Cash wheat bids across Western Canada moved higher over the week ended March 26, with both Canada Western red spring (CWRS) and Canada Prairie red spring (CPRS) wheat bids posting good gains in most locations.
However, basis levels were generally off by a dollar or two per tonne, as the demand backed away slightly.
Average spot bids for CWRS (13.5 per cent protein) on March 26 across Manitoba, Saskatchewan and Alberta came in at around C$285 per tonne ($7.75 per bushel) based on pricing available from a cross-section of delivery points. That compares with $278 per tonne ($7.58/bu.), at the same point March 18.
The best pricing remains in Alberta, although basis levels above the futures were no longer available for nearby delivery as they had been earlier in the month.
Over the same time, the May spring wheat contract in Minneapolis increased by about US20 cents per bushel, to trade at around US$8.10.
CPRS bids were up by about C$6 per tonne over the reporting period, with average values at $254 per tonne ($6.89/bu.) from the $248 per tonne ($6.75/bu.) level seen the previous week.
Meanwhile, durum prices were weaker. Average spot bids were down by about C$10 per tonne from the previous week, to come in at about $280 per tonne, or $7.63 per bushel.
— Phil Franz-Warkentin writes for Commodity News Service Canada, a Winnipeg company specializing in grain and commodity market reporting.