<html>
<head>
<meta http-equiv="Content-Type" content="text/html; charset=iso-2022-jp">
<style type="text/css" style="display:none;"><!-- P {margin-top:0;margin-bottom:0;} --></style>
</head>
<body dir="ltr">
<div id="divtagdefaultwrapper" style="font-size:10pt;color:#000000;font-family:'Courier New',monospace;" dir="ltr">
<p></p>
<div id="divtagdefaultwrapper" style="font-size: 10pt; color: rgb(0, 0, 0); font-family: "Courier New", monospace, EmojiFont, "Apple Color Emoji", "Segoe UI Emoji", NotoColorEmoji, "Segoe UI Symbol", "Android Emoji", EmojiSymbols;" dir="ltr">
<p></p>
<div id="divtagdefaultwrapper" style="font-size: 10pt; color: rgb(0, 0, 0); font-family: "Courier New", monospace, EmojiFont, "Apple Color Emoji", "Segoe UI Emoji", NotoColorEmoji, "Segoe UI Symbol", "Android Emoji", EmojiSymbols;" dir="ltr">
<p></p>
<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, September 21</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2331 down 0.0016</u></div>
<div><u>Chicago corn closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> DEC17 HI 3.51 1/4 DEC17 HI 3.51 1/4</u></div>
<div><u> LOW 3.48 1/2 LOW 3.48 1/2</u></div>
<div><u> CLOSE3.50 1/4 Up 1/4 CLOSE 3.50 1/4 Up 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 +DEC17+DEC17+MAR18</u></div>
<div><u>CK Low 0.70 4.20 165.45 0.60 4.10 161.51</u></div>
<div><u>CK High 0.75 4.25 167.41 0.70 4.20 165.45</u></div>
<div><u>CK Avg 0.72 -0.08 4.22 166.10 0.62 -0.17 4.12 162.16</u></div>
<div><u>Essex Cty 0.75 4.25 167.41 0.60 4.10 161.51</u></div>
<div><u>Mdsx Low 0.70 4.20 165.45 0.60 4.10 161.51</u></div>
<div><u>Mdsx High 0.70 4.20 165.45 0.60 4.10 161.51</u></div>
<div><u>Mdsx Avg 0.70 -0.09 4.20 165.45 0.60 -0.18 4.10 161.51</u></div>
<div><u>Hensall 0.70 4.20 165.45 0.63 4.13 162.49</u></div>
<div><u>Bruce 0.70 4.20 165.45 0.65 4.15 163.48</u></div>
<div><u>Putnam 0.70 4.20 165.45 0.60 4.10 161.51</u></div>
<div><u>Burford 0.80 4.30 169.38 0.70 4.20 165.45</u></div>
<div><u>Port Perry 0.90 4.40 173.32 0.75 4.25 167.41</u></div>
<div><u>Norfolk 0.80 4.30 169.38 0.70 4.20 165.45</u></div>
<div><u>Palmerston 0.75 4.25 167.41 0.60 4.10 161.51</u></div>
<div><u>Varna 0.70 4.20 165.45 0.65 4.15 163.48</u></div>
<div><u>Trenton 1.10 4.60 181.19 0.75 4.25 167.41</u></div>
<div><u>Winchester N/A 1.05 4.55 179.22</u></div>
<div><u>North Gower 1.07 4.57 180.01 1.05 4.55 179.22</u></div>
<div><u>Huron FOB 1.05 4.55 179.22 0.70 4.20 165.45</u></div>
<div><u>Kent FOB 0.95 4.45 175.29 0.65 4.15 163.48</u></div>
<div><u>Lamb FOB 0.90 4.40 173.32 0.70 4.20 165.45</u></div>
<div><u>Mdsx FOB 0.90N/A N/A N/A 4.40 173.32 0.70 4.20 165.45</u></div>
<div><u>FOB SW Que 1.63 5.13 202.06N/A</u></div>
<div><u>Track 1.30 4.80 189.07N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A N/A 0.80 N/A</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 0.80 0.80 0.80 4.30 169.38</u></div>
<div><u>Sarn-Eth 1.10N/A 0.90 0.95 4.60 181.19 0.90 4.40 173.32</u></div>
<div><u>Kawartha N/A N/A N/A N/A N/A</u></div>
<div><u>London-Ing N/A 1.10 0.80 0.80 0.90 4.40 173.32</u></div>
<div><u>Pt.Colb-Ing N/A 0.90 0.85N/A 0.90 4.40 173.32</u></div>
<div><u>Cardnl-Ing N/A 1.45 1.05 1.10 1.05 4.55 179.22</u></div>
<div><u>W O Feed 1.44 4.94 194.66</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.29 4.79 188.67</u></div>
<div><u>Toledo El. -0.26 3.24 127.69 -0.27 3.23 127.20</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Sarnia N/A N/A</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.65 1 4.15 1/4</u></div>
<div><u>HI SD CRN 0.70 4.20 1/4</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2331 down 0.0016</u></div>
<div><u>Chicago soybeans closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> NOV17 HI 9.73 NOV18 HI 9.90 1/2</u></div>
<div><u> LOW 9.63 LOW 9.82 1/4</u></div>
