Glacier FarmMedia—Most Western Canadian wheat bids weakened a little during the week ended May 30 as spring wheat continued to be planted and winter wheat began its harvest.
The Canadian Grain Commission reported 420,700 tonnes of wheat exports for the week ended May 26, 52,000 less than the week before. So far in the 2023-24 marketing year, 18.039 million tonnes have been exported, compared to 16.467 million one year ago.
In Saskatchewan, 84 per cent of the province’s spring wheat crop was planted as of May 27, while in Manitoba, 87 per cent of spring wheat acres were seeded as of May 28. Spring wheat seeding in Alberta was 72.2 per cent complete as of May 21.
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Canadian Western Red Spring (CWRS) wheat prices were down C$1.40 to C$4.20 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices were between C$332.80/tonne in southeast Saskatchewan to C$352.70 in southern Alberta.
Quoted basis levels ranged from between C$60.10 to C$80/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.
Accounting for exchange rates and adjusting Canadian prices to U.S. dollars (C$1=US$0.7311), CWRS bids were from US$243.30 to US$257.80/tonne. Currency adjusted basis levels ranged from US$14.80 to US$29.30 below the futures. If the futures were converted to Canadian dollars, basis levels would be C$10.80 to C$21.50 below the futures.
Meanwhile, Canadian Prairie Red Spring (CPRS) prices were up C$0.30 to down C$2.90/tonne. The lowest average bid for CPRS was C$313.10 in southeast Saskatchewan, while the highest average bid was C$334.70 in southern Alberta.
The average prices for Canada Western Amber Durum (CWAD) were down C$0.80 to C$2.50 per tonne with bids between C$375.80 in southern Alberta to C$394.40 in western Manitoba.
The July spring wheat contract in Minneapolis, which most CWRS contracts are based off of, was quoted at US$7.42 per bushel on May 30 and two U.S. cents lower than the previous week.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The July contract was quoted at US$7.095/bu., down 1.25 U.S. cents.
The July Chicago Board of Trade (CBOT) wheat contract lost 17 U.S. cents from the previous week at US$6.81/bu.
The Canadian dollar advanced 0.13 U.S. cents to close at 73.11 cents on May 30.
