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<div>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, July 28</div>
<div>(All Bases in CAD)</div>
<div>Bank of Canada Noon exchange rate was 1.317 down 0.0050</div>
<div>Chicago corn closed slightly lower.</div>
<div><br>
</div>
<div> SEP16 HI 3.38 1/2 DEC16 HI 3.46</div>
<div> LOW 3.29 LOW 3.36 3/4</div>
<div> CLOSE3.31 1/4 Down 4 1/2 CLOSE 3.38 3/4 Down 4 1/4</div>
<div><br>
</div>
<div> OLD CROP BASIS NEW CROP BASIS</div>
<div>Location Spot 1mt 2mt 3mt U.S. $/bu $/mt Cntrct U.S. $/bu $/mt</div>
<div>ELEVATORS +SEP16+DEC16+DEC16</div>
<div>CK Low 0.90 4.21 165.84 0.70 4.09 160.92</div>
<div>CK High 1.00 4.31 169.78 0.75 4.14 162.89</div>
<div>CK Avg 0.98 -0.05 4.30 169.12 0.74 -0.25 4.13 162.56</div>
<div>Essex Cty 1.00 4.31 169.78 0.75 4.14 162.89</div>
<div>Mdsx Low 1.00 4.31 169.78 0.75 4.14 162.89</div>
<div>Mdsx High 1.00 4.31 169.78 0.80 4.19 164.85</div>
<div>Mdsx Avg 1.00 -0.04 4.31 169.78 0.78 -0.22 4.16 163.87</div>
<div>Hensall 1.03 4.34 170.76 0.80 4.19 164.85</div>
<div>Bruce 1.00 4.31 169.78 0.80 4.19 164.85</div>
<div>Putnam 1.00 4.31 169.78 0.70 4.09 160.92</div>
<div>Burford 1.00 4.31 169.78 0.75 4.14 162.89</div>
<div>Port Perry 1.00 4.31 169.78 0.80 4.19 164.85</div>
<div>Norfolk 1.00 4.31 169.78 0.75 4.14 162.89</div>
<div>Palmerston 1.00 4.31 169.78 0.75 4.14 162.89</div>
<div>Varna 1.05 4.36 171.74 0.80 4.19 164.85</div>
<div>Trenton 1.10 4.41 173.71 0.80 4.19 164.85</div>
<div>Winchester 1.15 4.46 175.68 1.00 4.39 172.73</div>
<div>North Gower 0.97 4.28 168.59 0.95 4.34 170.76</div>
<div>Huron FOB 1.15 4.46 175.68 0.85 4.24 166.82</div>
<div>Kent FOB 1.15 4.46 175.68 0.75 4.14 162.89</div>
<div>Lamb FOB 1.10 4.41 173.71 0.70 4.09 160.92</div>
<div>Mdsx FOB 1.10 1.10 1.05N/A 4.41 173.71 0.75 4.14 162.89</div>
<div>FOB SW Que 1.48 4.79 188.67N/A</div>
<div>Track 1.53 4.84 190.44N/A</div>
<div>PROCESSORS</div>
<div>Chat-Eth N/A N/A N/A N/A N/A</div>
<div>Jhnstwn-Eth N/A N/A N/A N/A N/A</div>
<div>Aylmer-Eth N/A N/A 1.35N/A 0.85 4.24 166.82</div>
<div>Sarn-Eth 1.30 1.35 1.35 0.95 4.61 181.59 0.95 4.34 170.76</div>
<div>Kawartha N/A N/A N/A N/A 0.95 4.34 170.76</div>
<div>London-Ing 1.37 1.44 1.46 1.51 4.68 184.34 0.84 4.23 166.43</div>
<div>Pt.Colb-Ing N/A 1.57 1.66 1.68 0.90 4.29 168.79</div>
<div>Cardnl-Ing N/A N/A N/A 1.40 0.90 4.29 168.79</div>
<div>W O Feed 1.61 4.92 193.63</div>
<div><br>
</div>
<div>US Rep 1.86 5.17 203.63</div>
<div>Toledo El. 0.09 3.40 134.03 -0.26 3.12 123.01</div>
<div><br>
</div>
<div><br>
</div>
<div>MID SD CRN 0.72 1/2 4.11 1/4</div>
<div>HI SD CRN 0.75 4.13 3/4</div>
<div>*Wet Bid</div>
<div><br>
</div>
<div><br>
</div>
<div>Bank of Canada Noon exchange rate was 1.317 down 0.0050</div>
<div>Chicago soybeans closed slightly lower.</div>
<div><br>
</div>
<div> NOV16 HI 9.97 NOV16 HI 9.97</div>
<div> LOW 9.73 LOW 9.73</div>
<div> CLOSE9.78 Down 8 CLOSE 9.78 Down 8</div>
<div><br>
</div>
<div> OLD CROP NEW CROP</div>
<div>Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt</div>
<div>ELEVATORS +NOV1+NOV1+NOV16</div>
<div>CK Low 3.00 12.78 469.582.39 12.17 447.17</div>
<div>CK High 3.10 12.88 473.262.50 12.28 451.21</div>
<div>CK Average 3.03 -0.0412.81 470.762.44 -0.4812.22 449.01</div>
<div>Essex Cty 3.00 12.78 469.582.50 12.28 451.21</div>
<div>Mdsx Low 2.99 12.77 469.222.37 12.15 446.44</div>
<div>Mdsx High 3.05 12.83 471.422.40 12.18 447.54</div>
<div>Mdsx Average 3.02 -0.0512.80 470.322.39 -0.5312.17 446.99</div>
