Cash wheat bids across Western Canada moved sharply lower during the week ended April 1, with both Canada Western red spring (CWRS) and Canada Prairie red spring (CPRS) bids posting declines as a selloff in U.S. futures spilled into the Canadian market.
Average spot bids for CWRS (13.5 per cent protein) on Monday across Manitoba, Saskatchewan and Alberta came in at around C$269 per tonne ($7.32 per bushel) based on pricing available from a cross-section of delivery points. That compares with $285 per tonne ($7.75/bu.) at the same point the previous week.
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Basis levels only saw small adjustments over the week, with nearly all of the weakness tied to the declines seen in the U.S. futures.
The May spring wheat contract in Minneapolis decreased by about US44 cents/bu., to trade at around US$7.66.
CPRS bids were also down over the reporting period, with average values at C$230 per tonne ($6.26/bu.), compared to $254 per tonne ($6.89/bu.) the previous week. Some locations that had been offering spot pricing a week ago were only bidding on new-crop delivery.
Durum prices were weaker as well. Average spot bids were down by about C$8 per tonne from the previous week, to come in at about $272 per tonne ($7.42/bu.).
— Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.
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