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<div><u>
<div>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, May 18</div>
<div>(All Bases in CAD)</div>
<div>Exchange rate was 1.3609 down 0.0013</div>
<div>Chicago corn closed slightly lower.</div>
<div><br>
</div>
<div> JUL17 HI 3.71 1/2 DEC17 HI 3.88 3/4</div>
<div> LOW 3.64 1/4 LOW 3.82</div>
<div> CLOSE3.66 Down 5 1/2 CLOSE 3.84 Down 5</div>
<div><br>
</div>
<div> OLD CROP BASIS NEW CROP BASIS</div>
<div>Location Spot 1mt 2mt 3mt U.S. $/bu $/mt Cntrct U.S. $/bu $/mt</div>
<div>ELEVATORS +JUL17+SEP17+SEP17</div>
<div>CK Low 0.70 4.36 171.65 0.95 4.79 188.57</div>
<div>CK High 0.80 4.46 175.58 0.95 4.79 188.57</div>
<div>CK Avg 0.75 -0.42 4.41 173.61 0.95 -0.32 4.79 188.57</div>
<div>Essex Cty 0.50 4.16 163.77 0.95 4.79 188.57</div>
<div>Mdsx Low 0.75 4.41 173.61 0.95 4.79 188.57</div>
<div>Mdsx High 0.75 4.41 173.61 0.95 4.79 188.57</div>
<div>Mdsx Avg 0.75 -0.42 4.41 173.61 0.95 -0.32 4.79 188.57</div>
<div>Hensall 0.78 4.44 174.60 0.95 4.79 188.57</div>
<div>Bruce 0.80 4.46 175.58 1.00 4.84 190.54</div>
<div>Putnam 0.75 4.41 173.61 0.95 4.79 188.57</div>
<div>Burford 0.75 4.41 173.61 1.00 4.84 190.54</div>
<div>Port Perry 1.00 4.66 183.46 1.00 4.84 190.54</div>
<div>Norfolk 0.85 4.51 177.55 1.05 4.89 192.51</div>
<div>Palmerston 0.75 4.41 173.61 0.95 4.79 188.57</div>
<div>Varna 0.80 4.46 175.58 0.95 4.79 188.57</div>
<div>Trenton 1.10 4.76 187.39 1.00 4.84 190.54</div>
<div>Winchester 1.15 4.81 189.36 1.20 5.04 198.42</div>
<div>North Gower 1.16 4.82 189.76 1.17 5.01 197.23</div>
<div>Huron FOB 1.15 4.81 189.36 1.00 4.84 190.54</div>
<div>Kent FOB 1.05 4.71 185.42 0.95 4.79 188.57</div>
<div>Lamb FOB 1.05 4.71 185.42 0.90 4.74 186.61</div>
<div>Mdsx FOB 1.00 1.00 1.00N/A 4.66 183.46 0.95 4.79 188.57</div>
<div>FOB SW Que 1.37 5.03 198.02N/A</div>
<div>Track 1.27 4.93 193.89N/A</div>
<div>PROCESSORS</div>
<div>Chat-Eth N/A N/A N/A N/A 1.25 5.09 200.38</div>
<div>Jhnstwn-Eth N/A N/A N/A N/A N/A</div>
<div>Aylmer-Eth N/A N/A N/A 1.35 1.10 4.94 194.48</div>
<div>Sarn-Eth 1.25 1.25 1.25 1.30 4.91 193.30N/A</div>
<div>Kawartha N/A N/A N/A N/A 1.35 5.19 204.32</div>
<div>London-Ing N/A N/A N/A 1.40 1.20 5.04 198.42</div>
<div>Pt.Colb-Ing N/A N/A N/A N/A 1.20 5.04 198.42</div>
<div>Cardnl-Ing N/A N/A N/A 1.60 1.36 5.20 204.71</div>
<div>W O Feed 1.49 5.15 202.90</div>
<div><br>
</div>
<div>US Rep 1.78 5.44 214.16</div>
<div>Toledo El. -0.11 3.55 139.80 -0.34 3.50 137.78</div>
<div><br>
</div>
<div>TRANSFER</div>
<div>Sarnia 1.20 4.86 191.33 0.95 4.79188 4/7</div>
<div><br>
</div>
<div>MID SD CRN 0.95 4.79</div>
<div>HI SD CRN 0.95 4.79</div>
<div>*Wet Bid</div>
<div><br>
</div>
<div><br>
</div>
<div>Exchange rate was 1.3609 down 0.0013</div>
<div>Chicago soybeans closed moderately lower to lower.</div>
<div><br>
</div>
<div> JUL17 HI 9.72 1/2 NOV17 HI 9.65 3/4</div>
<div> LOW 9.42 3/4 LOW 9.42 1/4</div>
<div> CLOSE9.44 3/4 Down 31 CLOSE 9.44 3/4 Down 23</div>
<div><br>
</div>
<div> OLD CROP NEW CROP</div>
<div>Location Basis 1mt 2mt 3mt U.S. $/bu $/mt BasisU.S. $/bu $/mt</div>