<div>Hensall 2.98 12.76 468.672.38 12.16 446.62</div>
<div>Bruce 2.90 12.68 465.912.30 12.08 443.86</div>
<div>Putnam N/A 2.40 12.18 447.54</div>
<div>Burford 3.02 12.80 470.322.40 12.18 447.54</div>
<div>Port Perry 2.99 12.77 469.222.37 12.15 446.44</div>
<div>Norfolk 3.00 12.78 469.582.40 12.18 447.54</div>
<div>Palmerston 3.00 12.78 469.582.50 12.28 451.21</div>
<div>Varna 2.90 12.68 465.912.35 12.13 445.70</div>
<div>Trenton 2.85 12.63 464.072.60 12.38 454.89</div>
<div>Winchester N/A 2.50 12.28 451.21</div>
<div>North Gower 2.75 12.53 460.402.61 12.39 455.25</div>
<div>Huron FOB 3.05 12.83 471.422.45 12.23 449.38</div>
<div>Kent FOB 3.15 12.93 475.102.50 12.28 451.21</div>
<div>Lambton FOB 2.90 12.68 465.912.70 12.48 458.56</div>
<div>Middlesex FOB3.16 3.16 3.26 N/A 12.94 475.462.70 12.48 458.56</div>
<div><br>
</div>
<div>PROCESSORS</div>
<div>Hamilton N/A 3.50 3.57 2.98 2.98 12.76 468.85</div>
<div>Windsor N/A N/A N/A N/A N/A</div>
<div>Winchester N/A N/A</div>
<div><br>
</div>
<div>TRANSFER</div>
<div>Prescott 2.10 11.88 436.523.00 12.78 469.58</div>
<div><br>
</div>
<div>Toledo El. -0.14 9.64 354.03-0.42 9.36 343.90</div>
<div><br>
</div>
<div><br>
</div>
<div>Bank of Canada Noon exchange rate was 1.317 down 0.0050</div>
<div>Chicago wheat closed slightly lower.</div>
<div>SEP16 HI 4.20 JUL17 HI 4.91 3/4</div>
<div> LOW 4.08 1/4 LOW 4.80 3/4</div>
<div> CLOSE 4.10 1/4 Down 4 1/2 CLOSE 4.82 1/4 Down 5 1/2</div>
<div><br>
</div>
<div>Minni wheat closed slightly lower.</div>
<div>SEP16 HI 4.92 SEP17 HI 5.47 3/4</div>
<div> LOW 4.85 LOW 5.45 1/4</div>
<div> CLOSE 4.86 3/4 Down 1 1/2 CLOSE 5.46 3/4 Down 1 1/4</div>
<div><br>
</div>
<div>GFO Cash Wheat Prices - DEL Terminal</div>
<div>Harvest 16 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)</div>
<div>Basis 0.57 0.44 0.57 0.62</div>
<div>CAD $/bu 4.68 4.54 4.68 5.48</div>
<div>CAD $/tonne 171.79 166.95 171.79 201.53</div>
<div><br>
</div>
<div><br>
</div>
<div>Direct MarkHarvest 2016 Harvest 2017</div>
<div> DELIVERED BASIS DELIVERED BASIS</div>
<div>Location SWW(C) HRW(C) SRW(C) HRS(M) SWW(C) HRW(C) SRW(C) HRS(M)</div>
<div>ELEVATORS</div>
<div>Brgssvll N/A 0.35 0.40 N/A N/A N/A 0.45 N/A</div>
<div>London 0.52 0.35 0.42 N/A 0.63 0.50 0.50 N/A</div>
<div>Hensall 0.45 N/A 0.40 N/A 0.60 N/A 0.45 N/A</div>
<div>Trenton N/A N/A 0.55 N/A N/A N/A 0.40 N/A</div>
<div>Winchester N/A N/A N/A N/A N/A N/A N/A N/A</div>
<div>Essex N/A N/A 0.40 N/A N/A N/A 0.38 N/A</div>
<div>Norwich 0.45 N/A 0.40 N/A 0.60 N/A 0.45 N/A</div>
<div>Port Hope N/A 0.55 0.50 0.60 N/A 0.35 0.45 N/A</div>
<div>Kent Bridge 0.45 N/A 0.40 N/A 0.60 N/A 0.45 N/A</div>
<div>Chatham N/A 0.30 0.40 N/A N/A N/A 0.45 N/A</div>
<div>Brigden N/A N/A 0.40 N/A N/A N/A 0.45 N/A</div>
<div>Palmerston N/A 0.40 0.45 0.60 N/A 0.40 0.45 0.55</div>
<div>Varna 0.55 0.40 0.45 N/A 0.55 0.45 0.45 N/A</div>
<div>Mitchell 0.45 0.30 0.40 N/A 0.60 0.35 0.45 N/A</div>
<div>Thornton N/A N/A N/A 0.23 N/A N/A N/A N/A</div>
<div>North Gower N/A 0.47 0.60 0.64 N/A N/A N/A N/A</div>
<div><br>
</div>
<div>TERMINAL</div>
<div>Prescott N/A 0.75 0.75 0.45 N/A 0.60 0.65 0.45</div>
<div><br>
</div>
<div>PROCESSORS</div>
<div>Toledo FM 1.56 N/A 1.30 N/A N/A N/A 1.52 N/A</div>
<div><br>
</div>
<div>Toledo El. 4.03US 5.31CA 4.62US 6.08CA</div>
<div><br>
</div>
<div>GFO Contract Wheat Prices - DEL Terminal</div>
<div>Harvest 17 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)</div>
<div>Basis 0.86 0.79 0.53</div>
