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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, March 2</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Bank of Canada Noon exchange rate was 1.3384 up 0.0038</u></div>
<div><u>Chicago corn closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> MAY17 HI 3.82 1/4 DEC17 HI 4.01</u></div>
<div><u> LOW 3.76 3/4 LOW 3.96</u></div>
<div><u> CLOSE3.79 1/2 Down 2 1/2 CLOSE 3.98 1/2 Down 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 +MAY17+JUL17+JUL17</u></div>
<div><u>CK Low 0.60 4.40 173.02 0.75 4.74 186.41</u></div>
<div><u>CK High 0.70 4.50 176.96 0.80 4.79 188.38</u></div>
<div><u>CK Avg 0.65 -0.48 4.45 174.99 0.79 -0.41 4.78 188.05</u></div>
<div><u>Essex Cty 0.50 4.30 169.09 0.75 4.74 186.41</u></div>
<div><u>Mdsx Low 0.65 4.45 174.99 0.80 4.79 188.38</u></div>
<div><u>Mdsx High 0.65 4.45 174.99 0.80 4.79 188.38</u></div>
<div><u>Mdsx Avg 0.65 -0.48 4.45 174.99 0.80 -0.41 4.79 188.38</u></div>
<div><u>Hensall 0.70 4.50 176.96 0.80 4.79 188.38</u></div>
<div><u>Bruce 0.70 4.50 176.96 0.80 4.79 188.38</u></div>
<div><u>Putnam 0.60 4.40 173.02 0.80 4.79 188.38</u></div>
<div><u>Burford 0.65 4.45 174.99 0.80 4.79 188.38</u></div>
<div><u>Port Perry 1.00 4.80 188.77 0.85 4.84 190.35</u></div>
<div><u>Norfolk 0.75 4.55 178.93 0.90 4.89 192.31</u></div>
<div><u>Palmerston 0.75 4.55 178.93 0.80 4.79 188.38</u></div>
<div><u>Varna 0.70 4.50 176.96 0.80 4.79 188.38</u></div>
<div><u>Trenton 1.00 4.80 188.77 0.80 4.79 188.38</u></div>
<div><u>Winchester 1.11 4.91 193.10 1.03 5.02 197.43</u></div>
<div><u>North Gower 1.12 4.92 193.49 1.00 4.99 196.25</u></div>
<div><u>Huron FOB 1.00 4.80 188.77 0.85 4.84 190.35</u></div>
<div><u>Kent FOB 0.95 4.75 186.80 0.80 4.79 188.38</u></div>
<div><u>Lamb FOB 1.00 4.80 188.77 0.80 4.79 188.38</u></div>
<div><u>Mdsx FOB 0.90 0.90 0.95N/A 4.70 184.83 0.80 4.79 188.38</u></div>
<div><u>FOB SW Que 1.15 4.95 194.68N/A</u></div>
<div><u>Track 1.23 5.02 197.63N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth 1.15 1.20 1.20 1.23 4.95 194.68 1.00 4.99 196.25</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 0.95 4.94 194.28</u></div>
<div><u>Sarn-Eth 1.15 1.15 1.20 1.25 4.95 194.68N/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 1.03 5.02 197.43</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 1.45N/A 1.13 5.12 201.37</u></div>
<div><u>W O Feed 1.39 5.19 204.28</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.76 5.56 218.69</u></div>
<div><u>Toledo El. -0.15 3.65 143.60 -0.33 3.65 143.72</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Sarnia 1.05 4.85 190.74 0.95 4.94194 2/7</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.65 1 4.44 1/2</u></div>
<div><u>HI SD CRN 0.70 4.49 1/2</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 1.3384 up 0.0038</u></div>
<div><u>Chicago soybeans closed slightly to moderately lower.</u></div>
<div><u><br>
</u></div>
<div><u> MAY17 HI 10.51 NOV17 HI 10.32</u></div>
<div><u> LOW 10.32 LOW 10.15</u></div>
<div><u> CLOSE10.37 1/4 Down 14 1/2 CLOSE 10.21 3/4 Down 10 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 +MAY1+MAY1+JUL17</u></div>
<div><u>CK Low 2.60 12.97 476.662.55 12.77 469.13</u></div>
<div><u>CK High 2.71 13.08 480.702.65 12.87 472.80</u></div>
<div><u>CK Average 2.69 -0.6213.06 479.782.60 -0.6312.82 471.02</u></div>
<div><u>Essex Cty 2.60 12.97 476.662.55 12.77 469.13</u></div>
<div><u>Mdsx Low 2.71 13.08 480.702.59 12.81 470.60</u></div>
<div><u>Mdsx High 2.75 13.12 482.172.65 12.87 472.80</u></div>
<div><u>Mdsx Average 2.73 -0.5913.10 481.432.62 -0.6212.84 471.70</u></div>
<div><u>Hensall 2.73 13.10 481.252.65 12.87 472.80</u></div>
<div><u>Bruce 2.75 13.12 482.172.65 12.87 472.80</u></div>
<div><u>Putnam 2.60 12.97 476.662.50 12.72 467.29</u></div>
<div><u>Burford 2.80 13.17 484.012.68 12.90 473.90</u></div>
<div><u>Port Perry 2.71 13.08 480.702.59 12.81 470.60</u></div>
<div><u>Norfolk 2.75 13.12 482.172.80 13.02 478.31</u></div>
<div><u>Palmerston 2.65 13.02 478.492.60 12.82 470.96</u></div>
<div><u>Varna 2.70 13.07 480.332.65 12.87 472.80</u></div>
