CNS Canada — Average bids for Canada Western Red Spring (CWRS) wheat moved down by an average of $2 to $5 per tonne across Western Canada during the week ended Friday, as large global wheat supplies weighed on the North American market.
The highest CWRS prices were still available in Manitoba, but average bids in the province declined by $5, coming in at roughly $199 per tonne, according to prices quoted from a cross-section of Prairie elevators. Average Saskatchewan prices ranged from $180 per tonne in the north to from $189 the south.
Read Also
U.S. grains: Corn rebounds from contract lows on short covering, bargain buying
Bargain buying and short covering lifted U.S. corn futures on Monday after the market slid to contract lows on expectations for strong U.S. output, traders said.
In Alberta, CWRS prices ranged from $179 in the Peace River district to $188 in the southern part of the province.
Average Canada Prairie Spring Red wheat (CPSR) bids in Alberta lost about $1 to $2 on average, topping out at $149 to $158 per tonne.
In Manitoba and Saskatchewan, average bids for CPSR ranged from $138 in Manitoba, which was down $5 on the week, to $143 per tonne in southern Saskatchewan, down $7.
Soft white spring wheat prices were down by about $7 on the week, ranging from $133 to $136 per tonne in Alberta and Saskatchewan. Average winter wheat prices ranged from $133 to $141 per tonne across Western Canada, with the best pricing opportunities in Manitoba.
Durum prices in southern Saskatchewan, where the bulk of the crop is grown, gained about $3 on average to trade at roughly $260 per tonne.
The December spring wheat contract in Minneapolis, off of which most CWRS contracts in Canada are based, was quoted at US$5.78 per bushel on Friday, down 33.5 cents from the previous week.
Kansas City hard red winter wheat futures, now traded in Chicago, are more closely linked to CPSR in Canada. The December KC wheat contract lost 45 cents during the week, and was quoted Friday at US$5.9325 per bushel.
The December Chicago Board of Trade soft wheat contract settled at US$5.023525 on Friday, down 33 cents from the previous week.
— Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.
Table: A weekly snapshot of average published prices, available on Mondays, released Sept. 15, 2014. Futures vary slightly due to changes while data is collected. Prices in Canadian dollars per tonne. Source: AGCanada.com
| CWRS | Future—- | Basis—- | Net—- |
| Manitoba | 209.44 | -10.89 | 198.55 |
| Sask North Central | 209.67 | -28.95 | 180.72 |
| Sask South | 209.40 | -20.06 | 189.34 |
| Alberta South | 210.75 | -22.63 | 188.12 |
| Alberta Central | 211.68 | -24.22 | 187.45 |
| Peace | 210.48 | -31.84 | 178.63 |
| CPSR | Future | Basis | Net |
| Manitoba | 216.57 | -78.92 | 137.65 |
| Sask North Central | 215.78 | -74.04 | 141.74 |
| Sask South | 216.16 | -73.13 | 143.04 |
| Alberta South | 216.76 | -62.58 | 154.18 |
| Alberta Central | 217.53 | -63.83 | 153.70 |
| Peace | 216.22 | -67.35 | 148.87 |
| CWSWS | Future | Basis | Net |
| Alberta South | 183.90 | -47.86 | 136.05 |
| Alberta Central | 185.62 | -48.13 | 137.49 |
| Peace | 183.84 | -50.53 | 133.31 |
| CWRW | Future | Basis | Net |
| Manitoba | 215.94 | -75.03 | 140.92 |
| Sask North Central | 215.70 | -82.90 | 132.80 |
| Sask South | 215.66 | -79.28 | 136.37 |
| Alberta South | 216.76 | -84.54 | 132.22 |
| Alberta Central | 216.45 | -82.38 | 134.06 |
| Peace | 216.22 | -83.57 | 132.65 |
| CWAD | Net | ||
| Sask North Central | 254.61 | ||
| Sask South | 259.93 | ||
| Alberta South | 262.09 | ||
| Alberta Central | 257.28 |
