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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, December 28</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2564 down 0.0061</u></div>
<div><u>Chicago corn closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> MAR18 HI 3.53 1/2 DEC18 HI 3.86 3/4</u></div>
<div><u> LOW 3.50 LOW 3.83 1/2</u></div>
<div><u> CLOSE3.52 Down 1 3/4 CLOSE 3.85 1/2 Down 1 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+MAY18</u></div>
<div><u>CK Low 0.60 4.12 162.20 0.65 4.51 177.35</u></div>
<div><u>CK High 0.65 4.17 164.17 0.70 4.56 179.32</u></div>
<div><u>CK Avg 0.61 -0.23 4.13 162.53 0.66 -0.26 4.51 177.68</u></div>
<div><u>Essex Cty 0.60 4.12 162.20 0.65 4.51 177.35</u></div>
<div><u>Mdsx Low 0.60 4.12 162.20 0.65 4.51 177.35</u></div>
<div><u>Mdsx High 0.65 4.17 164.17 0.65 4.51 177.35</u></div>
<div><u>Mdsx Avg 0.63 -0.22 4.15 163.18 0.65 -0.27 4.51 177.35</u></div>
<div><u>Hensall 0.65 4.17 164.17 0.65 4.51 177.35</u></div>
<div><u>Bruce 0.65 4.17 164.17 0.65 4.51 177.35</u></div>
<div><u>Putnam N/A N/A</u></div>
<div><u>Burford 0.65 4.17 164.17 0.70 4.56 179.32</u></div>
<div><u>Port Perry 0.60 4.12 162.20 0.70 4.56 179.32</u></div>
<div><u>Norfolk 0.60 4.12 162.20 0.65 4.51 177.35</u></div>
<div><u>Palmerston 0.65 4.17 164.17 0.65 4.51 177.35</u></div>
<div><u>Varna 0.65 4.17 164.17 0.65 4.51 177.35</u></div>
<div><u>Trenton 0.65 4.17 164.17 0.80 4.66 183.26</u></div>
<div><u>Winchester 1.00 4.52 177.94 0.90 4.76 187.20</u></div>
<div><u>North Gower 0.97 4.49 176.76 0.85 4.71 185.23</u></div>
<div><u>Huron FOB 0.85 4.37 172.04 0.75 4.61 181.29</u></div>
<div><u>Kent FOB 0.75 4.27 168.10 0.75 4.61 181.29</u></div>
<div><u>Lamb FOB 0.80 4.32 170.07 0.65 4.51 177.35</u></div>
<div><u>Mdsx FOB 0.60 0.65N/A N/A 4.12 162.20 0.65 4.51 177.35</u></div>
<div><u>FOB SW Que 1.58 5.10 200.78N/A</u></div>
<div><u>Track 1.08 4.60 180.90N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A 0.92 0.93 0.93 0.85 4.71 185.23</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 4.71 185.23</u></div>
<div><u>Sarn-Eth 0.90 0.95 0.95 0.95 4.42 174.01N/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 4.76 187.20</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 4.91 193.10</u></div>
<div><u>W O Feed 1.22 4.74 186.61</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.24 4.76 187.39</u></div>
<div><u>Toledo El. -0.04 3.48 137.09 -0.25 3.60 141.88</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.62 1/2 4.14 1/2</u></div>
<div><u>HI SD CRN 0.65 4.17</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2564 down 0.0061</u></div>
<div><u>Chicago soybeans closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> MAR18 HI 9.67 3/4 NOV18 HI 9.80</u></div>
<div><u> LOW 9.55 LOW 9.71 1/4</u></div>
<div><u> CLOSE9.56 3/4 Down 10 3/4 CLOSE 9.72 3/4 Down 7 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 +MAR1+MAR1+MAR18</u></div>
<div><u>CK Low 1.65 11.22 412.171.71 11.44 420.26</u></div>
<div><u>CK High 1.70 11.27 414.011.90 11.63 427.24</u></div>
<div><u>CK Average 1.69 -0.6111.26 413.581.78 -0.5711.50 422.71</u></div>
<div><u>Essex Cty 1.70 11.27 414.011.75 11.48 421.73</u></div>
<div><u>Mdsx Low 1.68 11.25 413.271.71 11.44 420.26</u></div>
<div><u>Mdsx High 1.70 11.27 414.011.90 11.63 427.24</u></div>
<div><u>Mdsx Average 1.69 -0.6111.26 413.641.81 -0.5411.53 423.75</u></div>
<div><u>Hensall 1.70 11.27 414.011.88 11.60 426.32</u></div>
<div><u>Bruce 1.84 11.41 419.151.95 11.68 429.07</u></div>
<div><u>Putnam N/A N/A</u></div>
<div><u>Burford 1.75 11.32 415.851.75 11.48 421.73</u></div>
<div><u>Port Perry 1.68 11.25 413.271.71 11.44 420.26</u></div>
<div><u>Norfolk 1.70 11.27 414.011.80 11.53 423.56</u></div>
<div><u>Palmerston 1.75 11.32 415.851.75 11.48 421.73</u></div>
<div><u>Varna 1.70 11.27 414.011.85 11.58 425.40</u></div>
<div><u>Trenton 1.70 11.27 414.011.85 11.58 425.40</u></div>
<div><u>Winchester 1.80 11.37 417.681.82 11.55 424.30</u></div>
<div><u>North Gower 1.80 11.37 417.681.82 11.55 424.30</u></div>
<div><u>Huron FOB 1.80 11.37 417.681.85 11.58 425.40</u></div>
<div><u>Kent FOB 1.75 11.32 415.851.75 11.48 421.73</u></div>
<div><u>Lambton FOB 1.84 11.41 419.152.00 11.73 430.91</u></div>
<div><u>Middlesex FOB1.78 1.85 1.83 1.89 11.35 416.951.85 11.58 425.40</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton N/A 2.15 11.88 436.42</u></div>
<div><u>Prescott 1.98 11.55 424.302.10 11.83 434.59</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.34 9.23 339.08-0.38 9.35 343.58</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2564 down 0.0061</u></div>
<div><u>Chicago wheat closed slightly lower.</u></div>
<div><u>MAR18 HI 4.28 3/4 JUL18 HI 4.54 1/2</u></div>
<div><u> LOW 4.25 1/4 LOW 4.51 1/4</u></div>