<div><u>Trenton 2.75 13.12 482.172.65 12.87 472.80</u></div>
<div><u>Winchester 2.82 13.19 484.742.85 13.07 480.15</u></div>
<div><u>North Gower 2.62 12.99 477.392.74 12.96 476.11</u></div>
<div><u>Huron FOB 2.80 13.17 484.012.75 12.97 476.47</u></div>
<div><u>Kent FOB 2.80 13.17 484.012.65 12.87 472.80</u></div>
<div><u>Lambton FOB 2.85 13.22 485.842.85 13.07 480.15</u></div>
<div><u>Middlesex FOB2.81 2.88 2.92 N/A 13.18 484.372.72 12.94 475.37</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Hamilton 3.25 3.30 3.38 N/A 13.62 500.543.15 13.37 491.17</u></div>
<div><u> N/A N/A N/A</u></div>
<div><u>TRANSFER</u></div>
<div><u>Prescott 2.98 13.35 490.623.09 13.31 488.97</u></div>
<div><u>Sarnia 2.71 13.08 480.702.98 13.20 484.93</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.48 9.89 363.41-0.52 9.70 356.26</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Bank of Canada Noon exchange rate was 1.3384 up 0.0038</u></div>
<div><u>Chicago wheat closed slightly lower.</u></div>
<div><u>MAY17 HI 4.59 1/2 JUL17 HI 4.72 3/4</u></div>
<div><u> LOW 4.49 3/4 LOW 4.64 1/4</u></div>
<div><u> CLOSE 4.52 3/4 Down 4 1/4 CLOSE 4.67 Down 3 3/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed moderately lower.</u></div>
<div><u>MAY17 HI 5.60 3/4 SEP17 HI 5.71 1/4</u></div>
<div><u> LOW 5.52 1/4 LOW 5.63 1/2</u></div>
<div><u> CLOSE 5.53 Down 8 1/2 CLOSE 5.64 1/2 Down 7 1/4</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 0.80 0.80 0.80 0.40</u></div>
<div><u>CAD $/bu 5.33 5.33 5.33 5.93</u></div>
<div><u>CAD $/tonne 195.71 195.71 195.71 217.98</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 0.60 N/A N/A N/A 0.60 N/A</u></div>
<div><u>London 0.79 0.73 0.68 N/A 0.90 0.77 0.77 N/A</u></div>
<div><u>Hensall 0.70 N/A 0.60 N/A 0.80 N/A 0.60 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 0.60 0.40 0.80 0.65 0.60 0.60</u></div>
<div><u>Essex N/A N/A 0.59 N/A N/A N/A 0.69 N/A</u></div>
<div><u>Norwich 0.70 N/A 0.60 N/A 0.80 N/A 0.60 N/A</u></div>
<div><u>Port Hope N/A N/A 0.65 N/A N/A 0.65 0.70 N/A</u></div>
<div><u>Kent Bridge 0.70 N/A 0.60 N/A 0.80 N/A 0.60 N/A</u></div>
<div><u>Chatham N/A N/A 0.65 N/A N/A N/A 0.70 N/A</u></div>
<div><u>Brigden N/A N/A 0.65 N/A N/A N/A 0.70 N/A</u></div>
<div><u>Palmerston N/A 0.70 0.55 N/A N/A 0.65 0.60 0.60</u></div>
<div><u>Varna 0.75 0.65 0.65 N/A 1.00 0.70 0.70 N/A</u></div>
<div><u>Mitchell 0.70 0.60 0.60 N/A 0.80 0.60 0.60 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.46 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 0.70 0.70 0.21 N/A 1.21 1.21 0.74</u></div>
<div><u>W O Feed 1.33</u></div>
<div><u><br>
</u></div>
<div><u>TERMINAL</u></div>
<div><u>Sarnia 1.05 N/A 0.80 N/A 1.10 0.75 1.04 N/A</u></div>
<div><u>Prescott N/A N/A N/A N/A N/A N/A 1.10 N/A</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Toledo FM N/A N/A 1.54N/A N/A N/A 1.58N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.27US 5.71CA 4.52US 6.05CA</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 1.18 1.18 1.18 0.84</u></div>
<div><u>CAD $/bu 5.85 5.85 5.85 6.48</u></div>
<div><u>CAD $/tonne 214.78 214.78 214.78 238.13</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 503.54</u></div>
<div><u>DDG's FOB Srn & Aylm 155.00 - 160.00</u></div>
<div><u><br>
</u></div>
<div>----</div>
<div><u><br>
</u></div>
<div>Ontario Grain Market Commentary for March 1, 2017 by Marty Hibbs, Grain Farmers of Ontario</div>
<div><br>
</div>
<div><br>
</div>
<div>
<div>Wednesday, March 1, 2017 Closing Prices </div>
<div>COMMODITY<span class="Apple-tab-span" style="white-space:pre"> </span>PERIOD<span class="Apple-tab-span" style="white-space:pre">
</span>PRICE<span class="Apple-tab-span" style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span class="Apple-tab-span" style="white-space:pre"> </span>May<span class="Apple-tab-span" style="white-space:pre">
</span>3.82<span class="Apple-tab-span" style="white-space:pre"> </span>$B",(B<span class="Apple-tab-span" style="white-space:pre">
</span> 04<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>May
