Glacier FarmMedia | MarketsFarm — Cash prices for spring wheat and durum across the Canadian Prairies were mostly higher during the week ended Nov. 4.
As Minneapolis spring wheat stepped back, there was a modest increase in Kansas City hard red while Chicago soft red was up sharply.
The Canadian dollar was down two-thirds of a cent, making the country’s wheat exports a little bit less expensive.
Average CWRS (13.5 per cent) prices were down C$1.20 to up C$5.70 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Those prices ranged from about C$247.90 per tonne in southeastern Saskatchewan to C$275.70 per tonne in southern Alberta.
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Quoted basis levels varied from location to location and ranged from C$43.20 to C$70.90 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between the U.S. dollar-denominated futures and the Canadian dollar cash bids.
When accounting for currency exchange rates by adjusting Canadian prices to U.S. dollars (C$1=US$0.7097), CWRS bids ranged from US$176.00 to US$195.70 per tonne. That would put the currency-adjusted basis levels at about US$9.10 to US$28.80 below the futures.
Looking at it the other way around, if the Minneapolis futures are converted to Canadian dollars, CWRS basis levels across Western Canada ranged from C$6.50 to C$20.40 below the futures.
Average CPRS (11.5 per cent) wheat prices were unchanged to up C$3.50 per tonne. Bids ranged from C$228.90 per tonne in southeastern Saskatchewan to C$255.60 per tonne in southern Alberta.
Average CWAD prices added C$1.30 to C$5.60 per tonne. Bids ranged from C$281.30 per tonne in northwestern Saskatchewan to C$296.410 per tonne in western Manitoba.
The December spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$5.5725 per bushel on Nov. 4, losing 4.50 cents on the week.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The December Kansas City wheat contract was quoted at US$5.2225 per bushel on Nov. 4, adding 2.25 cents from a week ago.
The December Chicago Board of Trade soft wheat contract settled at US$5.5025 per bushel Nov. 4, for a jump of 21.25 cents.
