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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, January 26</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Bank of Canada Noon exchange rate was 1.3104 up 0.0029</u></div>
<div><u>Chicago corn closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> MAR17 HI 3.66 3/4 DEC17 HI 3.93 1/2</u></div>
<div><u> LOW 3.62 LOW 3.89</u></div>
<div><u> CLOSE3.63 3/4 Down 2 1/2 CLOSE 3.90 3/4 Down 3</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 4.29 168.79 0.75 4.66 183.36</u></div>
<div><u>CK High 0.70 4.34 170.76 0.90 4.81 189.26</u></div>
<div><u>CK Avg 0.66 -0.36 4.30 169.12 0.78 -0.32 4.69 184.67</u></div>
<div><u>Essex Cty 0.55 4.19 164.85 0.75 4.66 183.36</u></div>
<div><u>Mdsx Low 0.65 4.29 168.79 0.75 4.66 183.36</u></div>
<div><u>Mdsx High 0.65 4.29 168.79 0.75 4.66 183.36</u></div>
<div><u>Mdsx Avg 0.65 -0.36 4.29 168.79 0.75 -0.34 4.66 183.36</u></div>
<div><u>Hensall 0.68 4.31 169.78 0.78 4.68 184.34</u></div>
<div><u>Bruce 0.65 4.29 168.79 0.75 4.66 183.36</u></div>
<div><u>Putnam 0.65 4.29 168.79 0.80 4.71 185.33</u></div>
<div><u>Burford 0.65 4.29 168.79 0.85 4.76 187.29</u></div>
<div><u>Port Perry 1.05 4.69 184.54 0.80 4.71 185.33</u></div>
<div><u>Norfolk 0.75 4.39 172.73 0.85 4.76 187.29</u></div>
<div><u>Palmerston 0.65 4.29 168.79 0.90 4.81 189.26</u></div>
<div><u>Varna 0.70 4.34 170.76 0.80 4.71 185.33</u></div>
<div><u>Trenton 1.20 4.84 190.44 0.85 4.76 187.29</u></div>
<div><u>Winchester 1.15 4.79 188.48 1.13 5.04 198.32</u></div>
<div><u>North Gower 1.12 4.76 187.29 1.10 5.01 197.14</u></div>
<div><u>Huron FOB 0.95 4.59 180.60 0.90 4.81 189.26</u></div>
<div><u>Kent FOB 1.00 4.64 182.57 0.85 4.76 187.29</u></div>
<div><u>Lamb FOB 1.00 4.64 182.57 0.80 4.71 185.33</u></div>
<div><u>Mdsx FOB 0.85 0.90 0.90N/A 4.49 176.67 0.75 4.66 183.36</u></div>
<div><u>FOB SW Que 1.15 4.79 188.48N/A</u></div>
<div><u>Track 1.28 4.91 193.40N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A 1.27 1.27 1.22 1.00 4.91 193.20</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 4.91 193.20</u></div>
<div><u>Sarn-Eth N/A 1.15 1.15 1.15 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 1.24 1.00 4.91 193.20</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 1.54 1.40 1.05 4.96 195.17</u></div>
<div><u>W O Feed 1.49 5.13 201.86</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.73 5.37 211.31</u></div>
<div><u>Toledo El. -0.08 3.56 140.11 -0.33 3.58 140.97</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Sarnia 1.00 4.64 182.57 0.95 4.86191 1/4</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.67 1/2 4.31 1/4</u></div>
<div><u>HI SD CRN 0.70 4.33 3/4</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 1.3104 up 0.0029</u></div>
<div><u>Chicago soybeans closed mixed.</u></div>
<div><u><br>
</u></div>
<div><u> MAR17 HI 10.58 1/2 NOV17 HI 10.28 3/4</u></div>
<div><u> LOW 10.45 1/2 LOW 10.19 1/2</u></div>
<div><u> CLOSE10.49 1/2 Down 5 3/4 CLOSE 10.23 1/4 Down 2 1/4</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 12.95 475.652.35 12.58 462.33</u></div>
<div><u>CK High 2.65 13.15 483.002.60 12.83 471.51</u></div>
<div><u>CK Average 2.49 -0.5812.99 477.242.43 -0.5412.67 465.39</u></div>
<div><u>Essex Cty 2.50 13.00 477.482.40 12.63 464.16</u></div>
<div><u>Mdsx Low 2.46 12.96 476.012.33 12.56 461.59</u></div>
<div><u>Mdsx High 2.50 13.00 477.482.40 12.63 464.16</u></div>
<div><u>Mdsx Average 2.48 -0.5912.98 476.752.37 -0.5912.60 462.88</u></div>
<div><u>Hensall 2.55 13.05 479.322.45 12.68 466.00</u></div>
<div><u>Bruce 2.50 13.00 477.482.40 12.63 464.16</u></div>
<div><u>Putnam 2.60 13.10 481.162.50 12.73 467.84</u></div>
<div><u>Burford 2.53 13.03 478.592.40 12.63 464.16</u></div>
<div><u>Port Perry 2.46 12.96 476.012.33 12.56 461.59</u></div>
