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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, November 9</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.267 down 0.0057</u></div>
<div><u>Chicago corn closed moderately lower.</u></div>
<div><u><br>
</u></div>
<div><u> DEC17 HI 3.49 3/4 DEC18 HI 3.95</u></div>
<div><u> LOW 3.40 3/4 LOW 3.86 1/2</u></div>
<div><u> CLOSE3.41 1/2 Down 6 3/4 CLOSE 3.87 1/2 Down 6 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 +MAR18+MAR18+MAR18</u></div>
<div><u>CK Low 0.70 4.12 162.00 0.70 4.58 180.11</u></div>
<div><u>CK High 0.75 4.17 163.97 0.75 4.63 182.08</u></div>
<div><u>CK Avg 0.73 -0.15 4.14 162.98 0.73 -0.24 4.61 181.42</u></div>
<div><u>Essex Cty 0.70 4.12 162.00 0.75 4.63 182.08</u></div>
<div><u>Mdsx Low 0.75 4.17 163.97 0.75 4.63 182.08</u></div>
<div><u>Mdsx High 0.75 4.17 163.97 0.75 4.63 182.08</u></div>
<div><u>Mdsx Avg 0.75 -0.13 4.17 163.97 0.75 -0.23 4.63 182.08</u></div>
<div><u>Hensall 0.75 4.17 163.97 0.75 4.63 182.08</u></div>
<div><u>Bruce 0.75 4.17 163.97 0.75 4.63 182.08</u></div>
<div><u>Putnam 0.70 4.12 162.00 0.75 4.63 182.08</u></div>
<div><u>Burford 0.85 4.27 167.91 0.75 4.63 182.08</u></div>
<div><u>Port Perry 0.75 4.17 163.97 0.75 4.63 182.08</u></div>
<div><u>Norfolk 0.75 4.17 163.97 0.70 4.58 180.11</u></div>
<div><u>Palmerston 0.70 4.12 162.00 0.75 4.63 182.08</u></div>
<div><u>Varna 0.75 4.17 163.97 0.75 4.63 182.08</u></div>
<div><u>Trenton 0.75 4.17 163.97 0.85 4.73 186.02</u></div>
<div><u>Winchester 1.25 4.67 183.65 0.90 4.78 187.98</u></div>
<div><u>North Gower 1.15 4.57 179.72 0.85 4.73 186.02</u></div>
<div><u>Huron FOB 0.80 4.22 165.94 0.80 4.68 184.05</u></div>
<div><u>Kent FOB 0.80 4.22 165.94 0.70 4.58 180.11</u></div>
<div><u>Lamb FOB 0.70 4.12 162.00 0.65 4.53 178.14</u></div>
<div><u>Mdsx FOB 0.75 0.75 0.75N/A 4.17 163.97 0.75 4.63 182.08</u></div>
<div><u>FOB SW Que 1.25 4.67 183.65N/A</u></div>
<div><u>Track 1.08 4.49 176.76N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A 0.95 0.90 0.95 0.85 4.73 186.02</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A N/A N/A</u></div>
<div><u>Aylmer-Eth N/A 0.95 0.95 0.95 0.85 4.73 186.02</u></div>
<div><u>Sarn-Eth 0.90 0.95 0.90N/A 4.32 169.87N/A</u></div>
<div><u>Kawartha N/A N/A N/A N/A N/A</u></div>
<div><u>London-Ing 1.05 1.05 1.05N/A 4.47 175.78 0.90 4.78 187.98</u></div>
<div><u>Pt.Colb-Ing 0.95N/A N/A N/A 4.37 171.84N/A</u></div>
<div><u>Cardnl-Ing N/A 1.30 1.35 1.40 1.05 4.93 193.89</u></div>
<div><u>W O Feed 1.18 4.59 180.82</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.23 4.65 182.87</u></div>
<div><u>Toledo El. -0.18 3.24 127.46 -0.38 3.49 137.59</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 0.72 1/2 4.141</u></div>
<div><u>HI SD CRN 0.75 4.16 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 1.267 down 0.0057</u></div>
<div><u>Chicago soybeans closed slightly to moderately lower.</u></div>
<div><u><br>
</u></div>
<div><u> JAN18 HI 10.08 1/4 NOV18 HI 10.15</u></div>
<div><u> LOW 9.83 1/2 LOW 9.97</u></div>
<div><u> CLOSE9.85 Down 13 1/2 CLOSE 9.99 Down 9 1/4</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 +JAN1+JAN1+MAR18</u></div>
<div><u>CK Low 1.85 11.70 429.901.95 11.94 438.72</u></div>
<div><u>CK High 1.95 11.80 433.582.05 12.04 442.39</u></div>
<div><u>CK Average 1.90 -0.5711.75 431.801.99 -0.5411.98 440.07</u></div>
<div><u>Essex Cty 1.90 11.75 431.741.90 11.89 436.88</u></div>
<div><u>Mdsx Low 1.86 11.71 430.271.97 11.96 439.45</u></div>
<div><u>Mdsx High 1.95 11.80 433.582.05 12.04 442.39</u></div>
<div><u>Mdsx Average 1.91 -0.5711.76 431.922.01 -0.5212.00 440.92</u></div>
