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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, February 1</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2265 down 0.0041</u></div>
<div><u>Chicago corn closed steady to slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAR18 HI 3.62 DEC18 HI 3.93 1/2</u></div>
<div><u> LOW 3.58 1/2 LOW 3.90 3/4</u></div>
<div><u> CLOSE3.61 3/4 Up 1/4 CLOSE 3.93 1/4 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 +MAY18+MAY18+JUL18</u></div>
<div><u>CK Low 0.55 4.17 164.07 0.55 4.48 176.47</u></div>
<div><u>CK High 0.60 4.22 166.04 0.65 4.58 180.41</u></div>
<div><u>CK Avg 0.57 -0.21 4.18 164.72 0.58 -0.25 4.51 177.45</u></div>
<div><u>Essex Cty 0.60 4.22 166.04 0.65 4.58 180.41</u></div>
<div><u>Mdsx Low 0.55 4.17 164.07 0.55 4.48 176.47</u></div>
<div><u>Mdsx High 0.60 4.22 166.04 0.55 4.48 176.47</u></div>
<div><u>Mdsx Avg 0.58 -0.20 4.19 165.05 0.55 -0.27 4.48 176.47</u></div>
<div><u>Hensall 0.60 4.22 166.04 0.55 4.48 176.47</u></div>
<div><u>Bruce 0.60 4.22 166.04 0.55 4.48 176.47</u></div>
<div><u>Putnam 0.60 4.22 166.04 0.55 4.48 176.47</u></div>
<div><u>Burford 0.60 4.22 166.04 0.55 4.48 176.47</u></div>
<div><u>Port Perry 0.60 4.22 166.04 0.60 4.53 178.44</u></div>
<div><u>Norfolk 0.55 4.17 164.07 0.55 4.48 176.47</u></div>
<div><u>Palmerston 0.60 4.22 166.04 0.65 4.58 180.41</u></div>
<div><u>Varna 0.60 4.22 166.04 0.55 4.48 176.47</u></div>
<div><u>Trenton 0.65 4.27 168.00 0.75 4.68 184.34</u></div>
<div><u>Winchester 0.95 4.57 179.81 0.85 4.78 188.28</u></div>
<div><u>North Gower 0.90 4.52 177.85 0.82 4.75 187.10</u></div>
<div><u>Huron FOB 0.75 4.37 171.94 0.60 4.53 178.44</u></div>
<div><u>Kent FOB 0.80 4.42 173.91 0.60 4.53 178.44</u></div>
<div><u>Lamb FOB 0.75 4.37 171.94 0.65 4.58 180.41</u></div>
<div><u>Mdsx FOB 0.65N/A N/A N/A 4.27 168.00 0.60 4.53 178.44</u></div>
<div><u>FOB SW Que 1.28 4.90 192.81 0.86 4.79 188.67</u></div>
<div><u>Track 1.03 4.64 182.77N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth 0.95 0.93 0.99 0.97 4.57 179.81 0.80 4.73 186.31</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 0.80 0.95 4.47 175.88 N/A</u></div>
<div><u>Sarn-Eth 0.95 0.95N/A N/A 4.57 179.81N/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 0.95 4.88 192.22</u></div>
<div><u>Pt.Colb-Ing N/A N/A N/A N/A 0.90 4.83 190.25</u></div>
<div><u>Cardnl-Ing N/A N/A N/A N/A 1.10 5.03 198.12</u></div>
<div><u>W O Feed 1.11 4.73 186.27</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.14 4.76 187.29</u></div>
<div><u>Toledo El. -0.04 3.58 140.97 -0.24 3.69 145.17</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.57 1/2 4.19 1/4</u></div>
<div><u>HI SD CRN 0.60 4.21 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 1.2265 down 0.0041</u></div>
<div><u>Chicago soybeans closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> MAR18 HI 9.95 1/2 NOV18 HI 10.10 3/4</u></div>
<div><u> LOW 9.77 1/2 LOW 9.97</u></div>
<div><u> CLOSE9.85 Down 10 3/4 CLOSE 10.04 1/2 Down 6 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+MAY1+MAY18</u></div>
<div><u>CK Low 1.60 11.45 420.721.50 11.55 424.21</u></div>
<div><u>CK High 1.65 11.50 422.551.65 11.70 429.72</u></div>
<div><u>CK Average 1.62 -0.5011.47 421.391.59 -0.5511.63 427.45</u></div>
<div><u>Essex Cty 1.60 11.45 420.721.45 11.50 422.37</u></div>
<div><u>Mdsx Low 1.60 11.45 420.721.58 11.63 427.15</u></div>
<div><u>Mdsx High 1.61 11.46 421.081.65 11.70 429.72</u></div>
<div><u>Mdsx Average 1.61 -0.5111.46 420.901.62 -0.5311.66 428.43</u></div>
<div><u>Hensall 1.60 11.45 420.721.65 11.70 429.72</u></div>
