Glacier FarmMedia — Canada spring wheat bids were mostly lower during the week ended April 14, as strength in the Canadian dollar and mixed activity in the United States futures weighed on values.
The ongoing conflicts in the Middle East and Ukraine kept some caution in international grain markets.
CWRS
Average Canada Western Red Spring (13.5 per cent) wheat prices were down by 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). Average prices ranged from C$271.20/tonne in southeastern Saskatchewan to as high as C$297.10/tonne in southern Alberta.
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Quoted basis levels varied from location to location and ranged from $36.40 to $62.20/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$0.7269) CWRS basis levels ranged from C$13.80 to C$27.40 below the futures.
CPSR
Canada Prairie Spring Red (CPSR) wheat bids were mixed, down C$1.40 to up C$0.30 per tonne, with prices ranging from C$249.80 to C$274.80 per tonne.
Durum
Average durum prices were softer, down $3.80 to C$7.10 per tonne. Durum prices ranged from C$277.50 to C$290.50 per tonne.
Futures
MIAX spring wheat futures lost three cents per bushel in the May contract to settle at US$6.3800/bu. on April 14.
Hard red winter wheat futures were up by 15.25 cents in the May contract on the week at US$6.2275/bu.
The May Chicago soft wheat contract lost six cents at US$5.9200/bu.
The Canadian dollar was up by roughly three-quarters of a cent relative to its U.S. counterpart at 72.69 U.S. cents on April 14.