<div><u>Hensall 1.95 11.80 433.582.05 12.04 442.39</u></div>
<div><u>Bruce 1.90 11.75 431.742.00 11.99 440.56</u></div>
<div><u>Putnam 1.95 11.80 433.582.00 11.99 440.56</u></div>
<div><u>Burford 1.93 11.78 432.842.04 12.03 442.03</u></div>
<div><u>Port Perry 1.83 11.68 429.171.94 11.93 438.35</u></div>
<div><u>Norfolk 1.95 11.80 433.582.05 12.04 442.39</u></div>
<div><u>Palmerston 2.00 11.85 435.411.95 11.94 438.72</u></div>
<div><u>Varna 1.95 11.80 433.582.05 12.04 442.39</u></div>
<div><u>Trenton 1.90 11.75 431.742.00 11.99 440.56</u></div>
<div><u>Winchester 2.00 11.85 435.412.00 11.99 440.56</u></div>
<div><u>North Gower 1.93 11.78 432.841.90 11.89 436.88</u></div>
<div><u>Huron FOB 2.05 11.90 437.252.15 12.14 446.07</u></div>
<div><u>Kent FOB 1.95 11.80 433.582.00 11.99 440.56</u></div>
<div><u>Lambton FOB 1.90 11.75 431.742.05 12.04 442.39</u></div>
<div><u>Middlesex FOB2.02 2.08 2.13 2.16 11.87 436.152.09 12.08 443.86</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton 2.20 N/A N/A N/A 12.05 442.76 N/A</u></div>
<div><u>Prescott 2.14 11.99 440.562.10 12.09 444.23</u></div>
<div><u>Sarnia N/A N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.57 9.28 340.98-0.38 9.61 353.10</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.267 down 0.0057</u></div>
<div><u>Chicago wheat closed narrowly mixed.</u></div>
<div><u>DEC17 HI 4.32 JUL18 HI 4.72 3/4</u></div>
<div><u> LOW 4.23 3/4 LOW 4.65 1/4</u></div>
<div><u> CLOSE 4.29 Up 2 1/4 CLOSE 4.69 Down 1/2</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly higher.</u></div>
<div><u>DEC17 HI 6.58 SEP18 HI 6.52</u></div>
<div><u> LOW 6.41 1/2 LOW 6.41</u></div>
<div><u> CLOSE 6.48 Up 4 1/2 CLOSE 6.46 3/4 Up 2 1/2</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 0.77 1.02 0.89 0.59</u></div>
<div><u>CAD $/bu 5.06 5.31 5.18 7.07</u></div>
<div><u>CAD $/tonne 185.76 195.07 190.41 259.78</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 0.90 N/A N/A N/A 0.75 N/A</u></div>
<div><u>London 0.88 0.95 0.88 N/A 0.93 0.86 0.74 N/A</u></div>
<div><u>Hensall 0.90 N/A 0.90 N/A 0.95 N/A 0.75 N/A</u></div>
<div><u>Trenton N/A N/A N/A N/A N/A N/A 0.85 N/A</u></div>
<div><u>Bruce 0.90 0.90 0.90 0.25 0.95 0.75 0.75 0.35</u></div>
<div><u>Essex N/A N/A N/A N/A N/A N/A 0.74 N/A</u></div>
<div><u>Norwich 0.90 N/A 0.90 N/A 0.95 N/A 0.75 N/A</u></div>
<div><u>Port Hope N/A 0.90 0.85 N/A N/A 0.75 0.75 N/A</u></div>
<div><u>Kent Bridge 0.90 N/A 0.90 N/A 0.95 N/A 0.75 N/A</u></div>
<div><u>Chatham N/A N/A 0.90 N/A N/A N/A 0.75 N/A</u></div>
<div><u>Brigden N/A N/A 0.90 N/A N/A N/A 0.75 N/A</u></div>
<div><u>Palmerston N/A 0.60 0.85 0.25 N/A 0.65 0.75 0.35</u></div>
<div><u>Varna 1.20 0.90 0.90 N/A 0.95 0.75 0.75 N/A</u></div>
<div><u>Mitchell 0.90 0.90 0.90 N/A 0.95 0.75 0.75 N/A</u></div>
<div><u>Thornton N/A N/A N/A -0.10 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 0.75 0.75 0.50 N/A 0.90 0.90 0.25</u></div>
<div><u>W O Feed 1.46</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 1.34N/A N/A N/A 1.25N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.24US 5.37CA 4.54US 5.75CA</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 0.87 0.87 0.81 0.33</u></div>
<div><u>CAD $/bu 5.56 5.56 5.50 6.80</u></div>
<div><u>CAD $/tonne 204.40 204.40 202.08 249.92</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 452.84</u></div>
<div><u>DDG's FOB Srn & Aylm 140.00 - 145.00</u></div>
<div>---</div>
<div><br>
</div>
<div>Ontario Grain Market Commentary for November 9, 2017</div>
<div>By Marty Hibbs, Grain Farmers of Ontario</div>
<div><br>
</div>
<div>
