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<DIV><FONT face="Courier New">FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Tue, May 22<BR>(All Bases in CAD)<BR>Bank of Canada Noon exchange rate was 1.0191 down 0.0019<BR>Chicago corn closed lower to sharply lower.</FONT></DIV>
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<DIV><FONT face="Courier New"> JUL12 HI 6.34 3/4 DEC12 HI 5.45 1/4<BR> LOW 5.95 LOW 5.20<BR> CLOSE5.97 Down 36 CLOSE 5.22 Down 18 1/2</FONT></DIV>
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<DIV><FONT face="Courier New"> OLD CROP BASIS NEW CROP BASIS<BR>Location Spot 1mt 2mt 3mt Adj $/bu $/mt Cntrct Adj $/bu $/mt<BR>ELEVATORS +JUL12+SEP12+SEP12<BR>CK Low -0.20 5.77 227.15 -0.66 4.56 179.52<BR>CK High -0.20 5.77 227.15 -0.60 4.62 181.88<BR>CK Avg -0.20 -0.33 5.77 227.15 -0.64 -0.76 4.58 180.18<BR>Essex Cty -0.20 5.77 227.15 -0.70 4.52 177.94<BR>Mdsx Low -0.20 5.77 227.15 -0.65 4.57 179.91<BR>Mdsx High -0.20 5.77 227.15 -0.65 4.57 179.91<BR>Mdsx Avg -0.20 -0.33 5.77 227.15 -0.65 -0.77 4.57 179.91<BR>Hensall -0.20 5.77 227.15 -0.63 4.60 180.90<BR>Bruce -0.20 5.77 227.15 -0.65 4.57 179.91<BR>Putnam -0.20 5.77 227.15 -0.65 4.57 179.91<BR>Burford -0.20 5.77 227.15 -0.65 4.57 179.91<BR>Port Perry -0.20 5.77 227.15 -0.65 4.57 179.91<BR>Norfolk -0.20 5.77 227.15 -0.66 4.56 179.52<BR>Palmerston -0.25 5.72 225.19 -0.60 4.62 181.88<BR>Varna -0.20 5.77 227.15 -0.60 4.62 181.88<BR>Trenton -0.05 5.92 233.06 -0.65 4.57 179.91<BR>Winchester 0.10 6.07 238.97 -0.50 4.72 185.82<BR>North Gower -0.15 5.82 229.12 -0.75 4.47 175.98<BR>Huron FOB -0.15 5.82 229.12 -0.55 4.67 183.85<BR>Kent FOB -0.20 5.77 227.15 -0.66 4.56 179.52<BR>Lamb FOB -0.20 5.77 227.15 -0.66 4.56 179.52<BR>Mdsx FOB -0.20 -0.20 0.50N/A 5.77 227.15 -0.65 4.57 179.91<BR>FOB SW Que 0.45 6.42 252.74 -0.23 4.99 196.45<BR>Track 0.13 6.10 239.95N/A<BR>PROCESSORS<BR>Chat-Eth N/A N/A N/A N/A -0.60 4.62 181.88<BR>Jhnstwn-Eth N/A N/A N/A N/A -0.40 4.82 189.76<BR>Aylmer-Eth -0.40 -0.35 0.50 0.55 5.57 219.28 -0.60 4.62 181.88<BR>Sarn-Eth N/A -0.10 0.70 0.75 N/A<BR>Cllngwd-Eth -0.10N/A N/A N/A 5.87 231.09-0.30* 4.92 193.69<BR>London-Cas N/A N/A 0.80 0.85 -0.50 4.72 185.82<BR>Pt.Colb-Cas N/A N/A 0.85 0.90 -0.45 4.77 187.79<BR>Cardnl-Cas N/A 0.25 1.10 1.15 -0.45 4.77 187.79<BR>W O Feed 0.08 0.06 6.05 238.34</FONT></DIV>
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<DIV><FONT face="Courier New">US Rep 0.70 0.68 6.67 262.59<BR>Toledo El. 0.33 6.30 247.91 -0.34 4.88 192.22</FONT></DIV>
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<DIV><FONT face="Courier New">TRANSFER<BR>Sarnia N/A N/A<BR>Pt. Stanley N/A N/A<BR>Hamilton -0.13 5.84230 -0.28 4.94194 1/2</FONT></DIV>
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<DIV><FONT face="Courier New">MID SD CRN -0.63 4.59<BR>HI SD CRN -0.60 4.62<BR>*Wet Bid</FONT></DIV>
