CNS Canada — Canada Western Red Spring (CWRS) wheat cash bids across Western Canada were stronger during the week ended Friday, as basis levels and U.S. futures markets also showed some improvement.

Average CWRS wheat prices were up by C$7-$10 per tonne over the week, with bids ranging from about $212 per tonne in the Peace region of Alberta, to as high as $225 per tonne in Manitoba, according to price quotes from a cross-section of delivery points across Western Canada.

Quoted basis levels varied from location to location, but generally improved, to average about $24 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.

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When accounting for the currency exchange rates by adjusting the Canadian prices to U.S. dollars, CWRS bids ranged from US$161 to $171 per tonne. That would put the currency-adjusted basis levels at about US$23-$33 below the futures.

Looking at it the other way around, if Minneapolis futures are converted to Canadian dollars, CWRS basis levels across Western Canada range from C$30 to C$43 below the futures.

Average Canada Prairie Spring Red (CPSR) bids were stronger as well, rising C$5-$6 per tonne on the week. CPSR prices came in at about $170 per tonne in Manitoba, $179 per tonne in Saskatchewan, and $187-$192 per tonne in Alberta.

Soft white spring (CWSWS) wheat prices were up by C$5 per tonne, ranging from $197 to $199 per tonne in Alberta.

Winter (CWRW) wheat prices were also higher, improving by C$2 to as much as $16 per tonne. Prices ranged from about C$167 to $194 per tonne, with the best levels in southern Saskatchewan.

Durum (CWAD) prices were mixed, but showed some improvement in most areas. Bids in southern Saskatchewan, where the bulk of the crop is grown, were up by C$13, at $353 per tonne.

The December spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted Friday at US$5.4125 per bushel, up a quarter cent from the week prior.

Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The December K.C. wheat contract was quoted at US$5.1375 per bushel on Friday, up 1.75 cents from last week.

The December Chicago Board of Trade (CBOT) soft wheat contract settled Friday at US$5.1575, 11 cents stronger compared to the week prior.

The Canadian dollar closed Friday at US76.14 cents, down about a third of a cent relative to its U.S. counterpart compared to the previous week.

— Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.

Table: The weekly snapshot of average published prices for Aug. 10, 2015. Futures prices (US$ per tonne) vary slightly due to changes while data is collected. Cash bids (C$ per tonne) have currency conversion included in the basis. Source: AGCanada.com.