Prairie wheat bids follow US futures upward.

Wheat bids in Western Canada rose for the week ended May 25, taking support from rising U.S. futures and a weaker Canadian dollar. Depending on the location, average Canada Western Red Spring (CWRS, 13.5 per cent protein) wheat prices were up $7-$17 per tonne across the Prairie provinces. Average prices ranged from about $248 per tonne in northwestern Saskatchewan to as high as $276 in northern Alberta and eastern Manitoba. Quoted basis levels varied from location to location and ranged from $11 to $39 per tonne above the futures when using the grain company methodology of quoting the basis as the difference between U.S. dollar-denominated futures and Canadian dollar cash bids. When accounting for currency exchange rates by adjusting Canadian prices to U.S. dollars, CWRS bids ranged from US$191 to US$214 per tonne. That would put the currency adjusted basis levels at about US$23-$46 below the futures.