Prairie Wheat Prices Plummet Amid Weaker US Market

The Prairie wheat market saw prices drop for Western Canadian wheat varieties during the week ended September 8, while durum prices ticked up slightly.

The decline in U.S. wheat complex weighed heavily on Prairie prices, with the prospect of peace talks in the Russia-Ukraine war causing a sharp fall in U.S. wheat futures.

Cash prices for Canadian Western Red Spring (CWRS) wheat averaged C$10.00 per tonne lower, ranging from C$305.00 to C$330.90 per tonne depending on location.

The basis levels for CWRS were also affected, with quoted levels varying between C$27.90 and C$53.80 per tonne above the futures when using the grain company methodology.