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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, March 1</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2847 up 0.0021</u></div>
<div><u>Chicago corn closed slightly to moderately higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAY18 HI 3.86 1/2 DEC18 HI 4.05</u></div>
<div><u> LOW 3.79 1/2 LOW 3.98 3/4</u></div>
<div><u> CLOSE3.86 1/4 Up 4 1/4 CLOSE 4.04 3/4 Up 3 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+JUL18+JUL18</u></div>
<div><u>CK Low 0.60 4.46 175.68 0.65 4.70 184.93</u></div>
<div><u>CK High 0.70 4.56 179.62 0.75 4.80 188.87</u></div>
<div><u>CK Avg 0.63 -0.36 4.50 176.99 0.68 -0.36 4.72 185.92</u></div>
<div><u>Essex Cty 0.65 4.51 177.65 0.65 4.70 184.93</u></div>
<div><u>Mdsx Low 0.60 4.46 175.68 0.65 4.70 184.93</u></div>
<div><u>Mdsx High 0.65 4.51 177.65 0.65 4.70 184.93</u></div>
<div><u>Mdsx Avg 0.63 -0.37 4.49 176.67 0.65 -0.38 4.70 184.93</u></div>
<div><u>Hensall 0.68 4.54 178.63 0.68 4.72 185.92</u></div>
<div><u>Bruce 0.65 4.51 177.65 0.65 4.70 184.93</u></div>
<div><u>Putnam 0.65 4.51 177.65 0.65 4.70 184.93</u></div>
<div><u>Burford 0.70 4.56 179.62 0.65 4.70 184.93</u></div>
<div><u>Port Perry 0.70 4.56 179.62 0.65 4.70 184.93</u></div>
<div><u>Norfolk 0.70 4.56 179.62 0.70 4.75 186.90</u></div>
<div><u>Palmerston 0.65 4.51 177.65 0.65 4.70 184.93</u></div>
<div><u>Varna 0.70 4.56 179.62 0.70 4.75 186.90</u></div>
<div><u>Trenton 0.75 4.61 181.59 0.75 4.80 188.87</u></div>
<div><u>Winchester 0.98 4.84 190.64 1.03 5.08 199.89</u></div>
<div><u>North Gower 0.96 4.82 189.85 0.94 4.99 196.35</u></div>
<div><u>Huron FOB 0.92 4.78 188.28 0.75 4.80 188.87</u></div>
<div><u>Kent FOB 0.92 4.78 188.28 0.75 4.80 188.87</u></div>
<div><u>Lamb FOB 1.00 4.86 191.43 0.70 4.75 186.90</u></div>
<div><u>Mdsx FOB 0.70 0.70N/A N/A 4.56 179.62 0.70 4.75 186.90</u></div>
<div><u>FOB SW Que 1.28 5.14 202.45 1.09 5.14 202.25</u></div>
<div><u>Track 1.10 4.96 195.36N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A 1.20N/A 1.01 5.06 199.10</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 1.10 1.10 N/A</u></div>
<div><u>Sarn-Eth 1.00N/A N/A N/A 4.86 191.43N/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 1.15N/A 0.95 5.00 196.74</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 5.15 202.65</u></div>
<div><u>W O Feed 1.23 5.09 200.40</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.39 5.25 206.78</u></div>
<div><u>Toledo El. -0.09 3.77 148.52 -0.26 3.79 149.25</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.65 1 4.51 1/4</u></div>
<div><u>HI SD CRN 0.70 4.56 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 1.2847 up 0.0021</u></div>
<div><u>Chicago soybeans closed slightly to moderately higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAY18 HI 10.68 3/4 NOV18 HI 10.38</u></div>
<div><u> LOW 10.50 3/4 LOW 10.27</u></div>
<div><u> CLOSE10.68 Up 12 1/2 CLOSE 10.38 Up 5 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 +MAY1+MAY1+JUL18</u></div>
<div><u>CK Low 2.00 12.68 465.912.05 12.43 456.72</u></div>
<div><u>CK High 2.10 12.78 469.582.20 12.58 462.24</u></div>
<div><u>CK Average 2.08 -0.7512.76 468.972.14 -0.6212.52 459.97</u></div>
<div><u>Essex Cty 2.05 12.73 467.752.05 12.43 456.72</u></div>
<div><u>Mdsx Low 2.10 12.78 469.582.13 12.51 459.66</u></div>
<div><u>Mdsx High 2.10 12.78 469.582.20 12.58 462.24</u></div>
<div><u>Mdsx Average 2.10 -0.7312.78 469.582.17 -0.6012.55 460.95</u></div>
<div><u>Hensall 2.10 12.78 469.582.18 12.56 461.32</u></div>
