Winnipeg (CNS Canada) – Wheat bids in Western Canada declined for the week ended April 20, following the lead of the United States futures markets.
Average Canada Western Red Spring (13.5 percent CWRS) wheat prices fell by C$7 to C$11 per tonne across most of the Prairie provinces, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about C$224 per tonne in northwestern Saskatchewan, to as high as C$251 in northern Alberta.
Quoted basis’ varied from location to location but overall prices were $1 to $28 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$0.7857) CWRS bids ranged from US$176 to US$197 per tonne, which was down on a U.S. dollar basis on the week. That would put the currency adjusted levels at about US$26 to US$47 below futures.
Looking at it the other way around, if the Minneapolis futures are converted to Canadian dollars, CWRS basis levels across Western Canada range from C$33 to C$60 below the futures.
Canada Prairie Red Spring (CPRS) wheat bids were down by C$3 to C$8 per tonne, with prices ranging from C$186 to C$204 per tonne.
Average durum prices fell, with prices dropping by C$1 to C$3 per tonne. Bids across Western Canada ranged from C$236 to C$261 per tonne.
The July spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$6.0575 per bushel on April 20, down by 21 U.S. cents from the previous week.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The July Kansas City wheat contract was quoted at US$5.0200 per bushel on April 20, down by 13 U.S. cents compared to the previous week.
The July Chicago Board of Trade soft wheat contract settled at US$4.7725 on April 20, which was down by 12 U.S. cents on the week.
The Canadian dollar settled at 78.57 U.S cents on April 20, which was down by 0.81 U.S. cents on the week.