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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, January 25</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Bank of Canada Noon exchange rate was 1.3075 down 0.0077</u></div>
<div><u>Chicago corn closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAR17 HI 3.66 3/4 DEC17 HI 3.94 1/4</u></div>
<div><u> LOW 3.61 LOW 3.89</u></div>
<div><u> CLOSE3.66 1/4 Up 3 CLOSE 3.93 3/4 Up 2 3/4</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 4.31 169.78 0.75 4.69 184.54</u></div>
<div><u>CK High 0.70 4.36 171.74 0.90 4.84 190.44</u></div>
<div><u>CK Avg 0.66 -0.36 4.32 170.10 0.78 -0.32 4.72 185.85</u></div>
<div><u>Essex Cty 0.55 4.21 165.84 0.75 4.69 184.54</u></div>
<div><u>Mdsx Low 0.65 4.31 169.78 0.75 4.69 184.54</u></div>
<div><u>Mdsx High 0.65 4.31 169.78 0.75 4.69 184.54</u></div>
<div><u>Mdsx Avg 0.65 -0.36 4.31 169.78 0.75 -0.35 4.69 184.54</u></div>
<div><u>Hensall 0.68 4.34 170.76 0.78 4.71 185.52</u></div>
<div><u>Bruce 0.65 4.31 169.78 0.75 4.69 184.54</u></div>
<div><u>Putnam 0.65 4.31 169.78 0.80 4.74 186.51</u></div>
<div><u>Burford 0.75 4.41 173.71 0.85 4.79 188.48</u></div>
<div><u>Port Perry 1.05 4.71 185.52 0.80 4.74 186.51</u></div>
<div><u>Norfolk 0.75 4.41 173.71 0.85 4.79 188.48</u></div>
<div><u>Palmerston 0.65 4.31 169.78 0.90 4.84 190.44</u></div>
<div><u>Varna 0.70 4.36 171.74 0.80 4.74 186.51</u></div>
<div><u>Trenton 1.20 4.86 191.43 0.85 4.79 188.48</u></div>
<div><u>Winchester 1.15 4.81 189.46 1.13 5.07 199.50</u></div>
<div><u>North Gower 1.12 4.78 188.28 1.10 5.04 198.32</u></div>
<div><u>Huron FOB 0.95 4.61 181.59 0.90 4.84 190.44</u></div>
<div><u>Kent FOB 1.00 4.66 183.55 0.85 4.79 188.48</u></div>
<div><u>Lamb FOB 1.00 4.66 183.55 0.80 4.74 186.51</u></div>
<div><u>Mdsx FOB 0.85 0.90 0.90N/A 4.51 177.65 0.75 4.69 184.54</u></div>
<div><u>FOB SW Que 1.15 4.81 189.46N/A</u></div>
<div><u>Track 1.30 4.96 195.36N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A 1.27 1.27 1.22 1.00 4.94 194.38</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 1.20 1.00 4.94 194.38</u></div>
<div><u>Sarn-Eth N/A 1.20 1.20 1.20 N/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 1.25 1.00 4.94 194.38</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 1.40 1.05 4.99 196.35</u></div>
<div><u>W O Feed 1.49 5.15 202.84</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.73 5.39 212.29</u></div>
<div><u>Toledo El. -0.08 3.58 141.10 -0.33 3.61 142.16</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Sarnia 1.00 4.66 183.55 0.95 4.89192 2/5</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.67 1/2 4.33 3/4</u></div>
<div><u>HI SD CRN 0.70 4.36 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 1.3075 down 0.0077</u></div>
<div><u>Chicago soybeans closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> MAR17 HI 10.60 NOV17 HI 10.28</u></div>
<div><u> LOW 10.50 LOW 10.19 1/2</u></div>
<div><u> CLOSE10.55 1/4 Down 3 1/4 CLOSE 10.25 1/2 Down 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 2.45 13.00 477.762.36 12.62 463.52</u></div>
<div><u>CK High 2.65 13.20 485.112.60 12.86 472.34</u></div>
<div><u>CK Average 2.50 -0.5713.05 479.472.44 -0.5412.69 466.28</u></div>
<div><u>Essex Cty 2.50 13.05 479.602.40 12.66 464.99</u></div>
<div><u>Mdsx Low 2.48 13.03 478.862.34 12.60 462.79</u></div>
<div><u>Mdsx High 2.50 13.05 479.602.40 12.66 464.99</u></div>
<div><u>Mdsx Average 2.49 -0.5713.04 479.232.37 -0.5912.63 463.89</u></div>
<div><u>Hensall 2.55 13.10 481.432.45 12.71 466.83</u></div>
<div><u>Bruce 2.60 13.15 483.272.50 12.76 468.67</u></div>
<div><u>Putnam 2.60 13.15 483.272.50 12.76 468.67</u></div>
<div><u>Burford 2.55 13.10 481.432.41 12.67 465.36</u></div>
<div><u>Port Perry 2.48 13.03 478.862.34 12.60 462.79</u></div>
<div><u>Norfolk 2.50 13.05 479.602.55 12.81 470.50</u></div>
<div><u>Palmerston 2.55 13.10 481.432.45 12.71 466.83</u></div>
<div><u>Varna 2.60 13.15 483.272.50 12.76 468.67</u></div>
<div><u>Trenton 2.60 13.15 483.272.50 12.76 468.67</u></div>
<div><u>Winchester 2.61 13.16 483.642.59 12.85 471.97</u></div>
<div><u>North Gower 2.58 13.13 482.542.54 12.80 470.14</u></div>
<div><u>Huron FOB 2.72 13.27 487.682.60 12.86 472.34</u></div>
