The United States wheat complex was mixed, with Chicago prices rising, while those for Kansas City and Minneapolis stepped back. A stronger Canadian dollar tempered any further gains for Prairie prices.

Average CWRS (13.5%) prices were down C$0.30 to C$2.50 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$294.00 per tonne in southeastern Saskatchewan to C$316.20 per tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from C$56.60 to C$78.80 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$0.7405), CWRS bids ranged from US$217.70 to US$234.20 per tonne. That would put the currency adjusted basis levels at about US$3.30 to US$19.70 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$2.50 to C$14.60 below the futures.

Average CPRS (11.5%) wheat gained C$2.00 to C$4.90 per tonne. Bids ranged from C$263.60 per tonne in southeastern Saskatchewan to C$284.20 per tonne in northern Alberta.

Average CWAD prices lost C$2.40 to C$3.40 per tonne. Bids ranged from C$393.40 per tonne in northwestern Alberta to C$403.00 per tonne in western Manitoba.

The May spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$6.4625 per bushel on Apr. 4, pulling back 4.75 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 May Kansas City wheat contract was quoted at US$5.7750 per bushel on Apr. 4, dipping 0.75 of a cent compared to a week ago.

The May Chicago Board of Trade soft wheat contract settled at US$5.5625 per bushel on Apr. 4, rising 8.75 cents.

The Canadian dollar closed Apr. 4 at 74.05 U.S. cents, adding almost a half a cent as crude oil prices increased.

— Glen Hallick reports for MarketsFarm from Winnipeg. 

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Average Canada Western Red Spring (13.5%) wheat prices were up by C$1.20 to C$3.10 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$299.30 per tonne in southeastern Saskatchewan to as high as C$319.60 per tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from $56.10 to $78.40 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$0.7394) CWRS basis levels ranged from C$3.60 to C$15.80 below the futures.

Canada Prairie Spring Red (CPSR) wheat bids were up by C$4.60 to C$6.90 per tonne, with prices ranging from C$257.50 to C$280.60 per tonne.

Average durum prices were steady to higher on the week, rising as much as C$1.60 per tonne to range from C$392.00 to C$397.90 per tonne.

Spring wheat futures in Minneapolis were up by 1.25 cents per bushel in the May contract to settle at US$6.5650 per bushel on March 21.

The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The May Kansas City wheat contract was up 7.00 cents at S$5.8175 per bushel on March 21.

The May Chicago Board of Trade soft wheat contract settled at US$5.4675 per bushel on March 21, up by 14.50 cents on the week.

The Canadian dollar weakened relative to its United States counterpart, down by about a tenth of a cent at 73.94 U.S. cents on March 14.

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Average Canada Western Red Spring (13.5%) wheat prices were up by C$1.10 to C$3.90 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$295.80 per tonne in southeastern Saskatchewan to as high as C$317.90 per tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from $55.00 to $77.20 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$0.7401) CWRS basis levels ranged from C$4.00 to C$16.20 below the futures.

Canada Prairie Spring Red (CPSR) wheat bids were up by C$1.50 to C$3.80 per tonne, with prices ranging from C$250.60 to C$275.90 per tonne.

Average durum prices were firmer on the week, rising by C$0.30 to as much as C$5.20 per tonne, ranging from C$393.00 to C$398.70 per tonne.

Spring wheat futures in Minneapolis were up by 0.50 cents per bushel in the May contract to settle at US$6.5525 per bushel on March 14. The contract had climbed as high as US$6.7725 per bushel at one point during the week before running into resistance.

The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The May Kansas City wheat contract was up by as much as 20 cents per bushel on the week at one point before the buying subsided for the contract to settle unchanged at US$5.7475 per bushel on March 14.

The May Chicago Board of Trade soft wheat contract settled at US$5.3225 per bushel on March 14, up by 3.75 cents on the week.

The Canadian dollar weakened relative to its United States counterpart, down by a fifth of a cent at 74.01 U.S. cents on March 14.

— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg. 

