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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, January 11</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2517 down 0.0046</u></div>
<div><u>Chicago corn closed slightly lower to steady.</u></div>
<div><u><br>
</u></div>
<div><u> MAR18 HI 3.50 1/2 DEC18 HI 3.83 3/4</u></div>
<div><u> LOW 3.48 LOW 3.82</u></div>
<div><u> CLOSE3.48 3/4 Down 1/4 CLOSE 3.82 3/4 Unchanged</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+MAY18+MAY18</u></div>
<div><u>CK Low 0.55 4.04 158.95 0.55 4.38 172.33</u></div>
<div><u>CK High 0.60 4.09 160.92 0.65 4.48 176.27</u></div>
<div><u>CK Avg 0.56 -0.26 4.05 159.28 0.58 -0.30 4.41 173.65</u></div>
<div><u>Essex Cty 0.55 4.04 158.95 0.65 4.48 176.27</u></div>
<div><u>Mdsx Low 0.55 4.04 158.95 0.55 4.38 172.33</u></div>
<div><u>Mdsx High 0.55 4.04 158.95 0.55 4.38 172.33</u></div>
<div><u>Mdsx Avg 0.55 -0.26 4.04 158.95 0.55 -0.33 4.38 172.33</u></div>
<div><u>Hensall 0.58 4.06 159.93 0.57 4.39 172.93</u></div>
<div><u>Bruce 0.55 4.04 158.95 0.55 4.38 172.33</u></div>
<div><u>Putnam 0.60 4.09 160.92 0.60 4.43 174.30</u></div>
<div><u>Burford 0.60 4.09 160.92 0.60 4.43 174.30</u></div>
<div><u>Port Perry 0.60 4.09 160.92 0.60 4.43 174.30</u></div>
<div><u>Norfolk 0.55 4.04 158.95 0.55 4.38 172.33</u></div>
<div><u>Palmerston 0.60 4.09 160.92 0.65 4.48 176.27</u></div>
<div><u>Varna 0.60 4.09 160.92 0.55 4.38 172.33</u></div>
<div><u>Trenton 0.65 4.14 162.89 0.80 4.63 182.18</u></div>
<div><u>Winchester 0.91 4.40 173.12 0.85 4.68 184.15</u></div>
<div><u>North Gower 0.92 4.41 173.52 0.82 4.65 182.96</u></div>
<div><u>Huron FOB 0.82 4.31 169.58 0.68 4.51 177.45</u></div>
<div><u>Kent FOB 0.75 4.24 166.82 0.65 4.48 176.27</u></div>
<div><u>Lamb FOB 0.75 4.24 166.82 0.65 4.48 176.27</u></div>
<div><u>Mdsx FOB 0.60 0.65 0.60N/A 4.09 160.92 0.60 4.43 174.30</u></div>
<div><u>FOB SW Que 1.48 4.97 195.56N/A</u></div>
<div><u>Track 1.08 4.56 179.62N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth 0.90 0.95 0.92 0.97 4.39 172.73 0.80 4.63 182.18</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A N/A N/A</u></div>
<div><u>Aylmer-Eth 0.85 0.85 0.90 0.85 4.34 170.76 N/A</u></div>
<div><u>Sarn-Eth 0.90 0.90 0.90N/A 4.39 172.73N/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 1.05 0.90 4.73 186.11</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 1.35 1.40N/A 1.05 4.88 192.02</u></div>
<div><u>W O Feed 1.16 4.65 182.96</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.19 4.68 184.15</u></div>
<div><u>Toledo El. -0.04 3.45 135.82 -0.25 3.58 140.84</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.57 1/2 4.06 1/4</u></div>
<div><u>HI SD CRN 0.60 4.08 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 1.2517 down 0.0046</u></div>
<div><u>Chicago soybeans closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> MAR18 HI 9.57 1/2 NOV18 HI 9.75 3/4</u></div>
<div><u> LOW 9.49 LOW 9.70</u></div>
<div><u> CLOSE9.50 Down 5 CLOSE 9.71 1/2 Down 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 +MAR1+MAR1+MAY18</u></div>
<div><u>CK Low 1.70 11.20 411.531.65 11.37 417.59</u></div>
<div><u>CK High 1.80 11.30 415.201.80 11.52 423.10</u></div>
<div><u>CK Average 1.74 -0.5211.24 412.821.72 -0.5711.44 420.29</u></div>
<div><u>Essex Cty 1.70 11.20 411.531.70 11.42 419.43</u></div>
<div><u>Mdsx Low 1.70 11.20 411.531.69 11.41 419.06</u></div>
<div><u>Mdsx High 1.71 11.21 411.901.80 11.52 423.10</u></div>
<div><u>Mdsx Average 1.71 -0.5511.21 411.711.75 -0.5511.46 421.08</u></div>
<div><u>Hensall 1.68 11.18 410.611.80 11.52 423.10</u></div>
<div><u>Bruce 1.65 11.15 409.691.75 11.47 421.27</u></div>
<div><u>Putnam 1.65 11.15 409.691.75 11.47 421.27</u></div>
<div><u>Burford 1.78 11.28 414.471.76 11.48 421.63</u></div>
