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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, April 20</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Bank of Canada Noon exchange rate was 1.348 up 0.0011</u></div>
<div><u>Chicago corn closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> MAY17 HI 3.63 3/4 DEC17 HI 3.88 1/2</u></div>
<div><u> LOW 3.57 1/4 LOW 3.81 1/2</u></div>
<div><u> CLOSE3.57 3/4 Down 4 CLOSE 3.82 1/2 Down 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 +JUL17+JUL17+SEP17</u></div>
<div><u>CK Low 0.75 4.33 170.37 0.95 4.78 187.98</u></div>
<div><u>CK High 0.80 4.38 172.33 0.95 4.78 187.98</u></div>
<div><u>CK Avg 0.79 -0.33 4.37 172.01 0.95 -0.28 4.78 187.98</u></div>
<div><u>Essex Cty 0.55 4.13 162.49 0.85 4.68 184.05</u></div>
<div><u>Mdsx Low 0.80 4.38 172.33 0.95 4.78 187.98</u></div>
<div><u>Mdsx High 0.80 4.38 172.33 0.95 4.78 187.98</u></div>
<div><u>Mdsx Avg 0.80 -0.33 4.38 172.33 0.95 -0.28 4.78 187.98</u></div>
<div><u>Hensall 0.80 4.38 172.33 0.95 4.78 187.98</u></div>
<div><u>Bruce 0.80 4.38 172.33 1.00 4.83 189.95</u></div>
<div><u>Putnam 0.75 4.33 170.37 0.95 4.78 187.98</u></div>
<div><u>Burford 0.85 4.43 174.30 0.95 4.78 187.98</u></div>
<div><u>Port Perry 1.00 4.58 180.21 0.95 4.78 187.98</u></div>
<div><u>Norfolk 0.90 4.48 176.27 1.00 4.83 189.95</u></div>
<div><u>Palmerston 0.80 4.38 172.33 0.95 4.78 187.98</u></div>
<div><u>Varna 0.80 4.38 172.33 0.95 4.78 187.98</u></div>
<div><u>Trenton 1.05 4.63 182.18 0.95 4.78 187.98</u></div>
<div><u>Winchester 1.19 4.77 187.69 1.20 5.03 197.83</u></div>
<div><u>North Gower 1.14 4.72 185.72 1.08 4.91 193.10</u></div>
<div><u>Huron FOB 1.05 4.63 182.18 0.95 4.78 187.98</u></div>
<div><u>Kent FOB 1.10 4.68 184.15 0.90 4.73 186.02</u></div>
<div><u>Lamb FOB 1.00 4.58 180.21 0.85 4.68 184.05</u></div>
<div><u>Mdsx FOB 0.85 0.90 0.90 0.90 4.43 174.30 0.95 4.78 187.98</u></div>
<div><u>FOB SW Que 1.20 4.78 188.08N/A</u></div>
<div><u>Track 1.23 4.80 189.07N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A 1.30 1.30 1.27 1.07 4.90 192.71</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 4.88 191.92</u></div>
<div><u>Sarn-Eth N/A 1.25 1.25 1.25 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 1.30 1.10 4.93 193.89</u></div>
<div><u>Pt.Colb-Ing N/A N/A N/A N/A 1.15 4.98 195.86</u></div>
<div><u>Cardnl-Ing N/A N/A N/A N/A 1.25 5.08 199.79</u></div>
<div><u>W O Feed 1.36 4.94 194.54</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.58 5.16 203.04</u></div>
<div><u>Toledo El. -0.12 3.46 136.07 -0.34 3.49 137.33</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Sarnia 1.10 4.68 184.15 0.95 4.78188</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.77 1/2 4.35 1/4 0.95 4.77 1/2</u></div>
<div><u>HI SD CRN 0.80 4.37 3/4 0.95 4.77 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 1.348 up 0.0011</u></div>
<div><u>Chicago soybeans closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> MAY17 HI 9.55 3/4 NOV17 HI 9.62 1/2</u></div>
<div><u> LOW 9.46 LOW 9.53</u></div>
<div><u> CLOSE9.46 3/4 Down 3 1/2 CLOSE 9.53 3/4 Down 4 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+JUL1+JUL17</u></div>
<div><u>CK Low 2.60 12.07 443.402.35 11.89 436.79</u></div>
<div><u>CK High 2.65 12.12 445.242.40 11.94 438.63</u></div>
<div><u>CK Average 2.64 -0.4812.11 444.812.39 -0.6811.93 438.32</u></div>
<div><u>Essex Cty 2.65 12.12 445.242.35 11.89 436.79</u></div>
<div><u>Mdsx Low 2.63 12.10 444.512.38 11.92 437.89</u></div>
<div><u>Mdsx High 2.70 12.17 447.082.45 11.99 440.47</u></div>
<div><u>Mdsx Average 2.67 -0.4612.13 445.792.42 -0.6611.95 439.18</u></div>
<div><u>Hensall 2.68 12.14 446.162.45 11.99 440.47</u></div>
