Glacier FarmMedia — Bids for Canadian Western Red Spring (CWRS) wheat were mixed while those for Canadian Prairie Red Spring and durum were higher during the week ended Oct. 16.
The Canadian Grain Commission reported wheat exports for the week ended Oct. 12 at 710,500 tonnes, well ahead of the 420,900 tonnes shipped the previous week. So far this marketing year, 4.282 million tonnes of wheat were shipped for export, a new record for this time of year, compared to 3.749 million the year before.
The CGC also reported that 80 per cent of its CWRS samples were in the top grade, while another 18 per cent were graded No. 2. However, the Canadian Western Amber Durum (CWAD) crop saw 22 per cent making the top grade, 27 per cent at No. 2 and 37 per cent at No. 3.
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CWRS wheat was down C$2.10 to up C$4.90 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices were between C$239.60/tonne in southeast Saskatchewan to C$266.10 in southern Alberta.
Quoted basis levels ranged from between C$37.70 to C$64.20/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.
Accounting for exchange rates and adjusting Canadian prices to U.S. dollars (C$1=US$0.7118), CWRS bids were from US$170.50 to US$189.40/tonne. Currency adjusted basis levels ranged from US$12.50 to US$31.40 below the futures. If the futures were converted to Canadian dollars, basis levels would be C$8.90 to C$22.30 below the futures.
Meanwhile, CPRS prices were up C$3.50 to C$6.10 per tonne. The lowest average bid for CPRS was C$216.30 in southeast Saskatchewan, while the highest average bid was C$240.10 in southern Alberta.
The average prices for CWAD were unchanged to up C$0.70 per tonne with bids between C$277.40 in northwest Saskatchewan to C$291.90 in western Manitoba.
The December spring wheat contract in Minneapolis, which most CWRS contracts are based off of, was quoted at US$5.4950 per bushel on Oct. 16, down 7.5 cents.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The December contract was down one cent at US$4.8875/bu.
The December Chicago soft red contract lost four cents at US$5.0250/bu.
The Canadian dollar declined one-quarter of a cent to close at 71.18 U.S. cents on Oct. 16.
