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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, April 27</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Bank of Canada Noon exchange rate was 1.3667 up 0.0075</u></div>
<div><u>Chicago corn closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> JUL17 HI 3.71 1/4 DEC17 HI 3.88 3/4</u></div>
<div><u> LOW 3.66 LOW 3.83 1/4</u></div>
<div><u> CLOSE3.69 1/4 Up 2 1/2 CLOSE 3.86 3/4 Up 2 1/2</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 0.63 4.32 170.17 0.90 4.77 187.69</u></div>
<div><u>CK High 0.80 4.49 176.86 0.95 4.82 189.66</u></div>
<div><u>CK Avg 0.72 -0.45 4.41 173.65 0.91 -0.36 4.78 188.02</u></div>
<div><u>Essex Cty 0.50 4.19 165.05 0.85 4.72 185.72</u></div>
<div><u>Mdsx Low 0.70 4.39 172.93 0.90 4.77 187.69</u></div>
<div><u>Mdsx High 0.75 4.44 174.89 0.90 4.77 187.69</u></div>
<div><u>Mdsx Avg 0.73 -0.45 4.42 173.91 0.90 -0.37 4.77 187.69</u></div>
<div><u>Hensall 0.75 4.44 174.89 0.93 4.79 188.67</u></div>
<div><u>Bruce 0.80 4.49 176.86 1.00 4.87 191.63</u></div>
<div><u>Putnam 0.68 4.37 172.14 0.90 4.77 187.69</u></div>
<div><u>Burford 0.75 4.44 174.89 0.90 4.77 187.69</u></div>
<div><u>Port Perry 0.90 4.59 180.80 0.90 4.77 187.69</u></div>
<div><u>Norfolk 0.78 4.47 176.07 1.00 4.87 191.63</u></div>
<div><u>Palmerston 0.73 4.42 174.11 0.90 4.77 187.69</u></div>
<div><u>Varna 0.68 4.37 172.14 0.95 4.82 189.66</u></div>
<div><u>Trenton 0.98 4.67 183.95 0.95 4.82 189.66</u></div>
<div><u>Winchester 1.13 4.82 189.85 1.20 5.07 199.50</u></div>
<div><u>North Gower 1.05 4.74 186.70 1.00 4.87 191.63</u></div>
<div><u>Huron FOB 1.10 4.79 188.67 1.00 4.87 191.63</u></div>
<div><u>Kent FOB 0.98 4.67 183.95 0.90 4.77 187.69</u></div>
<div><u>Lamb FOB 0.93 4.62 181.98 0.85 4.72 185.72</u></div>
<div><u>Mdsx FOB 0.73 0.80 0.85N/A 4.42 174.11 0.90 4.77 187.69</u></div>
<div><u>FOB SW Que 1.32 5.01 197.33N/A</u></div>
<div><u>Track 1.22 4.91 193.20N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A 1.20 1.25 1.25 1.07 4.94 194.38</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 4.92 193.59</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 N/A 1.10 4.97 195.56</u></div>
<div><u>Pt.Colb-Ing N/A N/A N/A N/A 1.15 5.02 197.53</u></div>
<div><u>Cardnl-Ing N/A N/A N/A N/A 1.25 5.12 201.47</u></div>
<div><u>W O Feed 1.37 5.06 199.14</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.75 5.44 214.26</u></div>
<div><u>Toledo El. -0.19 3.50 137.86 -0.34 3.53 138.85</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Sarnia 0.65 4.34 170.96 0.90 4.77187 2/3</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.71 1/2 4.40 3/4 0.92 1/2 4.79 1/4</u></div>
<div><u>HI SD CRN 0.80 4.49 1/4 0.95 4.81 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 1.3667 up 0.0075</u></div>
<div><u>Chicago soybeans closed narrowly mixed.</u></div>
<div><u><br>
</u></div>
<div><u> JUL17 HI 9.61 1/4 NOV17 HI 9.57 1/2</u></div>
<div><u> LOW 9.54 1/4 LOW 9.52 1/4</u></div>
<div><u> CLOSE9.57 1/4 Up 3/4 CLOSE 9.54 1/2 Up 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 +JUL1+JUL1+JUL17</u></div>
<div><u>CK Low 2.55 12.12 445.432.45 12.00 440.74</u></div>
<div><u>CK High 2.66 12.23 449.472.50 12.05 442.58</u></div>
<div><u>CK Average 2.63 -0.6112.21 448.492.49 -0.7112.03 442.15</u></div>
<div><u>Essex Cty 2.64 12.21 448.732.50 12.05 442.58</u></div>
<div><u>Mdsx Low 2.66 12.23 449.472.46 12.01 441.11</u></div>
<div><u>Mdsx High 2.70 12.27 450.942.55 12.10 444.42</u></div>
<div><u>Mdsx Average 2.68 -0.5712.25 450.202.51 -0.7012.05 442.76</u></div>
<div><u>Hensall 2.70 12.27 450.942.55 12.10 444.42</u></div>
<div><u>Bruce 2.70 12.27 450.942.55 12.10 444.42</u></div>
<div><u>Putnam 2.59 12.16 446.902.55 12.10 444.42</u></div>
<div><u>Burford 2.77 12.34 453.512.57 12.12 445.15</u></div>
<div><u>Port Perry 2.66 12.23 449.472.46 12.01 441.11</u></div>
<div><u>Norfolk 2.70 12.27 450.942.60 12.15 446.25</u></div>
<div><u>Palmerston 2.54 12.11 445.062.40 11.95 438.90</u></div>
<div><u>Varna 2.59 12.16 446.902.55 12.10 444.42</u></div>
<div><u>Trenton 2.59 12.16 446.902.55 12.10 444.42</u></div>
<div><u>Winchester 2.59 12.16 446.902.50 12.05 442.58</u></div>
<div><u>North Gower 2.46 12.03 442.122.69 12.24 449.56</u></div>
