<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><u></u></p>
<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, October 12</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2453 down 0.0031</u></div>
<div><u>Chicago corn closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> DEC17 HI 3.54 DEC18 HI 3.99 3/4</u></div>
<div><u> LOW 3.42 1/2 LOW 3.89 1/4</u></div>
<div><u> CLOSE3.49 Up 3 CLOSE 3.94 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 +DEC17+MAR18+MAR18</u></div>
<div><u>CK Low 0.65 4.14 162.98 0.50 4.45 175.09</u></div>
<div><u>CK High 0.70 4.19 164.95 0.65 4.60 181.00</u></div>
<div><u>CK Avg 0.66 -0.16 4.15 163.31 0.59 -0.30 4.54 178.70</u></div>
<div><u>Essex Cty 0.65 4.14 162.98 0.50 4.45 175.09</u></div>
<div><u>Mdsx Low 0.65 4.14 162.98 0.60 4.55 179.03</u></div>
<div><u>Mdsx High 0.65 4.14 162.98 0.60 4.55 179.03</u></div>
<div><u>Mdsx Avg 0.65 -0.17 4.14 162.98 0.60 -0.30 4.55 179.03</u></div>
<div><u>Hensall 0.65 4.14 162.98 0.65 4.60 181.00</u></div>
<div><u>Bruce 0.65 4.14 162.98 0.65 4.60 181.00</u></div>
<div><u>Putnam 0.60 4.09 161.02 0.60 4.55 179.03</u></div>
<div><u>Burford 0.75 4.24 166.92 0.65 4.60 181.00</u></div>
<div><u>Port Perry 0.75 4.24 166.92 0.60 4.55 179.03</u></div>
<div><u>Norfolk 0.75 4.24 166.92 0.65 4.60 181.00</u></div>
<div><u>Palmerston 0.65 4.14 162.98 0.50 4.45 175.09</u></div>
<div><u>Varna 0.65 4.14 162.98 0.70 4.65 182.96</u></div>
<div><u>Trenton 0.75 4.24 166.92 0.75 4.70 184.93</u></div>
<div><u>Winchester 1.10 4.59 180.70 0.85 4.80 188.87</u></div>
<div><u>North Gower 1.10 4.59 180.70 0.80 4.75 186.90</u></div>
<div><u>Huron FOB 0.75 4.24 166.92 0.75 4.70 184.93</u></div>
<div><u>Kent FOB 0.70 4.19 164.95 0.65 4.60 181.00</u></div>
<div><u>Lamb FOB 0.70 4.19 164.95 0.55 4.50 177.06</u></div>
<div><u>Mdsx FOB 0.70N/A N/A N/A 4.19 164.95 0.60 4.55 179.03</u></div>
<div><u>FOB SW Que 1.43 4.92 193.69N/A</u></div>
<div><u>Track 1.15 4.64 182.67N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A 0.94 0.90 0.75 4.70 184.93</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 0.90 0.90 0.75 4.70 184.93</u></div>
<div><u>Sarn-Eth N/A 0.90 0.95 0.90 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 1.05 0.95 0.90 0.85 4.80 188.87</u></div>
<div><u>Pt.Colb-Ing N/A 1.00N/A N/A N/A</u></div>
<div><u>Cardnl-Ing N/A 1.20 1.22 1.10 1.00 4.95 194.77</u></div>
<div><u>W O Feed 1.39 4.88 191.96</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.23 4.72 185.82</u></div>
<div><u>Toledo El. -0.27 3.22 126.61 -0.37 3.57 140.70</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 0.67 1/2 4.16 1/2</u></div>
<div><u>HI SD CRN 0.70 4.19</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2453 down 0.0031</u></div>
<div><u>Chicago soybeans closed moderately higher to higher.</u></div>
<div><u><br>
</u></div>
<div><u> NOV17 HI 9.97 3/4 NOV18 HI 10.08 1/4</u></div>
<div><u> LOW 9.59 LOW 9.80</u></div>
<div><u> CLOSE9.92 Up 26 3/4 CLOSE 10.06 1/2 Up 20 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 +NOV1+JAN1+JAN18</u></div>
<div><u>CK Low 1.65 11.57 425.121.45 11.52 423.10</u></div>
<div><u>CK High 1.75 11.67 428.801.60 11.67 428.62</u></div>
<div><u>CK Average 1.71 -0.5811.63 427.331.57 -0.7211.64 427.51</u></div>
<div><u>Essex Cty 1.60 11.52 423.291.60 11.67 428.62</u></div>
<div><u>Mdsx Low 1.71 11.63 427.331.57 11.64 427.51</u></div>
<div><u>Mdsx High 1.80 11.72 430.641.60 11.67 428.62</u></div>
<div><u>Mdsx Average 1.76 -0.5411.68 428.981.59 -0.7111.65 428.06</u></div>
<div><u>Hensall 1.80 11.72 430.641.60 11.67 428.62</u></div>
<div><u>Bruce 1.75 11.67 428.801.60 11.67 428.62</u></div>
<div><u>Putnam 1.65 11.57 425.121.45 11.52 423.10</u></div>
<div><u>Burford 1.78 11.70 429.901.64 11.71 430.09</u></div>
<div><u>Port Perry 1.68 11.60 426.231.54 11.61 426.41</u></div>
<div><u>Norfolk 1.80 11.72 430.641.65 11.72 430.45</u></div>
<div><u>Palmerston 1.80 11.72 430.641.60 11.67 428.62</u></div>
<div><u>Varna 1.80 11.72 430.641.60 11.67 428.62</u></div>
<div><u>Trenton 1.75 11.67 428.801.60 11.67 428.62</u></div>
