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<div>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, August 4</div>
<div>(All Bases in CAD)</div>
<div>Bank of Canada Noon exchange rate was 1.3025 down 0.0055</div>
<div>Chicago corn closed slightly lower.</div>
<div><br>
</div>
<div> SEP16 HI 3.26 3/4 DEC16 HI 3.36 1/2</div>
<div> LOW 3.20 1/2 LOW 3.30 3/4</div>
<div> CLOSE3.20 3/4 Down 4 1/4 CLOSE 3.31 Down 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 +DEC16+DEC16+DEC16</div>
<div>CK Low 1.00 4.21 165.64 0.75 4.06 159.84</div>
<div>CK High 1.05 4.26 167.61 0.80 4.11 161.80</div>
<div>CK Avg 1.04 0.06 4.25 167.28 0.76 -0.18 4.07 160.16</div>
<div>Essex Cty 1.00 4.21 165.64 0.75 4.06 159.84</div>
<div>Mdsx Low 1.05 4.26 167.61 0.75 4.06 159.84</div>
<div>Mdsx High 1.05 4.26 167.61 0.80 4.11 161.80</div>
<div>Mdsx Avg 1.05 0.07 4.26 167.61 0.78 -0.17 4.09 160.82</div>
<div>Hensall 1.05 4.26 167.61 0.80 4.11 161.80</div>
<div>Bruce 1.05 4.26 167.61 0.80 4.11 161.80</div>
<div>Putnam 1.00 4.21 165.64 0.80 4.11 161.80</div>
<div>Burford 1.05 4.26 167.61 0.75 4.06 159.84</div>
<div>Port Perry 1.05 4.26 167.61 0.80 4.11 161.80</div>
<div>Norfolk 1.05 4.26 167.61 0.80 4.11 161.80</div>
<div>Palmerston 1.00 4.21 165.64 0.75 4.06 159.84</div>
<div>Varna 1.05 4.26 167.61 0.80 4.11 161.80</div>
<div>Trenton 1.10 4.31 169.58 0.80 4.11 161.80</div>
<div>Winchester 1.22 4.43 174.30 0.96 4.27 168.10</div>
<div>North Gower 1.02 4.23 166.43 0.95 4.26 167.71</div>
<div>Huron FOB 1.20 4.41 173.52 0.80 4.11 161.80</div>
<div>Kent FOB 1.20 4.41 173.52 0.75 4.06 159.84</div>
<div>Lamb FOB 1.30 4.51 177.45 0.70 4.01 157.87</div>
<div>Mdsx FOB 1.15 1.15N/A N/A 4.36 171.55 0.75 4.06 159.84</div>
<div>FOB SW Que 1.48 4.69 184.54N/A</div>
<div>Track 1.60 4.81 189.26N/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 1.35N/A N/A 0.95 4.26 167.71</div>
<div>Sarn-Eth 1.45 1.45N/A N/A 4.66 183.36 1.00 4.31 169.68</div>
<div>Kawartha N/A N/A N/A N/A 0.95 4.26 167.71</div>
<div>London-Ing 1.57 1.59 1.65N/A 4.78 188.08 0.85 4.16 163.77</div>
<div>Pt.Colb-Ing N/A N/A 1.78N/A N/A</div>
<div>Cardnl-Ing N/A N/A 1.73N/A 1.01 4.32 170.07</div>
<div>W O Feed 1.66 4.87 191.63</div>
<div><br>
</div>
<div>US Rep 1.82 5.03 197.92</div>
<div>Toledo El. 0.09 3.30 129.86 -0.26 3.05 120.08</div>
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</div>
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</div>
<div>MID SD CRN 0.77 1/2 4.08 1/2</div>
<div>HI SD CRN 0.80 4.11</div>
<div>*Wet Bid</div>
<div><br>
</div>
<div><br>
</div>
<div>Bank of Canada Noon exchange rate was 1.3025 down 0.0055</div>
<div>Chicago soybeans closed slightly higher.</div>
<div><br>
</div>
<div> NOV16 HI 9.67 1/2 NOV16 HI 9.67 1/2</div>
<div> LOW 9.50 1/2 LOW 9.50 1/2</div>
<div> CLOSE9.56 3/4 Up 1 1/4 CLOSE 9.56 3/4 Up 1 1/4</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 2.75 12.32 452.592.34 11.91 437.53</div>
<div>CK High 2.95 12.52 459.942.45 12.02 441.57</div>
<div>CK Average 2.88 0.00 12.45 457.372.37 -0.3811.94 438.75</div>
<div>Essex Cty 2.90 12.47 458.102.35 11.92 437.89</div>
<div>Mdsx Low 2.86 12.43 456.632.32 11.89 436.79</div>
<div>Mdsx High 2.90 12.47 458.102.35 11.92 437.89</div>
<div>Mdsx Average 2.88 0.00 12.45 457.372.34 -0.4111.90 437.34</div>
<div>Hensall 2.93 12.49 459.022.35 11.92 437.89</div>
<div>Bruce 2.90 12.47 458.102.35 11.92 437.89</div>
<div>Putnam 2.90 12.47 458.102.35 11.92 437.89</div>
<div>Burford 2.89 12.46 457.732.35 11.92 437.89</div>
<div>Port Perry 2.86 12.43 456.632.32 11.89 436.79</div>
<div>Norfolk 2.90 12.47 458.102.35 11.92 437.89</div>
<div>Palmerston 2.90 12.47 458.102.35 11.92 437.89</div>
<div>Varna 2.95 12.52 459.942.35 11.92 437.89</div>
<div>Trenton 2.90 12.47 458.102.60 12.17 447.08</div>
<div>Winchester N/A 2.23 11.80 433.48</div>
<div>North Gower N/A 2.39 11.96 439.36</div>
<div>Huron FOB 3.05 12.62 463.612.45 12.02 441.57</div>
<div>Kent FOB 3.05 12.62 463.612.45 12.02 441.57</div>
<div>Lambton FOB 3.05 12.62 463.612.55 12.12 445.24</div>
<div>Middlesex FOB3.03 N/A N/A N/A 12.60 462.882.49 12.06 443.04</div>
<div><br>
</div>
<div>PROCESSORS</div>
<div>Hamilton 3.39 3.39 2.87 2.93 12.96 476.112.87 12.44 457.00</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 2.05 11.62 426.872.90 12.47 458.10</div>
<div><br>
</div>
<div>Toledo El. 0.07 9.63 353.94-0.42 9.15 336.27</div>
<div><br>
</div>
<div><br>
</div>
<div>Bank of Canada Noon exchange rate was 1.3025 down 0.0055</div>
<div>Chicago wheat closed slightly to moderately lower.</div>
<div>SEP16 HI 4.16 JUL17 HI 4.86</div>
<div> LOW 4.02 1/2 LOW 4.76 1/2</div>
<div> CLOSE 4.03 1/4 Down 7 CLOSE 4.77 1/2 Down 5</div>
<div><br>
</div>
<div>Minni wheat closed slightly lower.</div>
<div>SEP16 HI 4.96 SEP17 HI 5.45</div>
<div> LOW 4.86 3/4 LOW 5.42 1/2</div>
