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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, October 26</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2839 up 0.0038</u></div>
<div><u>Chicago corn closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> DEC17 HI 3.52 DEC18 HI 3.97 1/2</u></div>
<div><u> LOW 3.49 1/2 LOW 3.95</u></div>
<div><u> CLOSE3.50 1/2 Down 1/2 CLOSE 3.96 1/4 Down 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+MAR18+MAR18</u></div>
<div><u>CK Low 0.65 4.16 163.58 0.65 4.61 181.59</u></div>
<div><u>CK High 0.70 4.21 165.54 0.70 4.66 183.55</u></div>
<div><u>CK Avg 0.69 -0.24 4.20 165.22 0.66 -0.35 4.62 181.91</u></div>
<div><u>Essex Cty 0.70 4.21 165.54 0.70 4.66 183.55</u></div>
<div><u>Mdsx Low 0.65 4.16 163.58 0.65 4.61 181.59</u></div>
<div><u>Mdsx High 0.70 4.21 165.54 0.70 4.66 183.55</u></div>
<div><u>Mdsx Avg 0.68 -0.25 4.18 164.56 0.68 -0.34 4.64 182.57</u></div>
<div><u>Hensall 0.70 4.21 165.54 0.71 4.67 183.95</u></div>
<div><u>Bruce 0.70 4.21 165.54 0.65 4.61 181.59</u></div>
<div><u>Putnam 0.65 4.16 163.58 0.55 4.51 177.65</u></div>
<div><u>Burford 0.80 4.31 169.48 0.65 4.61 181.59</u></div>
<div><u>Port Perry 0.70 4.21 165.54 0.70 4.66 183.55</u></div>
<div><u>Norfolk 0.80 4.31 169.48 0.70 4.66 183.55</u></div>
<div><u>Palmerston 0.70 4.21 165.54 0.65 4.61 181.59</u></div>
<div><u>Varna 0.70 4.21 165.54 0.70 4.66 183.55</u></div>
<div><u>Trenton 0.75 4.26 167.51 0.85 4.81 189.46</u></div>
<div><u>Winchester 1.20 4.71 185.23 0.85 4.81 189.46</u></div>
<div><u>North Gower 1.10 4.61 181.29 0.80 4.76 187.49</u></div>
<div><u>Huron FOB 0.75 4.26 167.51 0.75 4.71 185.52</u></div>
<div><u>Kent FOB 0.75 4.26 167.51 0.65 4.61 181.59</u></div>
<div><u>Lamb FOB 0.70 4.21 165.54 0.65 4.61 181.59</u></div>
<div><u>Mdsx FOB 0.75 0.75 0.75 0.75 4.26 167.51 0.65 4.61 181.59</u></div>
<div><u>FOB SW Que 1.34 4.85 190.74N/A</u></div>
<div><u>Track 1.08 4.58 180.31N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A 0.95 0.90 0.85 4.81 189.46</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 0.95 0.90 0.75 4.71 185.52</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 1.10 1.05 0.95 0.90 4.61 181.29 0.85 4.81 189.46</u></div>
<div><u>Pt.Colb-Ing N/A 1.00N/A N/A N/A</u></div>
<div><u>Cardnl-Ing N/A 1.25 1.22 1.10 1.00 4.96 195.36</u></div>
<div><u>W O Feed 1.31 4.81 189.40</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.18 4.69 184.44</u></div>
<div><u>Toledo El. -0.28 3.22 126.87 -0.38 3.58 140.87</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 4.18</u></div>
<div><u>HI SD CRN 0.70 4.20 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 1.2839 up 0.0038</u></div>
<div><u>Chicago soybeans closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> NOV17 HI 9.78 3/4 NOV18 HI 9.99 1/2</u></div>
<div><u> LOW 9.70 1/4 LOW 9.93</u></div>
<div><u> CLOSE9.71 1/4 Down 4 1/4 CLOSE 9.93 3/4 Down 3</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 1.90 11.61 426.691.85 11.79 433.12</u></div>
<div><u>CK High 2.00 11.71 430.361.96 11.90 437.16</u></div>
<div><u>CK Average 1.97 -0.6111.68 429.201.93 -0.6711.86 435.93</u></div>
<div><u>Essex Cty 1.85 11.56 424.851.85 11.79 433.12</u></div>
<div><u>Mdsx Low 1.96 11.67 428.891.95 11.89 436.79</u></div>
<div><u>Mdsx High 2.05 11.76 432.201.96 11.90 437.16</u></div>
<div><u>Mdsx Average 2.01 -0.5911.72 430.541.96 -0.6511.89 436.97</u></div>
<div><u>Hensall 2.03 11.74 431.281.93 11.86 435.87</u></div>
<div><u>Bruce 2.00 11.71 430.361.95 11.89 436.79</u></div>
<div><u>Putnam 1.95 11.66 428.521.85 11.79 433.12</u></div>
