Canadian spring wheat bids drop with large U.S. acreage ideas.

Hard red spring wheat bids in Western Canada moved lower during the week ended March 29, as losses in the Minneapolis futures weighed on values. A report from the United States Department of Agriculture predicting much larger spring wheat acres in the country than many analysts had expected accounted for the sell-off in the futures that spilled into Canadian cash prices. The USDA pegged intended U.S. spring wheat area in 2018 at 11.6 million acres, which would be well above the 9.6 million seeded in 2017. Statistics Canada releases its first survey-based estimates on Canada’s crop on April 27. Depending on the location, average Canada Western Red Spring (13.5% CWRS) wheat prices were down by C$9 to C$10 per tonne across the Prairie provinces, according to price quotes from a cross-section of delivery points compiled by PDQ (Price and Data Quotes). Average prices ranged from about C$227 per tonne in western Manitoba and southeastern Saskatchewan, to as high as C$242 in northern Alberta.