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<DIV>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Mon, May 23<BR>(All Bases in CAD)<BR>Bank of Canada Noon exchange rate was 0.973 down 0.0005<BR>Chicago corn closed mixed.</DIV>
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<DIV> JUL11 HI 7.75 DEC11 HI 6.77<BR> LOW 7.50 LOW 6.56 1/2<BR> CLOSE7.54 Down 5 1/2 CLOSE 6.70 1/2 Up 4</DIV>
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<DIV> OLD CROP BASIS NEW CROP BASIS<BR>Location Spot 1mt 2mt 3mt Adj $/bu $/mt Cntrct Adj $/bu $/mt<BR>ELEVATORS +JUL11+SEP11+SEP11<BR>CK Low -0.30 7.24 285.03 -0.80 5.91 232.47<BR>CK High -0.25 7.29 286.99 -0.75 5.96 234.44<BR>CK Avg -0.27 -0.09 7.27 286.34 -0.77 -0.61 5.94 233.78<BR>Essex Cty -0.30 7.24 285.03 -0.80 5.91 232.47<BR>Mdsx Low -0.30 7.24 285.03 -0.80 5.91 232.47<BR>Mdsx High -0.30 7.24 285.03 -0.80 5.91 232.47<BR>Mdsx Avg -0.30 -0.13 7.24 285.03 -0.80 -0.65 5.91 232.47<BR>Hensall -0.30 7.24 285.03 -0.80 5.91 232.47<BR>Bruce -0.25 7.29 286.99 -0.75 5.96 234.44<BR>Putnam -0.30 7.24 285.03 -0.80 5.91 232.47<BR>Princeton -0.30 7.24 285.03 -0.80 5.91 232.47<BR>Durham -0.30 7.24 285.03 -0.80 5.91 232.47<BR>Norfolk -0.25 7.29 286.99 -0.75 5.96 234.44<BR>Trenton -0.35 7.19 283.06 -0.75 5.96 234.44<BR>Winchester -0.05 7.49 294.87 -0.65 6.06 238.37<BR>North Gower -0.35 7.19 283.06 -1.10 5.61 220.66<BR>Huron FOB -0.25 7.29 286.99 -0.75 5.96 234.44<BR>Kent FOB -0.25 7.29 286.99 -0.70 6.01 236.41<BR>Lamb FOB -0.25 7.29 286.99 -0.70 6.01 236.41<BR>Mdsx FOB -0.30 -0.30 0.15 0.30 7.24 285.03 -0.80 5.91 232.47<BR>FOB SW Que -0.20 7.34 288.96 -0.70 6.01 236.41<BR>Track 0.08 7.62 299.79N/A<BR>PROCESSORS<BR>Chat-Eth N/A -0.40 0.15 0.35 -0.75 5.96 234.44<BR>Jhnstwn-Eth N/A N/A N/A N/A N/A<BR>Aylmer-Eth -0.25 -0.25 0.20 0.30 7.29 286.99 -0.80 5.91 232.47<BR>Sarn-Eth N/A -0.15 0.35 0.50 N/A<BR>Cllngwd-Eth -0.25N/A N/A N/A 7.29 286.99-0.75* 5.96 234.44<BR>Kwrth-Eth N/A -0.10 0.15N/A N/A<BR>London-Cas N/A N/A 0.05 0.25 -0.70 6.01 236.41<BR>Pt.Colb-Cas N/A N/A 0.25 0.35 -0.65 6.06 238.37<BR>Cardnl-Cas N/A 0.00 0.30 0.35 -0.65 6.06 238.37<BR>W O Feed 0.04 0.07 7.58 298.41</DIV>
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<DIV>US Rep 0.40 0.43 7.94 312.58<BR>Toledo El. 0.17 7.71 303.37 -0.42 6.28 247.43</DIV>
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<DIV>TRANSFER<BR>Sarnia -0.30 7.24 285.03 -0.80 5.91 232.47<BR>Pt. Stanley -0.38 7.16 281.88 -0.87 5.84229 5/7<BR>Hamilton -0.05 7.49 294.87 -0.72 5.99235 5/8</DIV>
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<DIV>MID SD CRN -0.77 1/2 5.93<BR>HI SD CRN -0.75 5.95 1/2<BR>*Wet Bid</DIV>
