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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, December 14</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2738 down 0.0101</u></div>
<div><u>Chicago corn closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> MAR18 HI 3.50 3/4 DEC18 HI 3.82 3/4</u></div>
<div><u> LOW 3.48 LOW 3.80 1/2</u></div>
<div><u> CLOSE3.48 1/2 Down 1/2 CLOSE 3.80 3/4 Down 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 +MAR18+MAR18+MAY18</u></div>
<div><u>CK Low 0.55 4.04 158.85 0.65 4.46 175.48</u></div>
<div><u>CK High 0.65 4.14 162.79 0.70 4.51 177.45</u></div>
<div><u>CK Avg 0.60 -0.28 4.09 160.82 0.66 -0.30 4.47 175.81</u></div>
<div><u>Essex Cty 0.55 4.04 158.85 0.65 4.46 175.48</u></div>
<div><u>Mdsx Low 0.60 4.09 160.82 0.65 4.46 175.48</u></div>
<div><u>Mdsx High 0.65 4.14 162.79 0.65 4.46 175.48</u></div>
<div><u>Mdsx Avg 0.63 -0.26 4.11 161.80 0.65 -0.30 4.46 175.48</u></div>
<div><u>Hensall 0.65 4.14 162.79 0.65 4.46 175.48</u></div>
<div><u>Bruce 0.65 4.14 162.79 0.65 4.46 175.48</u></div>
<div><u>Putnam 0.55 4.04 158.85 0.65 4.46 175.48</u></div>
<div><u>Burford 0.65 4.14 162.79 0.70 4.51 177.45</u></div>
<div><u>Port Perry 0.60 4.09 160.82 0.70 4.51 177.45</u></div>
<div><u>Norfolk 0.60 4.09 160.82 0.65 4.46 175.48</u></div>
<div><u>Palmerston 0.60 4.09 160.82 0.65 4.46 175.48</u></div>
<div><u>Varna 0.60 4.09 160.82 0.65 4.46 175.48</u></div>
<div><u>Trenton 0.65 4.14 162.79 0.80 4.61 181.39</u></div>
<div><u>Winchester 1.01 4.50 176.96 0.90 4.71 185.33</u></div>
<div><u>North Gower 0.99 4.48 176.17 0.84 4.65 182.96</u></div>
<div><u>Huron FOB 0.75 4.24 166.72 0.75 4.56 179.42</u></div>
<div><u>Kent FOB 0.75 4.24 166.72 0.75 4.56 179.42</u></div>
<div><u>Lamb FOB 0.80 4.29 168.69 0.65 4.46 175.48</u></div>
<div><u>Mdsx FOB 0.60 0.65N/A N/A 4.09 160.82 0.65 4.46 175.48</u></div>
<div><u>FOB SW Que 1.41 4.90 192.71N/A</u></div>
<div><u>Track 1.08 4.56 179.52N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A 0.88 0.93 0.93 0.85 4.66 183.36</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 4.66 183.36</u></div>
<div><u>Sarn-Eth 0.90 0.95 0.95 0.95 4.39 172.63N/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 4.71 185.33</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 N/A 1.35 1.05 4.86 191.23</u></div>
<div><u>W O Feed 1.23 4.72 185.62</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.27 4.76 187.20</u></div>
<div><u>Toledo El. -0.10 3.38 133.19 -0.25 3.55 139.88</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.60 4.08 1/2</u></div>
<div><u>HI SD CRN 0.65 4.13 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 1.2738 down 0.0101</u></div>
<div><u>Chicago soybeans closed slightly to moderately lower.</u></div>
<div><u><br>
</u></div>
<div><u> JAN18 HI 9.81 NOV18 HI 9.98 1/2</u></div>
<div><u> LOW 9.66 1/2 LOW 9.87 1/2</u></div>
<div><u> CLOSE9.67 3/4 Down 11 1/2 CLOSE 9.87 1/2 Down 10 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+MAR1+MAR18</u></div>
<div><u>CK Low 1.89 11.57 425.031.91 11.79 433.02</u></div>
<div><u>CK High 2.00 11.68 429.072.05 11.93 438.17</u></div>
<div><u>CK Average 1.97 -0.5311.65 428.091.99 -0.5411.87 436.09</u></div>
<div><u>Essex Cty 1.95 11.63 427.241.95 11.83 434.49</u></div>
<div><u>Mdsx Low 1.89 11.57 425.031.91 11.79 433.02</u></div>
<div><u>Mdsx High 2.00 11.68 429.072.05 11.93 438.17</u></div>
<div><u>Mdsx Average 1.95 -0.5511.62 427.051.98 -0.5511.86 435.60</u></div>
<div><u>Hensall 2.00 11.68 429.072.05 11.93 438.17</u></div>
<div><u>Bruce 2.00 11.68 429.072.00 11.88 436.33</u></div>
<div><u>Putnam 2.00 11.68 429.072.05 11.93 438.17</u></div>
<div><u>Burford 1.96 11.64 427.601.98 11.86 435.60</u></div>
<div><u>Port Perry 1.86 11.54 423.931.88 11.76 431.92</u></div>
<div><u>Norfolk 2.00 11.68 429.072.05 11.93 438.17</u></div>
<div><u>Palmerston 2.05 11.73 430.912.00 11.88 436.33</u></div>
<div><u>Varna 2.00 11.68 429.072.05 11.93 438.17</u></div>
<div><u>Trenton 1.95 11.63 427.242.00 11.88 436.33</u></div>
<div><u>Winchester 1.97 11.65 427.972.02 11.90 437.07</u></div>
<div><u>North Gower 1.91 11.59 425.771.92 11.80 433.39</u></div>
<div><u>Huron FOB 2.10 11.78 432.752.05 11.93 438.17</u></div>
<div><u>Kent FOB 2.05 11.73 430.912.00 11.88 436.33</u></div>
<div><u>Lambton FOB 2.05 11.73 430.912.20 12.08 443.68</u></div>
<div><u>Middlesex FOB2.06 2.13 2.14 2.21 11.74 431.282.15 12.03 441.84</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton 2.35 12.03 441.93 N/A</u></div>
<div><u>Prescott 2.08 11.76 432.012.19 12.07 443.31</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.25 9.42 346.23-0.38 9.49 348.82</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2738 down 0.0101</u></div>
<div><u>Chicago wheat closed slightly higher.</u></div>
<div><u>MAR18 HI 4.20 3/4 JUL18 HI 4.46 3/4</u></div>
<div><u> LOW 4.16 LOW 4.42</u></div>
<div><u> CLOSE 4.18 1/4 Up 1 1/2 CLOSE 4.43 1/2 Up 1</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly higher.</u></div>
<div><u>MAR18 HI 6.22 1/4 SEP18 HI 6.28</u></div>
<div><u> LOW 6.11 3/4 LOW 6.21 1/2</u></div>
<div><u> CLOSE 6.17 Up 4 1/2 CLOSE 6.23 Up 1 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 0.57 0.83 0.70 0.35</u></div>
<div><u>CAD $/bu 4.75 5.01 4.88 6.52</u></div>
