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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, March 22</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2887 down 0.0030</u></div>
<div><u>Chicago corn closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAY18 HI 3.77 1/2 DEC18 HI 3.99 1/2</u></div>
<div><u> LOW 3.74 LOW 3.96</u></div>
<div><u> CLOSE3.76 Up 1 CLOSE 3.98 Up 1 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 0.70 4.46 175.58 0.70 4.68 184.24</u></div>
<div><u>CK High 0.80 4.56 179.52 0.80 4.78 188.18</u></div>
<div><u>CK Avg 0.75 -0.26 4.51 177.55 0.75 -0.31 4.73 186.21</u></div>
<div><u>Essex Cty 0.75 4.51 177.55 0.75 4.73 186.21</u></div>
<div><u>Mdsx Low 0.70 4.46 175.58 0.70 4.68 184.24</u></div>
<div><u>Mdsx High 0.80 4.56 179.52 0.75 4.73 186.21</u></div>
<div><u>Mdsx Avg 0.75 -0.26 4.51 177.55 0.73 -0.33 4.71 185.23</u></div>
<div><u>Hensall 0.78 4.54 178.54 0.74 4.72 185.62</u></div>
<div><u>Bruce 0.80 4.56 179.52 0.75 4.73 186.21</u></div>
<div><u>Putnam 0.80 4.56 179.52 0.75 4.73 186.21</u></div>
<div><u>Burford 0.75 4.51 177.55 0.75 4.73 186.21</u></div>
<div><u>Port Perry 0.80 4.56 179.52 0.80 4.78 188.18</u></div>
<div><u>Norfolk 0.80 4.56 179.52 0.80 4.78 188.18</u></div>
<div><u>Palmerston 0.75 4.51 177.55 0.75 4.73 186.21</u></div>
<div><u>Varna 0.80 4.56 179.52 0.75 4.73 186.21</u></div>
<div><u>Trenton 0.80 4.56 179.52 0.75 4.73 186.21</u></div>
<div><u>Winchester 1.00 4.76 187.39 1.05 5.03 198.02</u></div>
<div><u>North Gower 0.99 4.75 187.00 1.03 5.01 197.23</u></div>
<div><u>Huron FOB 0.95 4.71 185.42 0.80 4.78 188.18</u></div>
<div><u>Kent FOB 0.95 4.71 185.42 0.82 4.80 188.97</u></div>
<div><u>Lamb FOB 1.00 4.76 187.39 0.80 4.78 188.18</u></div>
<div><u>Mdsx FOB 0.80 0.80 0.80N/A 4.56 179.52 0.75 4.73 186.21</u></div>
<div><u>FOB SW Que 1.34 5.10 200.78 1.07 5.05 198.81</u></div>
<div><u>Track 1.15 4.91 193.30N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A N/A N/A 0.89 4.87 191.72</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 1.15 1.15 1.00 4.98 196.05</u></div>
<div><u>Sarn-Eth 1.00 1.00 1.00N/A 4.76 187.39N/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 1.20N/A 0.95 4.93 194.09</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 5.08 199.99</u></div>
<div><u>W O Feed 1.36 5.12 201.41</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.46 5.22 205.50</u></div>
<div><u>Toledo El. -0.09 3.67 144.47 -0.26 3.72 146.54</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.75 4.51</u></div>
<div><u>HI SD CRN 0.80 4.561</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2887 down 0.0030</u></div>
<div><u>Chicago soybeans closed narrowly mixed.</u></div>
<div><u><br>
</u></div>
<div><u> MAY18 HI 10.35 1/2 NOV18 HI 10.29 3/4</u></div>
<div><u> LOW 10.22 1/4 LOW 10.18 3/4</u></div>
<div><u> CLOSE10.29 3/4 Unchanged CLOSE 10.26 3/4 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 2.10 12.40 455.532.15 12.42 456.27</u></div>
<div><u>CK High 2.25 12.55 461.042.30 12.57 461.78</u></div>
<div><u>CK Average 2.20 -0.6012.50 459.202.22 -0.5812.49 458.90</u></div>
<div><u>Essex Cty 2.25 12.55 461.042.20 12.47 458.10</u></div>
<div><u>Mdsx Low 2.10 12.40 455.532.18 12.45 457.37</u></div>
<div><u>Mdsx High 2.25 12.55 461.042.30 12.57 461.78</u></div>
<div><u>Mdsx Average 2.18 -0.6212.47 458.292.24 -0.5612.51 459.57</u></div>
<div><u>Hensall 2.20 12.50 459.202.25 12.52 459.94</u></div>
<div><u>Bruce 2.25 12.55 461.042.30 12.57 461.78</u></div>
<div><u>Putnam 2.35 12.65 464.722.40 12.67 465.45</u></div>
<div><u>Burford 2.17 12.47 458.102.25 12.52 459.94</u></div>