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<DIV><BR><FONT face="Courier New">Bank of Canada Noon exchange rate was 1.0191 down 0.0019<BR>Chicago soybeans closed moderately lower to lower.</FONT></DIV>
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<DIV><FONT face="Courier New"> JUL12 HI 14.17 3/4 NOV12 HI 13.11<BR> LOW 13.75 LOW 12.71<BR> CLOSE13.82 1/4 Down 30 1/4 CLOSE 12.82 1/4 Down 24</FONT></DIV>
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<DIV><FONT face="Courier New"> OLD CROP NEW CROP<BR>Location Basis 1mt 2mt 3mt Adj. $/bu $/mt BasisAdj. $/bu $/mt<BR>ELEVATORS +JUL1+JUL1+AUG12<BR>CK Low -0.55 13.27 487.68-0.53 12.29 451.67<BR>CK High -0.40 13.42 493.19-0.43 12.39 455.35<BR>CK Average -0.44 -0.7513.38 491.66-0.50-0.7912.33 452.90<BR>Essex Cty -0.25 13.57 498.70-0.27 12.55 461.23<BR>Mdsx Low -0.40 13.42 493.19-0.50 12.32 452.77<BR>Mdsx High -0.40 13.42 493.19-0.49 12.33 453.14<BR>Mdsx Average -0.40 -0.7113.42 493.19-0.50-0.7812.33 452.96<BR>Hensall -0.43 13.40 492.27-0.48 12.35 453.69<BR>Bruce -0.40 13.42 493.19-0.50 12.32 452.77<BR>Putnam -0.45 13.37 491.36-0.50 12.32 452.77<BR>Burford -0.40 13.42 493.19-0.49 12.33 453.14<BR>Port Perry -0.43 13.39 492.09-0.52 12.30 452.04<BR>Norfolk -0.37 13.45 494.29-0.48 12.34 453.51<BR>Palmerston -0.55 13.27 487.68-0.45 12.37 454.61<BR>Varna -0.50 13.32 489.52-0.45 12.37 454.61<BR>Trenton -0.50 13.32 489.52-0.50 12.32 452.77<BR>Winchester 0.53 14.35 527.36-0.40 12.42 456.45<BR>North Gower -0.59 13.23 486.21-0.43 12.39 455.35<BR>Huron FOB -0.35 13.47 495.03-0.35 12.47 458.29<BR>Kent FOB -0.41 13.41 492.83-0.53 12.29 451.67<BR>Lambton FOB -0.41 13.41 492.83-0.53 12.29 451.67<BR>Middlesex FOB-0.26-0.26-0.21 N/A 13.56 498.34-0.22 12.60 463.06</FONT></DIV>
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<DIV><FONT face="Courier New">PROCESSORS<BR>Hamilton 0.00 0.05 15.000.40 13.82 507.89-0.05 12.77 469.31<BR>Windsor -0.02-0.010.00 N/A 13.80 507.16-0.04 12.78 469.68<BR>Winchester 0.00 13.82 507.89-0.25 12.57 461.96</FONT></DIV>
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<DIV><FONT face="Courier New">TRANSFER<BR>Hamilton 0.15 N/A N/A N/A 13.97 513.400.20 13.02 478.49<BR>Pt. Stanley N/A N/A<BR>Sarnia N/A N/A<BR>Owen Sound N/A N/A<BR>Sorel QC 0.12 13.94 512.300.40 13.22 485.84</FONT></DIV>
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<DIV><FONT face="Courier New">Toledo El. -0.25 13.58 498.87-0.29 12.54 460.63</FONT></DIV>
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<DIV><BR><FONT face="Courier New">Bank of Canada Noon exchange rate was 1.0191 down 0.0019<BR>Chicago wheat closed moderately lower.<BR>JUL12 HI 7.02 1/4 JUL12 HI 7.02 1/4<BR> LOW 6.81 3/4 LOW 6.81 3/4<BR> CLOSE 6.85 1/2 Down 18 1/2 CLOSE 6.85 1/2 Down 18 1/2</FONT></DIV>
