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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Fri, January 19</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2473 up 0.0047</u></div>
<div><u>Chicago corn closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAR18 HI 3.54 DEC18 HI 3.87</u></div>
<div><u> LOW 3.51 1/4 LOW 3.84 1/2</u></div>
<div><u> CLOSE3.52 1/2 Up 1 CLOSE 3.85 3/4 Up 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+MAY18+MAY18</u></div>
<div><u>CK Low 0.60 4.13 162.39 0.60 4.46 175.48</u></div>
<div><u>CK High 0.65 4.18 164.36 0.70 4.56 179.42</u></div>
<div><u>CK Avg 0.61 -0.21 4.13 162.72 0.63 -0.26 4.48 176.47</u></div>
<div><u>Essex Cty 0.60 4.13 162.39 0.65 4.51 177.45</u></div>
<div><u>Mdsx Low 0.60 4.13 162.39 0.60 4.46 175.48</u></div>
<div><u>Mdsx High 0.60 4.13 162.39 0.60 4.46 175.48</u></div>
<div><u>Mdsx Avg 0.60 -0.22 4.13 162.39 0.60 -0.28 4.46 175.48</u></div>
<div><u>Hensall 0.63 4.15 163.38 0.60 4.46 175.48</u></div>
<div><u>Bruce 0.60 4.13 162.39 0.60 4.46 175.48</u></div>
<div><u>Putnam 0.60 4.13 162.39 0.60 4.46 175.48</u></div>
<div><u>Burford 0.65 4.18 164.36 0.60 4.46 175.48</u></div>
<div><u>Port Perry 0.65 4.18 164.36 0.65 4.51 177.45</u></div>
<div><u>Norfolk 0.60 4.13 162.39 0.60 4.46 175.48</u></div>
<div><u>Palmerston 0.60 4.13 162.39 0.65 4.51 177.45</u></div>
<div><u>Varna 0.65 4.18 164.36 0.60 4.46 175.48</u></div>
<div><u>Trenton 0.70 4.23 166.33 0.75 4.61 181.39</u></div>
<div><u>Winchester 0.93 4.46 175.39 0.85 4.71 185.33</u></div>
<div><u>North Gower 0.91 4.44 174.60 0.84 4.70 184.93</u></div>
<div><u>Huron FOB 0.82 4.35 171.06 0.68 4.54 178.63</u></div>
<div><u>Kent FOB 0.82 4.35 171.06 0.65 4.51 177.45</u></div>
<div><u>Lamb FOB 0.80 4.33 170.27 0.65 4.51 177.45</u></div>
<div><u>Mdsx FOB 0.65 0.65 0.65N/A 4.18 164.36 0.60 4.46 175.48</u></div>
<div><u>FOB SW Que 1.40 4.93 193.89N/A</u></div>
<div><u>Track 1.06 4.59 180.50N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth 0.87 0.94 0.92 0.98 4.40 173.02 0.80 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 0.85 0.85 0.85 0.80 4.38 172.24 N/A</u></div>
<div><u>Sarn-Eth 0.95 0.95 0.95N/A 4.48 176.17N/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 4.76 187.29</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 N/A 1.05 4.91 193.20</u></div>
<div><u>W O Feed 1.16 4.68 184.36</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.16 4.69 184.44</u></div>
<div><u>Toledo El. -0.04 3.49 137.30 -0.25 3.61 142.05</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.62 1/2 4.15</u></div>
<div><u>HI SD CRN 0.65 4.17 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 1.2473 up 0.0047</u></div>
<div><u>Chicago soybeans closed mixed.</u></div>
<div><u><br>
</u></div>
<div><u> MAR18 HI 9.82 3/4 NOV18 HI 10.01 1/2</u></div>
<div><u> LOW 9.72 LOW 9.92 1/4</u></div>
<div><u> CLOSE9.77 1/4 Up 4 1/4 CLOSE 9.96 Up 1 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 +MAR1+MAR1+MAY18</u></div>
<div><u>CK Low 1.70 11.47 421.541.65 11.61 426.59</u></div>
<div><u>CK High 1.75 11.52 423.381.80 11.76 432.11</u></div>
<div><u>CK Average 1.73 -0.5511.50 422.581.71 -0.5911.67 428.86</u></div>
<div><u>Essex Cty 1.70 11.47 421.541.70 11.66 428.43</u></div>
<div><u>Mdsx Low 1.70 11.47 421.541.67 11.63 427.33</u></div>
<div><u>Mdsx High 1.72 11.49 422.281.75 11.71 430.27</u></div>
<div><u>Mdsx Average 1.71 -0.5711.48 421.911.71 -0.5911.67 428.80</u></div>
<div><u>Hensall 1.70 11.47 421.541.75 11.71 430.27</u></div>
<div><u>Bruce 1.70 11.47 421.541.75 11.71 430.27</u></div>
<div><u>Putnam 1.70 11.47 421.541.75 11.71 430.27</u></div>
<div><u>Burford 1.79 11.56 424.851.74 11.70 429.90</u></div>
<div><u>Port Perry 1.72 11.49 422.281.67 11.63 427.33</u></div>
<div><u>Norfolk 1.70 11.47 421.541.75 11.71 430.27</u></div>
<div><u>Palmerston 1.75 11.52 423.381.75 11.71 430.27</u></div>
<div><u>Varna 1.70 11.47 421.541.75 11.71 430.27</u></div>
<div><u>Trenton 1.70 11.47 421.541.75 11.71 430.27</u></div>
<div><u>Winchester 1.74 11.51 423.011.72 11.68 429.17</u></div>
<div><u>North Gower 1.67 11.44 420.441.67 11.63 427.33</u></div>
<div><u>Huron FOB 1.80 11.57 425.221.85 11.81 433.94</u></div>
<div><u>Kent FOB 1.85 11.62 427.051.70 11.66 428.43</u></div>
<div><u>Lambton FOB 1.95 11.72 430.731.75 11.71 430.27</u></div>
<div><u>Middlesex FOB1.82 1.91 1.91 1.85 11.59 425.951.78 11.74 431.37</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton N/A 2.15 12.11 444.97</u></div>
<div><u>Prescott 1.82 11.59 425.952.03 11.99 440.56</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.24 9.54 350.37-0.37 9.59 352.23</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2473 up 0.0047</u></div>
