Winnipeg – Western Canadian wheat bids posted losses across much of the region during the week ended March 29, with weakness in the Minneapolis futures and gains in the Canadian dollar behind the price activity.
Average Canadian Western Red Spring (13.5 percent CWRS) wheat prices were steady to down by nearly C$10 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about C$241 per tonne in western Manitoba to as high as C$259 in southern Alberta.
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Quoted basis levels varied from location to location and ranged from $34 to $52 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$0.7483) CWRS bids ranged from US$180 to US$194 per tonne. That would put the currency adjusted basis levels at about US$13 to US$27 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$17 to C$36 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were mixed, gaining C$4 per tonne in southwestern Saskatchewan and losing C$4 to C$12 per tonne elsewhere across the Prairies. Prices ranged from C$205 per tonne in southwestern Saskatchewan to C$216 per tonne in Alberta.
Average durum prices held steady, with bids ranging from C$234 to C$243 per tonne across the Prairies.
The May spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$5.5475 per bushel on March 29, down by 17.50 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 CPSR in Canada. e May Kansas City wheat contract was quoted at US$4.3000 per bushel on March 29, down by 15.00 U.S. cents compared to the previous week.
The Chicago Board of Trade May soft wheat contract settled at US$4.5775 per bushel on March 29, down by 8.25 U.S. cents on the week.
The Canadian dollar was up by roughly a quarter cent relative to its U.S. counterpart during the week at 74.83 U.S. cents.
