WINNIPEG,(MarketsFarm) – Wheat bids in Western Canada were generally higher for the week ended July 26. There were gains in Canadian Western Red Spring Wheat (CWRS) and Canadian Western Amber Durum (CWAD), while Canada Prairie Red Spring (CPRS) incurred small losses and gains depending on location.
A slip in the Canadian dollar provided some support, while declines in Kansas City, Chicago and Minneapolis wheat prices weighed on values.
Average CWRS (13.5 percent) wheat prices were up by C$1 to C$3 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about C$215 per tonne in southeastern Saskatchewan to as high as C$234 per tonne in southern Alberta.
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Quoted basis levels varied from location to location and ranged from $17 to $37 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$0.7586) CWRS bids ranged from US$163 to US$178 per tonne. That would put the currency adjusted basis levels at about US$19 to US$34 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$26 to C$45 below the futures.
Wheat bids for CPSR were down C$1 to up C$1 per tonne. Prices ranged from C$182 per tonne in southeastern Saskatchewan to C$203 per tonne in southern Alberta.
Average durum prices were up, with bids ranging anywhere from C$241 per tonne in northwestern Saskatchewan to C$254 per tonne in western Manitoba.
The September spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$5.2450 per bushel on July 26, down 4.75 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 September Kansas City wheat contract was quoted at US$4.32 per bushel on July 26, down eight U.S. cents compared to the previous week.
The July Chicago Board of Trade soft wheat contract settled at US$4.9775 per bushel on July 26, down 4.75 cents on the week.
The Canadian dollar closed at 75.86 U.S. cents on July 26, a decrease of 0.70 of a cent from the previous week.