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Pressured by a low number of exports and declining prices for Black Sea wheat as well as European milling wheat, May contracts for all three major U.S. varieties hit contract lows during the week. There was also positioning prior to the release of the U.S. Department of Agriculture’s (USDA) monthly supply/demand estimates on March 8.

The Canadian Grain Commission (CGC) reported 455,400 tonnes of wheat exports for the week ended March 3, down from 528,500 during the previous week. So far in 2023-24, 12.76 million tonnes of Canadian wheat have been exported, compared to 11.82 million at the same time last year. A weather system brought up to 40 centimetres of snow across Saskatchewan and Manitoba during the first week of March, which could alleviate some dryness concerns when seeding starts. Statistics Canada will release its 2024-25 principal field crop acreage estimates on March 11.

Canadian Western Red Spring (CWRS) wheat prices were down C$2.40 to up C$0.80 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$291.90/tonne in southeast Saskatchewan to C$315.30 in southern Alberta.

Quoted basis levels ranged from between C$51.30 to C$74.70/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$0.7422), CWRS bids were from US$216.60 to US$234/tonne. Currency adjusted basis levels ranged from US$6.60 to US$24 below the futures. If the futures were converted to Canadian dollars, basis levels would be C$4.90 to C$17.80 below the futures.

Meanwhile, Canadian Prairie Red Spring (CPRS) prices were down C$2 to C$3.90/tonne. The lowest average bid for CPRS was C$248 in southeast Saskatchewan, while the highest average bid was C$273.30 in southern Alberta.

The average prices for Canada Western Amber Durum (CWAD) were down C$6.50 to up C$0.50 per tonne with bids between C$388 in northeast Saskatchewan (reported on March 5) to C$393 in southwest Saskatchewan.

The May spring wheat contract in Minneapolis, which most CWRS contracts are based off of, was quoted at US$6.5475 per bushel on March 7 and 4.25 U.S. cents lower than the previous week.

The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The May Kansas City wheat contract was quoted at US$5.7475/bu., down 12.5 U.S. cents.

The May Chicago Board of Trade (CBOT) wheat contract lost 47.75 U.S. cents from the previous week at US$5.285/bu.

The Canadian dollar added 0.53 of a U.S. cent to close at 74.22 cents U.S. on March 7.

— Adam Peleshaty reports for MarketsFarm from Stonewall, Man. 

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Wheat futures tested fresh contract lows during the week, but also uncovered support at times amid the general downtrend.

Average Canada Western Red Spring (13.5%) wheat prices were up by C$0.80 to down by C$3.50 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$288.80 per tonne in southeastern Saskatchewan to as high as C$317.10 per tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from $47.90 to $76.30 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$0.7411) CWRS basis levels ranged from C$4.30 to C$19.90 below the futures.

Canada Prairie Spring Red (CPSR) wheat bids were lower, down by C$0.10 to C$0.60 per tonne, with prices ranging from C$247.30 to C$272.10 per tonne.

Average durum prices lost C$4.70 to as much as C$6.90 per tonne, ranging from C$392.10 to C$407.80 per tonne.

Spring wheat futures in Minneapolis were down by 3.25 cents per bushel in the May contract to settle at US$6.5550 per bushel on Feb. 22.

The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The May Kansas City wheat contract was up by 1.50 cents on the week to close at US$5.7150 per bushel on Feb. 22.

The May Chicago Board of Trade soft wheat contract settled at US$5.7925 per bushel on Feb. 22, up by 12.00 cents on the week.

The Canadian dollar held steady relative to its United States counterpart, closing at 74.11 U.S. cents on Feb. 22.

— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg. 

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The U.S. Department of Agriculture reported during its 100th Annual Outlook Forum on Feb. 15 that the average wheat yield is expected to increase to 49.5 bushels per acre in 2024-25 compared to 48.6 this year. Harvested acres in the U.S. are expected to increase by 1.1 million acres at 38.4 million. The carryout estimate was 769 million bushels, compared to 658 million in 2023-24. Cheaper Russian wheat exports also dragged global wheat prices downwards.