<div><u>Bruce 2.70 12.17 447.082.45 11.99 440.47</u></div>
<div><u>Putnam 2.70 12.17 447.082.45 11.99 440.47</u></div>
<div><u>Burford 2.74 12.21 448.552.49 12.03 441.93</u></div>
<div><u>Port Perry 2.63 12.10 444.512.38 11.92 437.89</u></div>
<div><u>Norfolk 2.70 12.17 447.082.50 12.04 442.30</u></div>
<div><u>Palmerston 2.65 12.12 445.242.40 11.94 438.63</u></div>
<div><u>Varna 2.65 12.12 445.242.45 11.99 440.47</u></div>
<div><u>Trenton 2.55 12.02 441.572.45 11.99 440.47</u></div>
<div><u>Winchester 2.48 11.95 439.002.73 12.27 450.75</u></div>
<div><u>North Gower 2.53 12.00 440.832.66 12.20 448.18</u></div>
<div><u>Huron FOB 2.80 12.27 450.752.55 12.09 444.14</u></div>
<div><u>Kent FOB 2.75 12.22 448.922.40 11.94 438.63</u></div>
<div><u>Lambton FOB 2.60 12.07 443.402.50 12.04 442.30</u></div>
<div><u>Middlesex FOB2.80 2.87 N/A N/A 12.27 450.752.59 12.13 445.61</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Hamilton 3.12 3.05 N/A N/A 12.59 462.513.05 12.59 462.51</u></div>
<div><u> N/A N/A N/A</u></div>
<div><u>TRANSFER</u></div>
<div><u>Prescott 2.76 12.23 449.282.96 12.50 459.20</u></div>
<div><u>Sarnia 2.55 12.02 441.572.79 12.33 452.96</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.31 9.16 336.49-0.57 8.97 329.66</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Bank of Canada Noon exchange rate was 1.348 up 0.0011</u></div>
<div><u>Chicago wheat closed lower.</u></div>
<div><u>MAY17 HI 4.21 3/4 JUL17 HI 4.37</u></div>
<div><u> LOW 4.05 1/4 LOW 4.21</u></div>
<div><u> CLOSE 4.06 1/4 Down 12 3/4 CLOSE 4.21 3/4 Down 12 3/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed moderately lower.</u></div>
<div><u>MAY17 HI 5.37 1/4 SEP17 HI 5.52</u></div>
<div><u> LOW 5.26 1/2 LOW 5.41 1/4</u></div>
<div><u> CLOSE 5.27 Down 10 1/4 CLOSE 5.42 Down 10</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 0.67 0.67 0.67 0.35</u></div>
<div><u>CAD $/bu 4.73 4.73 4.73 5.62</u></div>
<div><u>CAD $/tonne 173.80 173.80 173.80 206.33</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 0.80 0.80 0.73 N/A 0.98 0.78 0.78 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 0.75 0.75 0.60</u></div>
<div><u>Essex N/A N/A 0.51 N/A N/A N/A 0.66 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 0.75 N/A</u></div>
<div><u>Brigden N/A N/A 0.70 N/A N/A N/A 0.75 N/A</u></div>
<div><u>Palmerston N/A 0.70 0.70 0.40 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 0.19 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 0.61 0.61 0.18 N/A 1.16 1.16 0.74</u></div>
<div><u>W O Feed 1.39</u></div>
<div><u><br>
</u></div>
<div><u>TERMINAL</u></div>
<div><u>Sarnia N/A N/A 1.02 N/A 1.36 N/A 1.13 N/A</u></div>
<div><u>Prescott N/A N/A N/A N/A N/A N/A 1.04 N/A</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Toledo FM N/A N/A 1.41N/A N/A N/A 1.46N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 3.96US 5.34CA 4.07US 5.48CA</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 1.06 1.06 1.06 0.80</u></div>
<div><u>CAD $/bu 5.28 5.28 5.28 6.22</u></div>
<div><u>CAD $/tonne 193.84 193.84 193.84 228.60</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 455.15</u></div>
<div><u>DDG's FOB Srn & Aylm 175.00</u></div>
<div><br>
</div>
<div>------</div>
<div>Ontario Grain Market Commentary for April 19, 2017</div>
<div>By Marty Hibbs, Grain Farmers of Ontario</div>
<div><br>
</div>
<div>
<div>Wednesday, April 19, 2017 Closing Prices </div>
<div>COMMODITY<span class="Apple-tab-span" style="white-space:pre"> </span>PERIOD<span class="Apple-tab-span" style="white-space:pre">
</span>PRICE<span class="Apple-tab-span" style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span class="Apple-tab-span" style="white-space:pre"> </span>May<span class="Apple-tab-span" style="white-space:pre">
