WINNIPEG, Nov. 1 (MarketsFarm) – Wheat bids in Western Canada were mixed for the week ended Oct. 31. Canadian Western Red Spring Wheat (CWRS) was lower, while Canada Prairie Red Spring (CPRS) was steady to lower. Canadian Western Amber Durum (CWAD) was steady to higher.
The Canadian dollar dropped almost a half cent from three-month highs to hover around 76.00 United States cents.
Average CWRS (13.5%) wheat prices were down by C$2 to C$4 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$225 per tonne in southeastern Saskatchewan and western Manitoba, to as high as C$242 per tonne in southern Alberta.
Quoted basis levels varied from location to location and ranged from $26 to $43 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$0.75.99) CWRS bids ranged from US$171 to US$184 per tonne. That would put the currency adjusted basis levels at about US$13 to US$28 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$20 to C$37 below the futures.
Wheat bids for CPSR were steady to down C$3 per tonne. Prices ranged from C$185 per tonne in southeastern Saskatchewan to C$204 per tonne in southern Alberta.
Average durum prices were steady to higher C$1, with bids ranging from C$267 per tonne in western Saskatchewan to C$289 per tonne in western Manitoba.
The December spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$5.24 per bushel on Oct. 31, down 16 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 December Kansas City wheat contract was quoted at US$4.1975 per bushel on Oct. 31, up a quarter cent compared to the previous week.
The December Chicago Board of Trade soft wheat contract settled at US$5.0875 per bushel on Oct. 31, down 7.25 cents on the week.
The Canadian dollar closed at 75.99 U.S. cents on Oct. 31, down 0.49 of a cent from the previous week.