<div>ELEVATORS +JUL1+JUL1+NOV17</div>
<div>CK Low 2.81 12.26 450.392.50 11.95 439.00</div>
<div>CK High 2.90 12.35 453.692.65 12.10 444.51</div>
<div>CK Average 2.85 -0.4112.30 451.922.55 -0.6411.99 440.65</div>
<div>Essex Cty 2.90 12.35 453.692.55 12.00 440.83</div>
<div>Mdsx Low 2.81 12.26 450.392.50 11.95 439.00</div>
<div>Mdsx High 2.90 12.35 453.692.60 12.05 442.67</div>
<div>Mdsx Average 2.86 -0.4112.30 452.042.55 -0.6312.00 440.83</div>
<div>Hensall 2.90 12.35 453.692.60 12.05 442.67</div>
<div>Bruce 2.90 12.35 453.692.60 12.05 442.67</div>
<div>Putnam 2.90 12.35 453.692.60 12.05 442.67</div>
<div>Burford 2.90 12.35 453.692.59 12.04 442.30</div>
<div>Port Perry 2.81 12.26 450.392.50 11.95 439.00</div>
<div>Norfolk 2.85 12.30 451.862.55 12.00 440.83</div>
<div>Palmerston 2.95 12.40 455.532.55 12.00 440.83</div>
<div>Varna 2.90 12.35 453.692.60 12.05 442.67</div>
<div>Trenton 2.90 12.35 453.692.70 12.15 446.34</div>
<div>Winchester 2.92 12.37 454.432.80 12.25 450.02</div>
<div>North Gower 2.62 12.07 443.402.69 12.14 445.98</div>
<div>Huron FOB 3.05 12.50 459.202.70 12.15 446.34</div>
<div>Kent FOB 2.95 12.40 455.532.50 11.95 439.00</div>
<div>Lambton FOB 3.00 12.45 457.372.75 12.20 448.18</div>
<div>Middlesex FOB2.98 2.98 N/A N/A 12.43 456.632.67 12.12 445.24</div>
<div><br>
</div>
<div>PROCESSORS</div>
<div>Hamilton 3.30 3.15 3.15 N/A 12.75 468.393.06 12.51 459.57</div>
<div> N/A N/A N/A</div>
<div>TRANSFER</div>
<div>Prescott 2.98 12.43 456.633.08 12.53 460.31</div>
<div>Sarnia 2.66 12.11 444.872.90 12.35 453.69</div>
<div><br>
</div>
<div>Toledo El. -0.31 9.13 335.64-0.57 8.88 326.13</div>
<div><br>
</div>
<div><br>
</div>
<div>Exchange rate was 1.3609 down 0.0013</div>
<div>Chicago wheat closed slightly lower.</div>
<div>JUL17 HI 4.29 1/4 JUL17 HI 4.29 1/4</div>
<div> LOW 4.21 1/4 LOW 4.21 1/4</div>
<div> CLOSE 4.25 3/4 Down 1 1/4 CLOSE 4.25 3/4 Down 1 1/4</div>
<div><br>
</div>
<div>Minni wheat closed slightly higher.</div>
<div>JUL17 HI 5.45 3/4 SEP17 HI 5.52 1/2</div>
<div> LOW 5.39 1/4 LOW 5.46 1/4</div>
<div> CLOSE 5.44 3/4 Up 3 3/4 CLOSE 5.51 1/2 Up 3 3/4</div>
<div><br>
</div>
<div>GFO Cash Wheat Prices - DEL Terminal</div>
<div>Harvest 16 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)</div>
<div>Basis 0.58 0.58 0.58 0.26</div>
<div>CAD $/bu 4.84 4.84 4.84 5.71</div>
<div>CAD $/tonne 177.89 177.89 177.89 209.90</div>
<div><br>
</div>
<div><br>
</div>
<div>Direct MarkHarvest 2016 Harvest 2017</div>
<div> DELIVERED BASIS DELIVERED BASIS</div>
<div>Location SWW(C) HRW(C) SRW(C) HRS(M) SWW(C) HRW(C) SRW(C) HRS(M)</div>
<div>ELEVATORS</div>
<div>Brgssvll N/A N/A 0.80 N/A N/A N/A 0.95 N/A</div>
<div>London 0.85 0.78 0.78 N/A 1.06 0.78 0.88 N/A</div>
<div>Hensall 0.85 N/A 0.75 N/A 1.05 N/A 0.90 N/A</div>
<div>Trenton N/A N/A N/A N/A N/A N/A 1.05 N/A</div>
<div>Bruce 0.85 0.50 0.75 0.30 1.05 0.85 0.90 0.65</div>
<div>Essex N/A N/A 0.58 N/A N/A N/A 0.73 N/A</div>
<div>Norwich 0.85 N/A 0.75 N/A 1.05 N/A 0.90 N/A</div>
<div>Port Hope N/A N/A 0.85 N/A N/A 0.90 1.05 N/A</div>
<div>Kent Bridge 0.85 N/A 0.75 N/A 1.05 N/A 0.90 N/A</div>
