2875 per bushel on Oct. 17.

The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The December Kansas City wheat contract was down by 15 cents at US$5.96 per bushel on Oct. 17.

The December Chicago Board of Trade soft wheat contract settled at US$5.8950 per bushel on Oct. 17, down 14.25 cents on the week.

The Canadian dollar was down by a fifth of a cent relative to its United States counterpart, at 72.52 U.S. cents on Oct. 17.

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Average Canada Western Red Spring (13.5%) wheat prices were up by C$5.50 to C$8.70 per tonne across the Prairies, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from C$281.00 per tonne in southeastern Saskatchewan to as high as C$307.40 per tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from $42.10 to $68.50 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 everything into Canadian dollars (C$1=US$0.7271) CWRS basis levels ranged from C$11.20 to C$25.20 below the futures.

Canada Prairie Spring Red (CPSR) wheat bids were up by C$3.90 to C$6.50 per tonne, with prices ranging from C$253.20 to C$278.20 per tonne.

Average durum prices were up by C$9.60 to C$14.10 per tonne, ranging from C$310.70 to C$330.70 per tonne.

Spring wheat futures in Minneapolis were up by four cents per bushel in the December contract to settle at US$6.5025 per bushel on Oct. 10.

The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The December Kansas City wheat contract was down by 0.50 cents at US$6.11 per bushel on Oct. 10.

The December Chicago Board of Trade soft wheat contract settled at US$6.0375 per bushel on Oct. 10, up 0.25 cents on the week.

The Canadian dollar was down by just over a cent relative to its United States counterpart, at 72.71 U.S. cents on Oct. 10.

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USDA released its monthly world agricultural supply/demand estimates (WASDE) report on Friday, including the first production estimates for new crop. U.S. wheat ending stocks for 2023-24 totalled 556 million bushels, below the previous year’s total and pre-trade expectations. However, world wheat ending stocks were looser than expected at 264.34 million tonnes.

While rains fell on the dry winter wheat-growing areas of the U.S., they hardly improved growing conditions, if at all. Warmer weather should help advance seeding progress for spring wheat on the Canadian Prairies and the U.S. northern Plains, but dryness across parts of these regions is also a concern.

Negotiations are ongoing amongst Russia, Ukraine, Turkey and the United Nations to extend the Black Sea Grain Initiative, which is set to expire Thursday next week. However, Russia has said it will not agree to an extension unless it receives concessions.

Canada Western Red Spring (CWRS) prices gained $11.90 to $14.10 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices were between $375.60/tonne in southeastern Saskatchewan and $394.70 in southern Alberta.

Quoted basis levels ranged from $68.10 to $87.20/tonne above the futures when using the grain company methodology of quoting the basis as the difference between U.S. dollar-denominated futures and Canadian dollar cash bids.

Accounting for exchange rates and adjusting Canadian prices to U.S. dollars, CWRS bids were from US$278.70 to US$292.80/tonne. Currency-adjusted basis levels ranged from US$14.60 to US$28.80 below the futures. If the futures were converted to Canadian dollars, basis levels would be $10.90-$21.40 below the futures.

Meanwhile, Canada Prairie Spring Red (CPSR) prices were also higher, up $10-$14.10/tonne. The lowest average bid for CPSR wheat was $362.90/tonne in southeastern Saskatchewan, while the highest average bid was $385.80 in southern Alberta.

Average prices for Canada Western Amber Durum (CWAD) were down $12.50-$23.10 per tonne with bids between $404.30 in northeastern Saskatchewan and $417.90 in southern Alberta.

The July spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted Thursday at US$8.3675 per bushel, 24.75 U.S. cents higher than the previous week.

Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The July K.C. wheat contract was quoted Thursday at US$8.415/bu., up 43.25 U.S. cents.

The July Chicago Board of Trade (CBOT) wheat contract lost 17.75 U.S. cents from the previous week, at US$6.2725/bu. on Thursday.

The Canadian dollar was stronger, adding 0.49 of a U.S. cent to close Thursday at 74.2 U.S. cents.

— Adam Peleshaty reports for MarketsFarm from Stonewall, Man.

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Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were up by between 10 cents and $5.80 per tonne across the Prairies, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from $411 per tonne in southeastern Saskatchewan to as high as $431.60 per tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from $71.90 to $95 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between U.S. dollar-denominated futures and Canadian dollar cash bids.

When accounting for currency exchange rates by adjusting everything into Canadian dollars, CWRS basis levels ranged from $11.10 to $22.70 below the futures.

Canada Prairie Spring Red (CPSR) wheat bids were down by 20 cents to up by $2.10 per tonne, with prices ranging from $395.50 to $418.60 per tonne.

Average durum prices were lower, losing $6.30-$9.40 per tonne. Prices ranged from $444.10 to $459.60 per tonne.

Spring wheat futures in Minneapolis were up by 6.75 U.S. cents per bushel in the March contract to settle at US$9.2475 per bushel on Thursday.

Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The March K.C. wheat contract was quoted at US$8.8075 per bushel on Thursday, rising 16 U.S. cents per bushel compared to the previous week.

The March Chicago Board of Trade soft wheat contract settled Thursday at US$7.61 per bushel, up by 8.5 U.S. cents on the week.

The Canadian dollar was up by roughly a fifth of a cent relative to its U.S. counterpart, settling Thursday at 75.12 U.S. cents.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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Profit-taking in wheat futures was evident on the Chicago Board of Trade (CBOT), as March contracts for both Kansas City hard red wheat and Minneapolis spring wheat encountered resistance at the US$9 and US$9.50 per bushel levels, respectively.

A large blast of arctic air spread as far south as the Texas Panhandle, posing a threat to already drought-stricken wheat crops in the U.S. southwestern Plains.

Overseas, Russia continued to launch missiles toward Ukraine and ship insurers planned to cancel war risk coverage on grain vessels shipping from the Black Sea starting on Jan. 1. However, both Russia’s agricultural ministry and research firm SovEcon are projecting the country’s wheat crop to exceed 100 million tonnes, much higher than the U.S. Department of Agriculture’s (USDA) estimate of 91 million. A surging number of COVID cases in China could hinder wheat demand, while Australia gets set to harvest its estimated record crop.

Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices declined $7.10-$8 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices were between $412.90/tonne in southeastern Saskatchewan and $436.60 in southern Alberta.

Quoted basis levels ranged from $77.10 to $100.70/tonne above the futures when using the grain company methodology of quoting the basis as the difference between U.S. dollar-denominated futures and Canadian dollar cash bids.

Accounting for exchange rates and adjusting Canadian prices to U.S. dollars, CWRS bids were from US$304.60 to US$322 per tonne. Currency-adjusted basis levels ranged from US$13.80 to US$31.30 below the futures. If the futures were converted to Canadian dollars, basis levels would be $10.20 to $23.10 below the futures.

Average Canada Prairie Spring Red (CPSR, 11.5 per cent protein) wheat prices were also lower, down $5-$6.60/tonne. The lowest average bid for CPSR was $395.60/tonne in southeastern Saskatchewan, while the highest average bid was $420.30 in southern Alberta.

Meanwhile, average Canada Western Amber Durum (CWAD) prices were mixed, down $2.80 to up $1.10/tonne, with bids ranging from $496.40 in southeastern Saskatchewan to $501.90 in northwestern Saskatchewan.

The March spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted Thursday at US$9.14 per bushel and 8.25 U.S. cents lower than the previous week.

Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The March K.C. wheat contract was quoted at US$8.665/bu., up one-half of a U.S. cent.

The March Chicago Board of Trade wheat contract, meanwhile, gained 11.75 U.S. cents from the previous week at US$7.74/bu. as of Thursday’s close.

The Canadian dollar added 0.53 of a U.S. cent to close at 73.76 U.S. cents on Thursday, pressuring canola prices.

— Adam Peleshaty reports for MarketsFarm from Stonewall, Man.

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Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were down by $3.50-$6.40 per tonne across the Prairies, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes).

Average CWRS prices ranged from $417.20 per tonne in northeastern Saskatchewan to as high as $440.60 per tonne in northern Alberta.

Quoted basis levels varied from location to location and ranged from $66 to $89.40 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between U.S. dollar-denominated futures and Canadian dollar cash bids.

When accounting for currency exchange rates by adjusting everything into Canadian dollars, CWRS basis levels ranged from $17.30 to $30.30 below the futures.

Canada Prairie Spring Red (CPSR) wheat bids were down by $7.30-$12.20 per tonne, with prices ranging from $398.70 to $422.40 per tonne.

Average durum prices were mixed, losing as much as $6.30 per tonne in northern Saskatchewan, while southern Alberta saw bids up by $3.40 per tonne. Prices ranged from $483.70 to $495.20 per tonne.

Spring wheat futures in Minneapolis were down by 14.25 U.S. cents per bushel in the March contract to settle Thursday at US$9.38 per bushel.

Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The March K.C. wheat contract was quoted Thursday at US$8.9025 per bushel, down 29.5 U.S. cents per bushel compared to the previous week.

The March Chicago Board of Trade soft wheat contract settled at US$7.83 per bushel on Thursday, down 30.5 U.S. cents on the week.

The Canadian dollar closed Thursday at 74.44 U.S. cents, down roughly half a cent relative to its U.S. counterpart on the week.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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Wheat futures in the U.S. rose due to spillover from soybeans. However, a stronger Canadian dollar tempered Prairie wheat prices.

Manitoba and Saskatchewan, as well as Montana, North Dakota and Minnesota, all received varying amounts of snow during the week, but not enough to fully alleviate dry conditions across the region. The southern Plains also encountered colder-than-normal temperatures, which threatened frost damage to the winter wheat crop.

