CWRS Wheat Bids Edge Down In Western Canada

Winnipeg, Dec. 8 – Slipping basis caused average cash bids for Canadian Western Red Spring (CWRS) wheat to move lower during the week ended Dec. 5, despite a firmer tone in the U.S. futures.

In Manitoba, the average CWRS price declined to C$234 per tonne, from $236 per tonne the previous week.

The price average fell $1 to $5 per tonne across the rest of the Prairies, with average prices in Alberta and Saskatchewan, of $218 to $229 per tonne.

Basis levels for CWRS weakened in most areas, with only Manitoba and southern Alberta still offering average basis opportunities above the futures.

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Average Canadian Prairie Red Spring (CPRS) wheat bids declined by $3 to $4 per tonne, with prices of $176 per tonne seen in Manitoba, and $180 to $186 per tonne in Saskatchewan and Alberta.

Soft white spring wheat prices held relatively steady on the week, ranging from $179 to $182 per tonne in Alberta.

Winter wheat prices were down by $1 to $2 from the previous week, with average values ranging from $162 to $172 per tonne across Western Canada.

Average durum prices were unchanged, with spot bids in southern Saskatchewan, where the bulk of the crop is grown, steady at roughly $353 per tonne.

The March spring wheat contract in Minneapolis, which most CWRS contracts in Canada are based off of, was quoted at US$6.23 per bushel on Dec. 5, up eight 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 March Kansas City wheat contract was quoted at US$6.3925 per bushel on Dec. 5, down three-quarters of a cent from the week prior.

The March Chicago Board of Trade soft wheat contract settled at US$5.94 on Dec. 5, which was up 15.50 cents from the previous week.

The following tables provide a weekly snapshot of average published prices, available on Monday of each week. Futures vary slightly due to changes while data is collected. Prices in Canadian dollars per tonne released Dec. 8, 2014.

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