<div>CAD $/bu 5.68 5.62 5.35</div>
<div>CAD $/tonne 208.80 206.39 196.72</div>
<div><br>
</div>
<div>(C)-Basis over the Chicago Board of Trade futures</div>
<div>(M)-Basis over the Minneapolis Grain Exchange</div>
<div><br>
</div>
<div>FEED GRAINS</div>
<div>FOB Hm Soymeal 541.02</div>
<div>DDG's FOB Srn & Aylm 215.00 - 230.00</div>
<div><br>
</div>
<div>----</div>
<div><br>
</div>
<div>Ontario Grain Market Commentary for July 27, 2016 by Marty Hibbs, Grain Farmers of Ontario</div>
<div><br>
</div>
<div>
<div>COMMODITY<span class="Apple-tab-span" style="white-space:pre"> </span>PERIOD<span class="Apple-tab-span" style="white-space:pre">
</span>PRICE<span class="Apple-tab-span" style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Wednesday, July 27, 2016 Closing Prices </div>
<div>Corn CBOT<span class="Apple-tab-span" style="white-space:pre"> </span>Sep<span class="Apple-tab-span" style="white-space:pre">
</span>3.36<span class="Apple-tab-span" style="white-space:pre"> </span>$B"-(B<span class="Apple-tab-span" style="white-space:pre">
</span> 01<span class="Apple-tab-span" style="white-space:pre"> </span>cents</div>
<div>Soybeans CBOT<span class="Apple-tab-span" style="white-space:pre"> </span>Aug<span class="Apple-tab-span" style="white-space:pre">
</span>10.10<span class="Apple-tab-span" style="white-space:pre"> </span>$B"-(B<span class="Apple-tab-span" style="white-space:pre">
</span>18<span class="Apple-tab-span" style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span class="Apple-tab-span" style="white-space:pre"> </span>Sep<span class="Apple-tab-span" style="white-space:pre">
</span>4.15<span class="Apple-tab-span" style="white-space:pre"> </span>$B"-(B<span class="Apple-tab-span" style="white-space:pre">
</span>02<span class="Apple-tab-span" style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span class="Apple-tab-span" style="white-space:pre"> </span>Sep<span class="Apple-tab-span" style="white-space:pre">
</span>4.88<span class="Apple-tab-span" style="white-space:pre"> </span>$B",(B<span class="Apple-tab-span" style="white-space:pre">
</span>3<span class="Apple-tab-span" style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span class="Apple-tab-span" style="white-space:pre"> </span>Sep<span class="Apple-tab-span" style="white-space:pre">
</span>4.12<span class="Apple-tab-span" style="white-space:pre"> </span>$B",(B<span class="Apple-tab-span" style="white-space:pre">
</span>5<span class="Apple-tab-span" style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span class="Apple-tab-span" style="white-space:pre"> </span>Sep<span class="Apple-tab-span" style="white-space:pre">
</span>1.97<span class="Apple-tab-span" style="white-space:pre"> </span>$B"-(B<span class="Apple-tab-span" style="white-space:pre">
</span>9<span class="Apple-tab-span" style="white-space:pre"> </span>cents </div>
<div><span class="Apple-tab-span" style="white-space:pre"></span></div>
<div>Canadian $<span class="Apple-tab-span" style="white-space:pre"> </span>Sep<span class="Apple-tab-span" style="white-space:pre">
</span>.7573<span class="Apple-tab-span" style="white-space:pre"> </span>$B"-(B<span class="Apple-tab-span" style="white-space:pre">
</span>.85<span class="Apple-tab-span" style="white-space:pre"> </span>points</div>
</div>
<div>
<div align="center"><br>
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<span style="font-size: 10pt; font-family: "Courier New", monospace;"></span>