<div><u>Winchester 1.85 11.77 432.471.60 11.67 428.62</u></div>
<div><u>North Gower 1.84 11.76 432.111.65 11.72 430.45</u></div>
<div><u>Huron FOB 1.90 11.82 434.311.70 11.77 432.29</u></div>
<div><u>Kent FOB 1.70 11.62 426.961.60 11.67 428.62</u></div>
<div><u>Lambton FOB 1.85 11.77 432.471.80 11.87 435.96</u></div>
<div><u>Middlesex FOB1.83 1.89 1.92 2.03 11.75 431.741.67 11.74 431.19</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Prescott N/A N/A</u></div>
<div><u>Sarnia N/A N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.55 9.37 344.36-0.37 9.69 356.10</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2453 down 0.0031</u></div>
<div><u>Chicago wheat closed slightly lower.</u></div>
<div><u>DEC17 HI 4.37 3/4 JUL18 HI 4.81 1/2</u></div>
<div><u> LOW 4.28 LOW 4.73</u></div>
<div><u> CLOSE 4.30 1/2 Down 2 3/4 CLOSE 4.75 1/4 Down 3 1/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed moderately lower.</u></div>
<div><u>DEC17 HI 6.20 1/2 SEP18 HI 6.36 3/4</u></div>
<div><u> LOW 6.10 1/2 LOW 6.28 1/2</u></div>
<div><u> CLOSE 6.11 1/4 Down 7 3/4 CLOSE 6.29 1/4 Down 8</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 0.38</u></div>
<div><u>CAD $/bu 4.99 5.24 5.11 6.49</u></div>
<div><u>CAD $/tonne 183.26 192.41 187.84 238.51</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 0.60 N/A N/A N/A 0.60 N/A</u></div>
<div><u>London 0.50 0.63 0.56 N/A 0.85 0.79 0.54 N/A</u></div>
<div><u>Hensall 0.60 N/A 0.60 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 0.80 N/A</u></div>
<div><u>Bruce 0.60 0.60 0.60 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 0.65 N/A</u></div>
<div><u>Norwich 0.60 N/A 0.60 N/A 0.85 N/A 0.60 N/A</u></div>
<div><u>Port Hope N/A 0.70 0.70 N/A N/A 0.65 0.70 N/A</u></div>
<div><u>Kent Bridge 0.60 N/A 0.60 N/A 0.85 N/A 0.60 N/A</u></div>
<div><u>Chatham N/A N/A 0.60 N/A N/A N/A 0.60 N/A</u></div>
<div><u>Brigden N/A N/A 0.60 N/A N/A N/A 0.60 N/A</u></div>
<div><u>Palmerston N/A 0.60 0.60 0.25 N/A 0.65 0.60 0.35</u></div>
<div><u>Varna 0.90 0.60 0.60 N/A 0.80 0.60 0.60 N/A</u></div>
<div><u>Mitchell 0.60 0.60 0.60 N/A 0.85 0.65 0.60 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 0.75 0.75 0.35 N/A 0.86 0.81 0.10</u></div>
<div><u>W O Feed 1.34</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 1.24N/A N/A N/A 1.04N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.23US 5.26CA 4.55US 5.67CA</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 0.17</u></div>
<div><u>CAD $/bu 5.54 5.54 5.48 6.47</u></div>
<div><u>CAD $/tonne 203.74 203.74 201.45 237.60</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 473.23</u></div>
<div><u>DDG's FOB Srn & Aylm 140.00 - 145.00</u></div>
<div><br>
</div>
<div><font color="#333333" face="Courier New, monospace"><span style="background-color: rgb(253, 253, 253);">-----</span></font></div>
<div><font color="#333333" face="Courier New, monospace"><span style="background-color: rgb(253, 253, 253);">Ontario Grain Market Commentary for October 12, 2017</span></font></div>
<div><font color="#333333" face="Courier New, monospace"><span style="background-color: rgb(253, 253, 253);">By Marty Hibbs, Grain Farmers of Ontario</span></font></div>
<div><font color="#333333" face="Courier New, monospace"><span style="background-color: rgb(253, 253, 253);"><br>
</span></font></div>
<div><font color="#333333" face="Courier New, monospace"><span style="background-color: rgb(253, 253, 253);">
<div>Wednesday, October 12, 2017 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>3.49<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
06<span style="white-space:pre"> </span>cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>Nov<span style="white-space:pre">
</span>9.92<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
34<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Dec <span style="white-space:pre">
</span>4.30<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
12<span style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>6.12<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
