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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, December 20</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2814 down 0.0047</u></div>
<div><u>Chicago corn closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAR18 HI 3.49 3/4 DEC18 HI 3.83 1/2</u></div>
<div><u> LOW 3.47 1/4 LOW 3.80 1/2</u></div>
<div><u> CLOSE3.49 1/4 Up 1 3/4 CLOSE 3.82 1/2 Up 1 3/4</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+MAY18</u></div>
<div><u>CK Low 0.60 4.09 161.11 0.65 4.48 176.17</u></div>
<div><u>CK High 0.65 4.14 163.08 0.70 4.53 178.14</u></div>
<div><u>CK Avg 0.61 -0.29 4.10 161.44 0.66 -0.32 4.48 176.50</u></div>
<div><u>Essex Cty 0.60 4.09 161.11 0.65 4.48 176.17</u></div>
<div><u>Mdsx Low 0.60 4.09 161.11 0.65 4.48 176.17</u></div>
<div><u>Mdsx High 0.65 4.14 163.08 0.65 4.48 176.17</u></div>
<div><u>Mdsx Avg 0.63 -0.28 4.12 162.10 0.65 -0.33 4.48 176.17</u></div>
<div><u>Hensall 0.65 4.14 163.08 0.65 4.48 176.17</u></div>
<div><u>Bruce 0.65 4.14 163.08 0.65 4.48 176.17</u></div>
<div><u>Putnam 0.55 4.04 159.15 0.65 4.48 176.17</u></div>
<div><u>Burford 0.65 4.14 163.08 0.70 4.53 178.14</u></div>
<div><u>Port Perry 0.60 4.09 161.11 0.70 4.53 178.14</u></div>
<div><u>Norfolk 0.60 4.09 161.11 0.65 4.48 176.17</u></div>
<div><u>Palmerston 0.65 4.14 163.08 0.65 4.48 176.17</u></div>
<div><u>Varna 0.65 4.14 163.08 0.65 4.48 176.17</u></div>
<div><u>Trenton 0.65 4.14 163.08 0.80 4.63 182.08</u></div>
<div><u>Winchester 1.05 4.54 178.83 0.90 4.73 186.02</u></div>
<div><u>North Gower 0.99 4.48 176.47 0.84 4.67 183.65</u></div>
<div><u>Huron FOB 0.80 4.29 168.99 0.75 4.58 180.11</u></div>
<div><u>Kent FOB 0.75 4.24 167.02 0.75 4.58 180.11</u></div>
<div><u>Lamb FOB 0.80 4.29 168.99 0.65 4.48 176.17</u></div>
<div><u>Mdsx FOB 0.60 0.65N/A N/A 4.09 161.11 0.65 4.48 176.17</u></div>
<div><u>FOB SW Que 1.38 4.87 191.82 1.21 5.04 198.22</u></div>
<div><u>Track 1.08 4.57 179.81N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A 0.92 0.93 0.93 0.85 4.68 184.05</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A N/A N/A</u></div>
<div><u>Aylmer-Eth N/A 1.00 1.00 1.00 0.85 4.68 184.05</u></div>
<div><u>Sarn-Eth 0.90 0.95 0.95 0.95 4.39 172.93N/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 4.73 186.02</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 4.88 191.92</u></div>
<div><u>W O Feed 1.23 4.72 186.00</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.31 4.80 189.07</u></div>
<div><u>Toledo El. -0.04 3.45 135.98 -0.26 3.57 140.50</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.62 1/2 4.11 3/4</u></div>
<div><u>HI SD CRN 0.65 4.14 1/4</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2814 down 0.0047</u></div>
<div><u>Chicago soybeans closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> JAN18 HI 9.60 NOV18 HI 9.81</u></div>
<div><u> LOW 9.52 3/4 LOW 9.74 1/4</u></div>
<div><u> CLOSE9.54 Down 2 CLOSE 9.76 Down 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 +JAN1+MAR1+MAR18</u></div>
<div><u>CK Low 1.98 11.52 423.291.97 11.73 431.00</u></div>
<div><u>CK High 2.10 11.64 427.702.05 11.81 433.94</u></div>
<div><u>CK Average 2.02 -0.5211.56 424.822.01 -0.5711.77 432.53</u></div>
<div><u>Essex Cty 2.05 11.59 425.861.95 11.71 430.27</u></div>
<div><u>Mdsx Low 1.98 11.52 423.291.97 11.73 431.00</u></div>
<div><u>Mdsx High 2.00 11.54 424.022.05 11.81 433.94</u></div>
<div><u>Mdsx Average 1.99 -0.5411.53 423.652.01 -0.5711.77 432.47</u></div>
<div><u>Hensall 2.03 11.57 424.942.08 11.84 434.86</u></div>
<div><u>Bruce 2.05 11.59 425.862.05 11.81 433.94</u></div>
<div><u>Putnam 2.00 11.54 424.022.05 11.81 433.94</u></div>
<div><u>Burford 2.05 11.59 425.862.04 11.80 433.58</u></div>
<div><u>Port Perry 1.95 11.49 422.191.94 11.70 429.90</u></div>
<div><u>Norfolk 2.05 11.59 425.862.05 11.81 433.94</u></div>
<div><u>Palmerston 2.05 11.59 425.862.00 11.76 432.11</u></div>
<div><u>Varna 2.05 11.59 425.862.10 11.86 435.78</u></div>
<div><u>Trenton 2.00 11.54 424.022.00 11.76 432.11</u></div>
<div><u>Winchester 2.04 11.58 425.492.02 11.78 432.84</u></div>
<div><u>North Gower 1.98 11.52 423.291.92 11.68 429.17</u></div>
<div><u>Huron FOB 2.15 11.69 429.532.10 11.86 435.78</u></div>
<div><u>Kent FOB 2.10 11.64 427.702.00 11.76 432.11</u></div>
<div><u>Lambton FOB 2.15 11.69 429.532.20 11.96 439.45</u></div>
<div><u>Middlesex FOB2.08 2.15 2.10 2.16 11.62 426.962.11 11.87 436.15</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton 2.35 11.89 436.88 N/A</u></div>
<div><u>Prescott 2.16 11.70 429.902.34 12.10 444.60</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.26 9.28 341.12-0.38 9.38 344.50</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2814 down 0.0047</u></div>
<div><u>Chicago wheat closed slightly higher.</u></div>
<div><u>MAR18 HI 4.24 1/2 JUL18 HI 4.50 1/2</u></div>
<div><u> LOW 4.16 1/4 LOW 4.42 1/4</u></div>