<div><u>CAD $/tonne 174.70 184.06 179.38 239.64</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 0.86 1.05 0.86 N/A 0.93 0.87 0.74 N/A</u></div>
<div><u>Hensall 0.90 N/A 0.80 N/A 1.00 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 0.80 0.80 0.10 1.00 0.75 0.75 0.30</u></div>
<div><u>Essex N/A N/A 0.65 N/A N/A N/A 0.70 N/A</u></div>
<div><u>Norwich 0.90 N/A 0.80 N/A 1.00 N/A 0.75 N/A</u></div>
<div><u>Port Hope N/A 1.00 0.80 N/A N/A 0.75 0.75 N/A</u></div>
<div><u>Kent Bridge 0.90 N/A 0.80 N/A 1.00 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 0.80 0.75 0.25 N/A 0.65 0.70 0.35</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 0.90 0.80 0.80 N/A 1.00 0.75 0.75 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.15 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 0.60 0.60 0.30 N/A 0.94 0.84 0.20</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 1.27 N/A N/A N/A 1.08 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 3.93US 5.01CA 4.29US 5.45CA</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 0.82 0.82 0.76 0.30</u></div>
<div><u>CAD $/bu 5.26 5.26 5.20 6.53</u></div>
<div><u>CAD $/tonne 193.25 193.25 190.92 239.75</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 466.95</u></div>
<div><u>DDG's FOB Srn & Aylm 170.00 - 185.00</u></div>
<div><br>
</div>
---
<p></p>
<p style="margin-top:0;margin-bottom:0">Ontario Grain Market Commentary for December 13, 2017</p>
<p style="margin-top:0;margin-bottom:0">By Marty Hibbs, Grain Farmers of Ontario</p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<p style="margin-top:0;margin-bottom:0"></p>
<div>Wednesday, December 13, 2017 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>3.49<span style="white-space:pre"> </span>$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>Jan<span style="white-space:pre">
</span>9.79<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
23<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>4.17<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
08<span style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>6.12<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
02<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>4.16<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
07<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>2.49<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
1<span style="white-space:pre"> </span>cents </div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>.7797<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre">
</span>.30<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>Corn: </div>
<div>It was another quiet week in the corn markets, even though we registered new contract lows on the March futures. With lower prices again this week, we are nearing a tipping point. We should see a large push lower to clean out the stops, or a short covering
rally by the funds if the downside does not materialize.</div>
<div>There is nothing much to report, except that we are still finding good support at these levels at $3.35. </div>
<div>Initial support is still seen at the $3.30 level on the March contract, while overhead resistance is seen at $3.40.</div>
<div>Short term indicators are still negative, and the primary trend is still down. </div>
<div> </div>
<div>Soybeans: </div>
<div>Soybeans moved lower on higher numbers in the latest USDA report. This looks more like a pullback in the charts, as we are now looking more towards South America, where there are issues with both weather and transportation. Either way, we are now looking
for a move higher into the spring. Support is seen on the January charts at the $9.65 level, and our main resistance on the January contract is still at the $10.20 level. A close above $10.25 on the January contract could set us up for some good upside over
the next couple of months. Until we get a clear indication, we have to remain neutral. </div>
<div>Short term indicators are neutral with a bullish bias, and the weekly indicators favour a bullish tone into the New Year. However, the primary trend is still down.</div>
<div><br>
</div>
<div><span style="font-size: 10pt;">Wheat: </span></div>
<div>Wheat broke hard this week as the December contract closed out under pressure from sellers. The March contract lost about ten cents per bushel on the week, as the USDA report once again increased the carryouts from both the USA and the world supplies. </div>
<div>The March contract has seen another negative report while the December contract expires tomorrow, and we can only hope for a slow and steady move higher. </div>
<div>Good support is seen at $4 on the March futures chart. We did close slightly lower on December 13, but not enough to officially confirm a move down to the $4 support levels. Overhead resistance is still viewed at $4.35. </div>
<div><span style="font-size: 10pt;">Indicators are showing oversold conditions. 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, December 13, are as follows:</div>
<div>SWW @ $174.47/MT ($4.75/bu), HRW @ $183.88/MT ($5.00/bu), </div>
<div> HRS @ $238.43/MT ($6.49/bu), SRW @ $179.18/MT ($4.88/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>
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