<div><u>Bruce 1.60 11.45 420.721.65 11.70 429.72</u></div>
<div><u>Putnam 1.60 11.45 420.721.65 11.70 429.72</u></div>
<div><u>Burford 1.68 11.53 423.651.65 11.70 429.72</u></div>
<div><u>Port Perry 1.61 11.46 421.081.58 11.63 427.15</u></div>
<div><u>Norfolk 1.60 11.45 420.721.65 11.70 429.72</u></div>
<div><u>Palmerston 1.60 11.45 420.721.55 11.60 426.04</u></div>
<div><u>Varna 1.60 11.45 420.721.65 11.70 429.72</u></div>
<div><u>Trenton 1.60 11.45 420.721.65 11.70 429.72</u></div>
<div><u>Winchester 1.58 11.43 419.981.63 11.68 428.98</u></div>
<div><u>North Gower 1.57 11.42 419.611.66 11.71 430.09</u></div>
<div><u>Huron FOB 1.70 11.55 424.391.70 11.75 431.55</u></div>
<div><u>Kent FOB 1.75 11.60 426.231.60 11.65 427.88</u></div>
<div><u>Lambton FOB 1.80 11.65 428.061.75 11.80 433.39</u></div>
<div><u>Middlesex FOB1.72 1.78 1.73 1.73 11.57 425.121.67 11.72 430.45</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton N/A 2.05 12.10 444.42</u></div>
<div><u>Prescott 1.68 11.53 423.651.89 11.94 438.54</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.23 9.62 353.36-0.37 9.68 355.59</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2265 down 0.0041</u></div>
<div><u>Chicago wheat closed slightly lower.</u></div>
<div><u>MAR18 HI 4.51 1/2 JUL18 HI 4.78 1/2</u></div>
<div><u> LOW 4.43 1/4 LOW 4.70 1/2</u></div>
<div><u> CLOSE 4.51 Down 3/4 CLOSE 4.78 Down 1</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly higher.</u></div>
<div><u>MAR18 HI 6.12 1/2 SEP18 HI 6.29 1/4</u></div>
<div><u> LOW 6.05 1/2 LOW 6.23</u></div>
<div><u> CLOSE 6.11 3/4 Up 4 1/2 CLOSE 6.28 1/2 Up 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 0.96 0.90 0.84 0.10</u></div>
<div><u>CAD $/bu 5.47 5.41 5.35 6.22</u></div>
<div><u>CAD $/tonne 200.99 198.74 196.48 228.37</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 0.65 N/A</u></div>
<div><u>London 0.83 1.14 0.77 N/A 0.95 0.70 0.64 N/A</u></div>
<div><u>Hensall 0.90 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 0.90 0.95 0.75 N/A 0.90 0.75 0.65 0.25</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 0.75 N/A 0.90 N/A 0.65 N/A</u></div>
<div><u>Port Hope N/A N/A 0.75 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 0.90 0.95 0.75 N/A 0.90 0.75 0.65 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.45 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 0.88 0.80 0.11 N/A 0.90 0.83 0.08</u></div>
<div><u>W O Feed 1.38</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 1.14 N/A N/A N/A 1.07 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.46US 5.47CA 4.63US 5.67CA</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 0.95 0.83 0.77 0.07</u></div>
<div><u>CAD $/bu 5.73 5.61 5.55 6.35</u></div>
<div><u>CAD $/tonne 210.63 206.13 203.88 233.36</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 462.98</u></div>
<div><u>DDG's FOB Srn & Aylm 245.00 - 255.00</u></div>
<div><u><br>
</u></div>
---
<p></p>
<p style="margin-top:0;margin-bottom:0">Ontario Grain Market Commentary for January 31, 2018</p>
<p style="margin-top:0;margin-bottom:0">By Marty Hibbs, Grain Farmers of Ontario</p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<p style="margin-top:0;margin-bottom:0"></p>
<div>Wednesday, January 31, 2018 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>3.61<span style="white-space:pre"> </span>$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>9.96<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
04<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>4.51<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
