Glacier FarmMedia – Wheat prices on the Canadian Prairies were mixed during the week ended Mar. 31. Canadian Western Red Spring Wheat and Canadian Western Amber Durum were lower, while there were increases Canada Prairie Red Spring Wheat.
The United States wheat complex was mixed, with Chicago prices rising, while those for Kansas City and Minneapolis stepped back. A stronger Canadian dollar tempered any further gains for Prairie prices.
Average CWRS (13.5%) prices were down C$0.30 to C$2.50 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$294.00 per tonne in southeastern Saskatchewan to C$316.20 per tonne in southern Alberta.
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Quoted basis levels varied from location to location and ranged from C$56.60 to C$78.80 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 United States dollars (C$1=US$0.7405), CWRS bids ranged from US$217.70 to US$234.20 per tonne. That would put the currency adjusted basis levels at about US$3.30 to US$19.70 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$2.50 to C$14.60 below the futures.
Average CPRS (11.5%) wheat gained C$2.00 to C$4.90 per tonne. Bids ranged from C$263.60 per tonne in southeastern Saskatchewan to C$284.20 per tonne in northern Alberta.
Average CWAD prices lost C$2.40 to C$3.40 per tonne. Bids ranged from C$393.40 per tonne in northwestern Alberta to C$403.00 per tonne in western Manitoba.
The May spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$6.4625 per bushel on Apr. 4, pulling back 4.75 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 May Kansas City wheat contract was quoted at US$5.7750 per bushel on Apr. 4, dipping 0.75 of a cent compared to a week ago.
The May Chicago Board of Trade soft wheat contract settled at US$5.5625 per bushel on Apr. 4, rising 8.75 cents.
The Canadian dollar closed Apr. 4 at 74.05 U.S. cents, adding almost a half a cent as crude oil prices increased.
— Glen Hallick reports for MarketsFarm from Winnipeg.
