Winnipeg (CNS Canada) – Wheat bids in Western Canada rose for the week ended April 6, following the lead of United States futures.
Average Canada Western Red Spring (13.5 percent CWRS) wheat prices rose by C$13 to C$16 per tonne across the Prairie provinces, 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 southeastern Saskatchewan, to as high as C$256 in northern Alberta.
Quoted basis’ varied from location to location but overall prices were $18 to $33 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between the United States dollar denominated futures and the Canadian dollar cash bids.
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When accounting for currency exchange rates by adjusting Canadian prices to U.S. dollars (C$1=US$0.7835) CWRS bids ranged from US$189 to US$201 per tonne, which was up on a U.S. dollar basis on the week. That would put the currency adjusted basis levels at about US$22 to $33 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$29 to C$44 below the futures.
Canada Prairie Red Spring (CPRS) wheat bids were up by C$13 to C$17 per tonne, with prices ranging from C$196 to C$214 per tonne.
Average durum prices increasing, with prices rising by C$1 to C$2 per tonne. Bids across Western Canada ranged from C$256 to C$266 per tonne.
The May spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$6.0725 per bushel on April 6, up by 28.75 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 March Kansas City wheat contract was quoted at US$5.0675 per bushel on April 6, up by 39.50 U.S. cents compared to the previous week.
The March Chicago Board of Trade soft wheat contract settled at US$4.7225 on April 6, which was up by 21.25 U.S. cents on the week.
The Canadian dollar settled at 78.35 U.S cents on April 6,
