WINNIPEG — Western Canadian Canada Western Red Spring and Canada Prairie Red Spring cash bids moved higher during the week ended March 13, underpinned by strength in US wheat futures and improving basis levels.
Average CWRS wheat prices were $6 to more than $9 per tonne higher during the week, with bids ranging from $207 per tonne in north-central Saskatchewan to $225 per tonne in Manitoba, according to price quotes from a cross-section of delivery points across Western Canada.
Quoted basis levels varied from location to location, but generally showed improvement. Basis levels improved to $6.75 per tonne over the futures, from $2.60 above the previous week.
Read Also
Agriculture, agri-food groups make bid for spot in Carney’s economic agenda
A coalition of producer and agri-business groups is calling on Prime Minister Mark Carney to make Canadian agriculture part of his economic agenda.
Average Canada Prairie Red Spring bids were $9.50 to $11.00 per tonne higher during the week. CPRS prices came in at about $178 in Manitoba, at about $181-$182 per tonne in Saskatchewan and $190-$186 in Alberta. Basis levels averaged about $14 per tonne below the futures, up from a discount of $19 the previous week.
Soft white spring wheat prices were up by about $9-$11, ranging from $184 to $189 per tonne in Alberta. Winter wheat prices were up by $7.50-$9.50, ranging from $157-$1630 per tonne across Western Canada.
Durum prices were steady to lower on the week, with prices in southern Saskatchewan, where the bulk of the crop is grown, down $2 at $319 per tonne.
The May spring wheat contract in Minneapolis, which most CWRS contracts in Canada are based off of, was quoted at US$5.675 per bushel on March 13, up 11 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 May Kansas City wheat contract was quoted at $5.3925 per bushel on March 13, up 17 cents from last week.
The May Chicago Board of Trade soft wheat contract settled at $5.02 on March 13, which was 19.5 cents higher compared to the previous week.
The Canadian dollar finished the week at 78.19 cents, which was down by more than a full cent compared to the previous week.