<div><u> CLOSE 4.27 3/4 Down 1/4 CLOSE 4.54 1/4 Down 1/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly lower.</u></div>
<div><u>MAR18 HI 6.23 SEP18 HI 6.29 1/2</u></div>
<div><u> LOW 6.18 LOW 6.25 1/2</u></div>
<div><u> CLOSE 6.19 Down 2 1/4 CLOSE 6.27 1/4 Down 1 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 0.78 0.91 0.78 0.27</u></div>
<div><u>CAD $/bu 5.06 5.19 5.06 6.46</u></div>
<div><u>CAD $/tonne 185.93 190.55 185.93 237.29</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 0.91 1.10 0.84 N/A 0.96 0.77 0.71 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 0.61 N/A N/A N/A 0.65 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 0.70 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 0.80 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 0.26 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 0.75 0.70 0.25 N/A 0.83 0.73 0.15</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 1.22 N/A N/A N/A 1.16 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.18US 5.25CA 4.39US 5.52CA</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 0.78 0.78 0.72 0.22</u></div>
<div><u>CAD $/bu 5.33 5.33 5.26 6.49</u></div>
<div><u>CAD $/tonne 195.73 195.73 193.42 238.63</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 450.96</u></div>
<div><u>DDG's FOB Srn & Aylm 185.00 - 195.00</u></div>
<div><br>
</div>
---
<p></p>
<p style="margin-top:0;margin-bottom:0">Ontario Grain Market Commentary for December 27, 2017</p>
<p style="margin-top:0;margin-bottom:0">By Marty Hibbs, Grain Farmers of Ontario</p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<p style="margin-top:0;margin-bottom:0"></p>
<div>Wednesday, December 27, 2017 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>3.54<span style="white-space:pre"> </span>$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>Mar<span style="white-space:pre">
</span>9.67<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
03<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>4.28<span style="white-space:pre"> </span>$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>Mar<span style="white-space:pre">
</span>6.21<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
03<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>4.25<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
03<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>2.43<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 $<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>.7929<span style="white-space:pre"> </span>$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>Being holiday time, we had another quiet week in the corn markets. From a technical approach, it looks as though we could be seeing the beginning of a bottom being put in place. It is too early to tell, but with the pressure of the December deliveries
and the new March contract leading the charge, we are hopeful for a spring rally and hopefully a trend change heading into the New Year. </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>December was not a very supportive month for soybeans with regard to the Chicago price as we were unable to overcome the $10.25 major resistance that plagued us throughout the fall. After three separate attempts since October, the bulls ran for cover as
the price for the futures dropped more than 75 cents during the month of December. Ironically, the price movement did not negate the red buy signal that we received back in October on the weekly chart. Price action in the next few weeks is important with regard
to this red signal being neutralized or remaining intact. 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>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;">The gap in price on the continuation chart still has my attention. We could still see a pullback to $4.10 based on the March contract, but this would not change the daily pattern to its new bullish bias on my indicators.
The gap has given us a red buy signal on the daily continuation chart. Sometimes I find that the quietness of the holidays are a good time for the markets to make unexpected pattern changes which can lead to surprises when we look back in the weeks to come.
Of course, we won$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><span style="font-size: 10pt;">Indicators are showing oversold conditions. Short term indicators are neutral, but the primary trend is still down.</span><br>
</div>
<div><br>
</div>
<div>Cash Grain prices as of the close, December 27, are as follows:</div>
<div>SWW @ $186.75/MT ($5.08/bu), HRW @ $191.39/MT ($5.21/bu), </div>
<div> HRS @ $239.12/MT ($6.51/bu), SRW @ $186.75/MT ($5.08/bu). </div>
<div><br>
</div>
<div>----</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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