WINNIPEG – Cash bids for Canadian wheat were down during the week ended April 24, as values reacted to adjustments in the US futures and the foreign exchange markets.
Average Canada Western Red Spring wheat prices were down by $3 to $5 per tonne, with bids ranging from $181 per tonne in North Central Saskatchewan to $206 per tonne in Manitoba, according to price quotes from a cross-section of delivery points across Western Canada.
Quoted basis levels varied from location to location, but generally deteriorated by $1 to $2 per tonne if 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.
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When accounting for the currency exchange rates by adjusting the Canadian prices to US dollars (C$1=U.S. $0.8217 as of April 24), CWRS bids ranged from U.S. $149 to U.S. $169. That would put the currency adjusted basis levels at about U.S. $28 to U.S. $49 below the futures, which was unchanged on the week.
Looking at it the other way around, if the Minneapolis futures are converted to Canadian dollars, CWRS basis levels across Western Canada range from $34 to $58 below the futures.
Average Canada Prairie Red Spring bids were down by $5 to $7 per tonne compared to the week prior. CPRS prices came in at about $140 in Manitoba, at about $143 to $144 per tonne in Saskatchewan, and $154 to $159 in Alberta.
Soft white spring wheat prices were down by about $4 to $6 per tonne, ranging from $160 to $163 per tonne in Alberta. Winter wheat prices were $5 to $7 per tonne lower, ranging from $139 to $153 per tonne across Western Canada.
Durum prices were unchanged, with prices in southern Saskatchewan, where the bulk of the crop is grown, quoted at about $293 per tonne.
The July spring wheat contract in Minneapolis, which most CWRS contracts in Canada are based off of, was quoted at U.S. $5.4525 per bushel on April 24, up one cent 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 July Kansas City wheat contract was quoted at U.S. $5.0750 per bushel on April 24, down 7.25 cents from last week.
The July Chicago Board of Trade soft wheat contract settled at U.S. $4.8850 on April 24, which was 0.75 cents weaker compared to the week prior.
The Canadian dollar finished the week at 82.17 US cents, which was up by 4/10ths of a cent relative to its U.S. counterpart compared to the previous week.