<div><u>Chicago wheat closed slightly lower.</u></div>
<div><u>MAR18 HI 4.27 1/4 JUL18 HI 4.53</u></div>
<div><u> LOW 4.21 1/2 LOW 4.47 1/2</u></div>
<div><u> CLOSE 4.22 3/4 Down 2 1/2 CLOSE 4.48 3/4 Down 2 1/2</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly lower.</u></div>
<div><u>MAR18 HI 6.13 3/4 SEP18 HI 6.26 3/4</u></div>
<div><u> LOW 6.07 3/4 LOW 6.21 1/4</u></div>
<div><u> CLOSE 6.08 1/2 Down 2 CLOSE 6.21 3/4 Down 3 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 0.73 0.86 0.73 0.20</u></div>
<div><u>CAD $/bu 4.96 5.09 4.96 6.28</u></div>
<div><u>CAD $/tonne 182.29 186.87 182.29 230.75</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 0.70 N/A</u></div>
<div><u>London 0.84 1.15 0.77 N/A 0.95 0.70 0.70 N/A</u></div>
<div><u>Hensall 0.90 N/A 0.80 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 0.85 0.75 0.15 0.90 0.70 0.65 0.30</u></div>
<div><u>Essex N/A N/A N/A N/A N/A N/A 0.54 N/A</u></div>
<div><u>Norwich 0.90 N/A 0.80 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 0.90 N/A 0.80 N/A 0.95 N/A 0.70 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 0.85 0.80 N/A 0.90 0.70 0.70 N/A</u></div>
<div><u>Mitchell 0.90 0.85 0.80 N/A 0.95 0.70 0.70 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.22 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 0.77 0.75 0.17 N/A 0.83 0.90 0.13</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 1.17 N/A N/A N/A 1.10 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.13US 5.15CA 4.34US 5.40CA</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 0.73 0.73 0.67 0.16</u></div>
<div><u>CAD $/bu 5.22 5.22 5.16 6.38</u></div>
<div><u>CAD $/tonne 191.71 191.71 189.42 234.28</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 462.54</u></div>
<div><u>DDG's FOB Srn & Aylm 230.00 - 235.00</u></div>
<div><br>
</div>
---
<p></p>
<p style="margin-top:0;margin-bottom:0">Ontario Grain Market Commentary for Jan. 17, 2018</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>Corn: </div>
<div>Corn found its footing after the January United States Department of Agriculture (USDA) report and has confirmed support at $3.40. We are now headed to challenge the $3.55 overhead resistance on the March contract. If we manage to close above the $3.55
price for March, I am fairly confident that we will settle in to a $3.60 - $3.70 trading range in the near future. Indicators are now neutral and there is a slight bias to the upside on the short term indicators. </div>
<div>Support is still seen at the $3.40 level on the March contract, while overhead resistance is seen at $3.60. </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>The soybean chart reminds me of a sleeping giant in hibernation. Indicators may still be negative, but there are telltale signs that this market is ready to wake up. Even though we have seen a weak December in prices, the trading range of $9.25 - $10.30
is still intact as well as the break above the trend line witnessed back in December. Indicators are neutral and as long as the $9 level on the March contract remains intact, there is a good chance we will challenge the $10.25 level again in the month of February.
</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>A close about the $10.50 top would catapult this contract at least a dollar higher in a short time frame. </div>
<div>Short term indicators are still negative and the primary trend is still down.</div>
<div><br>
</div>
<div>Wheat: </div>
<div><span style="font-size: 10pt;">The January USDA report took the wind out of the sails of wheat. This may just be the washout that I mentioned in the last report. The charts are indicating that we could revisit the $4 - $4.10 level on March futures once
again. However, as gloomy as it appears, there was no significant damage to the technicals. We still have the gap on the continuation chart and the $4 - $4.10 mark is the Fibonacci support level. I am still optimistic that we are close to a bottom but until
we have indicators confirming this, we need to observe the trend which is still down. </span><br>
</div>
<div><span style="font-size: 10pt;">Good support is seen around the $4 - $4.10 mark on the March futures chart. Overhead resistance is still viewed at $4.35. </span><br>
</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>----</div>
<span id="ms-rterangepaste-start"></span>
<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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background:#FDFDFD"> </span></span><span style="font-size:10.0pt;
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