<span class="Apple-tab-span" style="white-space:pre"></span>10.52<span class="Apple-tab-span" style="white-space:pre">
</span>$B",(B<span class="Apple-tab-span" style="white-space:pre"> </span>19<span class="Apple-tab-span" style="white-space:pre">
</span>cents</div>
<div>Wheat CBOT<span class="Apple-tab-span" style="white-space:pre"> </span>May<span class="Apple-tab-span" style="white-space:pre">
</span>4.57<span class="Apple-tab-span" style="white-space:pre"> </span>$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>May<span class="Apple-tab-span" style="white-space:pre">
</span>5.61<span class="Apple-tab-span" style="white-space:pre"> </span>$B",(B<span class="Apple-tab-span" style="white-space:pre">
</span>09<span class="Apple-tab-span" style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span class="Apple-tab-span" style="white-space:pre"> </span>May<span class="Apple-tab-span" style="white-space:pre">
</span>4.77<span class="Apple-tab-span" style="white-space:pre"> </span>$B",(B<span class="Apple-tab-span" style="white-space:pre">
</span>06<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>May<span class="Apple-tab-span" style="white-space:pre">
</span>2.46<span class="Apple-tab-span" style="white-space:pre"> </span>$B"-(B<span class="Apple-tab-span" style="white-space:pre">
</span>06<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 $<span class="Apple-tab-span" style="white-space:pre"> </span>Mar<span class="Apple-tab-span" style="white-space:pre">
</span>.7494<span class="Apple-tab-span" style="white-space:pre"> </span>$B"-(B<span class="Apple-tab-span" style="white-space:pre">
</span>0.99<span class="Apple-tab-span" style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div><br>
</div>
<div><br>
</div>
<div>CORN: Last week$B!G(Bs commentary suggested we would need a couple of weeks before we revisit our recent highs of February 16th. Although the May contract closed out the session on March 1st eight cents higher than the previous day, the chart formation still
suggests another week or two before those levels challenged again. Corn found our $3.80 overhead resistance level too much for this rally but should still get to see another attempt in the coming weeks. Initial support is at the $3.60 level on May while overhead
resistance is seen at $3.80 - $3.85. </div>
<div>Overall, the charts look positive in the long run but we have to expect pullbacks and it will take time to turn the trend positive. <span style="font-size: 10pt;">Our main downtrend line runs north of $4 on the lead month contract. Short term and weekly
indicators are still positive, but the main trend is still down.</span></div>
<div> </div>
<div><br>
</div>
<div>SOYBEANS: The trading range continues to narrow and soybeans are still range-bound between $10 - $11. We managed to stay above the $10 level on the close last week but pressure seems to be pushing hard on the $10 support line as we have received a short
term sell signal. The March contract is now tied to cash and we have switched over to May. Short term indicators have turned negative this week, and the main trend is still down.</div>
<div><br>
</div>
<div>WHEAT: Our reversal pattern worked as expected and we have completed a 50% pullback on the May wheat from the December 23 low and the more recent February 16 high. The pattern suggests more time before we challenge the February highs again, but unless
we see prices close below the $4.40 based on the May contract, we could be ready for a challenge to the recent highs by mid-March. Looking ahead to next week, we see initial support on the May contract at the $4.40 level while overhead resistance is now at
$4.65 also based on the May contract. <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>CROP CASH PRICES as of close on March 1, 2017</div>
<div><br>
</div>
<div>SWW @ $197.07 ($5.36/bu), HRW @ $197.07 ($5.36/bu),</div>
<div>HRS @ $221.09/MT ($6.02/bu), SRW @ $197.07 ($5.36/bu).</div>
<div><br>
</div>
<div>----</div>
<div></div>
<div><br>
</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>
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