<html>
<head>
<meta http-equiv="Content-Type" content="text/html; charset=ks_c_5601-1987">
<style type="text/css" style="display:none;"><!-- P {margin-top:0;margin-bottom:0;} --></style>
</head>
<body dir="ltr">
<div id="divtagdefaultwrapper" style="font-size:10pt;color:#000000;font-family:'Courier New',monospace;" dir="ltr">
<p style="margin-top:0;margin-bottom:0"><u></u></p>
<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, January 25</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2374 up 0.0053</u></div>
<div><u>Chicago corn closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> MAR18 HI 3.58 DEC18 HI 3.90 3/4</u></div>
<div><u> LOW 3.54 1/2 LOW 3.87 1/2</u></div>
<div><u> CLOSE3.55 1/4 Down 1 1/4 CLOSE 3.88 1/2 Down 1</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 4.10 161.51 0.55 4.44 174.60</u></div>
<div><u>CK High 0.60 4.15 163.48 0.65 4.54 178.54</u></div>
<div><u>CK Avg 0.57 -0.22 4.12 162.16 0.58 -0.27 4.46 175.58</u></div>
<div><u>Essex Cty 0.60 4.15 163.48 0.65 4.54 178.54</u></div>
<div><u>Mdsx Low 0.55 4.10 161.51 0.55 4.44 174.60</u></div>
<div><u>Mdsx High 0.60 4.15 163.48 0.55 4.44 174.60</u></div>
<div><u>Mdsx Avg 0.58 -0.22 4.13 162.49 0.55 -0.29 4.44 174.60</u></div>
<div><u>Hensall 0.60 4.15 163.48 0.55 4.44 174.60</u></div>
<div><u>Bruce 0.60 4.15 163.48 0.55 4.44 174.60</u></div>
<div><u>Putnam 0.60 4.15 163.48 0.55 4.44 174.60</u></div>
<div><u>Burford 0.60 4.15 163.48 0.55 4.44 174.60</u></div>
<div><u>Port Perry 0.60 4.15 163.48 0.60 4.49 176.57</u></div>
<div><u>Norfolk 0.55 4.10 161.51 0.55 4.44 174.60</u></div>
<div><u>Palmerston 0.60 4.15 163.48 0.65 4.54 178.54</u></div>
<div><u>Varna 0.60 4.15 163.48 0.55 4.44 174.60</u></div>
<div><u>Trenton 0.65 4.20 165.45 0.75 4.64 182.47</u></div>
<div><u>Winchester 0.90 4.45 175.29 0.86 4.75 186.80</u></div>
<div><u>North Gower 0.90 4.45 175.29 0.82 4.71 185.23</u></div>
<div><u>Huron FOB 0.75 4.30 169.38 0.60 4.49 176.57</u></div>
<div><u>Kent FOB 0.77 4.32 170.17 0.60 4.49 176.57</u></div>
<div><u>Lamb FOB 0.75 4.30 169.38 0.60 4.49 176.57</u></div>
<div><u>Mdsx FOB 0.60 0.60N/A N/A 4.15 163.48 0.60 4.49 176.57</u></div>
<div><u>FOB SW Que 1.45 5.00 196.94 1.05 4.94 194.28</u></div>
<div><u>Track 1.04 4.59 180.60N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth 0.87 1.00 0.98 1.04 4.42 174.11 0.80 4.69 184.44</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 4.50 177.26N/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 4.79 188.38</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 4.94 194.28</u></div>
<div><u>W O Feed 1.13 4.68 184.42</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.11 4.66 183.55</u></div>
<div><u>Toledo El. -0.04 3.52 138.39 -0.25 3.64 143.22</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.57 1/2 4.12 3/4</u></div>
<div><u>HI SD CRN 0.60 4.15 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 1.2374 up 0.0053</u></div>
<div><u>Chicago soybeans closed narrowly mixed.</u></div>
<div><u><br>
</u></div>
<div><u> MAR18 HI 10.02 NOV18 HI 10.15</u></div>
<div><u> LOW 9.87 LOW 10.02 1/2</u></div>
<div><u> CLOSE9.92 1/4 Unchanged CLOSE 10.07 Down 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 1.62 11.54 424.111.56 11.63 427.33</u></div>
<div><u>CK High 1.65 11.57 425.221.70 11.77 432.47</u></div>
<div><u>CK Average 1.65 -0.5711.57 425.031.62 -0.6011.69 429.47</u></div>
<div><u>Essex Cty 1.65 11.57 425.221.55 11.62 426.96</u></div>
<div><u>Mdsx Low 1.60 11.52 423.381.56 11.63 427.33</u></div>
<div><u>Mdsx High 1.62 11.54 424.111.65 11.72 430.64</u></div>
<div><u>Mdsx Average 1.61 -0.6011.53 423.751.61 -0.6211.68 428.98</u></div>
<div><u>Hensall 1.60 11.52 423.381.65 11.72 430.64</u></div>
<div><u>Bruce 1.60 11.52 423.381.65 11.72 430.64</u></div>
<div><u>Putnam 1.60 11.52 423.381.65 11.72 430.64</u></div>
<div><u>Burford 1.69 11.61 426.691.63 11.70 429.90</u></div>
<div><u>Port Perry 1.62 11.54 424.111.56 11.63 427.33</u></div>
<div><u>Norfolk 1.65 11.57 425.221.70 11.77 432.47</u></div>
<div><u>Palmerston 1.65 11.57 425.221.60 11.67 428.80</u></div>
