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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, February 22</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2703 up 0.0050</u></div>
<div><u>Chicago corn closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAR18 HI 3.67 DEC18 HI 3.97 1/2</u></div>
<div><u> LOW 3.64 1/4 LOW 3.95 1/4</u></div>
<div><u> CLOSE3.66 3/4 Up 1 CLOSE 3.97 1/4 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 +MAY18+MAY18+JUL18</u></div>
<div><u>CK Low 0.55 4.22 166.04 0.65 4.62 181.98</u></div>
<div><u>CK High 0.70 4.37 171.94 0.70 4.67 183.95</u></div>
<div><u>CK Avg 0.64 -0.28 4.31 169.64 0.66 -0.32 4.64 182.50</u></div>
<div><u>Essex Cty 0.55 4.22 166.04 0.65 4.62 181.98</u></div>
<div><u>Mdsx Low 0.65 4.32 169.97 0.65 4.62 181.98</u></div>
<div><u>Mdsx High 0.65 4.32 169.97 0.65 4.62 181.98</u></div>
<div><u>Mdsx Avg 0.65 -0.27 4.32 169.97 0.65 -0.33 4.62 181.98</u></div>
<div><u>Hensall 0.65 4.32 169.97 0.65 4.62 181.98</u></div>
<div><u>Bruce 0.70 4.37 171.94 0.70 4.67 183.95</u></div>
<div><u>Putnam 0.65 4.32 169.97 0.65 4.62 181.98</u></div>
<div><u>Burford 0.70 4.37 171.94 0.65 4.62 181.98</u></div>
<div><u>Port Perry 0.70 4.37 171.94 0.65 4.62 181.98</u></div>
<div><u>Norfolk 0.75 4.42 173.91 0.68 4.65 183.16</u></div>
<div><u>Palmerston 0.60 4.27 168.00 0.65 4.62 181.98</u></div>
<div><u>Varna 0.65 4.32 169.97 0.65 4.62 181.98</u></div>
<div><u>Trenton 0.65 4.32 169.97 0.75 4.72 185.92</u></div>
<div><u>Winchester 1.00 4.67 183.75 1.00 4.97 195.76</u></div>
<div><u>North Gower 0.97 4.64 182.57 0.94 4.91 193.40</u></div>
<div><u>Huron FOB 0.90 4.57 179.81 0.68 4.65 183.16</u></div>
<div><u>Kent FOB 0.97 4.64 182.57 0.73 4.70 185.13</u></div>
<div><u>Lamb FOB 0.85 4.52 177.85 0.70 4.67 183.95</u></div>
<div><u>Mdsx FOB 0.75 0.75 0.80N/A 4.42 173.91 0.65 4.62 181.98</u></div>
<div><u>FOB SW Que 1.37 5.04 198.32 1.06 5.03 198.12</u></div>
<div><u>Track 1.10 4.77 187.69N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A 1.15 1.13 0.85 4.82 189.85</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A N/A N/A</u></div>
<div><u>Aylmer-Eth N/A N/A N/A 1.05 N/A</u></div>
<div><u>Sarn-Eth 1.00 1.00N/A N/A 4.67 183.75N/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 1.15 0.95 4.92 193.79</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 1.10 5.07 199.70</u></div>
<div><u>W O Feed 1.22 4.89 192.57</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.32 4.99 196.35</u></div>
<div><u>Toledo El. -0.04 3.63 142.88 -0.25 3.72 146.40</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.62 1/2 4.29 1/4</u></div>
<div><u>HI SD CRN 0.70 4.36 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 1.2703 up 0.0050</u></div>
<div><u>Chicago soybeans closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> MAR18 HI 10.37 NOV18 HI 10.29 1/2</u></div>
<div><u> LOW 10.27 1/4 LOW 10.22</u></div>
<div><u> CLOSE10.32 Down 2 1/4 CLOSE 10.27 3/4 Down 1/4</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 1.98 12.30 451.951.95 12.23 449.28</u></div>
<div><u>CK High 2.05 12.37 454.522.05 12.33 452.96</u></div>
<div><u>CK Average 2.01 -0.6112.33 453.172.00 -0.6012.28 451.18</u></div>
<div><u>Essex Cty 2.05 12.37 454.521.95 12.23 449.28</u></div>
<div><u>Mdsx Low 1.98 12.30 451.952.01 12.29 451.49</u></div>
<div><u>Mdsx High 2.05 12.37 454.522.05 12.33 452.96</u></div>
<div><u>Mdsx Average 2.02 -0.6112.34 453.232.03 -0.5712.31 452.22</u></div>
<div><u>Hensall 2.00 12.32 452.682.03 12.30 452.04</u></div>
<div><u>Bruce 2.05 12.37 454.522.05 12.33 452.96</u></div>
<div><u>Putnam 2.05 12.37 454.522.05 12.33 452.96</u></div>
<div><u>Burford 2.05 12.37 454.522.08 12.36 454.06</u></div>
<div><u>Port Perry 1.98 12.30 451.952.01 12.29 451.49</u></div>
<div><u>Norfolk 2.05 12.37 454.522.05 12.33 452.96</u></div>
<div><u>Palmerston 2.00 12.32 452.682.00 12.28 451.12</u></div>
<div><u>Varna 1.95 12.27 450.852.00 12.28 451.12</u></div>
<div><u>Trenton 2.05 12.37 454.522.00 12.28 451.12</u></div>
<div><u>Winchester 1.95 12.27 450.852.00 12.28 451.12</u></div>
<div><u>North Gower 1.98 12.30 451.951.98 12.26 450.39</u></div>
<div><u>Huron FOB 2.05 12.37 454.522.00 12.28 451.12</u></div>
<div><u>Kent FOB 2.20 12.52 460.032.00 12.28 451.12</u></div>
<div><u>Lambton FOB 2.10 12.42 456.362.15 12.43 456.63</u></div>
<div><u>Middlesex FOB2.17 2.17 2.19 2.25 12.49 458.932.13 12.41 455.90</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton N/A 2.47 12.75 468.39</u></div>
<div><u>Prescott 2.20 12.52 460.032.35 12.63 463.98</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.24 10.08 370.33-0.38 9.90 363.65</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2703 up 0.0050</u></div>
<div><u>Chicago wheat closed slightly higher.</u></div>
<div><u>MAR18 HI 4.52 JUL18 HI 4.79 1/2</u></div>
<div><u> LOW 4.44 3/4 LOW 4.71</u></div>
<div><u> CLOSE 4.51 1/4 Up 4 CLOSE 4.79 Up 4 1/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly higher.</u></div>
<div><u>MAR18 HI 6.03 1/4 SEP18 HI 6.32 1/2</u></div>
<div><u> LOW 5.99 LOW 6.26 1/2</u></div>
<div><u> CLOSE 6.03 Up 1 3/4 CLOSE 6.32 1/2 Up 3 1/2</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 1.16 1.09 1.03 0.30</u></div>
<div><u>CAD $/bu 5.67 5.61 5.54 6.33</u></div>
