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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, February 8</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2583 up 0.0027</u></div>
<div><u>Chicago corn closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAR18 HI 3.67 3/4 DEC18 HI 3.96 3/4</u></div>
<div><u> LOW 3.64 1/2 LOW 3.94</u></div>
<div><u> CLOSE3.65 3/4 Up 1/2 CLOSE 3.95 Up 1/4</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 +MAY18+MAY18+JUL18</u></div>
<div><u>CK Low 0.60 4.26 167.61 0.65 4.60 181.09</u></div>
<div><u>CK High 0.65 4.31 169.58 0.70 4.65 183.06</u></div>
<div><u>CK Avg 0.64 -0.24 4.30 169.25 0.66 -0.28 4.61 181.42</u></div>
<div><u>Essex Cty 0.60 4.26 167.61 0.65 4.60 181.09</u></div>
<div><u>Mdsx Low 0.65 4.31 169.58 0.65 4.60 181.09</u></div>
<div><u>Mdsx High 0.65 4.31 169.58 0.65 4.60 181.09</u></div>
<div><u>Mdsx Avg 0.65 -0.23 4.31 169.58 0.65 -0.28 4.60 181.09</u></div>
<div><u>Hensall 0.65 4.31 169.58 0.63 4.58 180.11</u></div>
<div><u>Bruce 0.65 4.31 169.58 0.65 4.60 181.09</u></div>
<div><u>Putnam 0.65 4.31 169.58 0.65 4.60 181.09</u></div>
<div><u>Burford 0.70 4.36 171.55 0.65 4.60 181.09</u></div>
<div><u>Port Perry 0.65 4.31 169.58 0.65 4.60 181.09</u></div>
<div><u>Norfolk 0.70 4.36 171.55 0.65 4.60 181.09</u></div>
<div><u>Palmerston 0.60 4.26 167.61 0.65 4.60 181.09</u></div>
<div><u>Varna 0.65 4.31 169.58 0.60 4.55 179.13</u></div>
<div><u>Trenton 0.70 4.36 171.55 0.75 4.70 185.03</u></div>
<div><u>Winchester 0.95 4.61 181.39 0.95 4.90 192.90</u></div>
<div><u>North Gower 0.92 4.58 180.21 0.92 4.87 191.72</u></div>
<div><u>Huron FOB 0.75 4.41 173.52 0.60 4.55 179.13</u></div>
<div><u>Kent FOB 0.92 4.58 180.21 0.70 4.65 183.06</u></div>
<div><u>Lamb FOB 0.85 4.51 177.45 0.65 4.60 181.09</u></div>
<div><u>Mdsx FOB 0.65N/A N/A N/A 4.31 169.58 0.60 4.55 179.13</u></div>
<div><u>FOB SW Que 1.35 5.01 197.14 1.07 5.02 197.63</u></div>
<div><u>Track 1.08 4.73 186.31N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth 1.04 1.03 1.09 1.07 4.70 184.93 0.85 4.80 188.97</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A N/A N/A</u></div>
<div><u>Aylmer-Eth 0.95 0.95 0.85 1.00 4.61 181.39 N/A</u></div>
<div><u>Sarn-Eth 0.95 0.95N/A N/A 4.61 181.39N/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 1.10 0.95 4.90 192.90</u></div>
<div><u>Pt.Colb-Ing N/A N/A N/A N/A 1.00 4.95 194.87</u></div>
<div><u>Cardnl-Ing N/A N/A N/A N/A 1.10 5.05 198.81</u></div>
<div><u>W O Feed 1.20 4.86 191.15</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.28 4.94 194.38</u></div>
<div><u>Toledo El. -0.04 3.62 142.50 -0.25 3.70 145.62</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.62 1/2 4.28 1/4</u></div>
<div><u>HI SD CRN 0.65 4.30 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 1.2583 up 0.0027</u></div>
<div><u>Chicago soybeans closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAR18 HI 9.96 NOV18 HI 10.10</u></div>
<div><u> LOW 9.77 3/4 LOW 9.96</u></div>
<div><u> CLOSE9.87 3/4 Up 4 3/4 CLOSE 10.04 1/2 Up 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 1.80 11.68 429.071.79 11.84 434.86</u></div>
<div><u>CK High 1.90 11.78 432.751.85 11.90 437.07</u></div>
<div><u>CK Average 1.83 -0.5711.71 430.301.84 -0.5811.89 436.70</u></div>
<div><u>Essex Cty 1.80 11.68 429.071.85 11.90 437.07</u></div>
<div><u>Mdsx Low 1.80 11.68 429.071.79 11.84 434.86</u></div>
<div><u>Mdsx High 1.85 11.73 430.911.90 11.95 438.90</u></div>
<div><u>Mdsx Average 1.83 -0.5811.70 429.991.85 -0.5711.89 436.88</u></div>
<div><u>Hensall 1.83 11.70 429.991.88 11.92 437.99</u></div>
<div><u>Bruce 1.85 11.73 430.911.90 11.95 438.90</u></div>
<div><u>Putnam 1.85 11.73 430.911.90 11.95 438.90</u></div>
<div><u>Burford 1.87 11.75 431.651.86 11.91 437.43</u></div>
<div><u>Port Perry 1.80 11.68 429.071.79 11.84 434.86</u></div>
<div><u>Norfolk 1.80 11.68 429.071.90 11.95 438.90</u></div>
<div><u>Palmerston 1.80 11.68 429.071.85 11.90 437.07</u></div>
<div><u>Varna 1.80 11.68 429.071.85 11.90 437.07</u></div>
<div><u>Trenton 1.70 11.58 425.401.90 11.95 438.90</u></div>
<div><u>Winchester 1.83 11.71 430.181.86 11.91 437.43</u></div>
<div><u>North Gower 1.78 11.66 428.341.78 11.83 434.49</u></div>
<div><u>Huron FOB 1.90 11.78 432.751.90 11.95 438.90</u></div>
<div><u>Kent FOB 2.00 11.88 436.421.85 11.90 437.07</u></div>
<div><u>Lambton FOB 2.05 11.93 438.261.90 11.95 438.90</u></div>
<div><u>Middlesex FOB1.95 2.01 2.00 2.00 11.83 434.591.90 11.95 438.90</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton N/A 2.30 12.35 453.60</u></div>
<div><u>Prescott 1.96 11.84 434.952.17 12.22 448.82</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.24 9.64 354.15-0.38 9.67 355.26</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2583 up 0.0027</u></div>
<div><u>Chicago wheat closed slightly lower.</u></div>