<div><u>Burford 2.03 11.74 431.462.03 11.97 439.73</u></div>
<div><u>Port Perry 1.93 11.64 427.791.93 11.87 436.06</u></div>
<div><u>Norfolk 2.05 11.76 432.202.00 11.94 438.63</u></div>
<div><u>Palmerston 1.95 11.66 428.521.90 11.84 434.95</u></div>
<div><u>Varna 2.00 11.71 430.361.90 11.84 434.95</u></div>
<div><u>Trenton 2.00 11.71 430.361.95 11.89 436.79</u></div>
<div><u>Winchester 1.95 11.66 428.521.90 11.84 434.95</u></div>
<div><u>North Gower 1.88 11.59 425.951.75 11.69 429.44</u></div>
<div><u>Huron FOB 2.10 11.81 434.042.00 11.94 438.63</u></div>
<div><u>Kent FOB 1.95 11.66 428.521.95 11.89 436.79</u></div>
<div><u>Lambton FOB 2.10 11.81 434.042.10 12.04 442.30</u></div>
<div><u>Middlesex FOB2.05 2.11 2.15 2.20 11.76 432.202.03 11.97 439.73</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. -0.51 9.20 338.00-0.38 9.55 351.03</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2839 up 0.0038</u></div>
<div><u>Chicago wheat closed slightly lower.</u></div>
<div><u>DEC17 HI 4.37 1/2 JUL18 HI 4.83</u></div>
<div><u> LOW 4.31 LOW 4.76 3/4</u></div>
<div><u> CLOSE 4.31 3/4 Down 3 3/4 CLOSE 4.78 1/2 Down 2 3/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly lower.</u></div>
<div><u>DEC17 HI 6.23 SEP18 HI 6.38 3/4</u></div>
<div><u> LOW 6.17 3/4 LOW 6.32</u></div>
<div><u> CLOSE 6.20 1/2 Down 1 CLOSE 6.37 1/4 Down 1/4</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 0.84 1.10 0.97 0.61</u></div>
<div><u>CAD $/bu 5.16 5.42 5.29 6.81</u></div>
<div><u>CAD $/tonne 189.53 198.97 194.25 250.27</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 0.80 N/A N/A N/A 0.70 N/A</u></div>
<div><u>London 0.76 0.76 0.76 N/A 1.01 0.95 0.69 N/A</u></div>
<div><u>Hensall 0.80 N/A 0.80 N/A 0.90 N/A 0.70 N/A</u></div>
<div><u>Trenton N/A N/A 0.75 N/A N/A N/A 0.90 N/A</u></div>
<div><u>Bruce 0.80 0.60 0.70 0.10 0.90 0.65 0.70 0.35</u></div>
<div><u>Essex N/A N/A N/A N/A N/A N/A 0.82 N/A</u></div>
<div><u>Norwich 0.80 N/A 0.80 N/A 0.90 N/A 0.70 N/A</u></div>
<div><u>Port Hope N/A 0.85 0.80 N/A N/A 0.70 0.70 N/A</u></div>
<div><u>Kent Bridge 0.80 N/A 0.80 N/A 0.90 N/A 0.70 N/A</u></div>
<div><u>Chatham N/A N/A 0.80 N/A N/A N/A 0.70 N/A</u></div>
<div><u>Brigden N/A N/A 0.80 N/A N/A N/A 0.70 N/A</u></div>
<div><u>Palmerston N/A 0.60 0.70 0.25 N/A 0.65 0.70 0.35</u></div>
<div><u>Varna 1.10 0.80 0.80 N/A 0.90 0.70 0.70 N/A</u></div>
<div><u>Mitchell 0.80 0.80 0.80 N/A 0.90 0.70 0.70 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.28 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 0.80 0.75 0.35 N/A 0.96 0.86 0.15</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 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 1.42N/A N/A N/A 1.34N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.24US 5.44CA 4.64US 5.93CA</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 0.96 0.96 0.89 0.38</u></div>
<div><u>CAD $/bu 5.74 5.74 5.68 6.75</u></div>
<div><u>CAD $/tonne 211.01 211.01 208.65 248.06</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 452.07</u></div>
<div><u>DDG's FOB Srn & Aylm 140.00 - 145.00</u></div>
<div><br>
</div>
<div>---</div>
<div>Ontario Grain Market Commentary for October 25, 2017</div>
<div>By Marty Hibbs, Grain Farmers of Ontario</div>
<div><br>
</div>
<div>
<div>Wednesday, October 25, 2017 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>3.51<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
03<span style="white-space:pre"> </span>cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>Nov<span style="white-space:pre">
</span>9.75<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