<div><u>Varna 1.60 11.52 423.381.65 11.72 430.64</u></div>
<div><u>Trenton 1.60 11.52 423.381.65 11.72 430.64</u></div>
<div><u>Winchester 1.57 11.49 422.281.60 11.67 428.80</u></div>
<div><u>North Gower 1.63 11.55 424.481.76 11.83 434.68</u></div>
<div><u>Huron FOB 1.70 11.62 427.051.70 11.77 432.47</u></div>
<div><u>Kent FOB 1.80 11.72 430.731.65 11.72 430.64</u></div>
<div><u>Lambton FOB 1.90 11.82 434.401.70 11.77 432.47</u></div>
<div><u>Middlesex FOB1.73 1.73 1.79 1.74 11.65 428.161.67 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 2.05 12.12 445.33</u></div>
<div><u>Prescott 1.78 11.70 429.991.97 12.04 442.39</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.24 9.69 355.95-0.37 9.70 356.40</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2374 up 0.0053</u></div>
<div><u>Chicago wheat closed slightly higher.</u></div>
<div><u>MAR18 HI 4.38 3/4 JUL18 HI 4.63 1/2</u></div>
<div><u> LOW 4.29 1/2 LOW 4.54 3/4</u></div>
<div><u> CLOSE 4.34 1/2 Up 1 1/2 CLOSE 4.59 3/4 Up 1 1/2</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed steady to slightly higher.</u></div>
<div><u>MAR18 HI 6.16 SEP18 HI 6.30</u></div>
<div><u> LOW 6.07 3/4 LOW 6.25</u></div>
<div><u> CLOSE 6.10 1/4 Up 2 1/4 CLOSE 6.25 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 0.97 0.91 0.85 0.15</u></div>
<div><u>CAD $/bu 5.31 5.25 5.19 6.25</u></div>
<div><u>CAD $/tonne 195.28 193.01 190.73 229.72</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 0.78 1.08 0.71 N/A 0.89 0.64 0.64 N/A</u></div>
<div><u>Hensall 0.85 N/A 0.75 N/A 0.90 N/A 0.65 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 0.80 0.75 0.10 0.90 0.65 0.65 0.25</u></div>
<div><u>Essex N/A N/A N/A N/A N/A N/A 0.49 N/A</u></div>
<div><u>Norwich 0.85 N/A 0.75 N/A 0.90 N/A 0.65 N/A</u></div>
<div><u>Port Hope N/A N/A 0.80 N/A N/A 0.70 0.70 N/A</u></div>
<div><u>Kent Bridge 0.85 N/A 0.75 N/A 0.90 N/A 0.65 N/A</u></div>
<div><u>Chatham N/A N/A 0.75 N/A N/A N/A 0.65 N/A</u></div>
<div><u>Brigden N/A N/A 0.75 N/A N/A N/A 0.65 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 1.05 0.80 0.75 N/A 0.85 0.65 0.65 N/A</u></div>
<div><u>Mitchell 0.85 0.80 0.75 N/A 0.90 0.65 0.65 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.25 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 0.86 0.73 0.20 N/A 0.87 0.81 0.16</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 1.16 N/A N/A N/A 1.08 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.25US 5.25CA 4.45US 5.49CA</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 0.96 0.83 0.77 0.11</u></div>
<div><u>CAD $/bu 5.55 5.43 5.37 6.36</u></div>
<div><u>CAD $/tonne 204.06 199.52 197.25 233.77</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 472.24</u></div>
<div><u>DDG's FOB Srn & Aylm 235.00 - 240.00</u></div>
<div><br>
</div>
<div>---</div>
<div>Ontario Grain Market Commentary for January 24, 2018</div>
<div>By Marty Hibbs, Grain Farmers of Ontario</div>
<div><br>
</div>
<div>
<div>Wednesday, January 24, 2018 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>3.56<span style="white-space:pre"> </span>¡è<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>9.92<span style="white-space:pre"> </span>¡è<span style="white-space:pre"> </span>
23<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>4.33<span style="white-space:pre"> </span>¡è<span style="white-space:pre"> </span>
13<span style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>6.08<span style="white-space:pre"> </span>¡é<span style="white-space:pre"> </span>
04<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>4.33<span style="white-space:pre"> </span>¡è<span style="white-space:pre"> </span>
05<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>2.75<span style="white-space:pre"> </span>¡è<span style="white-space:pre"> </span>
21<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>.8115<span style="white-space:pre"> </span>¡è<span style="white-space:pre">
</span>1.50<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>Corn: </div>
