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<DIV>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Tue, May 24<BR>(All Bases in CAD)<BR>Bank of Canada Noon exchange rate was 0.9774 up 0.0044<BR>Chicago corn closed moderately to sharply lower.</DIV>
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<DIV> JUL11 HI 7.59 DEC11 HI 6.79 1/2<BR> LOW 7.26 3/4 LOW 6.55 1/4<BR> CLOSE7.33 1/4 Down 20 3/4 CLOSE 6.62 1/2 Down 8</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 7.03 276.86 -0.80 5.83 229.32<BR>CK High -0.25 7.08 278.83 -0.75 5.88 231.29<BR>CK Avg -0.26 -0.09 7.07 278.50 -0.76 -0.61 5.87 230.96<BR>Essex Cty -0.30 7.03 276.86 -0.80 5.83 229.32<BR>Mdsx Low -0.30 7.03 276.86 -0.80 5.83 229.32<BR>Mdsx High -0.25 7.08 278.83 -0.75 5.88 231.29<BR>Mdsx Avg -0.27 -0.10 7.07 278.17 -0.77 -0.62 5.86 230.63<BR>Hensall -0.25 7.08 278.83 -0.75 5.88 231.29<BR>Bruce -0.25 7.08 278.83 -0.75 5.88 231.29<BR>Putnam -0.25 7.08 278.83 -0.75 5.88 231.29<BR>Princeton -0.30 7.03 276.86 -0.80 5.83 229.32<BR>Durham -0.25 7.08 278.83 -0.75 5.88 231.29<BR>Norfolk -0.25 7.08 278.83 -0.75 5.88 231.29<BR>Trenton -0.35 6.98 274.89 -0.75 5.88 231.29<BR>Winchester -0.05 7.28 286.70 -0.65 5.98 235.23<BR>North Gower -0.35 6.98 274.89 -1.10 5.53 217.51<BR>Huron FOB -0.20 7.13 280.79 -0.70 5.93 233.26<BR>Kent FOB -0.25 7.08 278.83 -0.70 5.93 233.26<BR>Lamb FOB -0.25 7.08 278.83 -0.70 5.93 233.26<BR>Mdsx FOB -0.25 -0.25 0.15 0.30 7.08 278.83 -0.75 5.88 231.29<BR>FOB SW Que -0.35 6.98 274.89 -0.70 5.93 233.26<BR>Track 0.08 7.41 291.62N/A<BR>PROCESSORS<BR>Chat-Eth N/A -0.40 0.15 0.35 -0.75 5.88 231.29<BR>Jhnstwn-Eth N/A N/A N/A N/A N/A<BR>Aylmer-Eth 0.00 0.00 0.40 0.45 7.33 288.67 -0.65 5.98 235.23<BR>Sarn-Eth N/A -0.15 0.35 0.50 N/A<BR>Cllngwd-Eth -0.25N/A N/A N/A 7.08 278.83-0.75* 5.88 231.29<BR>Kwrth-Eth N/A -0.10 0.15N/A N/A<BR>London-Cas N/A N/A 0.00 0.20 -0.70 5.93 233.26<BR>Pt.Colb-Cas N/A N/A 0.25 0.45 -0.65 5.98 235.23<BR>Cardnl-Cas N/A 0.10 0.40 0.45 -0.65 5.98 235.23<BR>W O Feed 0.04 0.06 7.37 290.24</DIV>
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<DIV>US Rep 0.40 0.42 7.73 304.42<BR>Toledo El. 0.17 7.50 295.21 -0.42 6.20 244.27</DIV>
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<DIV>TRANSFER<BR>Sarnia -0.30 7.03 276.86 -0.80 5.83 229.32<BR>Pt. Stanley -0.31 7.02 276.46 -0.81 5.82229<BR>Hamilton 0.03 7.36 289.85 -0.66 5.97234 5/6</DIV>
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<DIV>MID SD CRN -0.77 1/2 5.85<BR>HI SD CRN -0.75 5.87 1/2<BR>*Wet Bid</DIV>
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<DIV><BR>Bank of Canada Noon exchange rate was 0.9774 up 0.0044<BR>Chicago soybeans closed narrowly mixed.</DIV>
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<DIV> JUL11 HI 13.89 NOV11 HI 13.68 1/2<BR> LOW 13.65 3/4 LOW 13.46 1/4<BR> CLOSE13.72 1/4 Down 1 1/2 CLOSE 13.54 1/4 Up 3 1/2</DIV>