<div>Chatham N/A N/A 0.75 N/A N/A N/A 0.90 N/A</div>
<div>Brigden N/A N/A 0.75 N/A N/A N/A 0.90 N/A</div>
<div>Palmerston N/A 0.50 0.70 0.30 N/A 0.85 0.90 0.65</div>
<div>Varna 0.90 0.85 0.80 N/A 1.25 0.90 0.95 N/A</div>
<div>Mitchell 0.85 0.75 0.75 N/A 1.05 0.90 0.90 N/A</div>
<div>Thornton N/A N/A N/A 0.32 N/A N/A N/A N/A</div>
<div>North Gower N/A 0.49 0.49 0.06 N/A 1.18 1.18 0.45</div>
<div>W O Feed 1.46</div>
<div><br>
</div>
<div>TERMINAL</div>
<div>Sarnia 1.12 N/A 1.10 N/A 1.36 N/A 1.22 N/A</div>
<div>Prescott N/A N/A N/A N/A N/A N/A N/A N/A</div>
<div><br>
</div>
<div>PROCESSORS</div>
<div>Toledo FM N/A N/A 1.40N/A N/A N/A 1.47N/A</div>
<div><br>
</div>
<div>Toledo El. 4.11US 5.59CA 4.11US 5.59CA</div>
<div><br>
</div>
<div>GFO Contract Wheat Prices - DEL Terminal</div>
<div>Harvest 17 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)</div>
<div>Basis 1.13 1.13 1.13 0.56</div>
<div>CAD $/bu 5.39 5.39 5.39 6.08</div>
<div>CAD $/tonne 197.89 197.89 197.89 223.27</div>
<div><br>
</div>
<div>(C)-Basis over the Chicago Board of Trade futures</div>
<div>(M)-Basis over the Minneapolis Grain Exchange</div>
<div><br>
</div>
<div>FEED GRAINS</div>
<div>FOB Hm Soymeal 452.51</div>
<div>DDG's FOB Srn & Aylm 175.00 - 180.00</div>
<div><br>
</div>
<br>
</u></div>
<div><u></u></div>
<div>------</div>
<div><br>
</div>
<div>Ontario Grain Market Commentary for May 17, 2017</div>
<div>By Marty Hibbs, Grain Farmers of Ontario</div>
<div><br>
</div>
<div>
<div>Wednesday, May 17, 2017 Closing Prices </div>
<div>COMMODITY<span class="Apple-tab-span" style="white-space:pre"> </span>PERIOD<span class="Apple-tab-span" style="white-space:pre">
</span>PRICE<span class="Apple-tab-span" style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span class="Apple-tab-span" style="white-space:pre"> </span>July<span class="Apple-tab-span" style="white-space:pre">
</span>3.71<span class="Apple-tab-span" style="white-space:pre"> </span>$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>9.76<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> 05<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>5.41<span class="Apple-tab-span" style="white-space:pre">
</span>$B"-(B<span class="Apple-tab-span" style="white-space:pre"> </span>04<span class="Apple-tab-span" style="white-space:pre">
</span>cents</div>
<div>Wheat Kansas<span class="Apple-tab-span" style="white-space:pre"> </span>July<span class="Apple-tab-span" style="white-space:pre">
</span>4.26<span class="Apple-tab-span" style="white-space:pre"> </span>$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>July<span class="Apple-tab-span" style="white-space:pre">
</span>2.35<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><span class="Apple-tab-span" style="white-space:pre"></span></div>
<div>Canadian $<span class="Apple-tab-span" style="white-space:pre"> </span>June<span class="Apple-tab-span" style="white-space:pre">
</span>.7340<span class="Apple-tab-span" style="white-space:pre"> </span>$B",(B<span class="Apple-tab-span" style="white-space:pre">
</span>0.15<span class="Apple-tab-span" style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div><br>