<div><u>Huron FOB 2.85 12.42 456.452.65 12.20 448.09</u></div>
<div><u>Kent FOB 2.75 12.32 452.772.50 12.05 442.58</u></div>
<div><u>Lambton FOB 2.75 12.32 452.772.65 12.20 448.09</u></div>
<div><u>Middlesex FOB2.85 2.85 N/A N/A 12.42 456.452.67 12.22 448.82</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Hamilton 3.22 3.22 3.15 3.15 12.79 470.043.10 12.65 464.62</u></div>
<div><u> N/A N/A N/A</u></div>
<div><u>TRANSFER</u></div>
<div><u>Prescott 2.66 12.23 449.472.98 12.53 460.21</u></div>
<div><u>Sarnia 2.61 12.18 447.632.86 12.41 455.81</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.44 9.14 335.72-0.57 8.97 329.70</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Bank of Canada Noon exchange rate was 1.3667 up 0.0075</u></div>
<div><u>Chicago wheat closed slightly higher.</u></div>
<div><u>MAY17 HI 4.15 JUL17 HI 4.33</u></div>
<div><u> LOW 4.06 LOW 4.25</u></div>
<div><u> CLOSE 4.13 1/2 Up 5 3/4 CLOSE 4.31 1/4 Up 4 3/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly higher.</u></div>
<div><u>MAY17 HI 5.45 SEP17 HI 5.64</u></div>
<div><u> LOW 5.36 1/2 LOW 5.57</u></div>
<div><u> CLOSE 5.40 Up 2 1/4 CLOSE 5.59 1/4 Up 2 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 0.75 0.75 0.75 0.46</u></div>
<div><u>CAD $/bu 4.88 4.88 4.88 5.86</u></div>
<div><u>CAD $/tonne 179.38 179.38 179.38 215.15</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 0.80 N/A</u></div>
<div><u>London 0.79 0.79 0.72 N/A 1.00 0.79 0.79 N/A</u></div>
<div><u>Hensall 0.98 N/A 0.88 N/A 0.95 N/A 0.80 N/A</u></div>
<div><u>Trenton N/A N/A N/A N/A N/A N/A 0.95 N/A</u></div>
<div><u>Bruce 0.98 0.88 0.88 0.53 0.95 0.75 0.80 0.60</u></div>
<div><u>Essex N/A N/A 0.62 N/A N/A N/A 0.61 N/A</u></div>
<div><u>Norwich 0.98 N/A 0.88 N/A 0.95 N/A 0.80 N/A</u></div>
<div><u>Port Hope N/A N/A 0.88 N/A N/A 0.80 0.85 N/A</u></div>
<div><u>Kent Bridge 0.98 N/A 0.88 N/A 0.95 N/A 0.80 N/A</u></div>
<div><u>Chatham N/A N/A 0.75 N/A N/A N/A 0.80 N/A</u></div>
<div><u>Brigden N/A N/A 0.75 N/A N/A N/A 0.80 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 0.70 0.65 0.65 N/A 1.10 0.80 0.80 N/A</u></div>
<div><u>Mitchell 0.98 0.88 0.88 N/A 0.95 0.80 0.80 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.14 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 0.62 0.62 0.24 N/A 1.16 1.16 0.82</u></div>
<div><u>W O Feed 1.44</u></div>
<div><u><br>
</u></div>
<div><u>TERMINAL</u></div>
<div><u>Sarnia N/A N/A 1.02 N/A 1.34 N/A 1.11 N/A</u></div>
<div><u>Prescott N/A N/A N/A N/A N/A N/A 0.98 N/A</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Toledo FM N/A N/A 1.50N/A N/A N/A 1.56N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.12US 5.60CA 4.16US 5.67CA</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 1.15 1.15 1.15 0.59</u></div>
<div><u>CAD $/bu 5.46 5.46 5.46 6.19</u></div>
<div><u>CAD $/tonne 200.77 200.77 200.77 227.29</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 463.86</u></div>
<div><u>DDG's FOB Srn & Aylm 175.00</u></div>
<div><u><br>
</u></div>
<div><u></u>
<p class="MsoNormal"><font color="#333333" face="Courier New"><span style="background-color: rgb(253, 253, 253);">----</span></font></p>
<p class="MsoNormal"><font color="#333333" face="Courier New"><span style="background-color: rgb(253, 253, 253);">Ontario Grain Market Commentary for April 26, 2017</span></font></p>
<p class="MsoNormal"><font color="#333333" face="Courier New"><span style="background-color: rgb(253, 253, 253);">By Marty Hibbs, Grain Farmers of Ontario</span></font></p>
<p class="MsoNormal"><font color="#333333" face="Courier New"><span style="background-color: rgb(253, 253, 253);"><br>
</span></font></p>
<p class="MsoNormal"><font color="#333333" face="Courier New"><span style="background-color: rgb(253, 253, 253);"></p>
<div>Wednesday, April 26, 2017 Closing Prices </div>
<div>COMMODITY<span class="Apple-tab-span" style="white-space:pre"> </span>PERIOD<span class="Apple-tab-span" style="white-space:pre">
</span>PRICE<span class="Apple-tab-span" style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span class="Apple-tab-span" style="white-space:pre"> </span>July<span class="Apple-tab-span" style="white-space:pre">
