Cash bids for Canada Western red spring (CWRS) wheat across the Prairies were slightly stronger during the week ending Tuesday, while basis levels were holding steady.
Average spot bids for CWRS at 13.5 per cent protein across Manitoba, Saskatchewan and Alberta on Tuesday came in at around C$247 per tonne ($6.72 per bushel) based on pricing available from a cross-section of delivery points.
That compares with C$245 per tonne ($6.69/bu.) at the same point the previous week. Basis levels held steady, with an average discount of C$24 relative to the futures, from a $23 discount seen the previous week.
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Canada Prairie red spring (CPRS) bids were higher during the reporting period, following the U.S. futures market. Average values were at C$215 per tonne ($5.85/bu.). That compares with prices of C$210 per tonne ($5.74/bu.) the previous week. Average basis levels held steady at a discount of C$43 compared to futures.
U.S. wheat futures moved higher during the week, with declining U.S. spring wheat crop conditions and good export demand providing support.
The September spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted at US$7.395/bu. on Tuesday, up 5.25 cents per bushel from the previous week.
Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The September Kansas City wheat contract gained 11.75 cents over the week, finishing at US$7.02/bu. on Tuesday.
Durum prices were slightly weaker, with average spot bids down by C$2 per tonne. The average price came in at C$277 per tonne ($7.53/bu.).
— Terryn Shiells writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.
