Prairie Wheat Prices Rise as US Complex Gains Strength
Recent developments in the US wheat market have lent support to Prairie wheat prices. The Canadian dollar's strength has attempted to limit this upside, but gains in US wheat prices remain a key driver of price increases for Western Canadian wheat.
The situation was exacerbated by Ukraine and Russia attacking each other's grain ports, severely limiting wheat exports out of the Black Sea. This led to higher prices for US wheat, which, in turn, contributed to stronger Prairie prices.
Cash prices for Western Canadian wheat improved during the week ended August 25, while those for durum dipped lower. Agriculture and Agri-Food Canada has upped its call on all wheat production for 2026-27 to 36.27 million tonnes in its August supply and demand report.
Canadian Western Red Spring (CWRS) average prices gained C$4.60 to C$7.20 per tonne, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). CWRS basis levels varied from location to location and ranged from C$27.10 to C$53 per tonne above the futures.
The Minneapolis futures were quoted at US$7.2000 per bushel on August 25, rising 16.25 cents on the week. The Kansas City hard red winter wheat futures are more closely linked to Canadian Prairie Spring Red (CPRS) and saw a 12.25-cent gain. The Chicago Board of Trade soft wheat contract settled at US$7.0325 per bushel Aug. 25, advancing 22 cents.