Spring wheat bids in Western Canada fell sharply lower during the week ended June 13, seeing a continuation of the previous week’s declines as losses in the United States futures weighed on values.
Average Canada Western Red Spring (13.5 per cent) wheat prices were down by C$16.00 to C$18.40 per tonne across the Prairies, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from C$301.20 per tonne in southeastern Saskatchewan to as high as C$318.40 per tonne in southern Alberta.
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Quoted basis levels varied from location to location and ranged from $56.10 to $73.30 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 everything into Canadian dollars (C$1=US$0.7275) CWRS basis levels ranged from C$9.80 to C$18.90 below the futures.
Canada Prairie Spring Red (CPSR) wheat bids were down by C$15.80 to C$17.40 per tonne, with prices ranging from C$281.70 to C$301.90 per tonne.
Average durum prices were down by C$3.30 to C$10.80 per tonne, ranging from C$355.70 to C$371.80 per tonne.
Spring wheat futures in Minneapolis were down by 39.75 cents per bushel in the July contract to settle at US$6.6700 per bushel on June 13.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPSR in Canada. The July Kansas City wheat contract was down by 41.25 cents at US$6.3675 per bushel on June 13.
The July Chicago Board of Trade soft wheat contract settled at US$6.2000 per bushel on June 13, losing 19.50 cents on the week.
The Canadian dollar weakened relative to its United States counterpart, down roughly a third of a cent at 72.75 U.S. cents on June 13.
