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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, March 8</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2948 down 0.0013</u></div>
<div><u>Chicago corn closed slightly to moderately higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAY18 HI 3.93 3/4 DEC18 HI 4.10 1/4</u></div>
<div><u> LOW 3.85 3/4 LOW 4.04 1/2</u></div>
<div><u> CLOSE3.93 1/2 Up 6 1/4 CLOSE 4.10 1/4 Up 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 0.65 4.59 180.50 0.65 4.75 187.10</u></div>
<div><u>CK High 0.70 4.64 182.47 0.75 4.85 191.03</u></div>
<div><u>CK Avg 0.69 -0.36 4.63 182.14 0.71 -0.38 4.81 189.39</u></div>
<div><u>Essex Cty 0.70 4.64 182.47 0.75 4.85 191.03</u></div>
<div><u>Mdsx Low 0.70 4.64 182.47 0.70 4.80 189.07</u></div>
<div><u>Mdsx High 0.75 4.69 184.44 0.75 4.85 191.03</u></div>
<div><u>Mdsx Avg 0.73 -0.34 4.66 183.46 0.73 -0.37 4.83 190.05</u></div>
<div><u>Hensall 0.75 4.69 184.44 0.75 4.85 191.03</u></div>
<div><u>Bruce 0.75 4.69 184.44 0.75 4.85 191.03</u></div>
<div><u>Putnam 0.75 4.69 184.44 0.75 4.85 191.03</u></div>
<div><u>Burford 0.75 4.69 184.44 0.75 4.85 191.03</u></div>
<div><u>Port Perry 0.75 4.69 184.44 0.75 4.85 191.03</u></div>
<div><u>Norfolk 0.75 4.69 184.44 0.80 4.90 193.00</u></div>
<div><u>Palmerston 0.65 4.59 180.50 0.65 4.75 187.10</u></div>
<div><u>Varna 0.75 4.69 184.44 0.75 4.85 191.03</u></div>
<div><u>Trenton 0.85 4.79 188.38 0.75 4.85 191.03</u></div>
<div><u>Winchester 1.02 4.96 195.07 1.05 5.15 202.84</u></div>
<div><u>North Gower 0.98 4.92 193.49 1.03 5.13 202.06</u></div>
<div><u>Huron FOB 0.95 4.89 192.31 0.80 4.90 193.00</u></div>
<div><u>Kent FOB 0.97 4.91 193.10 0.80 4.90 193.00</u></div>
<div><u>Lamb FOB 0.97 4.91 193.10 0.80 4.90 193.00</u></div>
<div><u>Mdsx FOB 0.80 0.80 0.80N/A 4.74 186.41 0.70 4.80 189.07</u></div>
<div><u>FOB SW Que 1.20 5.14 202.16 1.06 5.16 203.24</u></div>
<div><u>Track 1.13 5.06 199.20N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A 1.07N/A 0.92 5.02 197.73</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 1.00 1.00 1.00N/A 4.94 194.28N/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 1.20N/A 0.95 5.05 198.91</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 5.20 204.81</u></div>
<div><u>W O Feed 1.30 5.23 205.94</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.52 5.46 214.75</u></div>
<div><u>Toledo El. -0.09 3.84 151.35 -0.26 3.84 151.33</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.67 1/2 4.61</u></div>
<div><u>HI SD CRN 0.70 4.63 1/2</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2948 down 0.0013</u></div>
<div><u>Chicago soybeans closed narrowly mixed.</u></div>
<div><u><br>
</u></div>
<div><u> MAY18 HI 10.69 1/4 NOV18 HI 10.45 1/2</u></div>
<div><u> LOW 10.56 1/2 LOW 10.36</u></div>
<div><u> CLOSE10.64 Down 1 1/4 CLOSE 10.45 Up 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 +MAY1+MAY1+JUL18</u></div>
<div><u>CK Low 2.20 12.84 471.792.24 12.69 466.28</u></div>
<div><u>CK High 2.35 12.99 477.302.30 12.75 468.48</u></div>
<div><u>CK Average 2.25 -0.6812.89 473.692.27 -0.6012.72 467.50</u></div>
<div><u>Essex Cty 2.30 12.94 475.462.25 12.70 466.65</u></div>
<div><u>Mdsx Low 2.21 12.85 472.162.24 12.69 466.28</u></div>
<div><u>Mdsx High 2.25 12.89 473.632.30 12.75 468.48</u></div>
<div><u>Mdsx Average 2.23 -0.7012.87 472.892.27 -0.6112.72 467.38</u></div>
<div><u>Hensall 2.25 12.89 473.632.30 12.75 468.48</u></div>
<div><u>Bruce 2.25 12.89 473.632.30 12.75 468.48</u></div>
