<html>
<head>
<meta http-equiv="Content-Type" content="text/html; charset=iso-2022-jp">
<style type="text/css" style="display:none;"><!-- P {margin-top:0;margin-bottom:0;} --></style>
</head>
<body dir="ltr">
<div id="divtagdefaultwrapper" style="font-size:10pt;color:#000000;font-family:'Courier New',monospace;" dir="ltr">
<p>Ontario Grain Market Commentary for March 15, 2017 by Marty Hibbs, Grain Farmers of Ontario</p>
<p><br>
</p>
<p></p>
<div>Wednesday, March 15, 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>3.63<span class="Apple-tab-span" style="white-space:pre"> </span>$B"-(B<span class="Apple-tab-span" style="white-space:pre">
</span> 09<span class="Apple-tab-span" style="white-space:pre"> </span>cents</div>
<div>Soybeans CBOT<span class="Apple-tab-span" style="white-space:pre"> </span>May
<span class="Apple-tab-span" style="white-space:pre"></span>9.98<span class="Apple-tab-span" style="white-space:pre">
</span>$B"-(B<span class="Apple-tab-span" style="white-space:pre"> </span>13<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>4.36<span class="Apple-tab-span" style="white-space:pre"> </span>$B"-(B<span class="Apple-tab-span" style="white-space:pre">
</span> 11<span class="Apple-tab-span" style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span class="Apple-tab-span" style="white-space:pre"> </span>May<span class="Apple-tab-span" style="white-space:pre">
</span>5.40<span class="Apple-tab-span" style="white-space:pre"> </span>$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>4.47<span class="Apple-tab-span" style="white-space:pre"> </span>$B"-(B<span class="Apple-tab-span" style="white-space:pre">
</span>19<span class="Apple-tab-span" style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span class="Apple-tab-span" style="white-space:pre"> </span>May<span class="Apple-tab-span" style="white-space:pre">
</span>2.57<span class="Apple-tab-span" style="white-space:pre"> </span>$B",(B<span class="Apple-tab-span" style="white-space:pre">
</span>13<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 $<span class="Apple-tab-span" style="white-space:pre"> </span>June<span class="Apple-tab-span" style="white-space:pre">
</span>.7510<span class="Apple-tab-span" style="white-space:pre"> </span>$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>CORN: The March contract is now expired leaving May as the lead month. A pullback is evident as we see prices ready to test our support levels after receiving a red sell signal on the short term indicators after the USDA report. First support on the May
contract is seen at $3.50 and again each ten cents lower until support is found. A rally from this level could move us back toward the $3.70 - $3.75 overhead resistance. Our major trend-line is still around the $4.00 mark and it$B!G(Bs this line that we need to
negate before we can get this market to turn positive in the long term. Repeating last week$B!G(Bs outlook, a pullback of a larger scale could see the May contract challenge the $3.40 and possibly even the $3.30 support levels. Short term indicators are neutral,
but the main trend is still down.</div>
<div> </div>
<div>SOYBEANS: Our red sell signal from February 22 is still intact and the May contract has dropped thirty cents to date. More of a concern is our one year old trend-line which is our major support and it needs to stay above $9.85 on a close basis. The May
contract will probably continue to find downward pressure if so, there is a chance we could see much lower prices coming into the spring on the lead month contract. Short term indicators have all turned negative as indicated in last week$B!G(Bs commentary and the
main trend is still down.</div>
<div><br>
</div>
<div>WHEAT: With the March contract expiring March 14, there seems to be some temporary relief from downward pressure on prices. While still in a corrective mode we are now due for a bounce. Initially we have overhead resistance at the $4.40 - $4.45 level on
May. The short term indicator flashed a sell signal this week suggesting this pullback could see lower prices in the coming weeks. <span style="font-size: 10pt;">Short term indicators are now negative and the primary trend is still down.</span></div>
<div><br>
</div>
<div>Harvest 2017 prices as of the close, March 15 are as follows:</div>
<div>SWW @ $205.96/MT ($5.61/bu), HRW @ $205.96/MT ($5.61/bu), </div>
<div>HRS @ $230.90/MT ($6.28/bu), SRW @ $205.96/MT ($5.61/bu), </div>
<div><br>
</div>
<div>----</div>
<div><br>
</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>
<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%;
font-family:"Courier New";color:#336699;text-decoration:none;text-underline:
none">519-674-1500</span></a><span class="apple-converted-space"><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333;
background:#FDFDFD"> </span></span><span style="font-size:10.0pt;
line-height:115%;font-family:"Courier New";color:#333333;background:#FDFDFD">x
63577<span class="apple-converted-space"> </span></span><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333"><br>
<span style="background:#FDFDFD">Fax.<span class="apple-converted-space"> </span></span></span><a href="callto:519-674-1530"><span style="font-size:10.0pt;line-height:115%;
font-family:"Courier New";color:#336699;text-decoration:none;text-underline:
none">519-674-1530</span></a><span class="apple-converted-space"><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333;
background:#FDFDFD"> </span></span><span style="font-size:10.0pt;
line-height:115%;font-family:"Courier New";color:#333333"><br>
<br>
<span style="background:#FDFDFD">Click on this link:<span class="apple-converted-space"> </span></span></span><span class="object"><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#336699">farmmarketnews-unsubscribe@list.gfo.ca</span></span><span class="apple-converted-space"><span style="font-size:10.0pt;line-height:115%;
font-family:"Courier New";color:#333333;background:#FDFDFD"> </span></span><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333;
background:#FDFDFD"> to
unsubscribe from this report.</span><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333"><br>
<span style="background:#FDFDFD">This Farm Market News product is sponsored by:</span><br>
<span style="background:#FDFDFD">Grain Farmers of Ontario<o:p></o:p></span></span></p>
<br>
</div>
<div><br>
</div>
<div><br>
</div>
<div></div>
<div><br>
</div>
<div><br>
</div>
<br>
<p></p>
</div>
</body>
</html>