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<DIV>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Fri, May 25<BR>(All Bases in CAD)<BR>Bank of Canada Noon exchange rate was 1.0285 up 0.0010<BR>Chicago corn closed slightly to moderately higher.</DIV>
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<DIV> JUL12 HI 5.89 1/2 DEC12 HI 5.23 1/4<BR> LOW 5.73 1/4 LOW 5.14 1/4<BR> CLOSE5.78 3/4 Up 1/4 CLOSE 5.21 Up 6</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 +JUL12+SEP12+SEP12<BR>CK Low -0.20 5.59 219.97 -0.65 4.56 179.52<BR>CK High -0.17 5.62 221.15 -0.60 4.61 181.49<BR>CK Avg -0.20 -0.37 5.59 220.17 -0.62 -0.77 4.59 180.77<BR>Essex Cty -0.20 5.59 219.97 -0.70 4.51 177.55<BR>Mdsx Low -0.20 5.59 219.97 -0.65 4.56 179.52<BR>Mdsx High -0.20 5.59 219.97 -0.60 4.61 181.49<BR>Mdsx Avg -0.20 -0.37 5.59 219.97 -0.63 -0.78 4.59 180.50<BR>Hensall -0.20 5.59 219.97 -0.55 4.66 183.46<BR>Bruce -0.20 5.59 219.97 -0.65 4.56 179.52<BR>Putnam -0.20 5.59 219.97 -0.65 4.56 179.52<BR>Burford -0.20 5.59 219.97 -0.65 4.56 179.52<BR>Port Perry -0.20 5.59 219.97 -0.65 4.56 179.52<BR>Norfolk -0.17 5.62 221.15 -0.61 4.60 181.09<BR>Palmerston -0.25 5.54 218.00 -0.60 4.61 181.49<BR>Varna -0.20 5.59 219.97 -0.60 4.61 181.49<BR>Trenton 0.05 5.84 229.81 -0.65 4.56 179.52<BR>Winchester 0.10 5.89 231.78 -0.45 4.76 187.39<BR>North Gower -0.15 5.64 221.94 -0.60 4.61 181.49<BR>Huron FOB -0.15 5.64 221.94 -0.55 4.66 183.46<BR>Kent FOB -0.17 5.62 221.15 -0.61 4.60 181.09<BR>Lamb FOB -0.17 5.62 221.15 -0.61 4.60 181.09<BR>Mdsx FOB -0.20 -0.20 0.50N/A 5.59 219.97 -0.65 4.56 179.52<BR>FOB SW Que 0.50 6.29 247.53 -0.20 5.01 197.23<BR>Track 0.13 5.91 232.76N/A<BR>PROCESSORS<BR>Chat-Eth N/A N/A N/A N/A -0.60 4.61 181.49<BR>Jhnstwn-Eth N/A N/A N/A N/A -0.25 4.96 195.27<BR>Aylmer-Eth -0.40 -0.35 0.50 0.55 5.39 212.10 -0.60 4.61 181.49<BR>Sarn-Eth N/A -0.10 0.70 0.75 N/A<BR>Cllngwd-Eth -0.10N/A N/A N/A 5.69 223.91-0.30* 4.91 193.30<BR>London-Cas N/A N/A 0.80 0.85 -0.50 4.71 185.42<BR>Pt.Colb-Cas N/A N/A 0.85 0.90 -0.45 4.76 187.39<BR>Cardnl-Cas N/A 0.25 1.10 1.15 -0.45 4.76 187.39<BR>W O Feed 0.12 0.09 5.91 232.57</DIV>
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<DIV>US Rep 0.95 0.92 6.74 265.24<BR>Toledo El. 0.33 6.12 240.82 -0.34 4.87 191.73</DIV>
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<DIV>TRANSFER<BR>Sarnia N/A N/A<BR>Pt. Stanley N/A N/A<BR>Hamilton 0.06 5.85230 1/5 -0.25 4.96195 1/4</DIV>
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<DIV>MID SD CRN -0.62 1/2 4.58 1/2<BR>HI SD CRN -0.60 4.61<BR>*Wet Bid</DIV>
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<DIV><BR>Bank of Canada Noon exchange rate was 1.0285 up 0.0010<BR>Chicago soybeans closed slightly to moderately higher.</DIV>
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<DIV> JUL12 HI 13.86 1/2 NOV12 HI 12.90<BR> LOW 13.71 1/2 LOW 12.68 3/4<BR> CLOSE13.83 1/2 Up 7 1/2 CLOSE 12.89 1/2 Up 13 1/4</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+AUG12<BR>CK Low -0.40 13.44 493.65-0.45 12.45 457.28<BR>CK High -0.20 13.64 501.00-0.35 12.55 460.95<BR>CK Average -0.29 -0.7013.55 497.82-0.40-0.7812.50 459.11<BR>Essex Cty -0.03 13.81 507.25-0.15 12.75 468.30<BR>Mdsx Low -0.33 13.51 496.22-0.41 12.49 458.75<BR>Mdsx High -0.20 13.64 501.00-0.35 12.55 460.95<BR>Mdsx Average -0.27 -0.6813.57 498.61-0.38-0.7612.52 459.85<BR>Hensall -0.23 13.61 500.08-0.33 12.57 