<div><u>CAD $/tonne 208.29 205.96 203.63 232.45</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 1.02 1.40 0.90 N/A 1.16 0.90 0.84 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 0.95 0.25 1.00 0.85 0.85 0.35</u></div>
<div><u>Essex N/A N/A 0.74 N/A N/A N/A 0.82 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 0.90 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 0.85 N/A</u></div>
<div><u>Brigden N/A N/A 0.90 N/A N/A N/A 0.85 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 1.00 0.90 N/A 1.00 0.85 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 0.77 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 1.06 1.00 0.27 N/A 1.16 1.09 0.26</u></div>
<div><u>W O Feed 1.45</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 1.35 N/A N/A N/A 1.29 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.56US 5.80CA 4.74US 6.01CA</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 1.16 1.03 0.97 0.30</u></div>
<div><u>CAD $/bu 5.95 5.82 5.76 6.63</u></div>
<div><u>CAD $/tonne 218.58 213.92 211.59 243.51</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 525.37</u></div>
<div><u>DDG's FOB Srn & Aylm 230.00 - 245.00</u></div>
<div><u><br>
</u></div>
<div>---</div>
<div>Ontario Grain Market Commentary for February 21, 2018</div>
<div>By Marty Hibbs, Grain Farmers of Ontario</div>
<div><br>
</div>
<div>
<div>Wednesday, February 21, 2018 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>3.65<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
01<span style="white-space:pre"> </span>cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>10.33<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre">
</span>14<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>4.48<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
06<span style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>6.01<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
01<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>4.66<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
09<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>2.59<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
08<span style="white-space:pre"> </span>cents </div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>.7890<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre">
</span>1.03<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>Corn: </div>
<div>We are now banging on the door of the major down trend line on the weekly corn chart. Because of the March contract first notice day, I am now using the May contract for my analysis. The $3.80 - $3.85 area on the May contract will offer stiff resistance
and a close above the $3.85 on the May contract will be required before we can say the trend line has been breached. This will not signal a reversal in trend, but a neutralizing of the seven-year-old down trend. Before I am confident enough to admit a reversal
of the main trend, I would need to see a close above $4 on the lead month contract. Meanwhile, a close above $3.85 on the May contract for at least a week would signal to me that the bear market may be over or at least neutralized. <span style="font-size: 10pt;">Initial
support is now at $3.60 on May while overhead resistance is at $3.80 - $3.85. The primary trend is still down. </span></div>
<div><br>
</div>
<div>Soybeans: </div>
<div>Like the other grains, we will be using the May contract for my analysis. The May 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 May charts at the $10 level while our overhead resistance level is still at the $10.75 -
$11 level. </div>
<div>Short term indicators are positive and the primary trend is neutral. A close above $11 would be very positive and turn our bear market into a possible bullish pattern for an end of the six-year-old bear market. </div>
<div><br>
</div>
<div>Wheat: </div>
<div><span style="font-size: 10pt;">Again we are using the May chart for our weekly analysis. With the March options expiring on Friday, February 23, there is a better than average chance that the March contract will stay close to the $4.50 area until expiration.
Meanwhile, the May contract will be pressured a little as March moves to deliverable status as of March 1st . Going forward we are still working off the red buy signal received back on January 2 and we should continue to move higher into the spring. </span><br>
</div>
<div>We will move our support line on the May chart back to the $4.50 level. Our overhead resistance based on May now stands at the $5 - $5.20 level. Once we get through that level we could quickly see a move towards the $5.60 level on the lead month contract. </div>
<div>The weekly trend line on Chicago wheat has not only broken the down trend, but came back, tested it, and flashed a red buy signal all in the month of February. </div>
<div>Indicators are positive. Both daily and weekly indicators are now bullish, and our primary trend has turned from bearish to neutral after a seven year down trend. </div>
<div><br>
</div>
<div>Cash Grain prices as of the close, February 21, are as follows:</div>
<div>SWW @ $205.96 ($5.61/bu), HRW @ $203.63/MT ($5.54/bu), </div>
<div> HRS @ $231.13/MT ($6.29/bu), SRW @ $201.30/MT ($5.48/bu). </div>
<div>----</div>
<div><br>
</div>
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"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>
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