For the week ended Feb. 11, the Canadian Grain Commission reported 571,400 tonnes of wheat exports, the largest volume shipped in 10 weeks. So far in the 2023-24 marketing year, 11.492 million tonnes were shipped, up eight per cent from one year ago.

Canadian Western Red Spring (CWRS) wheat prices were down C$10.20 to C$12.60 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices were between C$292.10/tonne in western Manitoba to C$316.40 in southern Alberta.

Quoted basis levels ranged from between C$50 to C$74.30/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$0.7411), CWRS bids were from US$216.50 to US$234.50/tonne. Currency adjusted basis levels ranged from US$7.60 to US$25.60 below the futures. If the futures were converted to Canadian dollars, basis levels would be C$5.60 to C$19 below the futures.

Meanwhile, Canadian Prairie Red Spring (CPRS) prices were down C$10.80 to C$12.10/tonne. The lowest average bid for CPRS was C$248 in southeast Saskatchewan, while the highest average bid was C$272.30 in southern Alberta.

The average prices for Canada Western Amber Durum (CWAD) were C$4.80 to C$8.10 per tonne lower with bids between C$399 in northeast Saskatchewan to C$413.80 in southern Alberta.

The March spring wheat contract in Minneapolis, which most CWRS contracts are based off of, was quoted at US$6.58 per bushel on Feb. 15 and 25.75 U.S. cents higher than the previous week.

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 quoted at US$5.7575/bu., down 25.25 U.S. cents.

Both March Minneapolis spring and Kansas City hard red wheat contracts fell to new contract lows.

The March Chicago Board of Trade (CBOT) wheat contract lost 21.5 U.S. cents from the previous week at US$5.67/bu.

The Canadian dollar dropped 0.15 of a U.S. cent to close at 74.11 cents U.S. on Feb. 15.

— Adam Peleshaty reports for MarketsFarm from Stonewall, Man. 

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The relatively low prices created some interest in the export market. The U.S. Department of Agriculture (USDA) reported net wheat export sales of 451,400 tonnes in its weekly report on Jan. 25, down 36 per cent from the previous week but up 45 per cent from the four-week average. Recent severe cold weather in the northwestern U.S. Plains may have also caused some crop damage.

Agriculture and Agri-Food Canada (AAFC) released its first projections for the 2024-25 marketing year on Jan. 22. They forecasted a three per cent decline in non-durum wheat acres at 8.248 million hectares, while durum area was steady at 2.477 million. However, total wheat production is expected to increase to 33.3 million tonnes, as well as total wheat carryout to 4.2 million.

Canadian Western Red Spring (CWRS) wheat prices were up C$7.10 to C$8.60 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices were between C$315.60/tonne in western Manitoba to C$341.50 in southern Alberta.

Quoted basis levels ranged from between C$55 to C$81/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$0.7410), CWRS bids were from US$233.80 to US$253/tonne. Currency adjusted basis levels ranged from US$7.50 to US$26.70 below the futures. If the futures were converted to Canadian dollars, basis levels would be C$5.60 to C$19.80 below the futures.

Meanwhile, Canadian Prairie Red Spring (CPRS) prices were up C$11.10 to C$13.40/tonne. The lowest average bid for CPRS was C$273.10 in southeast Saskatchewan, while the highest average bid was C$302 in southern Alberta.

The average prices for Canada Western Amber Durum (CWAD) were C$2.90 to C$5.20 per tonne lower with bids between C$439.50 in northeast Saskatchewan to C$448.10 in southern Alberta.

The March spring wheat contract in Minneapolis, which most CWRS contracts are based off of, was quoted at US$7.09 per bushel on Jan. 25 and 21 U.S. cents higher than the previous week.

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 quoted at US$6.37/bu., up 31.75 U.S. cents.

The March Chicago Board of Trade (CBOT) wheat contract gained 26.75 U.S. cents from the previous week at US$6.1225/bu.

The Canadian dollar added 0.05 of a U.S. cent to close at 74.10 cents U.S. on Jan. 25.

— Adam Peleshaty reports for MarketsFarm from Stonewall, Man.