<div><u>Port Perry 2.10 12.40 455.532.18 12.45 457.37</u></div>
<div><u>Norfolk 2.20 12.50 459.202.25 12.52 459.94</u></div>
<div><u>Palmerston 2.15 12.45 457.372.20 12.47 458.10</u></div>
<div><u>Varna 2.25 12.55 461.042.30 12.57 461.78</u></div>
<div><u>Trenton 2.20 12.50 459.202.20 12.47 458.10</u></div>
<div><u>Winchester 2.10 12.40 455.532.15 12.42 456.27</u></div>
<div><u>North Gower 2.22 12.52 459.942.18 12.45 457.37</u></div>
<div><u>Huron FOB 2.25 12.55 461.042.30 12.57 461.78</u></div>
<div><u>Kent FOB 2.30 12.60 462.882.20 12.47 458.10</u></div>
<div><u>Lambton FOB 2.25 12.55 461.042.40 12.67 465.45</u></div>
<div><u>Middlesex FOB2.14 2.34 2.42 2.42 12.44 457.002.29 12.56 461.41</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton N/A 2.65 12.92 474.64</u></div>
<div><u>Prescott 2.40 12.70 466.552.56 12.83 471.33</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.31 9.99 367.00-0.39 9.88 363.06</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2887 down 0.0030</u></div>
<div><u>Chicago wheat closed slightly higher.</u></div>
<div><u>MAY18 HI 4.59 3/4 JUL18 HI 4.75 1/4</u></div>
<div><u> LOW 4.51 1/4 LOW 4.67</u></div>
<div><u> CLOSE 4.55 3/4 Up 2 1/4 CLOSE 4.72 Up 2 3/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly higher.</u></div>
<div><u>MAY18 HI 5.94 3/4 SEP18 HI 6.10 1/2</u></div>
<div><u> LOW 5.87 LOW 6.04 1/2</u></div>
<div><u> CLOSE 5.93 Up 3 3/4 CLOSE 6.08 1/4 Up 1 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 1.25 1.19 0.99 0.36</u></div>
<div><u>CAD $/bu 5.81 5.74 5.55 6.29</u></div>
<div><u>CAD $/tonne 213.44 211.08 203.97 231.08</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 0.90 1.22 0.77 N/A 1.20 0.94 0.81 N/A</u></div>
<div><u>Hensall 1.10 N/A 0.85 N/A 1.15 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 1.10 1.10 0.90 0.25 1.15 1.00 0.95 0.50</u></div>
<div><u>Essex N/A N/A N/A N/A N/A N/A 0.83 N/A</u></div>
<div><u>Norwich 1.10 N/A 0.85 N/A 1.15 N/A 0.90 N/A</u></div>
<div><u>Port Hope N/A N/A 0.95 N/A N/A 1.00 1.00 N/A</u></div>
<div><u>Kent Bridge 1.10 N/A 0.85 N/A 1.15 N/A 0.90 N/A</u></div>
<div><u>Chatham N/A N/A 0.85 N/A N/A N/A 0.90 N/A</u></div>
<div><u>Brigden N/A N/A 0.85 N/A N/A N/A 0.90 N/A</u></div>
<div><u>Palmerston N/A 1.00 0.90 0.25 N/A 1.00 1.00 0.50</u></div>
<div><u>Varna 1.25 1.20 0.95 N/A 1.20 1.10 1.00 N/A</u></div>
<div><u>Mitchell 1.10 1.10 0.85 N/A 1.15 1.00 0.90 N/A</u></div>
<div><u>Thornton N/A N/A N/A 1.01 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 1.09 0.95 0.26 N/A 1.22 1.16 0.30</u></div>
<div><u>W O Feed 1.52</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 1.44 N/A N/A N/A 1.36 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.61US 5.94CA 4.67US 6.02CA</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 1.23 1.11 1.04 0.34</u></div>
<div><u>CAD $/bu 5.95 5.83 5.76 6.42</u></div>
<div><u>CAD $/tonne 218.77 214.04 211.67 235.94</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 531.32</u></div>
<div><u>DDG's FOB Srn & Aylm 225.00 - 230.00</u></div>
<div><u><br>
</u></div>
<div>---</div>
<div>Ontario Grain Market Commentary for March 21, 2018</div>
<div>By Marty Hibbs, Grain Farmers of Ontario</div>
<div><br>
</div>
<div>
<div>Wednesday, March 21, 2018 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>3.75<span style="white-space:pre"> </span>$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>10.30<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre">
</span>02<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>4.53<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
