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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Mon, January 22</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2448 down 0.0025</u></div>
<div><u>Chicago corn closed slightly lower to steady.</u></div>
<div><u><br>
</u></div>
<div><u> MAR18 HI 3.54 1/2 DEC18 HI 3.88</u></div>
<div><u> LOW 3.51 1/4 LOW 3.85</u></div>
<div><u> CLOSE3.52 Down 1/2 CLOSE 3.85 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 0.60 4.12 162.20 0.60 4.46 175.48</u></div>
<div><u>CK High 0.65 4.17 164.17 0.70 4.56 179.42</u></div>
<div><u>CK Avg 0.61 -0.20 4.13 162.53 0.63 -0.25 4.48 176.47</u></div>
<div><u>Essex Cty 0.60 4.12 162.20 0.65 4.51 177.45</u></div>
<div><u>Mdsx Low 0.60 4.12 162.20 0.60 4.46 175.48</u></div>
<div><u>Mdsx High 0.65 4.17 164.17 0.60 4.46 175.48</u></div>
<div><u>Mdsx Avg 0.63 -0.19 4.15 163.18 0.60 -0.27 4.46 175.48</u></div>
<div><u>Hensall 0.65 4.17 164.17 0.60 4.46 175.48</u></div>
<div><u>Bruce 0.65 4.17 164.17 0.60 4.46 175.48</u></div>
<div><u>Putnam 0.60 4.12 162.20 0.60 4.46 175.48</u></div>
<div><u>Burford 0.65 4.17 164.17 0.60 4.46 175.48</u></div>
<div><u>Port Perry 0.65 4.17 164.17 0.65 4.51 177.45</u></div>
<div><u>Norfolk 0.60 4.12 162.20 0.60 4.46 175.48</u></div>
<div><u>Palmerston 0.60 4.12 162.20 0.65 4.51 177.45</u></div>
<div><u>Varna 0.65 4.17 164.17 0.60 4.46 175.48</u></div>
<div><u>Trenton 0.70 4.22 166.13 0.75 4.61 181.39</u></div>
<div><u>Winchester 0.93 4.45 175.19 0.85 4.71 185.33</u></div>
<div><u>North Gower 0.90 4.42 174.01 0.82 4.68 184.15</u></div>
<div><u>Huron FOB 0.82 4.34 170.86 0.68 4.54 178.63</u></div>
<div><u>Kent FOB 0.82 4.34 170.86 0.65 4.51 177.45</u></div>
<div><u>Lamb FOB 0.80 4.32 170.07 0.65 4.51 177.45</u></div>
<div><u>Mdsx FOB 0.65 0.65N/A N/A 4.17 164.17 0.60 4.46 175.48</u></div>
<div><u>FOB SW Que 1.56 5.08 199.99 1.13 4.99 196.35</u></div>
<div><u>Track 1.04 4.56 179.32N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth 0.87 1.00 0.98 1.04 4.39 172.83 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 N/A 0.85 0.85 0.80 N/A</u></div>
<div><u>Sarn-Eth 0.95 0.95 0.95N/A 4.47 175.98N/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 1.15 4.67 183.77</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.16 4.68 184.24</u></div>
<div><u>Toledo El. -0.04 3.48 137.11 -0.25 3.61 142.07</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 1.2448 down 0.0025</u></div>
<div><u>Chicago soybeans closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAR18 HI 9.87 1/4 NOV18 HI 10.04</u></div>
<div><u> LOW 9.80 LOW 9.98 1/2</u></div>
<div><u> CLOSE9.84 1/4 Up 7 CLOSE 10.00 1/2 Up 4 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 +MAR1+MAR1+MAY18</u></div>
<div><u>CK Low 1.70 11.54 424.111.65 11.66 428.25</u></div>
<div><u>CK High 1.75 11.59 425.951.80 11.81 433.76</u></div>
<div><u>CK Average 1.73 -0.5411.57 425.281.72 -0.5811.72 430.64</u></div>
<div><u>Essex Cty 1.70 11.54 424.111.70 11.71 430.09</u></div>
<div><u>Mdsx Low 1.70 11.54 424.111.69 11.70 429.72</u></div>
<div><u>Mdsx High 1.74 11.58 425.581.75 11.76 431.92</u></div>
<div><u>Mdsx Average 1.72 -0.5511.56 424.851.72 -0.5811.73 430.82</u></div>
<div><u>Hensall 1.70 11.54 424.111.75 11.76 431.92</u></div>
<div><u>Bruce 1.70 11.54 424.111.75 11.76 431.92</u></div>
<div><u>Putnam 1.70 11.54 424.111.75 11.76 431.92</u></div>
<div><u>Burford 1.81 11.65 428.161.76 11.77 432.29</u></div>
<div><u>Port Perry 1.74 11.58 425.581.69 11.70 429.72</u></div>
<div><u>Norfolk 1.70 11.54 424.111.75 11.76 431.92</u></div>
<div><u>Palmerston 1.75 11.59 425.951.75 11.76 431.92</u></div>