<div><u>Kent FOB 2.55 13.10 481.432.40 12.66 464.99</u></div>
<div><u>Lambton FOB 2.45 13.00 477.762.55 12.81 470.50</u></div>
<div><u>Middlesex FOB2.58 2.65 2.70 N/A 13.13 482.542.50 12.76 468.67</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Hamilton 2.95 3.00 3.05 N/A 13.50 496.132.85 13.11 481.53</u></div>
<div><u> N/A N/A N/A</u></div>
<div><u>TRANSFER</u></div>
<div><u>Prescott 2.73 13.28 488.052.80 13.06 479.69</u></div>
<div><u>Sarnia 2.55 13.10 481.432.87 13.13 482.26</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.52 10.03 368.53-0.51 9.75 358.09</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Bank of Canada Noon exchange rate was 1.3075 down 0.0077</u></div>
<div><u>Chicago wheat closed slightly lower.</u></div>
<div><u>MAR17 HI 4.28 3/4 JUL17 HI 4.57 3/4</u></div>
<div><u> LOW 4.23 LOW 4.52</u></div>
<div><u> CLOSE 4.24 1/2 Down 2 1/4 CLOSE 4.53 1/2 Down 2 1/2</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly lower.</u></div>
<div><u>MAR17 HI 5.64 SEP17 HI 5.57 1/2</u></div>
<div><u> LOW 5.57 1/4 LOW 5.55</u></div>
<div><u> CLOSE 5.57 1/2 Down 3 1/4 CLOSE 5.55 1/4 Down 1 1/2</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 0.78 0.78 0.78 0.40</u></div>
<div><u>CAD $/bu 5.03 5.03 5.03 5.98</u></div>
<div><u>CAD $/tonne 184.66 184.66 184.66 219.71</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 0.65 N/A N/A N/A 0.65 N/A</u></div>
<div><u>London 0.72 0.72 0.79 N/A 0.75 0.68 0.68 N/A</u></div>
<div><u>Hensall 0.70 N/A 0.70 N/A 0.70 N/A 0.65 N/A</u></div>
<div><u>Trenton N/A N/A N/A N/A N/A N/A 0.85 N/A</u></div>
<div><u>Bruce 0.70 0.70 0.70 0.40 0.70 0.60 0.65 0.60</u></div>
<div><u>Essex N/A N/A N/A N/A N/A N/A 0.60 N/A</u></div>
<div><u>Norwich 0.70 N/A 0.70 N/A 0.70 N/A 0.65 N/A</u></div>
<div><u>Port Hope N/A N/A 0.75 N/A N/A 0.75 0.75 N/A</u></div>
<div><u>Kent Bridge 0.70 N/A 0.70 N/A 0.70 N/A 0.65 N/A</u></div>
<div><u>Chatham N/A N/A 0.65 N/A N/A N/A 0.65 N/A</u></div>
<div><u>Brigden N/A N/A 0.65 N/A N/A N/A 0.65 N/A</u></div>
<div><u>Palmerston N/A 0.70 0.70 0.40 N/A 0.60 0.60 0.60</u></div>
<div><u>Varna 0.70 0.70 0.70 N/A 1.00 0.70 0.70 N/A</u></div>
<div><u>Mitchell 0.70 0.70 0.70 N/A 0.70 0.65 0.65 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.05 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 0.72 0.72 0.25 N/A 0.89 0.89 0.59</u></div>
<div><u>W O Feed 1.47</u></div>
<div><u><br>
</u></div>
<div><u>TERMINAL</u></div>
<div><u>Sarnia 1.19 0.84 0.94 N/A 1.22 0.87 0.97 N/A</u></div>
<div><u>Prescott N/A N/A 0.72 N/A N/A N/A 0.94 0.73</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Toledo FM N/A N/A 1.30N/A N/A N/A 1.39N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.10US 5.35CA 4.34US 5.66CA</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 0.86 0.80 0.80 0.65</u></div>
<div><u>CAD $/bu 5.40 5.33 5.33 6.21</u></div>
<div><u>CAD $/tonne 198.41 196.01 196.01 228.04</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 514.02</u></div>
<div><u>DDG's FOB Srn & Aylm 145.00</u></div>
<div><u><br>
</u></div>
<div><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 51, 51); background: rgb(253, 253, 253);">Blair Andrews</span><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 51, 51);"><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><span style="font-size: 11pt; line-height: 115%; font-family: Calibri, sans-serif;"><a href="callto:519-674-1500"><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 102, 153);">519-674-1500</span></a></span><span class="apple-converted-space"><span style="font-size:10.0pt;line-height:115%;
font-family:"Courier New";mso-fareast-font-family:Calibri;mso-fareast-theme-font:
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63577<span class="apple-converted-space"> </span></span><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 51, 51);"><br>
<span style="background:#FDFDFD">Fax.<span class="apple-converted-space"> </span></span></span><span style="font-size: 11pt; line-height: 115%; font-family: Calibri, sans-serif;"><a href="callto:519-674-1530"><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 102, 153);">519-674-1530</span></a></span><span class="apple-converted-space"><span style="font-size:10.0pt;line-height:115%;
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