Wheat bids in Western Canada were mostly up for the week ended Dec. 14, as strength in the Unites States futures and a weaker Canadian dollar.
Average Canadian Western Red Spring (13.5 percent CWRS) wheat prices were mostly up C$2 to C$7, except for eastern Manitoba which was down by a dollar, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about C$260 per tonne in western Manitoba, to as high as C$284 in southern Alberta.
Quoted basis levels varied from location to location and
When accounting for currency exchange rates by adjusting
Canadian prices to U.S. dollars (C$1=US$0.7474) CWRS bids ranged from US$194 to US$212 per tonne. That would put the currency adjusted basis levels at about US$4 to US$22 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$5 to C$29 below the futures.
Canada Prairie Red Spring (CPRS) wheat bids were stronger, increasing by C$4 to C$7 per tonne in most the locations, except for southwest Saskatchewan which was down by a dollar. Prices ranged from C$232 in southeastern Saskatchewan to C$255 per tonne in southern Alberta.
Average durum prices were slightly higher, with bids ranging anywhere from C$214 in northwestern Saskatchewan to C$228 in western Manitoba.
The March spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$5.8400 per bushel on Dec. 14, up by 2.5 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$5.1825 per bushel on Dec. 14, up by 6.25 U.S. cents compared to the previous week.
The March Chicago Board of Trade soft wheat contract settled at US$5.30 per bushel on Dec. 14, down by 1.25 U.S. cents on the week.
The Canadian dollar was weaker at 74.74 U.S. cents, down by almost a half cent.