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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, November 30</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2903 up 0.0056</u></div>
<div><u>Chicago corn closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAR18 HI 3.57 DEC18 HI 3.88 3/4</u></div>
<div><u> LOW 3.52 LOW 3.84 1/4</u></div>
<div><u> CLOSE3.55 3/4 Up 2 1/4 CLOSE 3.87 1/4 Up 1</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 0.60 4.16 163.67 0.70 4.57 180.01</u></div>
<div><u>CK High 0.65 4.21 165.64 0.75 4.62 181.98</u></div>
<div><u>CK Avg 0.61 -0.33 4.17 164.00 0.73 -0.29 4.61 181.32</u></div>
<div><u>Essex Cty 0.60 4.16 163.67 0.70 4.57 180.01</u></div>
<div><u>Mdsx Low 0.60 4.16 163.67 0.75 4.62 181.98</u></div>
<div><u>Mdsx High 0.65 4.21 165.64 0.75 4.62 181.98</u></div>
<div><u>Mdsx Avg 0.63 -0.32 4.18 164.66 0.75 -0.28 4.62 181.98</u></div>
<div><u>Hensall 0.65 4.21 165.64 0.75 4.62 181.98</u></div>
<div><u>Bruce 0.65 4.21 165.64 0.75 4.62 181.98</u></div>
<div><u>Putnam 0.56 4.12 162.10 0.75 4.62 181.98</u></div>
<div><u>Burford 0.65 4.21 165.64 0.75 4.62 181.98</u></div>
<div><u>Port Perry 0.60 4.16 163.67 0.75 4.62 181.98</u></div>
<div><u>Norfolk 0.60 4.16 163.67 0.75 4.62 181.98</u></div>
<div><u>Palmerston 0.65 4.21 165.64 0.70 4.57 180.01</u></div>
<div><u>Varna 0.65 4.21 165.64 0.75 4.62 181.98</u></div>
<div><u>Trenton 0.65 4.21 165.64 0.85 4.72 185.92</u></div>
<div><u>Winchester 1.20 4.76 187.29 0.90 4.77 187.89</u></div>
<div><u>North Gower 1.02 4.58 180.21 0.85 4.72 185.92</u></div>
<div><u>Huron FOB 0.80 4.36 171.55 0.77 4.64 182.77</u></div>
<div><u>Kent FOB 0.80 4.36 171.55 0.75 4.62 181.98</u></div>
<div><u>Lamb FOB 0.80 4.36 171.55 0.65 4.52 178.04</u></div>
<div><u>Mdsx FOB 0.65 0.65N/A N/A 4.21 165.64 0.75 4.62 181.98</u></div>
<div><u>FOB SW Que 1.33 4.89 192.41N/A</u></div>
<div><u>Track 1.10 4.66 183.36N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A 0.95 1.00 0.85 4.72 185.92</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 0.95 0.85 4.72 185.92</u></div>
<div><u>Sarn-Eth 0.95 0.90 0.95N/A 4.51 177.45N/A</u></div>
<div><u>Kawartha N/A N/A N/A N/A N/A</u></div>
<div><u>London-Ing N/A N/A N/A N/A 0.90 4.77 187.89</u></div>
<div><u>Pt.Colb-Ing N/A N/A N/A N/A N/A</u></div>
<div><u>Cardnl-Ing N/A N/A 1.35 1.40 1.05 4.92 193.79</u></div>
<div><u>W O Feed 1.23 4.79 188.55</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.25 4.81 189.26</u></div>
<div><u>Toledo El. -0.25 3.31 130.40 -0.26 3.62 142.32</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.62 1/2 4.18 1/4</u></div>
<div><u>HI SD CRN 0.65 4.20 3/4</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2903 up 0.0056</u></div>
<div><u>Chicago soybeans closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> JAN18 HI 9.93 NOV18 HI 10.04 3/4</u></div>
<div><u> LOW 9.85 LOW 9.99 1/4</u></div>
<div><u> CLOSE9.85 3/4 Down 6 3/4 CLOSE 10.01 Down 3 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 +JAN1+JAN1+MAR18</u></div>
<div><u>CK Low 2.04 11.90 437.162.05 12.06 443.13</u></div>
<div><u>CK High 2.10 11.96 439.362.10 12.11 444.97</u></div>
<div><u>CK Average 2.07 -0.6211.92 438.082.09 -0.6112.10 444.54</u></div>
<div><u>Essex Cty 2.05 11.91 437.532.05 12.06 443.13</u></div>
<div><u>Mdsx Low 2.04 11.90 437.162.08 12.09 444.23</u></div>
<div><u>Mdsx High 2.10 11.96 439.362.15 12.16 446.80</u></div>
<div><u>Mdsx Average 2.07 -0.6111.93 438.262.12 -0.5912.13 445.52</u></div>
<div><u>Hensall 2.10 11.96 439.362.15 12.16 446.80</u></div>
<div><u>Bruce 2.10 11.96 439.362.15 12.16 446.80</u></div>
<div><u>Putnam 2.10 11.96 439.362.15 12.16 446.80</u></div>
