MarketsFarm — Wheat bids in Western Canada were mostly steady to higher for the week ended Thursday.
There were gains for Canada Western Red Spring (CWRS) and Canada Prairie Spring Red (CPSR) wheat. However, Canada Western Amber Durum (CWAD) wheat was steady to lower.
The Canadian dollar gained six-10ths of a cent during the week.
Average CWRS (13.5 per cent protein) wheat prices were up by $3-$11 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 $215 per tonne in southeastern Saskatchewan to as high as $230 per tonne in southern Alberta.
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Quoted basis levels varied from location to location and ranged from $26 to $41 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$163 to US$174 per tonne. That would put the currency adjusted basis levels at about US$15-$26 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 $19 to $34 below the futures.
Wheat bids for CPSR were up by $1-$5 per tonne. Prices ranged from $180 per tonne in southeastern Saskatchewan to $207 per tonne in southern Alberta.
Average durum prices were up $1 to down $11, with bids ranging from $265 per tonne in southwestern Saskatchewan to $285 per tonne in western Manitoba.
The December spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted Thursday at US$5.1375 per bushel, up 5.25 cents from the previous week.
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 Thursday at US$4.355 per bushel, down two cents compared to the previous week.
The December Chicago Board of Trade soft wheat contract settled at US$5.2375 per bushel on Thursday, down three cents on the week.
The Canadian dollar closed Thursday at 75.91 U.S. cents, up six-10ths of a cent from the previous week.
— Glen Hallick reports for MarketsFarm, a Glacier FarmMedia division specializing in grain and commodity market analysis and reporting.