Glacier FarmMedia MarketsFarm — Hard red spring wheat bids in Western Canada moved higher during the week ended March 13, as gains in United States futures and weakness in the Canadian dollar countered the bearish influence of the trade uncertainty overhanging the markets.
Average Canada Western Red Spring (13.5%) wheat prices were up by C$7.90 to C$10.70 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from C$275.00 per tonne in western Manitoba to as high as C$308.30 per tonne in southern Alberta.
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Quoted basis levels varied from location to location and ranged from $53.20 to $86.40 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 everything into Canadian dollars (C$1=US$0.6940) CWRS basis levels ranged from C$5.50 to C$21.50 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were also higher, up by C$8.60 to C$10.80 per tonne, with prices ranging from C$267.40 to C$291.90 per tonne.
Average durum prices were firm, gaining 40 to 80 cents, ranging from C$329.00 to C$346.70 per tonne.
Spring wheat futures in Minneapolis were up by 9.75 cents per bushel in the May contract to settle at US$6.0375 per bushel on March 13.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The May Kansas City wheat contract was up by 21.75 cents at US$5.8750 per bushel on March 13.
The May Chicago Board of Trade soft wheat contract was up by 8.50 cents on the week at US$5.6250 per bushel.
The Canadian dollar was down by nearly half a cent relative to its U.S. counterpart, at 69.40 U.S. cents on March 13.
