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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, April 12</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Bank of Canada Noon exchange rate was 1.3302 down 0.0033</u></div>
<div><u>Chicago corn closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAY17 HI 3.71 1/2 DEC17 HI 3.94 1/2</u></div>
<div><u> LOW 3.66 1/4 LOW 3.90</u></div>
<div><u> CLOSE3.69 Up 2 1/2 CLOSE 3.92 1/2 Up 2</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 +JUL17+JUL17+SEP17</u></div>
<div><u>CK Low 0.70 4.39 172.83 0.85 4.78 187.98</u></div>
<div><u>CK High 0.80 4.49 176.76 0.90 4.83 189.95</u></div>
<div><u>CK Avg 0.78 -0.33 4.47 176.11 0.89 -0.30 4.82 189.62</u></div>
<div><u>Essex Cty 0.55 4.24 166.92 0.80 4.73 186.02</u></div>
<div><u>Mdsx Low 0.80 4.49 176.76 0.90 4.83 189.95</u></div>
<div><u>Mdsx High 0.80 4.49 176.76 0.90 4.83 189.95</u></div>
<div><u>Mdsx Avg 0.80 -0.31 4.49 176.76 0.90 -0.30 4.83 189.95</u></div>
<div><u>Hensall 0.80 4.49 176.76 0.93 4.85 190.94</u></div>
<div><u>Bruce 0.80 4.49 176.76 1.00 4.93 193.89</u></div>
<div><u>Putnam 0.75 4.44 174.80 0.85 4.78 187.98</u></div>
<div><u>Burford 0.85 4.54 178.73 0.90 4.83 189.95</u></div>
<div><u>Port Perry 1.00 4.69 184.64 0.90 4.83 189.95</u></div>
<div><u>Norfolk 0.90 4.59 180.70 1.00 4.93 193.89</u></div>
<div><u>Palmerston 0.75 4.44 174.80 0.90 4.83 189.95</u></div>
<div><u>Varna 0.80 4.49 176.76 0.95 4.88 191.92</u></div>
<div><u>Trenton 1.05 4.74 186.61 0.95 4.88 191.92</u></div>
<div><u>Winchester 1.16 4.85 190.94 1.14 5.07 199.40</u></div>
<div><u>North Gower 1.12 4.81 189.36 1.00 4.93 193.89</u></div>
<div><u>Huron FOB 1.03 4.72 185.82 0.95 4.88 191.92</u></div>
<div><u>Kent FOB 1.10 4.79 188.57 0.90 4.83 189.95</u></div>
<div><u>Lamb FOB 1.00 4.69 184.64 0.85 4.78 187.98</u></div>
<div><u>Mdsx FOB 0.85 0.90 0.90 0.90 4.54 178.73 0.90 4.83 189.95</u></div>
<div><u>FOB SW Que 1.35 5.04 198.42N/A</u></div>
<div><u>Track 1.20 4.89 192.51N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth 1.20 1.30 1.30 1.27 4.89 192.51 1.07 5.00 196.64</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 1.25 1.05 4.98 195.86</u></div>
<div><u>Sarn-Eth 1.20 1.30 1.30N/A 4.89 192.51N/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 1.30 1.10 5.03 197.83</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 N/A 1.25 5.18 203.73</u></div>
<div><u>W O Feed 1.36 5.05 198.73</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.62 5.31 209.05</u></div>
<div><u>Toledo El. -0.12 3.57 140.56 -0.33 3.59 141.43</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Sarnia 1.10 4.79 188.57 0.95 4.88192</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.75 4.441</u></div>
<div><u>HI SD CRN 0.80 4.49</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 1.3302 down 0.0033</u></div>
<div><u>Chicago soybeans closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAY17 HI 9.51 1/2 NOV17 HI 9.58 1/2</u></div>
<div><u> LOW 9.41 1/4 LOW 9.49 1/2</u></div>
<div><u> CLOSE9.47 3/4 Up 8 1/2 CLOSE 9.55 1/2 Up 7</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+JUL1+JUL17</u></div>
<div><u>CK Low 2.43 11.91 437.532.28 11.84 434.86</u></div>
<div><u>CK High 2.55 12.03 441.932.45 12.01 441.11</u></div>
<div><u>CK Average 2.48 -0.4911.96 439.362.35 -0.6011.90 437.37</u></div>
<div><u>Essex Cty 2.55 12.03 441.932.45 12.01 441.11</u></div>
<div><u>Mdsx Low 2.43 11.91 437.532.29 11.85 435.23</u></div>
<div><u>Mdsx High 2.50 11.98 440.102.35 11.91 437.43</u></div>
<div><u>Mdsx Average 2.47 -0.5011.94 438.812.32 -0.6311.88 436.33</u></div>
<div><u>Hensall 2.53 12.00 441.022.38 11.93 438.35</u></div>
<div><u>Bruce 2.50 11.98 440.102.35 11.91 437.43</u></div>
<div><u>Putnam 2.50 11.98 440.102.40 11.96 439.27</u></div>
<div><u>Burford 2.54 12.02 441.572.40 11.96 439.27</u></div>
<div><u>Port Perry 2.43 11.91 437.532.29 11.85 435.23</u></div>
<div><u>Norfolk 2.55 12.03 441.932.38 11.94 438.54</u></div>
