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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, May 25</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.3472 up 0.0053</u></div>
<div><u>Chicago corn closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> JUL17 HI 3.73 DEC17 HI 3.91 1/4</u></div>
<div><u> LOW 3.68 3/4 LOW 3.87</u></div>
<div><u> CLOSE3.69 1/4 Down 2 CLOSE 3.87 1/2 Down 2 1/4</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+SEP17+SEP17</u></div>
<div><u>CK Low 0.70 4.39 172.93 0.85 4.73 186.02</u></div>
<div><u>CK High 0.80 4.49 176.86 0.95 4.83 189.95</u></div>
<div><u>CK Avg 0.75 -0.39 4.44 174.89 0.90 -0.33 4.78 187.98</u></div>
<div><u>Essex Cty 0.60 4.29 168.99 0.85 4.73 186.02</u></div>
<div><u>Mdsx Low 0.75 4.44 174.89 0.90 4.78 187.98</u></div>
<div><u>Mdsx High 0.75 4.44 174.89 0.90 4.78 187.98</u></div>
<div><u>Mdsx Avg 0.75 -0.39 4.44 174.89 0.90 -0.33 4.78 187.98</u></div>
<div><u>Hensall 0.78 4.47 175.88 0.93 4.80 188.97</u></div>
<div><u>Bruce 0.80 4.49 176.86 1.00 4.88 191.92</u></div>
<div><u>Putnam 0.75 4.44 174.89 0.95 4.83 189.95</u></div>
<div><u>Burford 0.75 4.44 174.89 0.95 4.83 189.95</u></div>
<div><u>Port Perry 1.00 4.69 184.74 0.95 4.83 189.95</u></div>
<div><u>Norfolk 0.85 4.54 178.83 1.00 4.88 191.92</u></div>
<div><u>Palmerston 0.75 4.44 174.89 0.85 4.73 186.02</u></div>
<div><u>Varna 0.80 4.49 176.86 0.95 4.83 189.95</u></div>
<div><u>Trenton 1.10 4.79 188.67 1.00 4.88 191.92</u></div>
<div><u>Winchester 1.16 4.85 191.03 1.14 5.02 197.43</u></div>
<div><u>North Gower 1.16 4.85 191.03 1.16 5.04 198.22</u></div>
<div><u>Huron FOB 1.15 4.84 190.64 1.00 4.88 191.92</u></div>
<div><u>Kent FOB 1.05 4.74 186.70 0.90 4.78 187.98</u></div>
<div><u>Lamb FOB 1.05 4.74 186.70 0.90 4.78 187.98</u></div>
<div><u>Mdsx FOB 1.00 1.00 1.00N/A 4.69 184.74 1.00 4.88 191.92</u></div>
<div><u>FOB SW Que 1.35 5.04 198.51N/A</u></div>
<div><u>Track 1.28 4.97 195.56N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A N/A N/A 1.25 5.13 201.76</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 1.35 1.10 4.98 195.86</u></div>
<div><u>Sarn-Eth 1.25 1.25 1.25 1.30 4.94 194.58N/A</u></div>
<div><u>Kawartha N/A N/A N/A N/A 1.35 5.23 205.70</u></div>
<div><u>London-Ing N/A N/A N/A 1.40 1.20 5.08 199.79</u></div>
<div><u>Pt.Colb-Ing N/A N/A N/A N/A 1.20 5.08 199.79</u></div>
<div><u>Cardnl-Ing N/A N/A N/A 1.60 1.36 5.24 206.09</u></div>
<div><u>W O Feed 1.45 5.14 202.29</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.68 5.37 211.51</u></div>
<div><u>Toledo El. -0.09 3.60 141.65 -0.34 3.54 139.29</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Sarnia 1.20 4.89 192.61 0.95 4.83190</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.90 1 4.77 1/2</u></div>
<div><u>HI SD CRN 0.95 4.82 1/2</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3472 up 0.0053</u></div>
<div><u>Chicago soybeans closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> JUL17 HI 9.52 1/4 NOV17 HI 9.50 3/4</u></div>
<div><u> LOW 9.38 1/4 LOW 9.38</u></div>
<div><u> CLOSE9.39 1/2 Down 8 3/4 CLOSE 9.39 1/4 Down 8 3/4</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+NOV17</u></div>
<div><u>CK Low 2.63 12.03 441.842.29 11.68 429.26</u></div>
<div><u>CK High 2.75 12.15 446.252.40 11.79 433.30</u></div>
<div><u>CK Average 2.68 -0.4312.07 443.622.35 -0.6811.74 431.40</u></div>
<div><u>Essex Cty 2.75 12.15 446.252.40 11.79 433.30</u></div>
<div><u>Mdsx Low 2.64 12.04 442.212.29 11.68 429.26</u></div>
<div><u>Mdsx High 2.70 12.10 444.422.40 11.79 433.30</u></div>
<div><u>Mdsx Average 2.67 -0.4412.07 443.312.35 -0.6811.74 431.28</u></div>
<div><u>Hensall 2.70 12.10 444.422.40 11.79 433.30</u></div>
<div><u>Bruce 2.75 12.15 446.252.45 11.84 435.14</u></div>
<div><u>Putnam 2.90 12.30 451.762.60 11.99 440.65</u></div>
<div><u>Burford 2.71 12.11 444.782.36 11.75 431.83</u></div>
<div><u>Port Perry 2.64 12.04 442.212.29 11.68 429.26</u></div>