<div><u>Burford 2.11 11.97 439.732.15 12.16 446.80</u></div>
<div><u>Port Perry 2.01 11.87 436.062.05 12.06 443.13</u></div>
<div><u>Norfolk 2.10 11.96 439.362.05 12.06 443.13</u></div>
<div><u>Palmerston 2.10 11.96 439.362.10 12.11 444.97</u></div>
<div><u>Varna 2.10 11.96 439.362.15 12.16 446.80</u></div>
<div><u>Trenton 2.05 11.91 437.532.10 12.11 444.97</u></div>
<div><u>Winchester 2.07 11.93 438.262.00 12.01 441.29</u></div>
<div><u>North Gower 1.90 11.76 432.011.80 11.81 433.94</u></div>
<div><u>Huron FOB 2.20 12.06 443.042.25 12.26 450.48</u></div>
<div><u>Kent FOB 2.15 12.01 441.202.10 12.11 444.97</u></div>
<div><u>Lambton FOB 2.10 11.96 439.362.20 12.21 448.64</u></div>
<div><u>Middlesex FOB2.18 2.24 2.23 2.26 12.04 442.302.20 12.21 448.64</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton 2.50 12.36 454.06 N/A</u></div>
<div><u>Prescott 2.26 12.12 445.242.22 12.23 449.38</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.35 9.51 349.40-0.39 9.62 353.62</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2903 up 0.0056</u></div>
<div><u>Chicago wheat closed slightly lower.</u></div>
<div><u>MAR18 HI 4.39 JUL18 HI 4.64 1/2</u></div>
<div><u> LOW 4.30 1/2 LOW 4.56 1/2</u></div>
<div><u> CLOSE 4.33 Down 1 3/4 CLOSE 4.58 1/4 Down 1/2</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly lower.</u></div>
<div><u>MAR18 HI 6.28 1/4 SEP18 HI 6.30 1/4</u></div>
<div><u> LOW 6.18 3/4 LOW 6.26 1/4</u></div>
<div><u> CLOSE 6.21 3/4 Down 1 1/2 CLOSE 6.27 1/2 Down 1 3/4</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 0.68 0.93 0.81 0.45</u></div>
<div><u>CAD $/bu 5.01 5.26 5.14 6.67</u></div>
<div><u>CAD $/tonne 183.96 193.44 188.70 245.00</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 0.75 N/A</u></div>
<div><u>London 0.67 0.74 0.67 N/A 0.97 0.91 0.78 N/A</u></div>
<div><u>Hensall 0.85 N/A 0.85 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 0.85 0.85 0.85 0.04 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 0.78 N/A</u></div>
<div><u>Norwich 0.85 N/A 0.85 N/A 0.95 N/A 0.75 N/A</u></div>
<div><u>Port Hope N/A N/A 0.61 N/A N/A 0.75 0.75 N/A</u></div>
<div><u>Kent Bridge 0.85 N/A 0.85 N/A 0.95 N/A 0.75 N/A</u></div>
<div><u>Chatham N/A N/A 0.80 N/A N/A N/A 0.75 N/A</u></div>
<div><u>Brigden N/A N/A 0.80 N/A N/A N/A 0.75 N/A</u></div>
<div><u>Palmerston N/A 0.85 0.85 N/A N/A 0.75 0.75 N/A</u></div>
<div><u>Varna 1.10 0.80 0.80 N/A 0.95 0.75 0.75 N/A</u></div>
<div><u>Mitchell 0.85 0.85 0.85 N/A 0.95 0.75 0.75 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.00 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 0.55 0.55 0.35 N/A 0.90 0.90 0.25</u></div>
<div><u>W O Feed 1.44</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Toledo FM N/A N/A 1.52 N/A N/A N/A 1.32 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.04US 5.21CA 4.43US 5.70CA</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 0.93 0.93 0.86 0.39</u></div>
<div><u>CAD $/bu 5.51 5.51 5.45 6.66</u></div>
<div><u>CAD $/tonne 202.52 202.52 200.15 244.72</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 472.35</u></div>
<div><u>DDG's FOB Srn & Aylm 155.00 - 160.00</u></div>
<div><u><br>
</u></div>
--
<p></p>
<p style="margin-top:0;margin-bottom:0">Ontario Grain Market Commentary for November 29, 2017</p>
<p style="margin-top:0;margin-bottom:0">By Marty Hibbs, Grain Farmers of Ontario</p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<p style="margin-top:0;margin-bottom:0"></p>
<div>Wednesday, November 29, 2017 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>3.45<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