<div><u> CLOSE9.70 3/4 Up 3/4 CLOSE 9.88 3/4 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 +NOV1+NOV1+JAN18</u></div>
<div><u>CK Low 1.40 11.11 408.131.25 11.14 409.23</u></div>
<div><u>CK High 1.55 11.26 413.641.35 11.24 412.91</u></div>
<div><u>CK Average 1.50 -0.6211.20 411.621.32 -0.8111.21 411.74</u></div>
<div><u>Essex Cty 1.35 11.06 406.291.30 11.19 411.07</u></div>
<div><u>Mdsx Low 1.55 11.26 413.641.35 11.24 412.91</u></div>
<div><u>Mdsx High 1.58 11.29 414.741.37 11.26 413.64</u></div>
<div><u>Mdsx Average 1.57 -0.5711.27 414.191.36 -0.7811.25 413.27</u></div>
<div><u>Hensall 1.55 11.26 413.641.38 11.26 413.83</u></div>
<div><u>Bruce 1.55 11.26 413.641.35 11.24 412.91</u></div>
<div><u>Putnam 1.45 11.16 409.971.25 11.14 409.23</u></div>
<div><u>Burford 1.62 11.33 416.211.41 11.30 415.11</u></div>
<div><u>Port Perry 1.58 11.29 414.741.37 11.26 413.64</u></div>
<div><u>Norfolk 1.55 11.26 413.641.35 11.24 412.91</u></div>
<div><u>Palmerston 1.45 11.16 409.971.30 11.19 411.07</u></div>
<div><u>Varna 1.40 11.11 408.131.30 11.19 411.07</u></div>
<div><u>Trenton 1.55 11.26 413.641.35 11.24 412.91</u></div>
<div><u>Winchester 1.60 11.31 415.481.28 11.17 410.34</u></div>
<div><u>North Gower 1.69 11.40 418.791.35 11.24 412.91</u></div>
<div><u>Huron FOB 1.65 11.36 417.321.50 11.39 418.42</u></div>
<div><u>Kent FOB 1.50 11.21 411.811.35 11.24 412.91</u></div>
<div><u>Lambton FOB 1.75 11.46 420.991.55 11.44 420.26</u></div>
<div><u>Middlesex FOB1.82 1.82 1.88 1.85 11.53 423.561.54 11.43 419.89</u></div>
<div><u><br>
</u></div>
<div><u> </u></div>
<div><u>TRANSFER</u></div>
<div><u>Prescott 1.88 11.59 425.771.57 11.46 420.99</u></div>
<div><u>Sarnia N/A N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.54 9.16 336.75-0.37 9.52 349.70</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2331 down 0.0016</u></div>
<div><u>Chicago wheat closed slightly higher.</u></div>
<div><u>DEC17 HI 4.54 1/2 JUL18 HI 4.97 3/4</u></div>
<div><u> LOW 4.45 1/2 LOW 4.90 3/4</u></div>
<div><u> CLOSE 4.52 1/2 Up 2 3/4 CLOSE 4.96 1/4 Up 1 3/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed steady to slightly higher.</u></div>
<div><u>DEC17 HI 6.30 SEP18 HI 6.31</u></div>
<div><u> LOW 6.21 1/4 LOW 6.28 1/2</u></div>
<div><u> CLOSE 6.24 1/4 Up 2 3/4 CLOSE 6.29 1/2 Unchanged</u></div>
<div><u><br>
</u></div>
<div><u>GFO Cash 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 0.68 0.93 0.81 0.35</u></div>
<div><u>CAD $/bu 5.21 5.46 5.33 6.59</u></div>
<div><u>CAD $/tonne 191.43 200.49 195.96 242.07</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Direct MarkHarvest 2017 Harvest 2018</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 0.45 N/A N/A N/A 0.60 N/A</u></div>
<div><u>London 0.48 0.61 0.48 N/A 0.95 0.70 0.64 N/A</u></div>
<div><u>Hensall 0.45 N/A 0.45 N/A 0.85 N/A 0.60 N/A</u></div>
<div><u>Trenton N/A N/A 0.65 N/A N/A N/A 0.70 N/A</u></div>
<div><u>Bruce 0.45 0.45 0.45 0.25 0.85 0.65 0.60 0.35</u></div>
<div><u>Essex N/A N/A N/A N/A N/A N/A 0.55 N/A</u></div>
<div><u>Norwich 0.45 N/A 0.45 N/A 0.85 N/A 0.60 N/A</u></div>
<div><u>Port Hope N/A 0.65 0.60 N/A N/A 0.65 0.70 N/A</u></div>
<div><u>Kent Bridge 0.45 N/A 0.45 N/A 0.85 N/A 0.60 N/A</u></div>
<div><u>Chatham N/A N/A 0.45 N/A N/A N/A 0.60 N/A</u></div>
<div><u>Brigden N/A N/A 0.45 N/A N/A N/A 0.60 N/A</u></div>
<div><u>Palmerston N/A 0.45 0.35 0.25 N/A 0.65 0.45 0.35</u></div>
<div><u>Varna 0.75 0.45 0.45 N/A 0.80 0.60 0.60 N/A</u></div>
<div><u>Mitchell 0.75 0.45 0.45 N/A 0.85 0.65 0.60 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.24 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 0.83 0.71 0.30 N/A 0.94 0.88 0.13</u></div>
<div><u>W O Feed 1.04</u></div>
<div><u><br>
</u></div>
<div><u>TERMINAL</u></div>