<div><u>Norfolk 2.68 12.08 443.682.35 11.74 431.46</u></div>
<div><u>Palmerston 2.80 12.20 448.092.45 11.84 435.14</u></div>
<div><u>Varna 2.70 12.10 444.422.40 11.79 433.30</u></div>
<div><u>Trenton 2.70 12.10 444.422.45 11.84 435.14</u></div>
<div><u>Winchester 2.67 12.07 443.312.80 12.19 448.00</u></div>
<div><u>North Gower 2.51 11.91 437.432.57 11.96 439.55</u></div>
<div><u>Huron FOB 2.85 12.25 449.932.50 11.89 436.97</u></div>
<div><u>Kent FOB 2.78 12.18 447.352.30 11.69 429.63</u></div>
<div><u>Lambton FOB 2.85 12.25 449.932.65 12.04 442.49</u></div>
<div><u>Middlesex FOB2.81 2.81 N/A N/A 12.21 448.462.50 11.89 436.97</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Hamilton 3.18 3.18 3.10 N/A 12.58 462.052.86 12.25 450.20</u></div>
<div><u> N/A N/A N/A</u></div>
<div><u>TRANSFER</u></div>
<div><u>Prescott 2.74 12.14 445.882.85 12.24 449.83</u></div>
<div><u>Sarnia 2.52 11.92 437.802.76 12.15 446.53</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.31 9.09 333.82-0.57 8.83 324.33</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3472 up 0.0053</u></div>
<div><u>Chicago wheat closed slightly lower.</u></div>
<div><u>JUL17 HI 4.36 JUL17 HI 4.36</u></div>
<div><u> LOW 4.30 1/4 LOW 4.30 1/4</u></div>
<div><u> CLOSE 4.30 3/4 Down 1 3/4 CLOSE 4.30 3/4 Down 1 3/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly higher.</u></div>
<div><u>JUL17 HI 5.65 3/4 SEP17 HI 5.71 1/2</u></div>
<div><u> LOW 5.60 LOW 5.66</u></div>
<div><u> CLOSE 5.62 1/4 Up 1 1/4 CLOSE 5.67 3/4 Up 1</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 0.55 0.55 0.55 0.27</u></div>
<div><u>CAD $/bu 4.86 4.86 4.86 5.89</u></div>
<div><u>CAD $/tonne 178.57 178.57 178.57 216.44</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 0.75 N/A N/A N/A 0.90 N/A</u></div>
<div><u>London 0.82 0.75 0.75 N/A 1.02 0.88 0.84 N/A</u></div>
<div><u>Hensall 0.85 N/A 0.75 N/A 1.05 N/A 0.90 N/A</u></div>
<div><u>Trenton N/A N/A N/A N/A N/A N/A 1.05 N/A</u></div>
<div><u>Bruce 0.85 0.50 0.75 0.30 1.05 0.85 0.90 0.65</u></div>
<div><u>Essex N/A N/A 0.54 N/A N/A N/A 0.63 N/A</u></div>
<div><u>Norwich 0.85 N/A 0.75 N/A 1.05 N/A 0.90 N/A</u></div>
<div><u>Port Hope N/A N/A 0.85 N/A N/A 0.90 1.00 N/A</u></div>
<div><u>Kent Bridge 0.85 N/A 0.75 N/A 1.05 N/A 0.90 N/A</u></div>
<div><u>Chatham N/A N/A 0.80 N/A N/A N/A 0.85 N/A</u></div>
<div><u>Brigden N/A N/A 0.80 N/A N/A N/A 0.85 N/A</u></div>
<div><u>Palmerston N/A 0.75 0.70 0.45 N/A 0.90 0.90 0.65</u></div>
<div><u>Varna 0.90 0.85 0.80 N/A 1.15 0.85 0.85 N/A</u></div>
<div><u>Mitchell 0.85 0.75 0.75 N/A 1.05 0.90 0.90 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.11 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 0.44 0.44 0.04 N/A 1.12 1.12 0.43</u></div>
<div><u>W O Feed 1.45</u></div>
<div><u><br>
</u></div>
<div><u>TERMINAL</u></div>
<div><u>Sarnia 1.12 N/A 1.10 N/A 1.26 N/A 1.16 N/A</u></div>
<div><u>Prescott N/A N/A N/A N/A N/A N/A N/A N/A</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Toledo FM N/A N/A 1.36N/A N/A N/A 1.43N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.16US 5.60CA 4.16US 5.60CA</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 1.09 1.09 1.09 0.56</u></div>
<div><u>CAD $/bu 5.40 5.40 5.40 6.23</u></div>
<div><u>CAD $/tonne 198.37 198.37 198.37 229.06</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 449.42</u></div>
<div><u>DDG's FOB Srn & Aylm 175.00 - 180.00</u></div>
<div><br>
</div>
----
<p></p>
<p>Ontario Grain Market Commentary for May 24, 2017</p>
<p>By Marty Hibbs, Grain Farmers of Ontario</p>
<p><br>
</p>
<p></p>
<div>Wednesday, May 24, 2017 Closing Prices </div>
<div>COMMODITY<span class="Apple-tab-span" style="white-space:pre"> </span>PERIOD<span class="Apple-tab-span" style="white-space:pre">
</span>PRICE<span class="Apple-tab-span" style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span class="Apple-tab-span" style="white-space:pre"> </span>July<span class="Apple-tab-span" style="white-space:pre">
