CNS Canada — Canada Western Red Spring (CWRS) wheat cash bids across Western Canada were weaker during the week ended Friday, as U.S. futures markets plunged once again.

Average CWRS wheat prices were down by C$7 to $26 per tonne over the week, with bids ranging from about $203 per tonne in the Peace region of Alberta to as high as $217 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 held steady, to average about $21 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.

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When accounting for the currency exchange rates by adjusting the Canadian prices to U.S. dollars, CWRS bids ranged from US$155 to $166 per tonne. That would put the currency-adjusted basis levels at about US$25 to $35 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$33 to $46 below the futures.

Average Canada Prairie Spring Red (CRSR) bids were weaker as well, with bids C$4 to $7 per tonne weaker. CPSR prices came in at about $164 per tonne in Manitoba, $174 to $175 per tonne in Saskatchewan, and $182 to $187 per tonne in Alberta.

Soft white spring (CWSWS) wheat prices were down up by C$3-$5 per tonne, ranging from C$192 to $194 per tonne in Alberta. While weak U.S. futures were bearish, values moved higher as basis levels saw some significant improvements.

Winter (CWRW) wheat prices were mixed. Values were up C$2 to $6 per tonne to $178-$180 in Manitoba and southern Saskatchewan, as basis levels improved enough to move prices higher. Weakness in U.S. futures weighed on values in other parts of Western Canada, where prices were down by C$1 to $3 per tonne, to $174-$187.

Meanwhile, durum (CWAD) prices were down sharply, correcting from a recent rally. Prices were anywhere from C$18 to $27 per tonne lower. Bids in southern Saskatchewan, where the bulk of the crop is grown, were down by $22, at $340 per tonne.

The September spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted Friday at US$5.235 per bushel, down 21.5 cents from the week prior.

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 at US$4.9225 per bushel on Friday, down 15 cents from last week.

The September Chicago Board of Trade soft wheat contract settled at US$4.9925 on Friday, 12.5 cents weaker compared to the week prior.

The Canadian dollar closed Friday at US76.45 cents, down about a third of a cent relative to its U.S. counterpart compared to the previous week.

— Terryn Shiells writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.

Table: The weekly snapshot of average published prices for Aug. 4, 2015. Futures prices (US$ per tonne) vary slightly due to changes while data is collected. Cash bids (C$ per tonne) have currency conversion included in the basis. Source: AGCanada.com.