<div><u>Port Perry 1.71 11.21 411.901.69 11.41 419.06</u></div>
<div><u>Norfolk 1.70 11.20 411.531.80 11.52 423.10</u></div>
<div><u>Palmerston 1.75 11.25 413.371.70 11.42 419.43</u></div>
<div><u>Varna 1.65 11.15 409.691.70 11.42 419.43</u></div>
<div><u>Trenton 1.70 11.20 411.531.70 11.42 419.43</u></div>
<div><u>Winchester 1.74 11.24 413.001.72 11.44 420.16</u></div>
<div><u>North Gower 1.63 11.13 408.961.63 11.35 416.86</u></div>
<div><u>Huron FOB 1.75 11.25 413.371.90 11.62 426.78</u></div>
<div><u>Kent FOB 1.85 11.35 417.041.75 11.47 421.27</u></div>
<div><u>Lambton FOB 1.85 11.35 417.041.80 11.52 423.10</u></div>
<div><u>Middlesex FOB1.88 1.96 1.96 1.90 11.38 418.141.83 11.55 424.21</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton N/A 2.15 11.87 435.96</u></div>
<div><u>Prescott 1.82 11.32 415.942.04 11.76 431.92</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.24 9.26 340.33-0.38 9.34 343.18</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2517 down 0.0046</u></div>
<div><u>Chicago wheat closed slightly lower.</u></div>
<div><u>MAR18 HI 4.34 1/2 JUL18 HI 4.60 3/4</u></div>
<div><u> LOW 4.28 1/2 LOW 4.55 3/4</u></div>
<div><u> CLOSE 4.33 1/4 Down 1 CLOSE 4.58 3/4 Down 1 3/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly to moderately lower.</u></div>
<div><u>MAR18 HI 6.33 1/2 SEP18 HI 6.31 1/4</u></div>
<div><u> LOW 6.28 1/2 LOW 6.29 1/4</u></div>
<div><u> CLOSE 6.29 Down 5 CLOSE 6.29 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 0.78 0.90 0.78 0.27</u></div>
<div><u>CAD $/bu 5.11 5.24 5.11 6.56</u></div>
<div><u>CAD $/tonne 187.77 192.37 187.77 241.00</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 0.75 N/A N/A N/A 0.70 N/A</u></div>
<div><u>London 0.90 1.22 0.84 N/A 1.02 0.77 0.77 N/A</u></div>
<div><u>Hensall 0.85 N/A 0.75 N/A 0.95 N/A 0.70 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 0.75 0.75 0.10 0.95 0.70 0.70 0.30</u></div>
<div><u>Essex N/A N/A N/A N/A N/A N/A 0.60 N/A</u></div>
<div><u>Norwich 0.85 N/A 0.75 N/A 0.95 N/A 0.70 N/A</u></div>
<div><u>Port Hope N/A N/A 0.80 N/A N/A 0.75 0.70 N/A</u></div>
<div><u>Kent Bridge 0.85 N/A 0.75 N/A 0.95 N/A 0.70 N/A</u></div>
<div><u>Chatham N/A N/A 0.85 N/A N/A N/A 0.70 N/A</u></div>
<div><u>Brigden N/A N/A 0.85 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 0.85 0.80 N/A 0.90 0.70 0.70 N/A</u></div>
<div><u>Mitchell 0.85 0.75 0.75 N/A 0.95 0.70 0.70 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 0.75 0.70 0.18 N/A 0.83 0.78 0.05</u></div>
<div><u>W O Feed 1.40</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 1.15 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.23US 5.30CA 4.44US 5.55CA</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 0.77 0.77 0.71 0.20</u></div>
<div><u>CAD $/bu 5.36 5.36 5.30 6.49</u></div>
<div><u>CAD $/tonne 196.95 196.95 194.65 238.63</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 443.25</u></div>
<div><u>DDG's FOB Srn & Aylm 205.00 - 215.00</u></div>
<div><u><br>
</u></div>
<p style="margin-top:0;margin-bottom:0">----</p>
Ontario Grain Market Commentary for January 10, 2018
<p></p>
<p style="margin-top:0;margin-bottom:0">By Marty Hibbs, Grain Farmers of Ontario</p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<p style="margin-top:0;margin-bottom:0"></p>
<div>Wednesday, January 10, 2017 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>3.49<span style="white-space:pre"> </span>$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>Mar<span style="white-space:pre">
</span>9.55<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
15<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>4.34<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