</div>
<div>Corn: Looking outside of the technicals this week, most markets are in turmoil with the geopolitical events and a weakening U.S. dollar. This could impact the grain market with a positive spin if the dollar weakness continues. The weakening dollar could
strengthen the prices for grains and that works doubly for Canadian farmers if the Canadian dollar also continues to soften. The charts are showing some resilience with the July futures prices attempting to work higher towards the $3.80 resistance level. If
we manage to close above there, I feel we could get a shot at the all-important $4 trend line. But first let$B!G(Bs get through the $3.80 mark.</div>
<div>Support on the July contract is seen at $3.50 while overhead resistance is still at $3.80 with major resistance at the $4 mark. </div>
<div>Short term indicators are neutral but the main trend is still down.</div>
<div> </div>
<div>SOYBEANS: Soybeans continue to trade in the $9.25 - $10 range and there is little fresh news. The indicators are still negative but the prices have been firming somewhat on a weaker U.S. dollar since April of this year. The July contract has support at
the $9.25 - $9.40 level. Overhead resistance is seen at the $10 mark on both the July and November contracts. We are seeing some positive divergence in some indicators suggesting that we could see some upside price movement in the near term and a couple of
indicators are suggesting oversold conditions in the near term. </div>
<div>Short term indicators are all negative and the main trend is still down.</div>
<div><br>
</div>
<div>WHEAT: The wet weather may have passed for the time being, however, there could be issues going forward with concerns of disease from the moisture. <span style="font-size: 10pt;">Wheat has weakened over the past two weeks but the reversal pattern that
was forming is still valid and it shows that the wheat could challenge the $4.10 lows on the July contract and still be intact. This formation, if it stays above the $4 price on the lead month contract, could see wheat much higher in the next two months. This
is an intermediate technical formation and cannot be used to accurately predict prices; however, it suggests the scope of a possible rally target. Support on the July contract is seen at $4.15 and again closer to the $4 mark. Our overhead resistance is at
$4.40 - $4.60 also on the July contract while our major overhead trend line runs across the monthly chart around $5. </span></div>
<div>Meanwhile, short term indicators are now neutral but the primary trend is still down.</div>
<div><br>
</div>
<div><span style="font-size: 10pt;">Harvest 2017 prices as of the close, May 17 are as follows:</span><br>
</div>
<div>SWW @ $198.52/MT ($5.40/bu), HRW @ $198.52/MT ($5.40/bu), </div>
<div>HRS @ $221.52/MT ($6.03/bu), SRW @ $198.52/MT ($5.40/bu), </div>
<div>___</div>
<div><br>
</div>
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<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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