<div><u>Palmerston 2.60 12.08 443.772.50 12.06 442.95</u></div>
<div><u>Varna 2.55 12.03 441.932.40 11.96 439.27</u></div>
<div><u>Trenton 2.50 11.98 440.102.40 11.96 439.27</u></div>
<div><u>Winchester 2.47 11.95 439.002.42 11.98 440.01</u></div>
<div><u>North Gower 2.40 11.88 436.422.44 12.00 440.74</u></div>
<div><u>Huron FOB 2.70 12.18 447.452.50 12.06 442.95</u></div>
<div><u>Kent FOB 2.60 12.08 443.772.28 11.84 434.86</u></div>
<div><u>Lambton FOB 2.60 12.08 443.772.45 12.01 441.11</u></div>
<div><u>Middlesex FOB2.60 2.60 N/A N/A 12.08 443.772.46 12.02 441.48</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Hamilton 2.92 2.86 N/A N/A 12.40 455.532.86 12.42 456.17</u></div>
<div><u> N/A N/A N/A</u></div>
<div><u>TRANSFER</u></div>
<div><u>Prescott 2.59 12.07 443.402.79 12.35 453.60</u></div>
<div><u>Sarnia 2.36 11.84 434.952.62 12.18 447.35</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.33 9.15 336.02-0.56 9.00 330.56</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Bank of Canada Noon exchange rate was 1.3302 down 0.0033</u></div>
<div><u>Chicago wheat closed slightly lower to steady.</u></div>
<div><u>MAY17 HI 4.36 1/2 JUL17 HI 4.49 1/2</u></div>
<div><u> LOW 4.31 1/2 LOW 4.44 3/4</u></div>
<div><u> CLOSE 4.33 1/4 Unchanged CLOSE 4.46 1/4 Down 1 1/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly higher.</u></div>
<div><u>MAY17 HI 5.37 1/4 SEP17 HI 5.52</u></div>
<div><u> LOW 5.27 3/4 LOW 5.44</u></div>
<div><u> CLOSE 5.28 3/4 Up 1 CLOSE 5.45 1/2 Up 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 0.70 0.70 0.70 0.28</u></div>
<div><u>CAD $/bu 5.03 5.03 5.03 5.57</u></div>
<div><u>CAD $/tonne 184.82 184.82 184.82 204.61</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 0.75 N/A</u></div>
<div><u>London 0.76 0.76 0.69 N/A 0.94 0.67 0.74 N/A</u></div>
<div><u>Hensall 0.80 N/A 0.70 N/A 0.90 N/A 0.75 N/A</u></div>
<div><u>Trenton N/A N/A N/A N/A N/A N/A 0.90 N/A</u></div>
<div><u>Bruce 0.80 0.70 0.70 0.40 0.90 0.70 0.75 0.60</u></div>
<div><u>Essex N/A N/A 0.51 N/A N/A N/A 0.65 N/A</u></div>
<div><u>Norwich 0.80 N/A 0.70 N/A 0.90 N/A 0.75 N/A</u></div>
<div><u>Port Hope N/A N/A 0.70 N/A N/A 0.75 0.85 N/A</u></div>
<div><u>Kent Bridge 0.80 N/A 0.70 N/A 0.90 N/A 0.75 N/A</u></div>
<div><u>Chatham N/A N/A 0.70 N/A N/A N/A 0.70 N/A</u></div>
<div><u>Brigden N/A N/A 0.70 N/A N/A N/A 0.70 N/A</u></div>
<div><u>Palmerston N/A 0.70 0.70 N/A N/A 0.75 0.75 0.60</u></div>
<div><u>Varna 0.80 0.70 0.70 N/A 1.05 0.75 0.75 N/A</u></div>
<div><u>Mitchell 0.80 0.70 0.70 N/A 0.90 0.75 0.75 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.39 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 0.60 0.60 0.08 N/A 1.12 1.12 0.64</u></div>
<div><u>W O Feed 1.38</u></div>
<div><u><br>
</u></div>
<div><u>TERMINAL</u></div>
<div><u>Sarnia N/A N/A 1.02 N/A 1.35 N/A 1.12 N/A</u></div>
<div><u>Prescott N/A N/A N/A N/A N/A N/A 1.01 N/A</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Toledo FM N/A N/A 1.43N/A N/A N/A 1.47N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.23US 5.63CA 4.31US 5.73CA</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 1.07 1.07 1.07 0.74</u></div>
<div><u>CAD $/bu 5.54 5.54 5.54 6.19</u></div>
<div><u>CAD $/tonne 203.39 203.39 203.39 227.45</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 460.44</u></div>
<div><u>DDG's FOB Srn & Aylm 175.00</u></div>
<div><u><br>
</u></div>
<div>----</div>
<div><br>
</div>
<div>Ontario Grain Market Commentary for April 12, 2017 by Todd Austin, Grain Farmers of Ontario</div>
<div>
<div><br>
</div>
<div><br>
</div>
<div>Wednesday, April 12, 2017</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>3.69 <span class="Apple-tab-span" style="white-space:pre"></span>¡è<span class="Apple-tab-span" style="white-space:pre">
</span>4 ¨ù <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>9.47¨ú <span class="Apple-tab-span" style="white-space:pre"></span>¡è<span class="Apple-tab-span" style="white-space:pre">