<div><u>Putnam 2.25 12.89 473.632.30 12.75 468.48</u></div>
<div><u>Burford 2.28 12.92 474.732.31 12.76 468.85</u></div>
<div><u>Port Perry 2.21 12.85 472.162.24 12.69 466.28</u></div>
<div><u>Norfolk 2.20 12.84 471.792.30 12.75 468.48</u></div>
<div><u>Palmerston 2.40 13.04 479.142.35 12.80 470.32</u></div>
<div><u>Varna 2.25 12.89 473.632.30 12.75 468.48</u></div>
<div><u>Trenton 2.25 12.89 473.632.25 12.70 466.65</u></div>
<div><u>Winchester 2.25 12.89 473.632.20 12.65 464.81</u></div>
<div><u>North Gower 2.20 12.84 471.792.25 12.70 466.65</u></div>
<div><u>Huron FOB 2.30 12.94 475.462.35 12.80 470.32</u></div>
<div><u>Kent FOB 2.40 13.04 479.142.25 12.70 466.65</u></div>
<div><u>Lambton FOB 2.40 13.04 479.142.40 12.85 472.16</u></div>
<div><u>Middlesex FOB2.32 2.45 2.50 2.50 12.96 476.202.35 12.80 470.32</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton N/A 2.70 13.15 483.18</u></div>
<div><u>Prescott 2.58 13.22 485.752.67 13.12 482.08</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.31 10.33 379.53-0.39 10.06 369.73</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2948 down 0.0013</u></div>
<div><u>Chicago wheat closed slightly higher.</u></div>
<div><u>MAY18 HI 5.02 1/2 JUL18 HI 5.18</u></div>
<div><u> LOW 4.90 1/4 LOW 5.05 3/4</u></div>
<div><u> CLOSE 4.99 1/4 Up 2 CLOSE 5.15 1/4 Up 2 1/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly higher.</u></div>
<div><u>MAY18 HI 6.25 SEP18 HI 6.38 3/4</u></div>
<div><u> LOW 6.17 1/4 LOW 6.32</u></div>
<div><u> CLOSE 6.24 3/4 Up 4 3/4 CLOSE 6.38 3/4 Up 5</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 1.41 1.34 1.15 0.48</u></div>
<div><u>CAD $/bu 6.40 6.33 6.14 6.73</u></div>
<div><u>CAD $/tonne 235.15 232.77 225.63 247.28</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 0.95 N/A</u></div>
<div><u>London 1.06 1.38 0.86 N/A 1.35 1.09 0.90 N/A</u></div>
<div><u>Hensall 1.05 N/A 0.90 N/A 1.10 N/A 0.95 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 1.05 1.05 0.90 0.20 1.10 0.95 0.95 0.35</u></div>
<div><u>Essex N/A N/A N/A N/A N/A N/A 0.99 N/A</u></div>
<div><u>Norwich 1.05 N/A 0.90 N/A 1.10 N/A 0.95 N/A</u></div>
<div><u>Port Hope N/A N/A 0.90 N/A N/A 0.85 0.95 N/A</u></div>
<div><u>Kent Bridge 1.05 N/A 0.90 N/A 1.10 N/A 0.95 N/A</u></div>
<div><u>Chatham N/A N/A 0.95 N/A N/A N/A 1.00 N/A</u></div>
<div><u>Brigden N/A N/A 0.95 N/A N/A N/A 1.00 N/A</u></div>
<div><u>Palmerston N/A 0.80 0.90 0.25 N/A 0.75 0.85 0.35</u></div>
<div><u>Varna 1.20 1.05 0.90 N/A 1.15 0.95 0.95 N/A</u></div>
<div><u>Mitchell 1.05 1.05 0.90 N/A 1.10 0.95 0.95 N/A</u></div>
<div><u>Thornton N/A N/A N/A 1.29 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 1.24 1.22 0.36 N/A 1.36 1.29 0.37</u></div>
<div><u>W O Feed 1.48</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 1.60 N/A N/A N/A 1.51 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.91US 6.36CA 5.10US 6.59CA</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 1.38 1.25 1.18 0.45</u></div>
<div><u>CAD $/bu 6.53 6.40 6.34 6.83</u></div>
<div><u>CAD $/tonne 239.92 235.17 232.79 251.08</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 546.09</u></div>
<div><u>DDG's FOB Srn & Aylm 220.00 - 235.00</u></div>
<div><br>
</div>
----
<p></p>
<p style="margin-top:0;margin-bottom:0">Ontario Grain Market Commentary for March 7, 2018</p>
<p style="margin-top:0;margin-bottom:0">By Marty Hibbs, Grain Farmers of Ontario</p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<p style="margin-top:0;margin-bottom:0"></p>