<div>Wednesday, November 9, 2017 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>3.41<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
07<span style="white-space:pre"> </span>cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>Jan<span style="white-space:pre">
</span>9.85<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
06<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Dec <span style="white-space:pre">
</span>4.29<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
10<span style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>6.48<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
35<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>4.16<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
13<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>2.73<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
02<span style="white-space:pre"> </span>cents </div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>.7892<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre">
</span>1.20<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>Corn: </div>
<div>The USDA report was released at noon today, Thursday November 9, and the summary is as follows. Corn yield held a big surprise in that the production was increased by 3.6 bushels per acre, which was more than a bushel per acre above the highest trade estimate.
Production was considered large as well, with the production up 300 million bushels to 14.576 billion bushels. The report sent the December contract back to test the all-important $3.40 level one more time. Initial support is still seen at the $3.40 level
and again near $3.30 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><br>
</div>
<div>Soybeans: </div>
<div>The monthly report showed little change for the beans, but there was a small surprise: the trade was expecting a slight decline in yields, but it was unchanged. The report seemed to be the excuse why we failed once again to break through and close above
the $10.25 mark on the January contract for the second time this month. </div>
<div>Today$B!G(Bs action created a long black reversal candle that suggests we have more downside work to complete before we attempt another try at the $10 overhead trend-line .</div>
<div>Indicators are mixed as we see short term indicators with a downward bias, while the medium term indicators are showing strength and are signalling a run at our four year old trend line. </div>
<div>Support is seen at $9.40, and our overhead resistance is at the $10 - $10.25 area on the January contract. </div>
<div><br>
</div>
<div>Wheat: </div>
<div><br>
</div>
<div>Wheat seemed to fare the best from today$B!G(Bs USDA report, as the only change was a 25 million bushel increase in the 2017/2018 exports, while carryout was the same 25 million bushels. The December traded in a 10 cent range for the entire session and it seems
that the $4.15 support line on the December futures is still intact. As long as this support holds on the December contract we should see some upside in the coming weeks.</div>
<div><br>
</div>
<div>Solid support is seen at $4 on the December chart, while overhead resistance is viewed at $4.60. </div>
<div>Short term indicators are still negative and the primary trend is still down.</div>
<div><br>
</div>
<div>Cash Grain prices as of the close, November 9, are as follows:</div>
<div>SWW @ $185.79/MT ($5.06/bu), HRW @ $195.11/MT ($5.31/bu), </div>
<div> HRS @ $259.37/MT ($7.06/bu), SRW @ $190.45/MT ($5.18/bu). </div>
<div>---</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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