<div><u> CLOSE 4.23 1/2 Up 4 CLOSE 4.50 Up 3 1/2</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly lower to steady.</u></div>
<div><u>MAR18 HI 6.21 1/2 SEP18 HI 6.30</u></div>
<div><u> LOW 6.15 LOW 6.23</u></div>
<div><u> CLOSE 6.17 3/4 Down 1/2 CLOSE 6.27 1/4 Unchanged</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 0.87 1.00 0.87 0.39</u></div>
<div><u>CAD $/bu 5.11 5.23 5.11 6.57</u></div>
<div><u>CAD $/tonne 187.63 192.33 187.63 241.42</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 1.18 0.86 N/A 0.93 0.86 0.73 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 0.67 N/A N/A N/A 0.71 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 0.80 0.25 N/A 0.75 0.80 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 0.20 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 0.60 0.60 0.30 N/A 0.93 0.83 0.20</u></div>
<div><u>W O Feed 1.45</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 1.32 N/A N/A N/A 1.26 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.04US 5.17CA 4.35US 5.57CA</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 0.88 0.88 0.81 0.35</u></div>
<div><u>CAD $/bu 5.38 5.38 5.31 6.62</u></div>
<div><u>CAD $/tonne 197.62 197.62 195.27 243.38</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 458.24</u></div>
<div><u>DDG's FOB Srn & Aylm 180.00 - 190.00</u></div>
<div><br>
</div>
---
<p></p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<p style="margin-top:0;margin-bottom:0">Ontario Grain Market Commentary for December 20, 2017</p>
<p style="margin-top:0;margin-bottom:0">By Marty Hibbs, Grain Farmers of Ontario</p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<p style="margin-top:0;margin-bottom:0"></p>
<div>Wednesday, December 20, 2017 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>3.49<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
01<span style="white-space:pre"> </span>cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>9.64<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
26<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>4.23<span style="white-space:pre"> </span>$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>6.18<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
06<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>4.22<span style="white-space:pre"> </span>$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>2.45<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 $<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>.7809<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre">
</span>.20<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>Corn: </div>
<div>It was another quiet week in the corn markets, trading in the same 20 cent range. 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 $3.35 level on the March contract, while overhead resistance is seen at $3.50.</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 again this week as we lost 25 cents per bushel on the January contract. We also received a red sell signal after the United States Department of Agriculture (USDA) report released on December 12. Key support on the $9.85 trend line
was broken and this changes the short term outlook on the charts. Support is seen on the January charts at the $9.50 level. A failure to hold this area could see a further decline towards the $9 - $9.20 level to retest that support area. </div>
<div>We will be switching to the March contract on December 22. </div>
<div>Short term indicators are now negative but with a bullish bias on the weekly chart. The primary trend is still down.</div>
<div><br>
</div>
<div>Wheat: </div>
<div><span style="font-size: 10pt;">An interesting observation on the wheat charts show the pressure on the December prices going off the board and a steep discount to March. This has left a very nice formation on the daily continuation charts. The gap in price
is very supportive and even with a pullback to $4.10 based on the March contract, the charts look favourable that we may have a bottom in place around this area. The pattern has also given us a red buy signal on the daily continuation chart according to my
technicals. Of course we won$B!G(Bt know for sure until we see a few more weeks of data; but from my experience it is looking like we may be looking at the bottom. </span><br>
</div>
<div><br>
</div>
<div>Good support is seen around the $4 mark on the March futures chart. Overhead resistance is still viewed at $4.30. </div>
<div><br>
</div>
<div>Indicators are showing oversold conditions. Short term indicators are neutral, but the primary trend is still down.</div>
<div><br>
</div>
<div><span style="font-size: 10pt;">Cash Grain prices as of the close, December 20, are as follows:</span><br>
</div>
<div>SWW @ $187.36/MT ($5.10/bu), HRW @ $192.07/MT ($5.23/bu), </div>
<div> HRS @ $241.20/MT ($6.56/bu), SRW @ $187.36/MT ($5.10/bu). </div>
<div><br>
</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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