Glacier FarmMedia — Hard red spring wheat bids in Western Canada dropped with the U.S. futures during the week ended July 17, as the advancing U.S. winter wheat harvest and a lack of major concerns for North American spring wheat weighed on values.
Average Canada Western Red Spring (13.5%) wheat prices were down by C$18.90 to C$20.70 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$259.10/tonne in southeastern Saskatchewan to as high as C$286.30/tonne in southern Alberta.
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Quoted basis levels varied from location to location and ranged from $40.40 to $67.70/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$0.7271) CWRS basis levels ranged from C$7.60 to C$22.00 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were also lower, falling by C$11.20 to C$16.50/tonne, with prices ranging from C$230.10 to C$258.80/tonne.
Average durum prices were mixed, down C$3.50 to up C$0.30/tonne, ranging from C$328.10 to C$341.00/tonne.
Minneapolis spring wheat futures lost 36.75 cents per bushel in the September contract to settle at US$5.9500/bu. on July 17.
Hard red winter wheat futures were down by 17.25 cents in the September contract on the week at US$5.1750/bu.
The September Chicago soft wheat contract decreased 21 cents on the week at US$5.3350/bu.
The Canadian dollar was down by a third of a cent relative to its U.S. counterpart, at 72.71 U.S. cents on July 17.
