Prairie Wheat Prices Plummet Amid Weaker US Wheat and Stronger Canadian Dollar

Prairie wheat prices took a hit in the week ended September 8 due to weaker US wheat and a stronger Canadian dollar. Cash prices for Western Canadian wheat were mixed, with losses in spring varieties like CWRS (13.5%) and slight upticks in durum.

The average CWRS price lost C$6.80 to C$10.00 per tonne, ranging from C$305.00 per tonne in southeastern Saskatchewan to C$330.90 per tonne in southern Alberta. Quoted basis levels varied, with some locations showing the CWRS basis as low as US$37.00 below the futures.

The US wheat complex also weighed on Prairie prices, with the December spring wheat contract in Minneapolis giving up 22.75 cents on the week. The Kansas City hard red winter wheat futures and Chicago Board of Trade soft wheat contract also retreated, down 26.25 cents and 35.50 cents respectively.