<div>Wednesday, March 7, 2018 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>3.87<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
13<span style="white-space:pre"> </span>cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>10.65<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre">
</span>10<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>4.97<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
02<span style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>6.20<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
02<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>5.34<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
12<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>2.64<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
06<span style="white-space:pre"> </span>cents </div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>.7731<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre">
</span>0.65<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>Corn: </div>
<div>Corn has broken the four-year-old downtrend line at the $3.75 level based on the lead month (March) contract. </div>
<div>From this point, we wait and see if there is a short covering rally by the funds in the next week or so. If we do have the rally towards the $4 level based on the May contract, we should come back to the $3.75 area in the next few weeks to test this trend
line for support, also based on the May contract. Initial support is now at $3.70 on the May contract while overhead resistance is at $3.95 - $4 also on the May contract. Short term indicators are positive and the main, or primary trend, is now neutral. </div>
<div><br>
</div>
<div>Soybeans: </div>
<div>Not much change this week as we hit our projected resistance at the $10.80 level on the May contract. The next 10 to 15 cents hold good resistance as we should soon see a correction in price. We are on the verge of negating the six-year-old down trend
line and a close above $11 should confirm the break. Meanwhile, a pullback to the support level of $10.20 is quite doable. Initial support is seen on the May charts at the $10.20 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 indicate an end to our bear market. </div>
<div><br>
</div>
<div>Wheat: </div>
<div>The May contract is hitting resistance at the $5.20 level but continues to impress as we are now ready to pullback before an assault on the $5.20 trend line that separates the downtrend line from a breakout and trend reversal. January 2 of this year gave
us a strong red buy signal on the weekly charts and we should see yet another short covering rally if we can close above the $5.25 level on the May contract. </div>
<div><span style="font-size: 10pt;">A possible move back to the $4.75 level on the May contract is possible but not necessary as the momentum may not allow the prices to settle back that much before another attempt at the 10-year-old trend line is challenged.
Indicators are positive. Both daily and weekly indicators are now bullish, and our primary trend is neutral with a strong bullish bias if we can close above the $5.25 price on the May contract. </span><br>
</div>
<div><br>
</div>
<div>Harvest 2018 Grain prices as of the close, March 7, are as follows:</div>
<div>SWW @ $238.66 ($6.50/bu), HRW @ $233.91/MT ($6.37/bu), </div>
<div> HRS @ $248.62/MT ($6.77/bu), SRW @ $231.54/MT ($6.30/bu). </div>
<div>----</div>
<div><br>
</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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