MarketsFarm — Wheat bids in Western Canada were higher for Canada Western Red Spring (CWRS) and Canada Prairie Spring Red (CPSR) wheats the week ended Thursday.

However, prices for Canada Western Amber Durum (CWAD) dropped.

Support came from significant increases in Chicago, Minneapolis and Kansas City wheat futures, but a stronger Canadian dollar held back larger gains.

Average CWRS (13.5 per cent protein) wheat prices were steady to up $4 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 $214 per tonne in northeastern Saskatchewan, to as high as $232 per tonne in northern and southern Alberta.

Quoted basis levels varied from location to location and ranged from $22 to $40 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between 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, CWRS bids ranged from US$163 to US$177 per tonne. That would put the currency-adjusted basis levels at about US$15-$29 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 $12 to $22 below the futures.

Average CPSR (11.5 per cent) wheat prices were up $5-$7 per tonne. Bids ranged from $191 per tonne in southeastern Saskatchewan to $210 per tonne in southern Alberta.

Average durum prices were lower, with bids ranging from $265 per tonne in southwestern Saskatchewan to $274 per tonne in western Manitoba.

The September spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted Thursday at US$5.405 per bushel, jumping 22.25 cents from the previous week.

Kansas City hard red winter wheat futures, traded in Chicago, are more closely linked to CPSR in Canada. The September K.C. wheat contract was quoted Thursday at US$4.7225 per bushel, leaping 30.75 cents compared to the previous week.

The September Chicago Board of Trade soft wheat contract settled Thursday at US$5.5075 per bushel, vaulting 31.25 cents from the previous week.

The Canadian dollar closed at 76.17 U.S. cents on Thursday, rising 0.38 of a cent on the week.

— Glen Hallick reports for MarketsFarm from Winnipeg.