<div><u>Varna 1.70 11.54 424.111.75 11.76 431.92</u></div>
<div><u>Trenton 1.70 11.54 424.111.75 11.76 431.92</u></div>
<div><u>Winchester 1.75 11.59 425.951.83 11.84 434.86</u></div>
<div><u>North Gower 1.63 11.47 421.541.76 11.77 432.29</u></div>
<div><u>Huron FOB 1.80 11.64 427.791.85 11.86 435.60</u></div>
<div><u>Kent FOB 1.85 11.69 429.631.70 11.71 430.09</u></div>
<div><u>Lambton FOB 1.95 11.79 433.301.75 11.76 431.92</u></div>
<div><u>Middlesex FOB1.85 1.94 1.94 1.88 11.69 429.631.79 11.80 433.39</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton N/A 2.15 12.16 446.62</u></div>
<div><u>Prescott 1.82 11.66 428.522.03 12.04 442.21</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.24 9.61 352.96-0.37 9.63 353.91</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2448 down 0.0025</u></div>
<div><u>Chicago wheat closed slightly higher.</u></div>
<div><u>MAR18 HI 4.27 1/2 JUL18 HI 4.53</u></div>
<div><u> LOW 4.23 1/4 LOW 4.49</u></div>
<div><u> CLOSE 4.25 3/4 Up 3 CLOSE 4.52 Up 3 1/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly lower to steady.</u></div>
<div><u>MAR18 HI 6.11 1/4 SEP18 HI 6.23</u></div>
<div><u> LOW 6.06 1/2 LOW 6.20 1/4</u></div>
<div><u> CLOSE 6.07 Down 1 1/2 CLOSE 6.21 3/4 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 0.73 0.86 0.73 0.18</u></div>
<div><u>CAD $/bu 4.99 5.11 4.99 6.25</u></div>
<div><u>CAD $/tonne 183.30 187.87 183.30 229.61</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 0.85 1.16 0.78 N/A 0.96 0.72 0.72 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 0.90 0.85 0.80 0.15 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 0.54 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 0.28 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 0.86 0.73 0.20 N/A 0.88 0.82 0.16</u></div>
<div><u>W O Feed 1.43</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. 4.16US 5.18CA 4.37US 5.44CA</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 0.15</u></div>
<div><u>CAD $/bu 5.25 5.25 5.19 6.37</u></div>
<div><u>CAD $/tonne 192.91 192.91 190.62 233.93</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 470.25</u></div>
<div><u>DDG's FOB Srn & Aylm 235.00 - 240.00</u></div>
<div><u><br>
</u></div>
<u></u>
<p class="MsoNormal" style=""><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 51, 51); background: rgb(253, 253, 253);">Blair Andrews</span><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 51, 51);"><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>
<span style="background:#FDFDFD">Tel.<span class="apple-converted-space"> </span></span></span><a href="callto:519-674-1500" style=""><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 102, 153);">519-674-1500</span></a><span class="apple-converted-space" style=""><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333;
background:#FDFDFD"> </span></span><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 51, 51); background: rgb(253, 253, 253);">x
63577<span class="apple-converted-space"> </span></span><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 51, 51);"><br>
<span style="background:#FDFDFD">Fax.<span class="apple-converted-space"> </span></span></span><a href="callto:519-674-1530" style=""><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 102, 153);">519-674-1530</span></a><span class="apple-converted-space" style=""><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333;
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<span style="background: rgb(253, 253, 253);">This Farm Market News product is sponsored by:</span><br>
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