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Average Canada Western Red Spring (13.5%) wheat prices were down by C$0.50 to C$2.00 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$308.40 per tonne in western Manitoba to as high as C$332.90 per tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from $55.60 to $80.10 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$0.7405) CWRS basis levels ranged from C$6.50 to C$21.00 below the futures.

Canada Prairie Spring Red (CPSR) wheat bids were also lower, down by C$1.80 to C$2.70 per tonne, with prices ranging from C$262.00 to C$288.50 per tonne.

Average durum prices were higher, rising by C$3.20 to C$4.80 per tonne. Durum ranged from C$444.70 to C$451.10 per tonne.

Spring wheat futures in Minneapolis were down by 12.00 cents per bushel in the March contract to settle at US$6.8800 per bushel on Jan. 18.

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 down by 10.75 cents on the week to close at US$6.0525 per bushel on Jan. 18.

The March Chicago Board of Trade soft wheat contract settled at US$5.8550 per bushel on Jan. 18, down by 18.25 cents on the week.

The Canadian dollar weakened relative to its United States counterpart, losing just roughly half a cent to settle at 74.05 U.S. cents on Jan. 18.

— Phil Franz-Warkentin is an associate editor/analyst with MarketsFarm in Winnipeg.

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Significant gains in the U.S. wheat complex spilled over into Canadian cash prices, but stronger Canadian dollar tempered further increases.

Ongoing concerns about dry conditions in the U.S., especially the southern Plains, fueled the upswings in Chicago, Kansas City and Minneapolis wheats. Also, heightened international tensions over the war in Ukraine added to global worries, which added to gains in wheat.

Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices saw increases of $7.20-$10.70 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 $390.50 per tonne in southeastern Saskatchewan to $414.80 per tonne in southern Alberta.

Quoted basis levels varied from location to location and ranged from $68.40 to $92.80 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$288.50 to US$306.50 per tonne. That would put the currency-adjusted basis levels at about US$15.50-$33.50 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 $11.50 to $24.80 below the futures.

Average Canada Prairie Spring Red (CPSR, 11.5 per cent protein) wheat prices advanced $7.40-$12.90 per tonne. Bids ranged from $379.20 per tonne in southeastern Saskatchewan to $402.50 per tonne in southern Alberta.

Average Canada Western Amber Durum (CWAD) prices were down $4.40-$5.80 per tonne, with bids ranging from $445.10 per tonne in northeastern Saskatchewan to $456.10 per tonne in southern Alberta.

The May spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted at US$8.7975 per bushel on Thursday, rising 38.5 U.S. cents on the 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 Thursday at US$8.725 per bushel, adding on 51.75 U.S. cents compared to a week ago.

The May Chicago Board of Trade soft wheat contract settled at US$6.9225 per bushel on Thursday, up 26.05 U.S. cents from the previous week.

The Canadian dollar added nearly three-quarters of a cent during the week, with the loonie closing at 73.89 U.S. cents on Thursday.

— Glen Hallick reports for MarketsFarm from Winnipeg.

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Average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were down $2 to up $4 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 $232.50 per tonne in western Manitoba to as high as $255.50 per tonne in northern Alberta.

Quoted basis levels varied from location to location and ranged from $24.50 to $47 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 $6 to $20 below the futures.

Bids for CPSR (Canada Prairie Spring Red) wheat were mixed on the week, with most locations posting small gains of 20 cents to as much as $2.50. Prices ranged from $219 to $235.50 per tonne.

Average durum prices were down $2-$4 per tonne, with bids ranging anywhere from $291 to $302 per tonne.

The March spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted Thursday at US$5.67 per bushel, up 4.5 U.S. 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$5.70 per bushel, up 6.5 U.S. cents compared to the previous week.

The March Chicago Board of Trade soft wheat contract settled at US$6.0875 per bushel on Thursday, up 12.25 U.S. cents on the week.

The Canadian dollar closed Thursday at 78.63 U.S. cents, up a 10th of a cent compared to the previous week.

— Phil Franz-Warkentin reports for MarketsFarm from Winnipeg.

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