<div><u>Sarnia N/A N/A N/A N/A N/A N/A N/A 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 1.30N/A N/A N/A 1.04N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.33US 5.33CA 4.76US 5.88CA</u></div>
<div><u><br>
</u></div>
<div><u>GFO Contract Wheat Prices - DEL Terminal</u></div>
<div><u>Harvest 18 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)</u></div>
<div><u>Basis 0.79 0.79 0.73 0.12</u></div>
<div><u>CAD $/bu 5.76 5.76 5.69 6.41</u></div>
<div><u>CAD $/tonne 211.48 211.48 209.21 235.63</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 460.77</u></div>
<div><u>DDG's FOB Srn & Aylm 145.00</u></div>
<div><br>
</div>
---</div>
<div id="divtagdefaultwrapper" style="font-size: 10pt; color: rgb(0, 0, 0); font-family: "Courier New", monospace, EmojiFont, "Apple Color Emoji", "Segoe UI Emoji", NotoColorEmoji, "Segoe UI Symbol", "Android Emoji", EmojiSymbols;" dir="ltr">
Ontario Grain Market Commentary for September 20, 2017</div>
<div id="divtagdefaultwrapper" style="font-size: 10pt; color: rgb(0, 0, 0); font-family: "Courier New", monospace, EmojiFont, "Apple Color Emoji", "Segoe UI Emoji", NotoColorEmoji, "Segoe UI Symbol", "Android Emoji", EmojiSymbols;" dir="ltr">
By Marty Hibbs, Grain Farmers of Ontario</div>
<div id="divtagdefaultwrapper" style="font-size: 10pt; color: rgb(0, 0, 0); font-family: "Courier New", monospace, EmojiFont, "Apple Color Emoji", "Segoe UI Emoji", NotoColorEmoji, "Segoe UI Symbol", "Android Emoji", EmojiSymbols;" dir="ltr">
<br>
</div>
<div id="divtagdefaultwrapper" style="font-size: 10pt; color: rgb(0, 0, 0); font-family: "Courier New", monospace, EmojiFont, "Apple Color Emoji", "Segoe UI Emoji", NotoColorEmoji, "Segoe UI Symbol", "Android Emoji", EmojiSymbols;" dir="ltr">
<div>Wednesday, September 20, 2017 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>3.50<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
01<span style="white-space:pre"> </span>cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>Nov<span style="white-space:pre">
</span>9.70<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
11<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Dec <span style="white-space:pre">
</span>4.50<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
07<span style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>6.22<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
12<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>4.48<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
05<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>2.46<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
08<span style="white-space:pre"> </span>cents </div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>.8115<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre">
</span>0.75<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>Corn: </div>
<div>The $3.45 support level that we have identified on the December futures contract has been tested three times in the past three weeks. This leads me to believe that the bottom may be in for the next few weeks. This, of course, is a temporary line in the
sand as the weekly charts show a move lower is very possible; we are still under a red sell signal from the August 25 commentary. For this reason, we have conflicting charts showing a possible temporary low at $3.45 and possibly an upcoming bounce in the short
term. Our first resistance level is at the $3.60 and again at the $3.70 level on the December contract.</div>
<div>Short term indicators have turned positive, but weekly and monthly indicators are still negative, and the primary trend is still down. </div>
<div> </div>
<div>Soybeans: </div>
<div>Soybeans have a unique pattern that I am reluctant to call. For those of you that read my commentaries on a regular basis, you may recall me speaking many times about a possible move towards the $8.50 level if we negate the $9 level on the nearby futures.
