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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, January 12</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Bank of Canada Noon exchange rate was 1.313 down 0.0102</u></div>
<div><u>Chicago corn closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAR17 HI 3.60 DEC17 HI 3.88 1/2</u></div>
<div><u> LOW 3.53 LOW 3.81 1/2</u></div>
<div><u> CLOSE3.58 1/4 Up 1 CLOSE 3.86 Up 1/4</u></div>
<div><u><br>
</u></div>
<div><u> OLD CROP BASIS NEW CROP BASIS</u></div>
<div><u>Location Spot 1mt 2mt 3mt U.S. $/bu $/mt Cntrct U.S. $/bu $/mt</u></div>
<div><u>ELEVATORS +MAR17+MAY17+MAY17</u></div>
<div><u>CK Low 0.65 4.23 166.63 0.75 4.61 181.49</u></div>
<div><u>CK High 0.70 4.28 168.59 0.85 4.71 185.42</u></div>
<div><u>CK Avg 0.66 -0.35 4.24 166.95 0.78 -0.32 4.64 182.80</u></div>
<div><u>Essex Cty 0.55 4.13 162.69 0.85 4.71 185.42</u></div>
<div><u>Mdsx Low 0.65 4.23 166.63 0.75 4.61 181.49</u></div>
<div><u>Mdsx High 0.65 4.23 166.63 0.80 4.66 183.46</u></div>
<div><u>Mdsx Avg 0.65 -0.36 4.23 166.63 0.78 -0.32 4.64 182.47</u></div>
<div><u>Hensall 0.68 4.26 167.61 0.80 4.66 183.46</u></div>
<div><u>Bruce 0.70 4.28 168.59 0.85 4.71 185.42</u></div>
<div><u>Putnam 0.70 4.28 168.59 0.85 4.71 185.42</u></div>
<div><u>Burford 0.65 4.23 166.63 0.75 4.61 181.49</u></div>
<div><u>Port Perry 1.10 4.68 184.34 0.85 4.71 185.42</u></div>
<div><u>Norfolk 0.75 4.33 170.56 0.75 4.61 181.49</u></div>
<div><u>Palmerston 0.75 4.33 170.56 0.90 4.76 187.39</u></div>
<div><u>Varna 0.70 4.28 168.59 0.80 4.66 183.46</u></div>
<div><u>Trenton 1.20 4.78 188.28 0.85 4.71 185.42</u></div>
<div><u>Winchester 1.20 4.78 188.28 1.15 5.01 197.23</u></div>
<div><u>North Gower 1.10 4.68 184.34 1.10 4.96 195.27</u></div>
<div><u>Huron FOB 0.97 4.55 179.22 0.90 4.76 187.39</u></div>
<div><u>Kent FOB 1.00 4.58 180.41 0.75 4.61 181.49</u></div>
<div><u>Lamb FOB 1.05 4.63 182.37 0.85 4.71 185.42</u></div>
<div><u>Mdsx FOB 0.85 0.85N/A N/A 4.43 174.50 0.75 4.61 181.49</u></div>
<div><u>FOB SW Que 1.18 4.76 187.49N/A</u></div>
<div><u>Track 1.34 4.92 193.79N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth 1.21 1.27 1.27 1.33 4.79 188.67 1.05 4.91 193.30</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A N/A N/A</u></div>
<div><u>Aylmer-Eth N/A N/A N/A 1.30 1.05 4.91 193.30</u></div>
<div><u>Sarn-Eth 1.20 1.25 1.25N/A 4.78 188.28N/A</u></div>
<div><u>Kawartha N/A N/A N/A N/A N/A</u></div>
<div><u>London-Ing N/A N/A N/A 1.35 1.05 4.91 193.30</u></div>
<div><u>Pt.Colb-Ing N/A N/A N/A N/A N/A</u></div>
<div><u>Cardnl-Ing N/A N/A N/A 1.53 1.10 4.96 195.27</u></div>
<div><u>W O Feed 1.51 5.09 200.33</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.66 5.24 206.39</u></div>
<div><u>Toledo El. -0.10 3.48 136.91 -0.33 3.53 139.07</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Sarnia 1.00 4.58 180.41 0.95 4.81189 1/3</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.67 1/2 4.25 3/4</u></div>
<div><u>HI SD CRN 0.70 4.28 1/4</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Bank of Canada Noon exchange rate was 1.313 down 0.0102</u></div>
<div><u>Chicago soybeans closed slightly higher to higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAR17 HI 10.41 1/4 NOV17 HI 10.17 1/2</u></div>
<div><u> LOW 10.06 LOW 9.91</u></div>
<div><u> CLOSE10.40 1/4 Up 28 3/4 CLOSE 10.16 1/2 Up 18 1/2</u></div>