<div>As we suggested last week, we are now pushing the envelope at the $3.55 level on the March contract. We closed the day at $3.56 but not quite enough to call it a break above support. Let¡¯s see what tomorrow brings, but for now the charts are looking promising
and as we mentioned last week we should be on our way to test the $3.60 level in the coming week. 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 has given us two red buy signals, one on the weekly chart back before Christmas and this week we received one on the daily chart. Pressure is mounting for yet another challenge to the $10.25 level in February. The weekly chart shows a
clear break of the down-trend line, although the momentum hasn¡¯t transformed into a rally as of yet. Support is seen on the March charts at the $9.50 level while our overhead resistance level is still at the $10.25 level. </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 neutral but the primary trend is still down.</div>
<div><br>
</div>
<div><br>
</div>
<div>Wheat: </div>
<div>The wheat had a good move on January 24 as the March contract moved higher by 11 ¨ö cents to close at $4.33 cents. Our resistance has been pegged at the $4.35 level and like the corn we are basically in that area. It will be interesting to see if we continue
upward through the resistance levels on both contracts or if we pull back again before making a run at the resistance levels on both contracts. Last week we stuck our nose in the gap at $4.21 by just a penny, but that is enough technically to take out any
stops. </div>
<div><br>
</div>
<div>Good support is seen around the $4 - $4.10 mark on the March futures chart. Overhead resistance is still viewed at $4.35 and again at $4.45. The wheat contract at this point is more of the follower than the leader but it is looking like the support is
holding quite nicely. </div>
<div><br>
</div>
<div>Indicators are showing oversold conditions. Short term indicators are bullish, but the primary trend is still down.</div>
<div><br>
</div>
<div>Cash Grain prices as of the close, January 24, are as follows:</div>
<div>SWW @ $193.79MT ($5.27/bu), HRW @ $191.53/MT ($5.21/bu), </div>
<div> HRS @ $227.76/MT ($6.20bu), SRW @ $189.27/MT ($5.15/bu). </div>
</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>
<span style="background:#FDFDFD">Tel.<span class="apple-converted-space"> </span></span></span><a href="callto:519-674-1500"><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 102, 153); text-decoration-line: none;">519-674-1500</span></a><span class="apple-converted-space"><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333;
background:#FDFDFD"> </span></span><span style="font-size:10.0pt;
line-height:115%;font-family:"Courier New";color:#333333;background:#FDFDFD">x
63577<span class="apple-converted-space"> </span></span><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333"><br>
<span style="background:#FDFDFD">Fax.<span class="apple-converted-space"> </span></span></span><a href="callto:519-674-1530"><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 102, 153); text-decoration-line: none;">519-674-1530</span></a><span class="apple-converted-space"><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333;
background:#FDFDFD"> </span></span><span style="font-size:10.0pt;
line-height:115%;font-family:"Courier New";color:#333333"><br>
<br>
<span style="background:#FDFDFD">Click on this link:<span class="apple-converted-space"> </span></span></span><span class="object"><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#336699">farmmarketnews-unsubscribe@list.gfo.ca</span></span><span class="apple-converted-space"><span style="font-size:10.0pt;line-height:115%;
font-family:"Courier New";color:#333333;background:#FDFDFD"> </span></span><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333;
background:#FDFDFD"> to
unsubscribe from this report.</span><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333"><br>
<span style="background:#FDFDFD">This Farm Market News product is sponsored by:</span><br>
<span style="background:#FDFDFD">Grain Farmers of Ontario<o:p></o:p></span></span></p>
<br>
</div>
<div><br>
</div>
<p></p>
</div>
</body>
</html>