</span>3.71<span class="Apple-tab-span" style="white-space:pre"> </span>$B"-(B<span class="Apple-tab-span" style="white-space:pre">
</span> 01<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>9.48<span class="Apple-tab-span" style="white-space:pre"> </span>$B"-(B<span class="Apple-tab-span" style="white-space:pre">
</span>18<span class="Apple-tab-span" style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span class="Apple-tab-span" style="white-space:pre"> </span>July <span class="Apple-tab-span" style="white-space:pre">
</span>4.32<span class="Apple-tab-span" style="white-space:pre"> </span>$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>5.61<span class="Apple-tab-span" style="white-space:pre">
</span>$B",(B<span class="Apple-tab-span" style="white-space:pre"> </span>20<span class="Apple-tab-span" style="white-space:pre">
</span>cents</div>
<div>Wheat Kansas<span class="Apple-tab-span" style="white-space:pre"> </span>July<span class="Apple-tab-span" style="white-space:pre">
</span>4.33<span class="Apple-tab-span" style="white-space:pre"> </span>$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>Chicago Oats<span class="Apple-tab-span" style="white-space:pre"> </span>July<span class="Apple-tab-span" style="white-space:pre">
</span>2.38<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><span class="Apple-tab-span" style="white-space:pre"></span></div>
<div>Canadian $<span class="Apple-tab-span" style="white-space:pre"> </span>June<span class="Apple-tab-span" style="white-space:pre">
</span>.7450<span class="Apple-tab-span" style="white-space:pre"> </span>$B",(B<span class="Apple-tab-span" style="white-space:pre">
</span>1.15<span class="Apple-tab-span" style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div><br>
</div>
<div>Corn: Sideways action has become the norm for the past year as the futures continue to trade between the $3.60 - $3.90-level as it has done since the summer of 2016. The main downtrend line still sits at $4 while the major support is seen at $3. Not exactly
a promising long range outlook with regard to direction. Without sounding repetitious, we are currently locked into a $3.60 - $3.80 trading zone on the forward contracts and until we close above or below this area, we will probably continue to track sideways.
Support on the July contract is seen at $3.60 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. We did receive a red sell signal last week, as the indicators continue to show downward pressure on the July contract. For the time being, the new crop November
chart is not quite as negative in appearance. Support is still seen at the $9.25 level. A close below these levels could suggest a move down to the $8.50 bottom established back in 2015. </div>
<div>Short term indicators are all negative and the main trend is still down.</div>
<div><br>
</div>
<div>WHEAT: The charts on the wheat contracts, both Chicago and Minneapolis, are looking very constructive for the next couple of months. Based on the formation that I see, we are in an expanding wave that suggests a move higher during the month of June and
possibly into harvest. Unseasonable weather could also still play a role in the futures price.</div>
<div>The short dated options expire Friday, May 26 and it is a long weekend in the U.S. This alone is enough to expect something unexpected in the price going into the week of May 29. 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. </div>
<div>Meanwhile, short term indicators are still neutral, but the primary trend is 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 @ $198.77/MT ($5.41/bu), HRW @ $198.77/MT ($5.41/bu), </div>
<div>HRS @ $227.86/MT ($6.20/bu), SRW @ $198.77/MT ($5.41/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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