<div><u><br>
</u></div>
<div><u> OLD CROP NEW CROP</u></div>
<div><u>Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt</u></div>
<div><u>ELEVATORS +MAR1+MAR1+MAY17</u></div>
<div><u>CK Low 2.35 12.75 468.572.25 12.42 456.17</u></div>
<div><u>CK High 2.46 12.86 472.622.40 12.57 461.68</u></div>
<div><u>CK Average 2.40 -0.6412.80 470.472.31 -0.6412.48 458.50</u></div>
<div><u>Essex Cty 2.35 12.75 468.572.25 12.42 456.17</u></div>
<div><u>Mdsx Low 2.40 12.80 470.412.30 12.47 458.01</u></div>
<div><u>Mdsx High 2.46 12.86 472.622.31 12.48 458.38</u></div>
<div><u>Mdsx Average 2.43 -0.6212.83 471.512.31 -0.6512.47 458.19</u></div>
<div><u>Hensall 2.43 12.83 471.332.35 12.52 459.85</u></div>
<div><u>Bruce 2.40 12.80 470.412.30 12.47 458.01</u></div>
<div><u>Putnam 2.50 12.90 474.092.45 12.62 463.52</u></div>
<div><u>Burford 2.52 12.92 474.822.37 12.54 460.58</u></div>
<div><u>Port Perry 2.46 12.86 472.622.31 12.48 458.38</u></div>
<div><u>Norfolk 2.40 12.80 470.412.30 12.47 458.01</u></div>
<div><u>Palmerston 2.40 12.80 470.412.30 12.47 458.01</u></div>
<div><u>Varna 2.45 12.85 472.252.40 12.57 461.68</u></div>
<div><u>Trenton 2.45 12.85 472.252.35 12.52 459.85</u></div>
<div><u>Winchester 2.50 12.90 474.092.45 12.62 463.52</u></div>
<div><u>North Gower 2.43 12.83 471.512.45 12.62 463.52</u></div>
<div><u>Huron FOB 2.60 13.00 477.762.50 12.67 465.36</u></div>
<div><u>Kent FOB 2.45 12.85 472.252.25 12.42 456.17</u></div>
<div><u>Lambton FOB 2.45 12.85 472.252.45 12.62 463.52</u></div>
<div><u>Middlesex FOB2.51 2.55 N/A N/A 12.91 474.452.45 12.62 463.52</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Hamilton 2.95 3.00 N/A N/A 13.35 490.622.85 13.02 478.22</u></div>
<div><u> N/A N/A N/A</u></div>
<div><u>TRANSFER</u></div>
<div><u>Prescott 2.60 13.00 477.762.72 12.89 473.44</u></div>
<div><u>Sarnia 2.40 12.80 470.412.66 12.83 471.24</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.46 9.94 365.36-0.51 9.65 354.72</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Bank of Canada Noon exchange rate was 1.313 down 0.0102</u></div>
<div><u>Chicago wheat closed moderately higher.</u></div>
<div><u>MAR17 HI 4.30 JUL17 HI 4.56 1/2</u></div>
<div><u> LOW 4.14 1/2 LOW 4.43</u></div>
<div><u> CLOSE 4.26 1/4 Up 7 1/2 CLOSE 4.53 1/2 Up 6 1/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed moderately higher to higher.</u></div>
<div><u>MAR17 HI 5.75 3/4 SEP17 HI 5.56 3/4</u></div>
<div><u> LOW 5.59 3/4 LOW 5.47 1/2</u></div>
<div><u> CLOSE 5.74 Up 12 1/2 CLOSE 5.56 3/4 Up 6 3/4</u></div>
<div><u><br>
</u></div>
<div><u>GFO Cash Wheat Prices - DEL Terminal</u></div>
<div><u>Harvest 16 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)</u></div>
<div><u>Basis 0.61 0.54 0.67 0.54</u></div>
<div><u>CAD $/bu 4.87 4.80 4.94 6.28</u></div>
<div><u>CAD $/tonne 178.92 176.51 181.33 230.85</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Direct MarkHarvest 2016 Harvest 2017</u></div>
<div><u> DELIVERED BASIS DELIVERED BASIS</u></div>
<div><u>Location SWW(C) HRW(C) SRW(C) HRS(M) SWW(C) HRW(C) SRW(C) HRS(M)</u></div>
<div><u>ELEVATORS</u></div>
<div><u>Brgssvll N/A N/A 0.70 N/A N/A N/A 0.60 N/A</u></div>
<div><u>London 0.66 0.66 0.66 N/A 0.68 0.55 0.55 N/A</u></div>
<div><u>Hensall 0.70 N/A 0.70 N/A 0.70 N/A 0.60 N/A</u></div>
<div><u>Trenton N/A N/A N/A N/A N/A N/A 0.75 N/A</u></div>
<div><u>Bruce 0.70 0.65 0.70 0.40 0.70 0.60 0.60 0.60</u></div>