<DIV> </DIV>
<DIV><BR>Bank of Canada Noon exchange rate was 0.973 down 0.0005<BR>Chicago soybeans closed mixed.</DIV>
<DIV> </DIV>
<DIV> JUL11 HI 13.93 NOV11 HI 13.63<BR> LOW 13.66 LOW 13.36 1/2<BR> CLOSE13.73 3/4 Down 6 1/2 CLOSE 13.50 3/4 Up 1/4</DIV>
<DIV> </DIV>
<DIV> OLD CROP NEW CROP<BR>Location Basis 1mt 2mt 3mt Adj. $/bu $/mt BasisAdj. $/bu $/mt<BR>ELEVATORS +JUL1+JUL1+AUG11<BR>CK Low -0.88 12.86 472.43-1.30 12.21 448.55<BR>CK High -0.65 13.09 480.88-1.15 12.36 454.06<BR>CK Average -0.74 -0.4312.99 477.45-1.24-0.9212.27 450.94<BR>Essex Cty -0.73 13.01 477.94-1.24 12.27 450.75<BR>Mdsx Low -0.83 12.91 474.27-1.31 12.20 448.18<BR>Mdsx High -0.75 12.99 477.21-1.25 12.26 450.39<BR>Mdsx Average -0.79 -0.4712.95 475.74-1.27-0.9612.24 449.65<BR>Hensall -0.78 12.96 476.29-1.28 12.23 449.47<BR>Bruce -0.75 12.99 477.21-1.25 12.26 450.39<BR>Putnam -0.75 12.99 477.21-1.25 12.26 450.39<BR>Princeton -0.83 12.91 474.27-1.26 12.25 450.02<BR>Durham -0.75 12.99 477.21-1.22 12.29 451.49<BR>Norfolk -0.60 13.14 482.72-1.17 12.34 453.33<BR>Trenton -1.10 12.64 464.35-1.30 12.21 448.55<BR>Winchester -0.92 12.82 470.96-1.20 12.31 452.22<BR>North Gower -0.85 12.89 473.53-0.85 12.66 465.08<BR>Huron FOB -0.70 13.04 479.05-1.20 12.31 452.22<BR>Kent FOB -0.65 13.09 480.88-1.22 12.29 451.49<BR>Lambton FOB -0.65 13.09 480.88-1.22 12.29 451.49<BR>Middlesex FOB-0.74-0.64 N/A N/A 13.00 477.58-1.06 12.45 457.37</DIV>
<DIV> </DIV>
<DIV>PROCESSORS<BR>Hamilton -0.35-0.35-0.52-0.57 13.39 491.91-0.77 12.74 468.02<BR>Windsor -0.33-0.33-0.32 N/A 13.41 492.64-0.91 12.60 462.88<BR>Winchester -0.82 12.92 474.64-1.10 12.41 455.90</DIV>
<DIV> </DIV>
<DIV>TRANSFER<BR>Hamilton -0.50 N/A N/A N/A 13.24 486.39-0.75 12.76 468.76<BR>Pt. Stanley -0.90 12.84 471.70-1.20 12.31 452.22<BR>Sarnia -0.71 13.03 478.68-0.87 12.64 464.35<BR>Owen Sound N/A N/A<BR>Sorel QC -0.60 13.14 482.72-0.35 13.16 483.46</DIV>
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<DIV>Toledo El. 0.02 13.76 505.48-0.42 13.09 480.88</DIV>
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<DIV><BR>Bank of Canada Noon exchange rate was 0.973 down 0.0005<BR>Chicago wheat closed slightly lower.<BR>JUL11 HI 8.21 JUL11 HI 8.21<BR> LOW 7.85 1/4 LOW 7.85 1/4<BR> CLOSE 8.03 Down 3 1/2 CLOSE 8.03 Down 3 1/2</DIV>
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<DIV>Minni wheat closed slightly higher.<BR>JUL11 HI 10.19 1/4 SEP11 HI 10.00<BR> LOW 9.85 3/4 LOW 9.70 1/4<BR> CLOSE 10.01 Up 1 1/4 CLOSE 9.87 1/2 Up 6 3/4</DIV>