<p class="MsoNormal" style="margin-bottom:10.0pt"><b><span lang="EN-CA" style="font-family: "Courier New", monospace; font-size: 10pt;">CORN</span></b><span lang="EN-CA" style="font-family: "Courier New", monospace; font-size: 10pt;">:</span></p>
<p class="MsoNormal" style="margin-bottom:10.0pt"><span lang="EN-CA" style="font-family: "Courier New", monospace; font-size: 10pt;">Although we made new contract lows on the September 2016 contract since our last commentary, we haven$B!G(Bt quite reached the next
support level that we spoke of last week at the $3-$3.20 on September. With the current crop carryout situation and harvest pressure, it seems almost unimaginable that we won$B!G(Bt run the stops at the multi-year pivot points of $3.20 before the September contract
expires. Indicators are still negative but we are getting divergence in several of these indicators, suggesting that a bounce may be overdue. Keep an eye out for a sharp drop in the coming weeks, followed by a rebound that will terminate in the futures being
unchanged for that day. This would be the action of stops being triggered and funds liquidating short positions causing price pressure to subside. Of course, this doesn$B!G(Bt always work, but it$B!G(Bs another signal that a bottom may be forming.</span></p>
<p class="MsoNormal" style="margin-bottom:10.0pt"><span lang="EN-CA" style="font-family: "Courier New", monospace; font-size: 10pt;"></span><span style="font-family: "Courier New", monospace; font-size: 10pt;">All indicators are still negative and the main
trend is still down.</span></p>
<span style="font-size: 10pt; font-family: "Courier New", monospace;"></span>
<p class="MsoNormal" style="margin-bottom:10.0pt"><b><span lang="EN-CA" style="font-family: "Courier New", monospace; font-size: 10pt;">SOYBEANS:</span></b><span lang="EN-CA" style="font-family: "Courier New", monospace; font-size: 10pt;"> </span></p>
<p class="MsoNormal" style="margin-bottom:10.0pt"><span lang="EN-CA" style="font-family: "Courier New", monospace; font-size: 10pt;">Our $9.80-$10. Support has been reached and today, July 27, we are trading back above $10.10. This move from the recent highs
is an important Fibonacci number, and with the indicators getting oversold on the short term, we could be seeing a pop in prices. There is a lot of resistance overhead that only a weather-related event could overcome. We are still in a critical timeframe for
soybean development in the Midwest, but each day that doesn$B!G(Bt produce issues is one less day for this market to be concerned about the U.S crop. While support is seen at $9.80-$10, our overhead resistance is around the $10.50-$10.75 with more trouble at the
$11.25 area based on the September contract. Signals are still mixed, with the futures direction being anyone$B!G(Bs guess. The main trend continues to be down. <o:p></o:p></span></p>
<span style="font-size: 10pt; font-family: "Courier New", monospace;"></span>
<p class="MsoNormal"><span style="font-family: "Courier New", monospace; font-size: 10pt; text-indent: 0.5in;"><b>WHEAT:</b></span></p>
<p class="MsoNormal"><span style="font-family: "Courier New", monospace; font-size: 10pt; text-indent: 0.5in;"><b><br>
</b></span></p>
<p class="MsoNormal"><span style="font-family: "Courier New", monospace; font-size: 10pt; text-indent: 0.5in;">The September futures made new contract lows since our last commentary. This event violated a 10 year low before closing on the actual support line.