25<span style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>5.90<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
32<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>4.84<span style="white-space:pre"> </span>$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>2.31<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
24<span style="white-space:pre"> </span>cents </div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>.7768<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre">
</span>0.25<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>Corn: </div>
<div>My last report suggested that we would head towards the $4 level on the Chicago May contract after breaking the four-year-old downtrend line at the $3.75 level based on the May futures. We reached $3.96 and have since pulled back to test the breakout at
the $3.75 level. The speed of this correction suggests that we may dip below the intermediate trend line which would signal a neutralized intermediate trend instead of a bullish tone going forward for the next few weeks. </div>
<div>Initial support is still at $3.70 on the May contract while overhead resistance is still at $4 also on the May contract. Short term indicators are positive but the primary trend, is still down. </div>
<div><br>
</div>
<div>Soybeans: </div>
<div>For those of you who follow my commentary, I was looking for stiff resistance on the May contract at the $10.80 level and the charts did not fail me. At this point in the analysis, we should expect to see once again the $10 level challenged for solid support
on the May contract.</div>
<div>The $10.80 level on the lead month is coincident with the six-year-old down trend line and it was expected to offer up stiff resistance. The big question now is whether or not we continue all the way back to the $9.50 level to retest the support or do
we try once again from the $10 level on the May futures contract. </div>
<div>Initial support is seen on the May charts at the $10 - $10.20 level, while our overhead resistance level is still at the $10.80 level. </div>
<div>Indicators are mixed as the short term indicators are now negative, the intermediate trend is neutral, all while the primary trend is down. </div>
<div> </div>
<div>Wheat:</div>
<div>Based on the May Chicago wheat contract we did see an assault on the primary trend line at the $5.08 level last week before it failed. As mentioned many times, the primary trend line is a good spot to sell some of your product when the need is there and
we did reach it last week. </div>
<div>Meanwhile, the intermediate down trend line turned neutral many months ago on the weekly chart, while the $5.10 - $5.25 price point is necessary to end the bear market on the primary trend. </div>
<div>The reversal from the $5.08 level was quite severe and for that reason I would expect continued weakness even though we may have a bounce from the $4.40 level on the May contract. </div>
<div><span style="font-size: 10pt;">Daily indicators are now bearish while the intermediate trend is still neutral, but the primary trend is still down. </span></div>
<div>Harvest 2018 Grain prices as of the close, March 21, are as follows:</div>
<div>SWW @ $219.96 ($5.90/bu), HRW @ $212.22/MT ($5.78/bu), </div>
<div> HRS @ $235.17/MT ($6.40/bu), SRW @ $209.86/MT ($5.71/bu). </div>
<div><br>
</div>
<div>----</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" id="LPlnk239890" previewremoved="true"><span style="font-size:10.0pt;line-height:115%;
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