</span>3.62<span class="Apple-tab-span" style="white-space:pre"> </span>$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>9.50<span class="Apple-tab-span" style="white-space:pre">
</span>$B",(B<span class="Apple-tab-span" style="white-space:pre"> </span>02<span class="Apple-tab-span" style="white-space:pre">
</span>cents</div>
<div>Wheat CBOT<span class="Apple-tab-span" style="white-space:pre"> </span>May<span class="Apple-tab-span" style="white-space:pre">
</span>4.19<span class="Apple-tab-span" style="white-space:pre"> </span>$B",(B<span class="Apple-tab-span" style="white-space:pre">
</span> 15<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>5.37<span class="Apple-tab-span" style="white-space:pre"> </span>$B",(B<span class="Apple-tab-span" style="white-space:pre">
</span>10<span class="Apple-tab-span" style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span class="Apple-tab-span" style="white-space:pre"> </span>May<span class="Apple-tab-span" style="white-space:pre">
</span>4.17<span class="Apple-tab-span" style="white-space:pre"> </span>$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>Chicago Oats<span class="Apple-tab-span" style="white-space:pre"> </span>May<span class="Apple-tab-span" style="white-space:pre">
</span>2.18<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><span class="Apple-tab-span" style="white-space:pre"></span></div>
<div>Canadian $<span class="Apple-tab-span" style="white-space:pre"> </span>June<span class="Apple-tab-span" style="white-space:pre">
</span>.7420<span class="Apple-tab-span" style="white-space:pre"> </span>$B"-(B<span class="Apple-tab-span" style="white-space:pre">
</span>0.95<span class="Apple-tab-span" style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>CORN: Corn has tracked sideways for the past three weeks between our $3.50 support and our $3.80 resistance. U.S. corn planting is off to a slow start due to rain, but warmer, drier weather is expected in the eastern Corn Belt next week. Charts are quiet
with the major trend still down. Resistance is at the $4 mark while support is seen at $3.50 and $3.40.</div>
<div>Short term indicators are negative and the main trend is still down.</div>
<div> </div>
<div>SOYBEANS: Soybean futures prices have dropped from the $10.50 level to our $9.30 support line. That$B!G(Bs a $1.20 drop since our February 22 red sell signal.</div>
<div>News from South America remains negative, while Brazil's soybean harvest is almost 90% complete. Without sounding repetitious, the market is in a major downtrend and rallies should be sold. If the $9.30 support fails and closes below those levels on the
lead month chart, our next major support is at the $8.50 level. </div>
<div>Short term indicators are all negative and the main trend is still down.</div>
<div><br>
</div>
<div>WHEAT: Our red sell signal from March 13 is still valid as we probe this $4.15 support level on the May contract. Our overhead resistance is now down to $4.45 on the May contract. This coincides with a four-year-old downtrend line. If we are unable to
close convincingly above the $4.50 level, we are destined to re-test major support at $4.</div>
<div>Short term indicators are still negative and the primary trend is still down.</div>
<div><br>
</div>
<div>Harvest 2017 prices as of the close, April 19 are as follows:</div>
<div>SWW @ $200.30/MT ($5.45/bu), HRW @ $200.30/MT ($5.45/bu), </div>
<div>HRS @ $233.73/MT ($6.36/bu), SRW @ $200.30/MT ($5.45/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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