461.87<BR>Bruce -0.20 13.64 501.00-0.35 12.55 460.95<BR>Putnam -0.20 13.64 501.00-0.35 12.55 460.95<BR>Burford -0.33 13.51 496.22-0.41 12.49 458.75<BR>Port Perry -0.36 13.48 495.12-0.44 12.46 457.64<BR>Norfolk -0.18 13.66 501.74-0.35 12.55 460.95<BR>Palmerston -0.40 13.44 493.65-0.40 12.50 459.11<BR>Varna -0.40 13.44 493.65-0.40 12.50 459.11<BR>Trenton -0.38 13.46 494.39-0.35 12.55 460.95<BR>Winchester -0.30 13.54 497.33-0.25 12.65 464.62<BR>North Gower -0.44 13.40 492.18-0.23 12.67 465.36<BR>Huron FOB -0.15 13.69 502.84-0.20 12.70 466.46<BR>Kent FOB -0.22 13.62 500.27-0.40 12.50 459.11<BR>Lambton FOB -0.22 13.62 500.27-0.40 12.50 459.11<BR>Middlesex FOB-0.19-0.17-0.12 N/A 13.65 501.37-0.14 12.76 468.67</DIV>
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<DIV>PROCESSORS<BR>Hamilton 0.05 0.10 0.20 0.45 13.89 510.190.05 12.95 475.65<BR>Windsor 0.20 0.21 0.22 N/A 14.04 515.700.08 12.98 476.75<BR>Winchester -0.32 13.52 496.59-0.25 12.65 464.62</DIV>
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<DIV>TRANSFER<BR>Hamilton 0.35 N/A N/A N/A 14.19 521.210.30 13.20 484.83<BR>Pt. Stanley N/A N/A<BR>Sarnia N/A N/A<BR>Owen Sound N/A N/A<BR>Sorel QC 0.25 14.09 517.540.55 13.45 494.02</DIV>
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<DIV>Toledo El. -0.18 13.66 501.92-0.29 12.61 463.22</DIV>
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<DIV><BR>Bank of Canada Noon exchange rate was 1.0285 up 0.0010<BR>Chicago wheat closed moderately higher.<BR>JUL12 HI 6.88 1/4 JUL12 HI 6.88 1/4<BR> LOW 6.61 3/4 LOW 6.61 3/4<BR> CLOSE 6.75 Up 12 CLOSE 6.75 Up 12</DIV>
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<DIV>Minni wheat closed slightly higher.<BR>JUL12 HI 7.92 SEP12 HI 7.89 1/2<BR> LOW 7.74 3/4 LOW 7.73<BR> CLOSE 7.80 1/4 Up 5 CLOSE 7.77 1/2 Up 4</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 -0.01 0.77 0.05 -0.18<BR>CAD $/bu 6.74 7.52 6.80 7.62<BR>CAD $/tonne 247.81 276.18 249.70 280.06</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 N/A N/A N/A N/A 0.45 -0.25 N/A<BR>London -0.35 0.21 -0.45 N/A 0.12 0.33 -0.44 N/A<BR>Hensall -0.25 N/A -0.35 N/A 0.25 N/A -0.25 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 -0.38<BR>Essex N/A N/A -0.45 N/A N/A N/A -0.39 N/A<BR>Norwich -0.25 N/A -0.35 N/A 0.25 N/A -0.25 N/A<BR>Mt. Elgin N/A N/A N/A N/A N/A N/A N/A N/A<BR>Kent Bridge -0.25 N/A -0.45 N/A 0.25 N/A -0.35 N/A<BR>Chatham N/A N/A -0.32 N/A N/A 0.45 -0.32 N/A<BR>Brigden N/A N/A -0.32 N/A N/A 0.45 -0.32 N/A<BR>Palmerston N/A 0.46 -0.36 -0.14 N/A 0.50 -0.32 -0.49<BR>Varna 0.35 0.55 -0.30 N/A 0.35 0.55 -0.30 N/A<BR>Mitchell -0.25 0.05 -0.30 N/A 0.25 0.55 -0.25 N/A<BR>Thornton N/A N/A N/A N/A 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</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 -0.10 N/A N/A N/A -0.15 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 0.30N/A 0.77 1.38 0.46N/A</DIV>
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<DIV>Toledo El. 6.77US 6.97CA 6.77US 6.97CA</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 0.35 0.92 0.10 -0.23<BR>CAD $/bu 7.10 7.67 6.85 7.54<BR>CAD $/tonne 261.05 281.86 251.59 277.13</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 325.00 - 330.00<BR>Bayport Oats 320.00<BR>Bayport Barley 320.00<BR>FOB Hm Soymeal 484.47 - 487.78<BR>DDG's FOB Srn, Wndr, Aylm 225.00 - 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></BODY></HTML>