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<DIV><FONT face="Courier New">Minni wheat closed moderately lower.<BR>JUL12 HI 7.99 3/4 SEP12 HI 7.96 1/4<BR> LOW 7.80 LOW 7.78 1/4<BR> CLOSE 7.80 1/2 Down 16 1/4 CLOSE 7.79 1/4 Down 15 3/4</FONT></DIV>
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<DIV><FONT face="Courier New">GFO Cash Wheat Prices - DEL Terminal<BR>Current Crop 11 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)<BR>Basis -0.05 0.72 0.00 -0.23<BR>CAD $/bu 6.80 7.57 6.86 7.57<BR>CAD $/tonne 250.03 278.21 251.91 278.21</FONT></DIV>
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<DIV><BR><FONT face="Courier New">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 N/A N/A N/A N/A 0.30 -0.30 N/A<BR>London -0.39 0.17 -0.49 N/A 0.08 0.29 -0.48 N/A<BR>Hensall -0.15 N/A -0.35 N/A 0.25 N/A -0.30 N/A<BR>Trenton N/A N/A N/A N/A N/A N/A -0.55 N/A<BR>Winchester N/A N/A N/A N/A N/A N/A N/A -0.38<BR>Essex N/A N/A -0.41 N/A N/A N/A -0.35 N/A<BR>Norwich -0.15 N/A -0.35 N/A 0.25 N/A -0.30 N/A<BR>Mt. Elgin N/A N/A N/A N/A N/A N/A N/A N/A<BR>Kent Bridge -0.15 N/A -0.40 N/A 0.25 N/A -0.35 N/A<BR>Chatham N/A N/A -0.45 N/A N/A 0.35 -0.45 N/A<BR>Brigden N/A N/A -0.45 N/A N/A 0.35 -0.45 N/A<BR>Palmerston N/A 0.42 -0.19 -0.42 N/A 0.47 -0.35 -0.38<BR>Varna 0.35 0.55 -0.30 N/A 0.35 0.55 -0.30 N/A<BR>Mitchell -0.15 0.05 -0.35 N/A 0.25 0.55 -0.25 N/A<BR>Thornton N/A N/A N/A -0.16 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 -0.39</FONT></DIV>
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<DIV><FONT face="Courier New">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 -0.10 N/A N/A N/A -0.10 N/A<BR>Pt. Stanley N/A N/A N/A N/A N/A N/A N/A N/A</FONT></DIV>
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<DIV><FONT face="Courier New">PROCESSORS<BR>Toledo FM N/A N/A 0.26N/A 0.72 1.30 0.41N/A</FONT></DIV>
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<DIV><FONT face="Courier New">Toledo El. 6.80US 6.95CA 6.88US 7.03CA</FONT></DIV>
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<DIV><FONT face="Courier New">GFO Contract Wheat Prices - DEL Terminal<BR>Harvest 12 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)<BR>Basis 0.31 0.87 0.05 -0.28<BR>CAD $/bu 7.16 7.72 6.91 7.51<BR>CAD $/tonne 263.18 283.84 253.79 275.86</FONT></DIV>
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<DIV><FONT face="Courier New">(C)-Basis over the Chicago Board of Trade futures<BR>(M)-Basis over the Minneapolis Grain Exchange</FONT></DIV>
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<DIV><FONT face="Courier New">FEED GRAINS<BR>Bayport Wheat 325.00<BR>Bayport Oats 320.00<BR>Bayport Barley 320.00<BR>FOB Hm Soymeal 475.10 - 477.31<BR>DDG's FOB Srn, Wndr, Aylm 215.00 - 252.00<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></FONT></DIV></BODY></HTML>