Cash bids for wheat, durum and canola that are reported in Saskatchewan Agriculture's weekly Market Trends are stuck in neutral as we enter the winter months.
The average bid for No. 1 Canada western red spring (CWRS) wheat was reported at $218.93/metric ton as of Nov. 13, down just $0.20/mt from the previous week. This bid has ranged over a $9.41/mt range over the past eight weeks since recovering from an early September weekly low of $193.62/mt.
Despite the late harvest and acres yet to be harvested on the Prairies, producers have delivered 5.256 million metric tons of wheat into the licensed system as of week 13, down slightly from the previous crop year but 8% higher than the five-year average. Overall movement has been good, with both CP and CN notching a record monthly grain movement in October, while commercial stocks are down 17.5% from last year and 15.7% from the five-year average.
Prices are seen flat despite the Canadian dollar, which is poised for its fourth consecutive weekly loss.
The weekly durum price was reported at $267.08/mt, down $1.32/mt over the past week. For an eight-week period, this weekly price has fallen in a narrow $3.13/mt range, after a run in price from $233.81/mt in early August to $267.50/mt in early October. Over the first 13 weeks of the crop year, producers have delivered 1.187 mmt, well above the 853,400 mt delivered in the same period last crop year and 12.3% higher than the five-year average. Commercial stocks of durum are 1.1% below the same period last crop year and 1.7% higher than the five-year average.
The weekly canola bid was reported at $420.79/mt, down $2.14/mt over the previous week while holding in a $20.30/mt range over the past 21 weeks, currently holding near the middle of this range. Despite the late harvest and as much of 10% of the prairie crop yet to be harvested, producers have delivered 5.208 mmt of canola into the licensed handling system as of week 13, up slightly from last year and 6.4% above the five-year average. This has led to week 13 commercial stocks of 1.579 mmt, up 6.9% from the same week last year and 8.6% higher than the five-year average. One factor behind this data is the amount of tough grain harvested and the ongoing search for drying capacity. A recent DTN poll indicated that 55% of respondents had farm drying capabilities, while elevator drying may be required by those that do not have dryers.
While not shown, yellow pea bids are slowly creeping higher, with No. 1 yellows bid at $6.45/bushel delivered to Saskatchewan plants, or the highest seen since late-July. Greens are a different story, having increased $2/bu. over four weeks to $10.13/bu., the highest seen since early July.
Large green lentils are showing gradual strength, reported at $25.50/cwt delivered to Saskatchewan plants as of Nov. 13, the highest price seen since June 2018. Red lentils are bid at $18.36/cwt, up $0.36/cwt over the past week, while the highest seen since March.
DTN 360 Poll
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Cliff Jamieson can be reached at firstname.lastname@example.org
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