Cash bids for Canada Western red spring (CWRS) wheat held relatively steady across Western Canada during the week ended April 29, while Canada Prairie red spring (CPRS) and durum posted gains.
Average spot bids for 13.5 per cent CWRS on April 29 across Manitoba, Saskatchewan and Alberta came in at around C$287 per tonne ($7.81/bu.), based on pricing available from a cross-section of delivery points.
That compares with $286 per tonne ($7.78/bu.) at the same point the previous week. Basis levels generally softened, with the Canadian cash market not seeing the same strength as the U.S. futures.
Read Also
China soybean imports hit record June high on strong Brazil shipments
China’s soybean imports hit the highest level ever for the month of June, a Reuters calculation of customs data showed on Monday, driven by a surge in shipments from top supplier Brazil.
The July spring wheat contract in Minneapolis was quoted at US$8.19 per bushel on April 29, a 16 cent per bushel increase from the previous week.
CPRS bids strengthened over the reporting period, with average values at C$255 per tonne ($6.93/bu.), up from $239 ($6.51/bu.) seen the previous week.
Durum prices were stronger as well. Spot bids rose by about C$8-$10 per tonne from the previous week, with the average coming in at about $276 ($7.52/bu.).
— Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.