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<DIV>GFO Cash Wheat Prices - DEL Terminal<BR>Current Crop 10 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)<BR>Basis -0.58 -0.19 -0.62 -0.38<BR>CAD $/bu 7.45 7.84 7.41 9.63<BR>CAD $/tonne 273.89 288.25 272.10 353.94</DIV>
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<DIV><BR>Direct MarkHarvest 2010 Harvest 2011<BR> DELIVERED BASIS DELIVERED BASIS<BR>Location SWW(C) HRW(C) SRW(C) HRS(M) SWW(C) HRW(C) SRW(C) HRS(M)<BR>ELEVATORS<BR>Brgssvll N/A N/A N/A N/A N/A -0.40 -1.25 N/A<BR>London -0.63 -0.39 -0.97 N/A -0.78 -0.49 -1.32 N/A<BR>Hensall -0.60 N/A -0.95 N/A -0.70 N/A -1.35 N/A<BR>Trenton N/A N/A N/A N/A N/A N/A -1.15 N/A<BR>Winchester N/A N/A N/A N/A N/A N/A N/A -1.05<BR>Essex N/A N/A -0.86 N/A N/A N/A -1.36 N/A<BR>Norwich -0.60 N/A -0.95 N/A -0.70 N/A -1.35 N/A<BR>Mt. Elgin N/A N/A N/A N/A N/A N/A N/A N/A<BR>Kent Bridge -0.60 N/A -0.95 N/A -0.70 N/A -1.35 N/A<BR>Chatham N/A -0.42 -0.99 N/A N/A -0.42 -1.32 N/A<BR>Brigden N/A -0.42 -0.99 N/A N/A -0.42 -1.32 N/A<BR>Palmerston N/A -0.24 -0.93 0.07 N/A -0.32 -1.28 -0.82<BR>Mitchell -0.60 -0.40 -0.95 N/A -0.70 -0.50 -1.35 N/A<BR>Thornton N/A N/A N/A -1.25 N/A N/A N/A -1.70<BR>North Gower N/A N/A N/A N/A N/A N/A N/A N/A</DIV>
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<DIV>TERMINAL<BR>Sarnia -0.51 -0.08 -0.61 N/A -0.65 -0.11 -0.99 N/A<BR>Hamilton N/A N/A -0.25 N/A N/A N/A -0.80 N/A<BR>Pt. Stanley N/A N/A -0.80 N/A N/A N/A -1.25 N/A</DIV>
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<DIV>PROCESSORS<BR>Toledo FM N/A N/A N/A N/A 0.06 0.50 -0.28 N/A</DIV>
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<DIV>Toledo El. 7.70US 7.52CA 7.80US 7.62CA</DIV>
<DIV> </DIV>
<DIV>GFO Contract Wheat Prices - DEL Terminal<BR>Harvest 11 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)<BR>Basis -0.67 -0.09 -0.87 -0.81<BR>CAD $/bu 7.36 7.94 7.16 9.06<BR>CAD $/tonne 270.30 291.84 263.12 332.94</DIV>
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<DIV>(C)-Basis over the Chicago Board of Trade futures<BR>(M)-Basis over the Minneapolis Grain Exchange</DIV>
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<DIV>FEED GRAINS<BR>Bayport Wheat 290.00 - 298.00<BR>Bayport Oats 300.00<BR>Bayport Barley 257.00<BR>FOB Hm Soymeal 397.72 - 398.82<BR>DDG's FOB Srn, Wndr, Aylm 215.00 - 230.00<BR></DIV>
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<DIV>John Jordan<BR>Editor, AgriLink and Farm Market News<BR>University of Guelph, Ridgetown Campus<BR>Tel. 519-674-1500 x 63577</DIV>
<DIV>Fax. 519-674-1530<BR>E-mail: jjordan@ridgetownc.uoguelph.ca<BR>AgriLink website : www.ridgetownc.com/agrilink </DIV></BODY></HTML>