<div><u>MAR18 HI 4.64 1/2 JUL18 HI 4.90</u></div>
<div><u> LOW 4.51 1/4 LOW 4.78</u></div>
<div><u> CLOSE 4.56 1/4 Down 4 1/4 CLOSE 4.82 1/2 Down 3 3/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly higher.</u></div>
<div><u>MAR18 HI 6.15 3/4 SEP18 HI 6.39</u></div>
<div><u> LOW 6.10 1/4 LOW 6.35 1/2</u></div>
<div><u> CLOSE 6.13 Up 3/4 CLOSE 6.37 3/4 Up 1</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 1.12 1.05 0.99 0.26</u></div>
<div><u>CAD $/bu 5.68 5.62 5.55 6.39</u></div>
<div><u>CAD $/tonne 208.64 206.33 204.02 234.88</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 0.90 N/A N/A N/A 0.80 N/A</u></div>
<div><u>London 0.97 1.28 0.91 N/A 1.09 0.84 0.78 N/A</u></div>
<div><u>Hensall 1.05 N/A 0.90 N/A 1.00 N/A 0.80 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 1.05 1.05 0.90 0.25 1.00 0.85 0.80 0.35</u></div>
<div><u>Essex N/A N/A 0.70 N/A N/A N/A 0.74 N/A</u></div>
<div><u>Norwich 1.05 N/A 0.90 N/A 1.00 N/A 0.80 N/A</u></div>
<div><u>Port Hope N/A N/A 0.85 N/A N/A 0.85 0.80 N/A</u></div>
<div><u>Kent Bridge 1.00 N/A 0.90 N/A 1.00 N/A 0.80 N/A</u></div>
<div><u>Chatham N/A N/A 0.90 N/A N/A N/A 0.80 N/A</u></div>
<div><u>Brigden N/A N/A 0.90 N/A N/A N/A 0.80 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 1.20 0.95 0.90 N/A 1.00 0.80 0.80 N/A</u></div>
<div><u>Mitchell 1.05 1.05 0.90 N/A 1.00 0.85 0.80 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.66 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 0.95 0.97 0.20 N/A 1.07 1.04 0.20</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 1.30 N/A N/A N/A 1.23 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.51US 5.68CA 4.68US 5.87CA</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 1.11 0.98 0.92 0.25</u></div>
<div><u>CAD $/bu 5.93 5.80 5.74 6.62</u></div>
<div><u>CAD $/tonne 217.90 213.29 210.99 243.38</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 470.36</u></div>
<div><u>DDG's FOB Srn & Aylm 245.00 - 255.00</u></div>
<div><u><br>
</u></div>
<div>---</div>
<div>Ontario Grain Market Commentary for February 7, 2018</div>
<div>By Marty Hibbs, Grain Farmers of Ontario</div>
<div><br>
</div>
<div>
<div>Wednesday, February 7, 2018 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>3.61<span style="white-space:pre"> </span>$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>Notice: The commentary for all commodities was written at 10 a.m. on February 8 before the release of the February United States Department of Agriculture (USDA) report.</div>
<div><br>
</div>
<div>Corn: </div>
<div>Charts are still looking very constructive. We have now set ourselves up to challenge the major trend line on the weekly charts at the $3.70 level on the March contract. There is a chance we may have another pull back from this level as it has been strong
coming up to the line. The biggest reason for this rally, in my opinion, is the weakness in the U.S. dollar. Markets could get choppier than normal as spring approaches and the dollar volatility continues. Initial support is now at $3.50 while overhead resistance
is at $3.70 - $3.80. The primary trend is still down. </div>
<div><br>
</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. 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 the main trend line at $10.75 - $11. 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 - $10.75 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 neutral and a close above $11 could turn our final hold-out, the monthly chart, positive
for the end of the six-year-old bear market. </div>
<div><br>
</div>
<div>Wheat: </div>
<div>Another great week for the March wheat contract, as we are still hovering at the $4.60 resistance level. The next target for the March wheat contract is at the $4.80 level. The charts seem to be forming an inverted head which is very bullish and although
it may take a several months to complete, it suggests much higher prices coming into late spring. <span style="font-size: 10pt;">We will move our support line on the March chart up to $4.30 for the time being, and once we clear the $4.60 on a strong close,
we are ready for the big test at $4.80 and higher. </span></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. <span style="font-size: 10pt;">Indicators are positive. Both daily and weekly indicators are now bullish, and our
primary trend has turned neutral from bearish. </span></div>
<div><br>
</div>
<div><span style="font-size: 10pt;">Cash Grain prices as of the close, February 7, are as follows:</span><br>
</div>
<div>SWW @ $210.13 ($5.72/bu), HRW @ $207.82/MT ($5.66/bu), </div>
<div> HRS @ $233.89/MT ($6.37/bu), SRW @ $205.52/MT ($5.59/bu). </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:10.0pt;line-height:115%;
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