Commodity News Service Canada — Average cash bids for Canadian Western Red Spring (CWRS) wheat were stronger during the week, underpinned by improving basis levels in Western Canada and stronger Minneapolis wheat futures prices.
CWRS prices were about $3.00 higher in central Alberta, up to $6.75 stronger in the Peace region compared to a week ago. The best pricing opportunities were still available in Manitoba, where prices were about $234.00 per tonne. Prices in Saskatchewan ranged from $218.00 per tonne in the north to $225.00 in the south. In Alberta, CWRS prices were quoted between $208.00 and $224.00 per tonne.
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Basis levels for CWRS moved to an average premium of almost $10.00 per tonne above the futures, from a premium of $9.15 per tonne a week ago. The best basis opportunities were in Manitoba, where they ranged from $7.00 to $38.00 per tonne above the futures.
Average CPRS bids were up by about $1.00 to $4.50 across the Prairies, with prices at around $152.00 per tonne in Manitoba, at $155 to $156 per tonne in Saskatchewan and $157.00 to $164.00 in Alberta. Basis levels were holding steady at about $62.00 below the futures.
Soft white spring wheat prices were up sharply following the CBOT wheat market, with bids up about $8.00 to $9.00 per tonne on the week, ranging from $157.00 to $160.00 per tonne in Alberta. Winter wheat prices were mixed, with prices from $3.50 lower to $3.50 higher. Values ranged from $140.00 to $147.00 per tonne across Western Canada, with the best pricing opportunities in Manitoba.
Durum prices were mixed as well during the week, ranging from $12.00 lower to $1.00 per tonne higher. Spot durum prices in southern Saskatchewan, where the bulk of the crop is grown, lost about $12.00 on average to trade at roughly $353.00 per tonne.
The December spring wheat contract in Minneapolis, which most CWRS contracts in Canada are based off of, was quoted at US$5.7425 per bushel on October 31, up 7.25 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 December Kansas City wheat contract was quoted at US$5.9375 per bushel on October 31, unchanged from the week prior.
The December Chicago Board of Trade soft wheat contract settled at US$5.3250 on October 31, which was up 14.75 cents from the previous week.
The following table provides a weekly snapshot of average published prices, available on Monday of each week. Futures vary slightly due to changes while data is collected.
Source: AGCanada.com
Canadian Western Red Spring Wheat
Future Basis Net
Manitoba 211.08 22.83 233.90
Sask North Central 211.77 6.47 218.24
Sask South 210.30 14.29 224.59
Alberta South 209.71 13.53 223.24
Alberta Central 209.88 14.31 224.19
Peace 210.03 -1.88 208.16
Canadian Prairie Red Spring Wheat
Future Basis Net
Manitoba 219.27 -66.95 152.32
Sask North Central 218.88 -63.83 155.05
Sask South 217.78 -61.36 156.43
Alberta South 217.25 -54.20 163.05
Alberta Central 217.17 -53.12 164.06
Peace 217.34 -60.17 157.17
Soft White Spring Wheat
Future Basis Net
Alberta South 194.65 -36.29 158.60
Alberta Central 194.48 -34.48 160.01
Peace 193.82 -36.01 157.82
Red Winter Wheat
Future Basis Net
Manitoba 218.74 -70.98 147.76
Sask North Central 218.91 -74.68 144.23
Sask South 217.49 -71.31 146.19
Alberta South 217.25 -77.12 140.13
Alberta Central 208.95 -65.57 143.38
Peace 217.34 -73.16 144.18
Amber Durum
Net
Sask North Central 356.28
Sask South 352.84
Alberta South 376.90
Alberta Central 352.51