<div> CLOSE 4.88 3/4 Down 3 3/4 CLOSE 5.42 1/2 Down 5</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 0.50 0.37 0.50 0.56</div>
<div>CAD $/bu 4.53 4.40 4.53 5.45</div>
<div>CAD $/tonne 166.47 161.69 166.47 200.17</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 0.47 0.30 0.43 N/A 0.56 0.43 0.43 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 0.60 N/A N/A N/A 0.45 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 0.35 N/A N/A N/A 0.30 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 0.55 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 0.50 0.55</div>
<div>Varna 0.45 0.35 0.40 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 0.08 N/A N/A N/A N/A</div>
<div>North Gower N/A 0.41 0.54 0.60 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 1.47 N/A 1.21 N/A N/A N/A 1.43 N/A</div>
<div><br>
</div>
<div>Toledo El. 3.96US 5.16CA 4.58US 5.94CA</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 0.78 0.71 0.45</div>
<div>CAD $/bu 5.55 5.49 5.23</div>
<div>CAD $/tonne 204.09 201.70 192.16</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 515.89</div>
<div>DDG's FOB Srn & Aylm 190.00 - 210.00</div>
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<div><span>Ontario Grain Market Commentary for August 3, 2016 by Marty Hibbs</span><br>
</div>
<div><span>
<div align="center"><br>
</div>
</span></div>
<div><span>
<div><br>
</div>
<div>CORN: </div>
<div>We did get to our support price of $3.20 on the September corn contract, but barely. After touching $3.19 on August 2, we closed out the day at $3.25. This doesn’t mean much except that we are getting into serious support between $3 and our current levels
on the September contract. We are now trading at or near 10 year lows and there are several pivot points below these levels that could be hiding a rash of stop orders. I am still looking for a reversal day of significance which could be a clue that we are
bottoming out. As soon as I see one, I will alert our readers and hope I am correct. It is anticipated that this year’s crop will be another record yield, but if we get a hotter than expected August in the mid-west, that may not come to pass. Meanwhile, this
is a multi-year bear market and it must be respected as such. All indicators are still negative and the main trend is still down.</div>
<div><br>
</div>
<div>SOYBEANS: </div>
<div>Soybeans have been quiet as the September contract has traded sideways in our support zone of 25 cents per bushel on either side of the $10. The month of August should be supportive for soybeans and until we are deeper into the month, prices should be
some-what firm until we have passed the threat of heat related damage. It seems many are counting this crop as done but until August is in the books,like the corn crop, the yields may not prove to be as good as expected. While support is seen at $9.80-$10,
our overhead resistance is around the $10.50-$10.75 with more trouble at the $11 area based on the September contract. With the recent drop in prices, our indicators are now oversold. Signals are still mixed but the main trend is still down.</div>
<div><br>
</div>
<div>WHEAT:</div>
<div><br>
</div>
<div>As suggested last week, we did indeed challenge and take out the $4 mark on the September contract since our last commentary. The September futures continue to make new lows, but at a much slower pace. With the current crop in the can, we are now somewhat
dependent on the other grains to give some support to the wheat crop. Since violating the $4 price on the September contract, we had a 10 cent per bushel bounce back to the $4.10 level. Good support is still seen at $4 on close based on the September contract,
however, the trend is still down and we could actually see a hard break as stops are hit and the change of power is moved from net short to neutral or long positions in the coming weeks. The indicators remain negative but oversold. The main trend continues
to be down.</div>
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<div>---</div>
<div><span id="ms-rterangepaste-start"></span>
<p class="MsoNormal"><span style="font-size:10.0pt;line-height:115%;font-family:
"Courier New";color:#333333;background:#FDFDFD">Blair Andrews</span><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333"><br>
<span style="background:#FDFDFD">Editor, AgriLink and Farm Market News<span class="apple-converted-space"> </span></span><br>
<span style="background:#FDFDFD">University of Guelph, Ridgetown Campus<span class="apple-converted-space"> </span></span><br>
<span style="background:#FDFDFD">Tel.<span class="apple-converted-space"> </span></span></span><a href="callto:519-674-1500"><span style="font-size:10.0pt;line-height:115%;
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background:#FDFDFD"> </span></span><span style="font-size:10.0pt;
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