Glacier FarmMedia — Wheat futures pressured by a stronger United States dollar, along with variable Prairie weather pushed Western Canadian wheat prices lower during the week ended July 10.
The Canadian Grain Commission reported 292,900 tonnes of wheat exported during the week ended July 6, down from 477,600 the previous week. With four weeks left in the 2024-25 marketing year, 20.732 million tonnes were exported so far, compared to 19.758 million this time last year.
Manitoba received as much as 72.4 millimetres of precipitation during the week, but other areas received nothing. In Saskatchewan, topsoil moisture was rated 45 per cent short and very short. Hot and unstable weather was forecast for parts of the Prairies this week.
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The U.S. Department of Agriculture reported the spring wheat crop was rated at 50 per cent good to excellent, down three points from the previous week and the third-worst rated crop in 10 years. The winter wheat harvest progressed 16 points at 53 per cent complete, one point behind the five-year average.
Canadian Western Red Spring wheat was down C$6.10 to C$11.40 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices were between C$279.70/tonne in southeast Saskatchewan to C$305.20 in southern Alberta.
Quoted basis levels ranged from between C$47.70 to C$73.20/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.
Accounting for exchange rates and adjusting Canadian prices to U.S. dollars (C$1=US$0.7308), CWRS bids were from US$204.40 to US$223/tonne. Currency adjusted basis levels ranged from US$9 to US$27.60 below the futures. If the futures were converted to Canadian dollars, basis levels would be C$6.60 to C$20.20 below the futures.
Meanwhile, CPRS prices were down C$7.70 to C$9.40 per tonne. The lowest average bid for CPRS was C$245.60 in southeast Saskatchewan, while the highest average bid was C$270 in southern Alberta.
The average prices for Canada Western Amber Durum (CWAD) were down C$1.70 to C$5.30 per tonne with bids between C$327.90 in northwest Saskatchewan to C$340.80 in western Manitoba.
The September spring wheat contract in Minneapolis, which most CWRS contracts are based off of, was quoted at US$6.3175 per bushel on July 10, down 15.5 cents.
The Kansas City hard red winter wheat futures, which are now traded in Chicago, are more closely linked to CPRS in Canada. The September contract was down 12.75 cents at US$5.2325/bu.
The September Chicago soft red contract lost 2.25 cents at US$5.550/bu.
The Canadian dollar pulled back 0.58 of a cent to close at 73.08 U.S. cents on July 10.