18<span style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>6.07<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
01<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>4.67<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
35<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>2.65<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
10<span style="white-space:pre"> </span>cents </div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>.8130<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre">
</span>0.23<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>Corn: </div>
<div>Last week$B!G(Bs commentary hit our $3.55 resistance and closed just above it. I was reluctant to call it a reversal until we saw how the next session would play out. Well, it gave us a red buy signal on the daily chart and I$B!G(Bll take that as a positive sign.
We now have our sights set on the four- year-old trend line that cuts across the $3.70 - $3.80 price point on the lead month chart. Our gap on the continuation chart worked picture perfect and it is confirming that our $3.70 target is in its sights. Short
term indicators have turned positive and the weekly charts are also positive. This leaves just the monthly charts in a negative mode. One step at a time. If you want an excuse for this move, my reason would simply be the weakness in the U.S. dollar which technically
has a lot more room on the downside. Initial support is now at $3.50 while overhead resistance is at $3.75. The primary trend is still down. </div>
<div> </div>
<div>Soybeans: </div>
<div>The soybean chart, which has given us two red buy signals, is behaving as expected. The four-year-old down trend line has been negated. Once the momentum starts to push prices higher, we will be looking for a break above the stubborn resistance between
$10.25 and $10.75 to turn this market back into a bullish mode for the first time since it ran its course in 2012. The weekly chart shows a clear break of the down-trend line, and the momentum is starting to build as we push through the tough resistance from
$10.25 - $10.75. Support is seen on the March charts at the $9.70-$9.80 level while our overhead resistance level is still at the $10.25 level. </div>
<div>Short term indicators are positive and a close above $11 would convince me that we have turned the corner on this bear market. Meanwhile, the primary trend is still down.</div>
<div><br>
</div>
<div>Wheat: </div>
<div><span style="font-size: 10pt;">Another great week for the March wheat contract as we broke above the $4.35 resistance level and went directly to our next resistance level of $4.60. Like corn, wheat pulled back to our trading gap perfectly and then moved
higher. </span><br>
</div>
<div><span style="font-size: 10pt;">We will leave our support line on the March chart at $4.10 for the time being, but our overhead headwinds now appear on the March chart at $4.60 - $4.80 </span><br>
</div>
<div>The weekly trend line has not only broken the down-trend, but came back, tested it, and flashed a red buy signal all in the past two weeks. </div>
<div>Indicators are positive. Both daily and weekly indicators are now bullish, but the primary trend is still down.</div>
<div><br>
</div>
<div>Cash Grain prices as of the close, January 31, are as follows:</div>
<div>SWW @ $202.10MT ($5.50/bu), HRW @ $199.84/MT ($5.44/bu), </div>
<div> HRS @ $226.97/MT ($6.18/bu), SRW @ $197.58/MT ($5.38/bu). </div>
<div><br>
</div>
<div>--</div>
<div></div>
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<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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