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<DIV>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Fri, January 20<BR>(All Bases in CAD)<BR>Bank of Canada Noon exchange rate was 1.0143 up 0.0048<BR>Chicago corn closed mixed.</DIV>
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<DIV> MAR12 HI 6.13 3/4 DEC12 HI 5.58 1/4<BR> LOW 6.01 1/4 LOW 5.47<BR> CLOSE6.11 1/2 Up 5 1/2 CLOSE 5.51 3/4 Down 5 1/4</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 +MAR12+MAY12+MAY12<BR>CK Low -0.35 5.77 226.96 -0.60 4.92 193.59<BR>CK High -0.25 5.87 230.89 -0.55 4.97 195.56<BR>CK Avg -0.30 -0.39 5.82 228.93 -0.57 -0.66 4.95 194.91<BR>Essex Cty -0.30 5.82 228.93 -0.60 4.92 193.59<BR>Mdsx Low -0.30 5.82 228.93 -0.60 4.92 193.59<BR>Mdsx High -0.30 5.82 228.93 -0.55 4.97 195.56<BR>Mdsx Avg -0.30 -0.39 5.82 228.93 -0.58 -0.67 4.94 194.58<BR>Hensall -0.30 5.82 228.93 -0.58 4.94 194.58<BR>Bruce -0.30 5.82 228.93 -0.60 4.92 193.59<BR>Putnam -0.30 5.82 228.93 -0.60 4.92 193.59<BR>Burford -0.30 5.82 228.93 -0.55 4.97 195.56<BR>Port Perry -0.30 5.82 228.93 -0.55 4.97 195.56<BR>Norfolk -0.25 5.87 230.89 -0.55 4.97 195.56<BR>Palmerston -0.30 5.82 228.93 -0.60 4.92 193.59<BR>Varna -0.30 5.82 228.93 -0.50 5.02 197.53<BR>Trenton -0.05 6.07 238.77 -0.45 5.07 199.50<BR>Winchester -0.05 6.07 238.77 -0.45 5.07 199.50<BR>North Gower -0.27 5.85 230.11 -0.44 5.08 199.89<BR>Huron FOB -0.20 5.92 232.86 -0.50 5.02 197.53<BR>Kent FOB -0.25 5.87 230.89 -0.55 4.97 195.56<BR>Lamb FOB -0.25 5.87 230.89 -0.55 4.97 195.56<BR>Mdsx FOB -0.30 -0.25 -0.25 -0.20 5.82 228.93 -0.55 4.97 195.56<BR>FOB SW Que 0.10 6.22 244.67 -0.30 5.22 205.40<BR>Track 0.13 6.24 245.66N/A<BR>PROCESSORS<BR>Chat-Eth N/A N/A N/A N/A N/A<BR>Jhnstwn-Eth 0.20 0.20 0.20 0.25 6.32 248.61 -0.40 5.12 201.47<BR>Aylmer-Eth N/A -0.10 -0.10 0.00 N/A<BR>Sarn-Eth 0.00 0.05 0.00 0.05 6.12 240.74N/A<BR>Cllngwd-Eth 0.10N/A N/A N/A 6.22 244.67-0.30* 5.22 205.40<BR>London-Cas 0.00 0.00 0.00 0.10 6.12 240.74 -0.35 5.17 203.44<BR>Pt.Colb-Cas 0.25 0.30 0.35 0.40 6.37 250.58 -0.30 5.22 205.40<BR>Cardnl-Cas 0.25 0.30 0.25 0.30 6.37 250.58 -0.30 5.22 205.40<BR>W O Feed 0.19 0.18 6.31 248.22</DIV>
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<DIV>US Rep 0.70 0.69 6.82 268.29<BR>Toledo El. -0.03 6.08 239.54 -0.44 5.08 199.99</DIV>
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<DIV>TRANSFER<BR>Sarnia N/A N/A<BR>Pt. Stanley N/A N/A<BR>Hamilton -0.07 6.05238 -0.30 5.22205 2/5</DIV>
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<DIV>MID SD CRN -0.30 5.81 1/2<BR>HI SD CRN -0.25 5.86 1/2<BR>*Wet Bid</DIV>
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<DIV><BR>Bank of Canada Noon exchange rate was 1.0143 up 0.0048<BR>Chicago soybeans closed slightly lower.</DIV>
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<DIV> MAR12 HI 12.04 NOV12 HI 12.00<BR> LOW 11.83 LOW 11.79 1/2<BR> CLOSE11.87 Down 10 CLOSE 11.83 3/4 Down 10 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 +MAR1+MAR1+MAY12<BR>CK Low -0.60 11.27 414.10-0.80 11.04 405.56<BR>CK High -0.52 11.35 417.04-0.75 11.09 407.40<BR>CK Average -0.58 -0.7511.29 414.90-0.79-1.0011.05 405.99<BR>Essex Cty -0.45 11.42 419.61-0.66 11.18 410.70<BR>Mdsx Low -0.55 11.32 415.94-0.75 11.09 407.40<BR>Mdsx High -0.55 11.32 415.94-0.75 11.09 407.40<BR>Mdsx Average -0.55 -0.7211.32 415.94-0.75-0.9611.09 407.40<BR>Hensall -0.58 11.30 415.02-0.78 11.06 406.48<BR>Bruce -0.60 11.27 414.10-0.80 11.04 405.56<BR>Putnam -0.60 11.27 414.10-0.80 11.04 405.56<BR>Burford -0.49 11.38 418.14-0.69 11.15 409.60<BR>Port Perry -0.58 11.29 414.84-0.78 11.06 406.29<BR>Norfolk -0.54 11.33 416.31-0.79 11.05 405.93<BR>Palmerston -0.65 11.22 412.26-0.85 10.99 403.72<BR>Varna -0.60 11.27 414.10-0.80 11.04 405.56<BR>Trenton -0.70 11.17 410.43-0.80 11.04 405.56<BR>Winchester -0.70 11.17 410.43-0.65 11.19 411.07<BR>North Gower -0.44 11.43 419.98-0.68 11.16 409.97<BR>Huron FOB -0.45 11.42 419.61-0.70 11.14 409.23<BR>Kent FOB -0.52 11.35 417.04-0.77 11.07 406.66<BR>Lambton FOB -0.52 11.35 417.04-0.77 11.07 406.66<BR>Middlesex FOB-0.41-0.41-0.39-0.39 11.46 421.08-0.62 11.22 412.17</DIV>