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<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 -0.75 12.97 476.66-1.25 12.29 451.67<BR>CK High -0.65 13.07 480.33-1.10 12.44 457.18<BR>CK Average -0.70 -0.3913.02 478.43-1.21-0.9012.33 453.20<BR>Essex Cty -0.62 13.10 481.43-1.13 12.41 456.08<BR>Mdsx Low -0.78 12.94 475.56-1.25 12.29 451.67<BR>Mdsx High -0.72 13.00 477.76-1.21 12.33 453.14<BR>Mdsx Average -0.75 -0.4412.97 476.66-1.23-0.9212.31 452.28<BR>Hensall -0.75 12.97 476.66-1.25 12.29 451.67<BR>Bruce -0.75 12.97 476.66-1.25 12.29 451.67<BR>Putnam -0.75 12.97 476.66-1.25 12.29 451.67<BR>Princeton -0.65 13.07 480.33-1.13 12.41 456.08<BR>Durham -0.74 12.98 477.03-1.21 12.33 453.14<BR>Norfolk -0.60 13.12 482.17-1.17 12.37 454.61<BR>Trenton -1.00 12.72 467.47-1.20 12.34 453.51<BR>Winchester -0.80 12.92 474.82-1.08 12.46 457.92<BR>North Gower -0.70 13.02 478.49-0.85 12.69 466.37<BR>Huron FOB -0.65 13.07 480.33-1.15 12.39 455.35<BR>Kent FOB -0.65 13.07 480.33-1.22 12.32 452.77<BR>Lambton FOB -0.65 13.07 480.33-1.22 12.32 452.77<BR>Middlesex FOB-0.73-0.73 N/A N/A 12.99 477.39-1.05 12.49 459.02</DIV>
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<DIV>PROCESSORS<BR>Hamilton -0.25-0.25-0.40-0.45 13.47 495.03-0.70 12.84 471.88<BR>Windsor -0.25-0.25-0.23 N/A 13.47 495.03-0.83 12.71 467.10<BR>Winchester -0.82 12.90 474.09-1.10 12.44 457.18</DIV>
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<DIV>TRANSFER<BR>Hamilton -0.35 N/A N/A N/A 13.37 491.36-0.65 12.89 473.72<BR>Pt. Stanley -0.80 12.92 474.82-1.10 12.44 457.18<BR>Sarnia -0.60 13.12 482.17-0.77 12.77 469.31<BR>Owen Sound N/A N/A<BR>Sorel QC -0.51 13.21 485.48-0.30 13.24 486.58</DIV>
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<DIV>Toledo El. 0.02 13.74 504.93-0.42 13.12 482.16</DIV>
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<DIV><BR>Bank of Canada Noon exchange rate was 0.9774 up 0.0044<BR>Chicago wheat closed lower.<BR>JUL11 HI 8.09 3/4 JUL11 HI 8.09 3/4<BR> LOW 7.77 1/2 LOW 7.77 1/2<BR> CLOSE 7.79 3/4 Down 23 1/4 CLOSE 7.79 3/4 Down 23 1/4</DIV>
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<DIV>Minni wheat closed moderately lower.<BR>JUL11 HI 10.04 SEP11 HI 9.91 3/4<BR> LOW 9.85 3/4 LOW 9.74 1/2<BR> CLOSE 9.88 3/4 Down 12 1/4 CLOSE 9.75 1/2 Down 12</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 -0.57 -0.18 -0.62 -0.37<BR>CAD $/bu 7.23 7.62 7.18 9.51<BR>CAD $/tonne 265.60 279.96 263.80 349.61</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 -0.62 -0.38 -0.97 N/A -0.77 -0.48 -1.31 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 -0.81 N/A N/A N/A -1.34 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 -0.30 -1.26 -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 -1.36 N/A N/A N/A -1.80<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 -0.07 -0.61 N/A -0.54 -0.05 -0.94 N/A<BR>Hamilton N/A N/A -0.15 N/A N/A N/A -0.70 N/A<BR>Pt. Stanley N/A N/A -0.70 N/A N/A N/A -1.15 N/A</DIV>
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<DIV>PROCESSORS<BR>Toledo FM N/A N/A N/A N/A 0.07 0.51 -0.28 N/A</DIV>
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<DIV>Toledo El. 7.47US 7.30CA 7.57US 7.39CA</DIV>
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<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 -0.08 -0.86 -0.81<BR>CAD $/bu 7.13 7.72 6.94 8.95<BR>CAD $/tonne 262.01 283.55 254.83 328.70</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 399.26<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>