CWRS (Canada Western Red Spring, 13.5 per cent protein) wheat prices increased by $4.60-$9.60 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices were between $283.50 in southeastern Saskatchewan and $304.30 in northern Alberta.

Quoted basis levels ranged between $39.80 and $60.60 above the futures when using the grain company methodology of quoting the basis as the difference between U.S. dollar-denominated futures and Canadian dollar cash bids.

Accounting for exchange rates and adjusting Canadian prices to U.S. dollars, CWRS bids ranged from US$226.30 to US$242.90 per tonne. Currency-adjusted basis levels ranged from 80 U.S. cents to US$17.40 below the futures. If the futures were converted to Canadian dollars, basis levels would be 70 cents to $13.90 below the futures.

Average CPSR (Canada Prairie Spring Red, 11.5 per cent protein) wheat prices followed CWRS’s lead, moving up $12.20-$14.40 per tonne. The lowest average bid was $268.40 in southeastern Saskatchewan, while the highest average bid was $287.90 in northern Alberta.

Average CWAD (Canada Western Amber Durum) prices gained $1-$3.25 per tonne with bids ranging from $309.40 in northeastern Saskatchewan to $316.25 in southern Alberta.

The May spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted Thursday at US$6.6325 per bushel, 23 U.S. cents higher than the previous week.

Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The May K.C. wheat contract was quoted at US6.0775, up 31.25 U.S. cents.

The May Chicago Board of Trade wheat contract was up 25 U.S. cents from the previous week at US$6.5375.

The Canadian dollar gained 0.31 U.S. cent on the week, to close Thursday at 79.81 U.S. cents.

— Adam Peleshaty reports for MarketsFarm from Stonewall, Man.

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Bids for Canada Western Amber Durum (CWAD) were steady to higher.

The Canadian dollar was down by approximately four-10ths of a cent during the week, which provided support and countered the pressure from declines in the United States wheat markets.

Average CWRS (13.5 per cent) wheat prices were higher by $3-$5 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about $225 per tonne in northeastern Saskatchewan up to $249 per tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from $30 to $46 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between U.S. dollar-denominated futures and Canadian dollar cash bids.

When accounting for currency exchange rates by adjusting Canadian prices to U.S. dollars, CWRS bids ranged from US$170 to US$182 per tonne. That would put the currency-adjusted basis levels at about US$13-$26 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 range from $10 to $20 below the futures.

Bids for CPSR wheat were up $2-$3 per tonne. Prices ranged from $195 per tonne in southeastern Saskatchewan to $215 per tonne in southern Alberta.

Average durum prices were steady to up $1, with bids ranging from $263 per tonne in southwestern Saskatchewan to $282 per tonne in western Manitoba.

The March spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted Thursday at US$5.325 per bushel, down four cents from the previous week.

Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The March K.C. wheat contract was quoted Thursday at US$4.6775 per bushel, down 3.25 cents compared to the previous week.

The March Chicago Board of Trade soft wheat contract settled Thursday at US$5.5625 per bushel, down 4.25 cents on the week.

The Canadian dollar closed Thursday at 75.24 U.S. cents, down 0.42 of a cent from the previous week.

— Glen Hallick reports for MarketsFarm, a Glacier FarmMedia division specializing in grain and commodity market analysis and reporting.

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The Canadian dollar was up by more than a 10th of a cent on the week, which tempered gains.

Average CWRS (Canada Western Red Spring, 13.5 per cent protein) wheat prices were up $2-$3 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about $174 per tonne in southeastern Saskatchewan to as high as $223 in southern Alberta.

Quoted basis levels varied from location to location and ranged from $18 to $37 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between U.S. dollar-denominated futures and Canadian dollar cash bids.

When accounting for currency exchange rates by adjusting Canadian prices to U.S. dollars, CWRS bids ranged from US$155 to US$168 per tonne. That would put the currency-adjusted basis levels at about US$20-$33 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 range from $23 to $41 below the futures.

Bids for CPSR (Canada Prairie Spring Red) wheat were up $4 per tonne. Prices ranged from $174 per tonne in southeastern Saskatchewan to $191 per tonne in southern Alberta.

Average CWAD (Canada Western Amber Durum) prices were up $3-$5, with bids ranging from $242 per tonne in northwestern Saskatchewan to $255 per tonne in western Manitoba.

The September spring wheat contract in Minneapolis, off of which most CWRS contracts Canada are based, was quoted Thursday at US$5.0725 per bushel, up 5.25 cents from the previous week.

Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The September K.C. wheat contract was quoted Thursday at US$4.035 per bushel, up 9.75 cents compared to the previous week.

The September Chicago Board of Trade soft wheat contract settled at US$4.8375 per bushel on Thursday, up 17.5 cents on the week.

The Canadian dollar closed Thursday at 75.73 U.S. cents, an increase of 0.13 of a cent from the previous week.

— Glen Hallick writes for MarketsFarm, a Glacier FarmMedia division specializing in grain and commodity market analysis and reporting.

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