02<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>4.26<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
10<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>2.62<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
16<span style="white-space:pre"> </span>cents </div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>.8030<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre">
</span>0.15<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>Corn: </div>
<div>The United States Department of Agriculture (USDA) report was released at noon on October 12 and the corn yield came in at 171.8 bushels per acre compared to an average guess of 1.70. The only positive number was the world carryout of 201 million tonnes,
down from September$B!G(Bs carryout of 202.47 million tonnes. The December contract rallied on the report but not before notching a new low in the December futures at 3.42 1/2. This was a new December contract low, but it did not stick and the corn settled up on
the day by three cents per bushel. Although the $3.40 support level that we identified on the December futures contract has been negated, the market looks like it merely ran the stops at this point and we have now tested this area four times. </div>
<div>Now that the corn harvest is well underway in the U.S., there is a good possibility that we can start to see some relief from the downward pressure on cash prices in the coming months unless we have a surprise in next month$B!G(Bs report. Support is still
seen at the $3.40 level on the December contract, while overhead resistance is seen at $3.60.</div>
<div>Short term indicators are still negative, and the primary trend is still down. </div>
<div> </div>
<div>Soybeans: </div>
<div>We had a positive reaction to the October USDA report as the November new crop soybeans had a good rally, closing up 28 cents per bushel at $9.93 on the November contract. </div>
<div>Although the 2017 production numbers were unchanged from September, both the yields and carryouts locally and globally were reduced. </div>
<div>Looking at our charts, there now seems to be a definitive bullish pattern emerging. This pattern is a longer term formation that suggests much higher prices into next year. Of course this is my analysis and everybody has their opinion. Support is seen
at $9.40 with major support now at $9. Overhead resistance is at $10.</div>
<div>The indicators are mixed, but the primary trend is still down.</div>
<div><br>
</div>
<div>Wheat: </div>
<div>The only new numbers for wheat in the October USDA report were both carry out numbers for the U.S and globally. Both of these numbers showed a bit of an increase and pressured wheat in the futures markets after the release of the report. The December contract
managed to limit its losses for the session but there is still a red sell signal and a recent bottom that will likely be challenged in the coming week before we see some upside movement on that contract. </div>
<div><br>
</div>
<div>For now the $4 bottom from September 1 could be the required test for support. Once that bottom has been proven, we should see some downside price relief. </div>
<div>Initial support still sits at $4.20 with solid support at $4 on the December chart, while overhead resistance is viewed at $4.60 - $4.80. </div>
<div>Short term indicators are negative and the primary trend is still down.</div>
<div><br>
</div>
<div><br>
</div>
<div>Harvest 2017 prices as of the close, October 12, are as follows:</div>
<div>SWW @ $183.52/MT ($4.99/bu), HRW @ $192.67/MT ($5.24/bu), </div>
<div> HRS @ $238.89/MT ($6.50/bu), SRW @ $188.09/MT ($5.12/bu). </div>
<div>----</div>
<div>
<p class="MsoNormal"><span style="font-size:10.0pt;line-height:115%;font-family:
"Courier New";color:#333333;background:#FDFDFD"><br>
</span></p>
<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>
<br>
</div>
<br>
</span></font></div>
<p></p>
</div>
<p></p>
</div>
<p></p>
</div>
</body>
</html>