<div><u>Norfolk 2.50 13.00 477.482.55 12.78 469.68</u></div>
<div><u>Palmerston 2.55 13.05 479.322.45 12.68 466.00</u></div>
<div><u>Varna 2.60 13.10 481.162.50 12.73 467.84</u></div>
<div><u>Trenton 2.50 13.00 477.482.45 12.68 466.00</u></div>
<div><u>Winchester 2.61 13.11 481.532.59 12.82 471.15</u></div>
<div><u>North Gower 2.62 13.12 481.892.57 12.80 470.41</u></div>
<div><u>Huron FOB 2.72 13.22 485.572.60 12.83 471.51</u></div>
<div><u>Kent FOB 2.55 13.05 479.322.40 12.63 464.16</u></div>
<div><u>Lambton FOB 2.45 12.95 475.652.55 12.78 469.68</u></div>
<div><u>Middlesex FOB2.56 2.63 2.70 N/A 13.06 479.692.48 12.71 467.10</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Hamilton 2.95 3.00 3.05 N/A 13.45 494.022.85 13.08 480.70</u></div>
<div><u> N/A N/A N/A</u></div>
<div><u>TRANSFER</u></div>
<div><u>Prescott 2.73 13.23 485.942.80 13.03 478.86</u></div>
<div><u>Sarnia 2.40 12.90 473.812.70 12.93 475.19</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.52 9.97 366.38-0.51 9.72 357.25</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Bank of Canada Noon exchange rate was 1.3104 up 0.0029</u></div>
<div><u>Chicago wheat closed slightly higher.</u></div>
<div><u>MAR17 HI 4.30 1/2 JUL17 HI 4.57 3/4</u></div>
<div><u> LOW 4.21 3/4 LOW 4.49 1/2</u></div>
<div><u> CLOSE 4.27 Up 2 1/2 CLOSE 4.55 Up 1 1/2</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly to moderately higher.</u></div>
<div><u>MAR17 HI 5.68 1/2 SEP17 HI 5.61</u></div>
<div><u> LOW 5.57 1/2 LOW 5.56</u></div>
<div><u> CLOSE 5.66 3/4 Up 9 1/4 CLOSE 5.59 3/4 Up 4 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 0.80 0.80 0.80 0.45</u></div>
<div><u>CAD $/bu 5.07 5.07 5.07 6.11</u></div>
<div><u>CAD $/tonne 186.25 186.25 186.25 224.63</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 0.50 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 0.70 0.70 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 -0.01 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 0.68 0.68 0.20 N/A 0.85 0.85 0.55</u></div>
<div><u>W O Feed 1.47</u></div>
<div><u><br>
</u></div>
<div><u>TERMINAL</u></div>
<div><u>Sarnia 1.09 0.74 0.84 N/A 1.11 0.76 0.86 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 1.32N/A N/A N/A 1.40N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.12US 5.40CA 4.35US 5.69CA</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 0.87 0.81 0.81 0.67</u></div>
<div><u>CAD $/bu 5.42 5.36 5.36 6.27</u></div>
<div><u>CAD $/tonne 199.30 196.90 196.90 230.40</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 513.02</u></div>
<div><u>DDG's FOB Srn & Aylm 145.00 - 150.00</u></div>
<div><u><br>
</u></div>
---
<p></p>
<p><br>
</p>
<p>Ontario Grain Market Commentary for January 25, 2017 by Marty Hibbs, Grain Farmers of Ontario</p>
<p><br>
</p>
<p></p>
<div>Wednesday, January 25, 2017 Closing Prices </div>
<div>COMMODITY<span class="Apple-tab-span" style="white-space:pre"> </span>PERIOD<span class="Apple-tab-span" style="white-space:pre">
</span>PRICE<span class="Apple-tab-span" style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span class="Apple-tab-span" style="white-space:pre"> </span>Mar<span class="Apple-tab-span" style="white-space:pre">
</span>3.66<span class="Apple-tab-span" style="white-space:pre"> </span>$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>Mar
<span class="Apple-tab-span" style="white-space:pre"></span>10.55<span class="Apple-tab-span" style="white-space:pre">
</span>$B"-(B<span class="Apple-tab-span" style="white-space:pre"> </span>20<span class="Apple-tab-span" style="white-space:pre">
</span>cents</div>
<div>Wheat CBOT<span class="Apple-tab-span" style="white-space:pre"> </span>Mar<span class="Apple-tab-span" style="white-space:pre">
