Wheat bids in Western Canada were up for the week ended Dec. 7, as strength in the Unites States futures provided support.
Average Canadian Western Red Spring (13.5 percent CWRS) wheat prices were up C$5 to C$7, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about C$255 per tonne in southeastern Saskatchewan, to as high as C$277 in southern Alberta.
Quoted basis levels varied from location to location and
ranged from $40 to $62 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$0.7519) CWRS bids ranged from US$192 to US$208 per tonne. That would put the currency adjusted basis levels at about US$7 to US$23 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 range from C$9 to C$31 below the futures.
Canada Prairie Red Spring (CPRS) wheat bids were stronger, increasing by C$9 to C$11 per tonne depending on the location. Prices ranged from C$228 in southeastern Saskatchewan to C$247 per tonne in southern Alberta.
Average durum prices were up, with bids ranging anywhere from C$214 in northwestern Saskatchewan to C$228 in western Manitoba.
The March spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$5.8150 per bushel on Dec. 7, up by 5.75 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
The March Chicago Board of Trade soft wheat contract settled at US$5.3125 per bushel on Dec. 7, up by 15.50 U.S. cents on the week.
The Canadian dollar settled steady on the week at 75.19 U.S cents.