</span>3 ¨ö <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>4.33¨ù <span class="Apple-tab-span" style="white-space:pre"></span>¡è<span class="Apple-tab-span" style="white-space:pre">
</span>3 ¨ù <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>5.30 ¨ö <span class="Apple-tab-span" style="white-space:pre"></span>¡è<span class="Apple-tab-span" style="white-space:pre">
</span>5 <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>4.30 ¨ö <span class="Apple-tab-span" style="white-space:pre"></span>¡è<span class="Apple-tab-span" style="white-space:pre">
</span>8 ¨ú <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>2.24 ¨ö <span class="Apple-tab-span" style="white-space:pre"></span>¡è<span class="Apple-tab-span" style="white-space:pre">
</span>2 <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>0.75190<span class="Apple-tab-span" style="white-space:pre"> </span>¡è<span class="Apple-tab-span" style="white-space:pre">
</span>55<span class="Apple-tab-span" style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div><br>
</div>
<div>CORN: </div>
<div>The USDA report issued on April 11 indicated no net change in carryout from the previous month¡¯s report of 2.32 billion bushels. Feed usage was decreased by 50 million bushels, which was offset with a 50 million bushel increase in ethanol usage. Globally,
the USDA has increased Argentina¡¯s corn production by 1 million tonne and Brazil¡¯s by 2 million tonnes.</div>
<div>US plantings, as reported by the National Agricultural Statistics Service (NASS) was 3 percent complete. Wet weather forecasts in parts of the US Midwest would suggest some delays in planting, but would be too early to indicate shifts in acreage to other
commodities.</div>
<div><br>
</div>
<div>SOYBEANS: </div>
<div>The recent USDA report increased soybean carryout to 445 million bushels, an increase of 10 million bushels from the March report. Seed usage increased by 9 million bushels, while residual was decreased by 19 million bushels.</div>
<div>Argentina production is estimated to be 56 million tonnes, up 500,000 tonnes. Brazilian soy production is expected to be 111 million tonnes, up 3 million tonnes from previous estimates. Similarly to it neighbours, Paraguay¡¯s production has also been pegged
higher, by 1 million tonnes. Large production in both North and South America indicates a global carryout of 87.4 million tonnes, which is more than previously estimated.</div>
<div>On the demand side, China has raised their 2016/17 soybean imports estimate to 86.55 million tonnes, from 85.31 million tonnes. It was estimated that China imported 82.5 million tonnes in the 2015/16 marketing year. The USDA has forecast China¡¯s demand
for soybeans for the 2017 /18 marketing year at 89 million tonnes.</div>
<div><br>
</div>
<div>WHEAT:</div>
<div>US winter wheat conditions have benefited from recent rains as the percent good to excellent increased to 53 percent this past week, up 2 percent from the previous week. However, the same rains have actually delayed spring wheat plantings, with only 5
percent planted versus 12 percent, this time last year.</div>
<div>The USDA report increased wheat carryout by 30 million bushels, as they have estimated a lower feed usage by 35 million bushels, but also timed imports by 5 million bushels. Breaking down the carryout by wheat class, soft red wheat carryout has been increasing
year over year and is now estimated to be 230 million bushels, which is a significant increase from last year¡¯s 157 million bushels</div>
<div>HARVEST 2017 cash prices for April 12, 2017, at the market close, are as follows:</div>
<div><br>
</div>
<div>SWW at $203.42/MT ($5.54/bu), HRW at $203.42/MT ($5.54/bu), </div>
<div>HRS at $227.49/MT ($6.19/bu), and SRW at $203.42/MT ($5.54/bu).</div>
<div><br>
</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>
<span style="background:#FDFDFD">University of Guelph, Ridgetown Campus<span class="apple-converted-space"> </span></span><br>
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