WINNIPEG, May 21 (MarketsFarm) – Wheat bids in Western Canada were across the board for the week ended May 17. There were losses in Canadian Western Red Spring Wheat (CWRS), while Canada Prairie Red Spring (CPRS) price were mixed and Canadian Western Amber Durum (CWAD) prices were largely steady. Firmness in the Canadian dollar provided support and losses in United States values weighed on values.
Average CWRS (13.5%) wheat prices were down by C$5 to 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$212 per tonne in western Manitoba to as high as C$235 per tonne in southern Alberta.
Quoted basis levels varied from location to location and ranged from $15 to $38 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$0.7425) CWRS bids ranged from US$157 to US$174 per tonne. That would put the currency adjusted basis levels at about US$23 to US$40 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$30 to C$53 below the futures.
Wheat bids for CPSR ranged from steady to an increase of C$13 per tonne to decreases of C$19 per tonne. Prices ranged from C$169 per tonne in southwestern Saskatchewan to C$217 per tonne in the Peace River region of Alberta.
Average durum prices traded mostly steady, with bids ranging anywhere from C$237 per tonne in western Saskatchewan to C$246 per tonne in western Manitoba.
The July spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$5.17 per bushel on May 17, up by two 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$4.3075 per bushel on May 17, down by 14.5 U.S. cents compared to the previous week.
The July Chicago Board of Trade soft wheat contract settled at US$4.3950 per bushel on May 17, down by 13.25 U.S. cents on the week.
The Canadian dollar closed at 74.53 U.S. cents on May 17, an increase of 0.06 of a cent from the previous week.