Glacier Farm Media — Cash prices for spring wheat and durum across the Canadian Prairies saw slight movement either way during the week ended July 31.
The United States wheat complex pulled back due to good crop conditions and favourable weather. A measure of support came from a weaker Canadian dollar that gave up more than a penny on the week at 72.23 cents as of July 31.
Average CWRS (13.5%) prices tacked on 60 cents to C$1.90 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Those prices ranged from about C$253.10 per tonne in southeastern Saskatchewan to C$279.10 per tonne in southern Alberta.
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Quoted basis levels varied from location to location and ranged from C$40.80 to C$66.80 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 Canadian prices to U.S. dollars (C$1=US$0.7223), CWRS bids ranged from US$182.80 to US$201.60 per tonne. That would put the currency-adjusted basis levels at about US$10.70 to US$29.50 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 ranged from C$7.70 to C$21.30 below the futures.
Average CPRS (11.5%) wheat lost 80 cents to C$2.40 per tonne. Bids ranged from C$226.90 per tonne in southeastern Saskatchewan to C$257.10 per tonne in southern Alberta.
Average CWAD prices were down C$1.30 to up C$2.40 per tonne. Bids ranged from C$324.50 per tonne in northwestern Saskatchewan to C$335.30 per tonne in southern Alberta.
The September spring wheat contract in Minneapolis, which most CWRS contracts Canada are based off of, was quoted at US$5.7775 per bushel on July 31, down 7.75 cents on the week.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The September Kansas City wheat contract was quoted at US$5.2625 per bushel on July 31, dipping 2.25 cents from a week ago.
The September Chicago Board of Trade soft wheat contract settled at US$5.2325 per bushel on July 31, giving up 18.25 cents.