</span>3.67<span class="Apple-tab-span" style="white-space:pre"> </span>$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>Soybeans CBOT<span class="Apple-tab-span" style="white-space:pre"> </span>July<span class="Apple-tab-span" style="white-space:pre">
</span>9.56<span class="Apple-tab-span" style="white-space:pre"> </span>$B"-(B<span class="Apple-tab-span" style="white-space:pre">
</span>05<span class="Apple-tab-span" style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span class="Apple-tab-span" style="white-space:pre"> </span>July <span class="Apple-tab-span" style="white-space:pre">
</span>4.27<span class="Apple-tab-span" style="white-space:pre"> </span>$B",(B<span class="Apple-tab-span" style="white-space:pre">
</span> 00<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>July
<span class="Apple-tab-span" style="white-space:pre"></span>5.50<span class="Apple-tab-span" style="white-space:pre">
</span>$B",(B<span class="Apple-tab-span" style="white-space:pre"> </span>05<span class="Apple-tab-span" style="white-space:pre">
</span>cents</div>
<div>Wheat Kansas<span class="Apple-tab-span" style="white-space:pre"> </span>July<span class="Apple-tab-span" style="white-space:pre">
</span>4.25<span class="Apple-tab-span" style="white-space:pre"> </span>$B"-(B<span class="Apple-tab-span" style="white-space:pre">
</span>05<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>July<span class="Apple-tab-span" style="white-space:pre">
</span>2.20<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><span class="Apple-tab-span" style="white-space:pre"></span></div>
<div>Canadian $<span class="Apple-tab-span" style="white-space:pre"> </span>June<span class="Apple-tab-span" style="white-space:pre">
</span>.7350<span class="Apple-tab-span" style="white-space:pre"> </span>$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: We are switching to the July corn contract for our analysis as Friday, April 28 which is the first notice day on the May contract. One concern that I see for corn is the persistent rainfall that seems to be lingering around the U.S. mid-west. Of
course it is still early, but it is worth watching. Weather forecasts suggest the 10 day outlook calls for more rain and cooler temperatures. Support on the July contract is seen at $3.60 while overhead resistance is still at $4.</div>
<div> </div>
<div>Short term indicators are negative and the main trend is still down.</div>
<div><br>
</div>
<div><br>
</div>
<div>SOYBEANS: We will be focusing on the July and November contracts for soybeans with regard to the technicals starting this week. The July contract seems to have found a temporary bottom at the $9.40 level for the time being. Failure to hold this support
line on a close would suggest a re-test of the $9 level once again. Supply overhang is still a serious concern with South America$B!G(Bs bumper harvest numbers. Immediate overhead resistance is seen at the $10 mark on the July contract. Short term indicators are
all negative and the main trend is still down.</div>
<div><br>
</div>
<div>WHEAT: We received a positive indicator on Tuesday, April 25 suggesting at least a temporary bottom and it should be worth watching. With record short positions by hedge funds, this signal alone could be the start of a short covering rally which could
catapult prices higher over the near term. This of course is not a signal to go long, but rather an indicator that this six-year bear market could be coming to an end this season. A second pattern that I$B!G(Bm watching is indicating a possible bottom in the wheat
by early summer or earlier. This of course is just a pattern that is developing and has not completed its formation, but one that I will be watching closely. We will be looking for other signals in the coming weeks for more clues of a possible bottoming action.
Support on the July contract is seen at $4.15 and again closer to the $4 mark. Our overhead resistance is now $4.40 - $4.50 also on the July contract. </div>
<div><br>
</div>
<div>Meanwhile, 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 26 are as follows:</div>
<div>SWW @ $198.46/MT ($5.40/bu), HRW @ $198.46/MT ($5.40/bu), </div>
<div>HRS @ $238.45/MT ($6.49/bu), SRW @ $198.46/MT ($5.40/bu), </div>
<div><br>
</div>
<div>----</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>
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