05<span style="white-space:pre"> </span>cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>Jan<span style="white-space:pre">
</span>9.92<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
05<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>4.35<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
17<span style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>6.23<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
18<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>4.31<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
06<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>2.63<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
04<span style="white-space:pre"> </span>cents </div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>.7785<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre">
</span>.80<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>Corn: </div>
<div>We have switched our contract months for corn, oats, and wheat to March, as today is the first notice day for the December contracts. There is nothing much to report except that we did challenge the September 15 lows at $3.35 this week, and again found
support on the March contract. The next obvious level of support is seen on both the March contract and weekly charts at the $3.30 level. Below there, the next support level is at the $3 level, should it be tested.</div>
<div>Initial support is still seen at the $3.30 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>The January soybeans contract closed positive again this week, and it looks like it is comfortable in the $10 level, while sitting on the trend line from 2015. A close above $10.25 on the January contract could set us up for some good upside over the next
couple of months. The formation on the charts is suggesting a trend reversal in the coming weeks. Until we get a clear indication, we remain neutral; however, we did get the red buy signal on the weekly chart back in October, but we have yet to get any decisive
upside movement. </div>
<div>Short term indicators are neutral, and the weekly indicators favour a bullish tone into the New Year. However, the primary trend is still down.</div>
<div><br>
</div>
<div><br>
</div>
<div>Wheat: </div>
<div>Wheat once again tested the $4.20 support line on the March contract and held nicely. The December contract which becomes a non-evident for trading today, tested the much more important weekly trend line and it also held. At this point in the season we
look for subtle hints that the worst is behind us in price and so far we see this to be in-line with our hopes. Once the December futures have been abandoned by the traders, we have only the real participants left in the market and we should start to see some
premium flow into the March contract with anticipation of higher prices in the spring. Meanwhile this is definitely still very much a bear market as it has been for the past four plus years. </div>
<div>Solid support is seen at $4.20 on the March futures chart, while initial overhead resistance is viewed at $4.50. </div>
<div>Indicators are showing oversold conditions. Short term indicators are still negative and the primary trend is still down.</div>
<div><br>
</div>
<div><span style="font-size: 10pt;">Cash Grain prices as of the close, November 29, are as follows:</span><br>
</div>
<div>SWW @ $183.98/MT ($5.01/bu), HRW @ $193.42/MT ($5.26/bu), </div>
<div> HRS @ $244.52/MT ($6.65/bu), SRW @ $188.70/MT ($5.14/bu). </div>
<div>---</div>
<div><br>
</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>
<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;
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