</span>4.24<span class="Apple-tab-span" style="white-space:pre"> </span>$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>Wheat Minn.<span class="Apple-tab-span" style="white-space:pre"> </span>Mar<span class="Apple-tab-span" style="white-space:pre">
</span>5.72<span class="Apple-tab-span" style="white-space:pre"> </span>$B",(B<span class="Apple-tab-span" style="white-space:pre">
</span>12<span class="Apple-tab-span" style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span class="Apple-tab-span" style="white-space:pre"> </span>Mar<span class="Apple-tab-span" style="white-space:pre">
</span>4.37<span class="Apple-tab-span" style="white-space:pre"> </span>$B"-(B<span class="Apple-tab-span" style="white-space:pre">
</span>19<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>2.60<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><span class="Apple-tab-span" style="white-space:pre"></span></div>
<div>Canadian $<span class="Apple-tab-span" style="white-space:pre"> </span>Mar<span class="Apple-tab-span" style="white-space:pre">
</span>.7650<span class="Apple-tab-span" style="white-space:pre"> </span>$B",(B<span class="Apple-tab-span" style="white-space:pre">
</span>0.90<span class="Apple-tab-span" style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div><br>
</div>
<div>CORN: This week corn struggled with clearing the 50% retracement levels from the July 2016 tops to the Labour Day weekend lows. This is a very important resistance level on our charts. The 50% move up coincides with our resistance of $3.70 that has been
in our target zone for some time. If we can convincingly close above this $3.70 level, our next upside target is the $3.80 - $3.85 resistance. For the time being, however, our overhead resistance remains at $3.70 while support is seen at $3.40.<span style="font-size: 10pt;">Short
term and weekly indicators are still positive, but the main trend is still down.</span></div>
<div> </div>
<div><br>
</div>
<div>SOYBEANS: After reaching our resistance of $10.70 we are now retracing on the soybeans. From these levels we are getting the expected pullback and we anticipate support at the $10.25 - $10.45 range. Eventually, the extension of last week$B!G(Bs move should
put our next upside target around $11 or just above there. Initial support is still at the $10.25 level on March, and once we close convincingly above $10.75, our next target is the $11 - $11.20 area. </div>
<div>Short and intermediate term indicators are still positive but the main trend is still down.</div>
<div><br>
</div>
<div>WHEAT: Wheat continues to impress, as our charts are showing good support around $4 - $4.20 and the intraday chart shows us a pattern that suggests we will see the next upside shot take us to, or close to, the $4.50 top made back in October. This is an
important level on the March CBOT chart as it completes an inverted head and shoulders formation. I would expect a pullback from that level, but if we manage to clear the highs convincingly we could be heading towards a more significant resistance level and
a major target of $4.60. Our red buy signal from three weeks ago is still intact.</div>
<div><span style="font-size: 10pt;">CBOT March wheat initial support is still seen at the $4.20 level and again at $4, while overhead resistance is at the $4.40 - $4.45 level.</span><span style="font-size: 10pt;">Both short and intermediate term indicators
are still positive but the primary trend is still down.</span></div>
<div><br>
</div>
<div><br>
</div>
<div>2016 CROP CASH PRICES as of close on January 25, 2017</div>
<div><br>
</div>
<div>SWW @ $184.72 ($5.03/bu), HRW @ $184.72/MT ($5.03/bu), </div>
<div>HRS @ $219.79/MT ($5.98/bu), SRW @ $184.72/MT ($5.03/bu).</div>
<div><br>
</div>
<div>----</div>
<div></div>
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<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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