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<DIV>PROCESSORS<BR>Hamilton -0.05-0.10-0.10-0.20 11.82 434.31-0.30 11.54 423.93<BR>Windsor -0.22-0.17-0.17-0.27 11.65 428.06-0.43 11.41 419.15<BR>Winchester -0.68 11.19 411.16-0.63 11.21 411.81</DIV>
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<DIV>TRANSFER<BR>Hamilton -0.20 N/A N/A N/A 11.67 428.80-0.24 11.60 426.14<BR>Pt. Stanley N/A N/A<BR>Sarnia N/A N/A<BR>Owen Sound N/A N/A<BR>Sorel QC -0.15 11.72 430.640.05 11.89 436.79</DIV>
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<DIV>Toledo El. -0.25 11.62 426.83-0.59 11.25 413.27</DIV>
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<DIV><BR>Bank of Canada Noon exchange rate was 1.0143 up 0.0048<BR>Chicago wheat closed slightly higher.<BR>MAR12 HI 6.12 JUL12 HI 6.45 1/4<BR> LOW 5.97 LOW 6.28 1/2<BR> CLOSE 6.10 1/2 Up 4 3/4 CLOSE 6.43 3/4 Up 4 3/4</DIV>
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<DIV>Minni wheat closed slightly lower.<BR>MAR12 HI 8.02 SEP12 HI 7.58<BR> LOW 7.94 3/4 LOW 7.51<BR> CLOSE 7.98 3/4 Down 1/4 CLOSE 7.55 1/4 Down 1</DIV>
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<DIV>GFO Cash Wheat Prices - DEL Terminal<BR>Current Crop 11 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)<BR>Basis -0.11 0.75 0.19 -0.29<BR>CAD $/bu 5.99 6.85 6.30 7.70<BR>CAD $/tonne 220.16 251.86 231.35 282.89</DIV>
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<DIV><BR>Direct MarkHarvest 2011 Harvest 2012<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 0.60 0.05 N/A N/A 0.60 -0.20 N/A<BR>London -0.21 0.50 -0.01 N/A N/A 0.55 -0.26 N/A<BR>Hensall -0.10 N/A -0.05 N/A 0.05 N/A -0.20 N/A<BR>Trenton N/A N/A N/A N/A N/A N/A -0.45 N/A<BR>Winchester N/A N/A N/A N/A N/A N/A N/A -0.20<BR>Essex N/A N/A -0.07 N/A N/A N/A -0.29 N/A<BR>Norwich -0.10 N/A -0.05 N/A 0.05 N/A -0.20 N/A<BR>Mt. Elgin N/A N/A N/A N/A N/A N/A N/A N/A<BR>Kent Bridge -0.10 N/A -0.05 N/A 0.05 N/A -0.20 N/A<BR>Chatham N/A N/A N/A N/A N/A 0.58 -0.27 N/A<BR>Brigden N/A N/A N/A N/A N/A 0.58 -0.27 N/A<BR>Palmerston N/A 0.75 -0.04 -0.49 N/A 0.47 -0.25 -0.53<BR>Varna 0.00 0.75 0.00 N/A 0.10 0.75 -0.25 N/A<BR>Mitchell -0.10 0.60 -0.05 N/A 0.05 0.65 -0.20 N/A<BR>Thornton N/A N/A N/A -0.61 N/A N/A N/A N/A<BR>North Gower N/A N/A N/A N/A N/A N/A N/A -0.15</DIV>
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<DIV>TERMINAL<BR>Sarnia N/A N/A N/A N/A N/A N/A N/A N/A<BR>Hamilton N/A N/A 0.38 N/A N/A N/A -0.20 N/A<BR>Pt. Stanley N/A N/A N/A N/A N/A N/A N/A N/A</DIV>
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<DIV>PROCESSORS<BR>Toledo FM N/A N/A 0.50N/A 0.22 1.13 0.52N/A</DIV>
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<DIV>Toledo El. 6.23US 6.32CA 6.46US 6.57CA</DIV>
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<DIV>GFO Contract Wheat Prices - DEL Terminal<BR>Harvest 12 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)<BR>Basis 0.01 0.83 -0.19 0.18<BR>CAD $/bu 6.45 7.26 6.25 7.74<BR>CAD $/tonne 236.96 266.88 229.48 284.26</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 - 295.00<BR>Bayport Oats 295.00<BR>Bayport Barley 285.00<BR>FOB Hm Soymeal 364.76 - 365.86<BR>DDG's FOB Srn, Wndr, Aylm 165.00 - 178.00<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>