02<span style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>6.34<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
14<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>4.40<span style="white-space:pre"> </span>$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>2.45<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
06<span style="white-space:pre"> </span>cents </div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>.7984<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre">
</span>0.01<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>Corn: </div>
<div>Corn continues to track sideways as we are finding good support on at the $3.40 - $3.45 level on the March contract. Our weekly charts show a positive tone with a red buy signal from the middle of December. I am expecting the $3.40 level to be supportive
as we move into the gap on the weekly chart. If however, we breach the $3.40 on a close we could see further downside to test a key support level at the $3.30 level on the weekly chart. </div>
<div>Indicators are still oversold and a move above the $3.50 level is necessary to start a rally with momentum heading into the spring. </div>
<div>Support is still seen at the $3.40 level on the March contract, while overhead resistance is seen at $3.50. </div>
<div>Short term indicators are still negative, with the continuation chart looking more constructive for a spring rally. </div>
<div>The primary trend is still down. </div>
<div> </div>
<div>Soybeans: </div>
<div>We have seen this scenario play out many times before as we watch the price swings from $9 support to the $10.25 resistance. There is no reason to think we will not test the $9 support level on the March contract yet again. However, my indicators are suggesting
that this winding up of pressure will eventually cause an elastic effect on prices once we breach the $10.25 level on the next go round. There is a chance we may not get all the way back to $9 or, we may see a complete blow-off in prices and head towards the
$8.50 level before an obvious reversal candle indicates that we have finally bottomed. I expect it will be a memorable moment as many traders get caught on the wrong side of the market. The funds will scramble to cover their multi-year shorts and possibly
reverse their positions. </div>
<div>Support is seen on the March 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 still negative and the primary trend is still down.</div>
<div><br>
</div>
<div>Wheat: </div>
<div>Looking constructive is the key word to describe the wheat charts. While the daily March contract shows a red buy signal on January 3, the daily continuation chart has a well-defined gap with a price support at the $4 level. December 15 shows a perfect
marubozu or long white candle and the indicators are in oversold territory. This looks like a recipe for a bottom formation. </div>
<div>This is not to say that this is the bottom, but rather that we need to be aware that we are possibly close to the end of a multi-year bear market. </div>
<div>We will be watching the other markets for similar indicators. </div>
<div>Good support is seen around the $4 to $4.10 mark on the March futures chart. Overhead resistance is still viewed at $4.35. </div>
<div><span style="font-size: 10pt;">Indicators are showing oversold conditions. Short term indicators are bullish, but the primary trend is still down.</span><br>
</div>
<div><br>
</div>
<div><span style="font-size: 10pt;">Cash Grain prices as of the close, January 10, are as follows:</span><br>
</div>
<div>SWW @ $188.96/MT ($5.14/bu), HRW @ $193.58/MT ($5.27/bu), </div>
<div> HRS @ $244.25/MT ($6.65/bu), SRW @ $188.96/MT ($5.14/bu). </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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