<div><u>Bruce 2.10 12.78 469.582.20 12.58 462.24</u></div>
<div><u>Putnam 2.10 12.78 469.582.20 12.58 462.24</u></div>
<div><u>Burford 2.17 12.85 472.162.20 12.58 462.24</u></div>
<div><u>Port Perry 2.10 12.78 469.582.13 12.51 459.66</u></div>
<div><u>Norfolk 2.10 12.78 469.582.20 12.58 462.24</u></div>
<div><u>Palmerston 2.05 12.73 467.752.10 12.48 458.56</u></div>
<div><u>Varna 2.10 12.78 469.582.15 12.53 460.40</u></div>
<div><u>Trenton 2.15 12.83 471.422.10 12.48 458.56</u></div>
<div><u>Winchester 2.30 12.98 476.932.10 12.48 458.56</u></div>
<div><u>North Gower 2.04 12.72 467.382.06 12.44 457.09</u></div>
<div><u>Huron FOB 2.20 12.88 473.262.25 12.63 464.07</u></div>
<div><u>Kent FOB 2.30 12.98 476.932.15 12.53 460.40</u></div>
<div><u>Lambton FOB 2.30 12.98 476.932.25 12.63 464.07</u></div>
<div><u>Middlesex FOB2.23 2.36 2.40 2.40 12.91 474.362.24 12.62 463.71</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton N/A 2.65 13.03 478.77</u></div>
<div><u>Prescott 2.32 13.00 477.672.54 12.92 474.73</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.31 10.37 381.09-0.38 10.00 367.27</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2847 up 0.0021</u></div>
<div><u>Chicago wheat closed sharply higher.</u></div>
<div><u>MAY18 HI 5.18 JUL18 HI 5.31</u></div>
<div><u> LOW 4.89 1/2 LOW 5.03</u></div>
<div><u> CLOSE 5.15 1/2 Up 20 1/2 CLOSE 5.28 1/2 Up 21 1/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed moderately higher to higher.</u></div>
<div><u>MAY18 HI 6.36 SEP18 HI 6.47</u></div>
<div><u> LOW 6.19 1/2 LOW 6.35 3/4</u></div>
<div><u> CLOSE 6.34 3/4 Up 13 CLOSE 6.46 1/2 Up 8 3/4</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 1.40 1.34 1.27 0.46</u></div>
<div><u>CAD $/bu 6.56 6.49 6.43 6.81</u></div>
<div><u>CAD $/tonne 240.98 238.62 236.26 250.06</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 0.85 N/A N/A N/A 0.90 N/A</u></div>
<div><u>London 1.04 1.30 0.85 N/A 1.29 1.03 0.90 N/A</u></div>
<div><u>Hensall 1.00 N/A 0.85 N/A 1.05 N/A 0.90 N/A</u></div>
<div><u>Trenton N/A N/A N/A N/A N/A N/A 1.00 N/A</u></div>
<div><u>Bruce 1.00 1.00 0.85 0.15 1.05 0.90 0.90 0.35</u></div>
<div><u>Essex N/A N/A N/A N/A N/A N/A 0.86 N/A</u></div>
<div><u>Norwich 1.00 N/A 0.85 N/A 1.05 N/A 0.90 N/A</u></div>
<div><u>Port Hope N/A N/A 0.85 N/A N/A 0.85 0.90 N/A</u></div>
<div><u>Kent Bridge 1.00 N/A 0.85 N/A 1.05 N/A 0.90 N/A</u></div>
<div><u>Chatham N/A N/A 0.90 N/A N/A N/A 0.95 N/A</u></div>
<div><u>Brigden N/A N/A 0.90 N/A N/A N/A 0.95 N/A</u></div>
<div><u>Palmerston N/A 0.80 0.80 N/A N/A 0.75 0.85 0.35</u></div>
<div><u>Varna 1.15 1.00 0.85 N/A 1.10 0.90 0.90 N/A</u></div>
<div><u>Mitchell 1.00 1.00 0.85 N/A 1.05 0.90 0.90 N/A</u></div>
<div><u>Thornton N/A N/A N/A 1.26 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 1.27 1.21 0.26 N/A 1.30 1.23 0.38</u></div>
<div><u>W O Feed 1.37</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 1.47 N/A N/A N/A 1.49 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 5.08US 6.52CA 5.24US 6.71CA</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 1.36 1.23 1.17 0.41</u></div>
<div><u>CAD $/bu 6.65 6.52 6.46 6.88</u></div>
<div><u>CAD $/tonne 244.27 239.56 237.20 252.75</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 550.28</u></div>
<div><u>DDG's FOB Srn & Aylm 220.00 - 245.00</u></div>
<div><br>
</div>
---
<p></p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<p style="margin-top:0;margin-bottom:0">Ontario Grain Market Commentary for February 28, 2018</p>