There is not much to say here, except that the trend is and has been down for at least three years, and until the main trend actually reverses, any large rallies have to be sold. The big $4 level is within earshot and could easily be challenged before our
next commentary. Many traders will have stops below that number, and we could see some activity once we break that level. Hedge funds may opt to liquidate record short positions, causing a quick rebound in prices, at least for the short term. Either way, I
feel it will be a slow grind higher as opposed to a quick move to normal prices.</span></p>
<span style="font-size: 10pt; font-family: "Courier New", monospace;"></span>
<p class="MsoNormal"><span style="font-family: "Courier New", monospace; font-size: 10pt;">Major support is seen at $4 on close based on the September contract, and all of the indicators remain negative but oversold. The main trend continues to be down.</span><span style="font-family: "Courier New", monospace; font-size: 10pt;"> </span></p>
<span style="font-size: 10pt; font-family: "Courier New", monospace;"></span>
<p class="Body" align="center" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="font-size: 10pt; font-family: "Courier New", monospace;"> </span></b></p>
<span style="font-size: 10pt; font-family: "Courier New", monospace;"></span>
<p class="Body" align="center" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="font-size: 10pt; font-family: "Courier New", monospace;"> </span></b></p>
<span style="font-size: 10pt; font-family: "Courier New", monospace;"></span>
<p class="Body" align="center" style="margin-bottom: 0.0001pt; text-align: center;">
<b><span style="font-size: 10pt; font-family: "Courier New", monospace;">HARVEST 2016</span></b><span style="font-size:12.0pt;mso-bidi-font-family:Arial"><span style="font-size: 10pt; font-family: "Courier New", monospace;"> CROP
</span><b><span style="font-size: 10pt; font-family: "Courier New", monospace;">CASH PRICES
</span></b><span style="font-size: 10pt; font-family: "Courier New", monospace;">as of</span><b><span style="font-size: 10pt; font-family: "Courier New", monospace;"> CLOSE
</span></b><span style="font-size: 10pt; font-family: "Courier New", monospace;">on
</span><b><span style="font-size: 10pt; font-family: "Courier New", monospace;">July 27,
</span></b><span style="font-size: 10pt; font-family: "Courier New", monospace;">2016</span></span><span style="font-size:12.0pt;mso-fareast-font-family:"Times New Roman";mso-bidi-font-family:
Arial"><o:p></o:p></span></p>
<span style="font-size: 10pt; font-family: "Courier New", monospace;"></span>
<p class="Body" style="margin-bottom: 0.0001pt;"><span style="font-size: 10pt; font-family: "Courier New", monospace;"> </span></p>
<span style="font-size: 10pt; font-family: "Courier New", monospace;"></span>
<p class="Body" align="center" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: 10pt; font-family: "Courier New", monospace;">SWW @ $174.67MT ($4.75/bu), HRW @ $169.82/MT ($4.62/bu),
<o:p></o:p></span></p>
<span style="font-size: 10pt; font-family: "Courier New", monospace;"></span>
<p class="Body" align="center" style="margin-bottom: 0.0001pt; text-align: center;">
<span style="font-size: 10pt; font-family: "Courier New", monospace;">HRS @ $202.81/MT ($5.52/bu), SRW @ $174.67/MT ($4.75/bu).<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:10.0pt"><span lang="EN-CA" style="font-family:"Calibri","sans-serif";mso-bidi-font-family:Arial"><o:p> </o:p></span></p>
</div>
<div>---------</div>
<br>
<p></p>
<p><span id="ms-rterangepaste-start"></span></p>
<div>Blair Andrews</div>
<div>Editor, AgriLink and Farm Market News </div>
<div>University of Guelph, Ridgetown Campus </div>
<div>Tel. 519-674-1500 x 63577 </div>
<div>Fax. 519-674-1530 </div>
<div><br>
</div>
<div>Click on this link: farmmarketnews-unsubscribe@list.gfo.ca to unsubscribe from this report.</div>
<div>This Farm Market News product is sponsored by:</div>
<div>Grain Farmers of Ontario</div>
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