12<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Dec <span style="white-space:pre">
</span>4.35<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
05<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>$B",(B<span style="white-space:pre"> </span>
12<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>4.32<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
04<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>2.76<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 $<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>.7811<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre">
</span>2.10<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>Corn: </div>
<div>The December Corn contract made a double bottom this week on our charts. This is somewhat supportive as we tested last week$B!G(Bs lows of $3.40 which was also the December contract lows. This support should allow some upside in the short term and possibly
challenge the $3.60 mark on the December futures. This would open the possibility of a larger rally into the month of November. The big issue I see with any sizeable rally is the red sell signal we received near the end of August and the fundamentals of a
sizeable harvest.</div>
<div>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>As expected, we got our pullback in prices on the November contract this week after flirting with our $10 resistance area. The 25 cent correction allows us to gain some momentum for another shot at the big round $10 number. This week we were encouraged
as we were given a red buy signal last week on our weekly charts. Our double bottom formation on our January chart allows us the potential to challenge the $10.50 level sometime in November. We will be switching to the January futures in soybeans for our next
report. </div>
<div>We are still expecting much higher prices in 2018, but we will need to close above $10.50 on the lead month contract to negate a three year old trend line and begin the ascent. </div>
<div>Support is seen at $9.40 and our overhead resistance is at the $10 mark on the November contract. </div>
<div>Both short and medium term indicators are positive, but the primary trend is still down.</div>
<div><br>
</div>
<div>Wheat: </div>
<div><span style="font-size: 10pt;">We mentioned in our last commentary that the recent lows in the December wheat contract would soon be tested, and it came to pass this week as we successfully tested $4.23 on October 23. It is too early to tell if this bottom
will hold, but for now, we are trading at $4.35 on the December contract. The only concern I have is that we missed running the stops below the market by less than one penny. On the positive side, the day that the low was challenged was an outside day suggesting
that we should see higher prices in the short term. </span><br>
</div>
<div>For now, the $4 bottom on the weekly chart from September 1 is still lurking and only time will tell if this major support will need to prove itself before we get a true price reversal. </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. </div>
<div><span style="font-size: 10pt;">Short term indicators are still negative and the primary trend is still down.</span><br>
</div>
<div><br>
</div>
<div>Cash Grain prices as of the close, October 25, are as follows:</div>
<div>SWW @ $190.74/MT ($5.19/bu), HRW @ $200.14/MT ($5.45/bu), </div>
<div> HRS @ $249.99/MT ($6.80/bu), SRW @ $195.43/MT ($5.32/bu). </div>
<div><br>
</div>
<div>---</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>
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