<p style="margin-top:0;margin-bottom:0">By Marty Hibbs, Grain Farmers of Ontario</p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<p style="margin-top:0;margin-bottom:0"></p>
<div>Wednesday, February 28, 2018 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>3.74<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
08<span style="white-space:pre"> </span>cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>10.55<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre">
</span>10<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>4.95<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
35<span style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>6.22<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
10<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>5.22<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
40<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>2.70<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 $<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>.7290<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre">
</span>1.00<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>Corn: </div>
<div>To repeat last week$B!G(Bs commentary, we are at the weekly trend line and could encounter stiff resistance here before a possible pullback before we punch through this area. Of course we may also not see the pull-back, in which case we could see a short covering
rally from the short positions. </div>
<div>If the pull back is implemented, I would look for a re-test of the $3.60 - $3.70 support level, based on the May contract. Even though we may negate the $3.85 (May) trend-line on a close, this would not reverse the actual trend but rather neutralize it
as we saw in the wheat. 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 (March). Meanwhile, we are currently trading at $3.85 on the May contract and are flirting with the
seven- year-old downtrend being broken. </div>
<div> Initial support is now at $3.60 on the May contract while overhead resistance is at $3.85 also on the May contract. The primary trend is still down. </div>
<div><br>
</div>
<div>Soybeans: </div>
<div>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 but the main trend line is still intact. This is enough to turn this weekly trend neutral. 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;">The May contract continues to impress and even though we have been neutralized from the seven-year-old bear market for some time, we still have a little more work before we can call this a bull market. 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 of the $5 - $5.20 level was met this week as we reached a high of $5 on the May contract before settling back at $4.95. This is the main trendline
and there is a very real possibility we could get a correction before we challenge this one again. The pullback is not mandatory but it is more common. However, if we see a strong move through this $5.10 area on a close, I would expect that we could see a
larger short covering rally before the pull back to this area, which will then be viewed as the new support zone. </div>
<div>Indicators are positive. Both daily and weekly indicators are now bullish, and our primary trend is neutral. </div>
<div><br>
</div>
<div><span style="font-size: 10pt;">Cash Grain prices as of the close, February 28, are as follows:</span><br>
</div>
<div>SWW @ $231.12 ($6.29/bu), HRW @ $228.76/MT ($6.23/bu), </div>
<div>----</div>
<div><br>
</div>
<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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