Winnipeg (CNS Canada) – Wheat bids in Western Canada were mixed for the week ended April 13, following United States futures markets which were also mixed.
Average Canada Western Red Spring (13.5 percent CWRS) wheat prices rose by C$1 to C$5 per tonne across most of 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$246 per tonne in southeastern Saskatchewan, to as high as C$260 in northern Alberta. Northwestern Saskatchewan was an outlier falling C$13 per tonne to C$235 per tonne.
Quoted basis’ varied from location to location but overall prices were $8 to $33 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$0.7938) CWRS bids ranged from US$187 to US$206 per tonne, which was up on a U.S. dollar basis on the week. That would put the currency adjusted levels at about US$21 to US$40 below 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$26 to C$51 below the futures.
Canada Prairie Red Spring (CPRS) wheat bids were down by C$1 to C$7 per tonne, with prices ranging from C$194 to C$207 per tonne.
Average durum prices fell, with prices dropping by C$2 to C$18 per tonne. Bids across Western Canada ranged from C$239 to C$262 per tonne.
The May spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$6.1700 per bushel on April 13, up by 9.75 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 May Kansas City wheat contract was quoted at US$4.9575 per bushel on April 13, down by 11 U.S. cents compared to the previous week.
The May Chicago Board of Trade soft wheat contract settled at US$4.7250 on April 13, which was up by 0.25 U.S. cents on the week.
The Canadian dollar settled at 79.38 U.S cents on April 13, which was up by 1.03 U.S. cents on the week.