<div><u>Essex N/A N/A N/A N/A N/A N/A 0.44 N/A</u></div>
<div><u>Norwich 0.70 N/A 0.70 N/A 0.70 N/A 0.60 N/A</u></div>
<div><u>Port Hope N/A N/A 0.75 N/A N/A 0.55 0.60 N/A</u></div>
<div><u>Kent Bridge 0.70 N/A 0.70 N/A 0.70 N/A 0.60 N/A</u></div>
<div><u>Chatham N/A N/A 0.65 N/A N/A N/A 0.55 N/A</u></div>
<div><u>Brigden N/A N/A 0.65 N/A N/A N/A 0.55 N/A</u></div>
<div><u>Palmerston N/A 0.65 0.70 N/A N/A 0.60 0.60 0.60</u></div>
<div><u>Varna 0.65 0.65 0.65 N/A 0.60 0.55 0.55 N/A</u></div>
<div><u>Mitchell 0.70 0.70 0.70 N/A 0.70 0.55 0.60 N/A</u></div>
<div><u>Thornton N/A N/A N/A -0.13 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 0.44 0.57 0.33 N/A 0.86 0.86 0.58</u></div>
<div><u>W O Feed 1.51</u></div>
<div><u><br>
</u></div>
<div><u>TERMINAL</u></div>
<div><u>Sarnia N/A N/A 0.84 N/A 1.15 0.80 0.90 N/A</u></div>
<div><u>Prescott N/A N/A 0.70 N/A N/A N/A 0.91 0.71</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Toledo FM N/A N/A 1.33N/A N/A N/A 1.41N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.11US 5.39CA 4.34US 5.68CA</u></div>
<div><u><br>
</u></div>
<div><u>GFO Contract Wheat Prices - DEL Terminal</u></div>
<div><u>Harvest 17 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)</u></div>
<div><u>Basis 0.88 0.82 0.82 0.68</u></div>
<div><u>CAD $/bu 5.42 5.35 5.35 6.25</u></div>
<div><u>CAD $/tonne 199.06 196.66 196.66 229.51</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 499.25</u></div>
<div><u>DDG's FOB Srn & Aylm 135.00 - 140.00</u></div>
<div><br>
</div>
<div>---</div>
<div>Ontario Grain Market Commentary for January 12, 2017, by Marty Hibbs, Grain Farmers of Ontario</div>
<div><br>
</div>
<div>
<div>Wednesday, January 11, 2017 Closing Prices </div>
<div>COMMODITY<span class="Apple-tab-span" style="white-space:pre"> </span>PERIOD<span class="Apple-tab-span" style="white-space:pre">
</span>PRICE<span class="Apple-tab-span" style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span class="Apple-tab-span" style="white-space:pre"> </span>Mar<span class="Apple-tab-span" style="white-space:pre">
</span>3.57<span class="Apple-tab-span" style="white-space:pre"> </span>$B"-(B<span class="Apple-tab-span" style="white-space:pre">
</span> 03<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>Mar
<span class="Apple-tab-span" style="white-space:pre"></span>10.11<span class="Apple-tab-span" style="white-space:pre">
</span>$B"-(B<span class="Apple-tab-span" style="white-space:pre"> </span>05<span class="Apple-tab-span" style="white-space:pre">
</span>cents</div>
<div>Wheat CBOT<span class="Apple-tab-span" style="white-space:pre"> </span>Mar<span class="Apple-tab-span" style="white-space:pre">
</span>4.19<span class="Apple-tab-span" style="white-space:pre"> </span>$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>Wheat Minn.<span class="Apple-tab-span" style="white-space:pre"> </span>Mar<span class="Apple-tab-span" style="white-space:pre">
</span>5.61<span class="Apple-tab-span" style="white-space:pre"> </span>$B",(B<span class="Apple-tab-span" style="white-space:pre">
</span>17<span class="Apple-tab-span" style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span class="Apple-tab-span" style="white-space:pre"> </span>Mar<span class="Apple-tab-span" style="white-space:pre">
</span>4.32<span class="Apple-tab-span" style="white-space:pre"> </span>$B",(B<span class="Apple-tab-span" style="white-space:pre">