Looking at both the daily and weekly charts, I have a formation that could be either a positive, suggesting a possible short bottom, or an inverted head and shoulders position showing a decline target to the $8.50 area that we have spoken about so often. We
will not be able to identify the formation unless we see a move above $10 on the nearby contract or a move below $9 on the same contract. I will refrain from guessing the price direction, but will say for certainty that the primary trend is down and that we
could still rally towards the $10 price without changing the chart formation. </div>
<div>Sticking more to what we know, the short term indicators are still negative, and the primary trend is still down.</div>
<div><br>
</div>
<div>Wheat: </div>
<div>Wheat continues to find solid support this week. We have inched higher by 20 cents per bushel since our last commentary when we suggested we are more than due for at least a 40 cent bounce from these levels over the next few weeks. </div>
<div><span style="font-size: 10pt;">Support still sits at $4 - $4.20 on the December chart, while overhead resistance is viewed at $4.60 - $4.80. The slow, steady movement in prices is a good sign; but we need to keep in mind that the primary trend is down
and these rallies should be viewed as selling opportunities for most farmers. </span><br>
</div>
<div><br>
</div>
<div>All indicators are still negative, and the primary trend is still down.</div>
<div><br>
</div>
<div>Harvest 2017 prices as of the close, September 20, are as follows:</div>
<div>SWW @ $190.53/MT ($5.19/bu), HRW @ $199.60/MT ($5.43/bu), </div>
<div> HRS @ $241.11/MT ($6.56/bu), SRW @ $195.06/MT ($5.31/bu). </div>
<div>---</div>
<div></div>
<div><br>
</div>
<div><span id="ms-rterangepaste-start"></span>
<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>
<span style="background:#FDFDFD">Tel.<span class="apple-converted-space"> </span></span></span><a href="callto:519-674-1500"><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 102, 153); text-decoration-line: none;">519-674-1500</span></a><span class="apple-converted-space"><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333;
background:#FDFDFD"> </span></span><span style="font-size:10.0pt;
line-height:115%;font-family:"Courier New";color:#333333;background:#FDFDFD">x
63577<span class="apple-converted-space"> </span></span><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333"><br>
<span style="background:#FDFDFD">Fax.<span class="apple-converted-space"> </span></span></span><a href="callto:519-674-1530"><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 102, 153); text-decoration-line: none;">519-674-1530</span></a><span class="apple-converted-space"><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333;
background:#FDFDFD"> </span></span><span style="font-size:10.0pt;
line-height:115%;font-family:"Courier New";color:#333333"><br>
<br>
<span style="background:#FDFDFD">Click on this link:<span class="apple-converted-space"> </span></span></span><span class="object"><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#336699">farmmarketnews-unsubscribe@list.gfo.ca</span></span><span class="apple-converted-space"><span style="font-size:10.0pt;line-height:115%;
font-family:"Courier New";color:#333333;background:#FDFDFD"> </span></span><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333;
background:#FDFDFD"> to
unsubscribe from this report.</span><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333"><br>
<span style="background:#FDFDFD">This Farm Market News product is sponsored by:</span><br>
<span style="background:#FDFDFD">Grain Farmers of Ontario<o:p></o:p></span></span></p>
<span id="ms-rterangepaste-end"></span><br>
</div>
<br>
<p></p>
<p><br>
</p>
<div id="Signature">
<div id="divtagdefaultwrapper" style="font-size: 12pt; color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: Calibri, Arial, Helvetica, sans-serif, EmojiFont, "Apple Color Emoji", "Segoe UI Emoji", NotoColorEmoji, "Segoe UI Symbol", "Android Emoji", EmojiSymbols;">
<div><span style="font-family:"Courier New",monospace; font-size:10pt"></span></div>
<br>
<p></p>
<p><br>
</p>
</div>
</div>
</div>
<p></p>
</div>
<p></p>
</div>
</body>
</html>