</span>05<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>Mar<span class="Apple-tab-span" style="white-space:pre">
</span>2.32<span class="Apple-tab-span" style="white-space:pre"> </span>$B"-(B<span class="Apple-tab-span" style="white-space:pre">
</span>07<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 $<span class="Apple-tab-span" style="white-space:pre"> </span>Mar<span class="Apple-tab-span" style="white-space:pre">
</span>.7590<span class="Apple-tab-span" style="white-space:pre"> </span>$B",(B<span class="Apple-tab-span" style="white-space:pre">
</span>0.75<span class="Apple-tab-span" style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div><br>
</div>
<div><br>
</div>
<div>CORN: With the World Agricultural Supply and Demand Estimates Report (WASDE) released at noon today, we saw a reduction in corn yields and also in carryout. The corn markets were flat at the close as of January 12. The upper end of our range-bound $3.40
- $3.60 corn price was tested today, but we failed to close above there. If we manage to close above the $3.60 resistance in the coming week, we could trade another 20 cents higher on the March contract. </div>
<div>Meanwhile, our overhead resistance remains at $3.60 while support is seen at $3.40.</div>
<div>Short term and weekly indicators are now positive but the main trend is still down.</div>
<div> </div>
<div><br>
</div>
<div>SOYBEANS: Reduced yields were also the focus of the WASDE report on soybeans. The report had a bullish interpretation as the March contract found solid support once again at the $10. level and closed 28 cents per bushel higher at the close of the trading
session. The resistance level of $10.40 was a clear obstacle as the rally stopped dead. We will find out in the next few trading sessions if we have any more momentum on the upside. Initial support is still at the $10 level and once we clear the $10.40 level
a challenge of the $10.70 will be a tougher test. </div>
<div>All indicators are still negative, and the primary trend is still down.</div>
<div><br>
</div>
<div>WHEAT: Faced with the lowest acreage planting numbers in a very long time, the CBOT March contract ran the stops above the $4.28 highs after the WASDE report. Later in the session prices retreated once again and settled at our resistance levels of $4.26,
but still up 7 cents per bushel on the day. We received a red buy signal last week on the March weekly contract. This is a positive sign even if we pull back from these levels. The topic of the day was once again the HRS wheat as prices are completing our
inverted head and shoulders we spoke of last month. Prices have gained more than 40 cents per bushel on the HRS March contract. </div>
<div>Meanwhile initial support is still seen on the March CBOT at the $4 level and overhead resistance is at $4.30 - $4.45. </div>
<div><br>
</div>
<div>Both short and intermediate term indicators are now positive but the primary trend is still down.</div>
<div><br>
</div>
<div><span style="font-size: 10pt;">2016 CROP CASH PRICES as of close on January 11, 2017</span><br>
</div>
<div><br>
</div>
<div>SWW @ $176.19 ($4.80/bu), HRW @ $173.76/MT ($4.73/bu), </div>
<div>HRS @ $225.55/MT ($6.14/bu), SRW @ $178.60/MT ($4.86/bu).</div>
<div>-----</div>
<div>
<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>
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