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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, April 19</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.266 up 0.0041</u></div>
<div><u>Chicago corn closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> MAY18 HI 3.83 1/2 DEC18 HI 4.09</u></div>
<div><u> LOW 3.80 3/4 LOW 4.06 1/4</u></div>
<div><u> CLOSE3.82 Down 1 CLOSE 4.08 Down 1/2</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 +JUL18+JUL18+SEP18</u></div>
<div><u>CK Low 0.70 4.52 177.94 0.65 4.73 186.21</u></div>
<div><u>CK High 0.84 4.66 183.46 0.75 4.83 190.15</u></div>
<div><u>CK Avg 0.76 -0.20 4.58 180.18 0.67 -0.33 4.75 186.87</u></div>
<div><u>Essex Cty 0.84 4.66 183.46 0.65 4.73 186.21</u></div>
<div><u>Mdsx Low 0.75 4.57 179.91 0.65 4.73 186.21</u></div>
<div><u>Mdsx High 0.80 4.62 181.88 0.70 4.78 188.18</u></div>
<div><u>Mdsx Avg 0.78 -0.19 4.60 180.90 0.68 -0.32 4.76 187.20</u></div>
<div><u>Hensall 0.80 4.62 181.88 0.70 4.78 188.18</u></div>
<div><u>Bruce 0.80 4.62 181.88 0.70 4.78 188.18</u></div>
<div><u>Putnam 0.80 4.62 181.88 0.70 4.78 188.18</u></div>
<div><u>Burford 0.80 4.62 181.88 0.70 4.78 188.18</u></div>
<div><u>Port Perry 0.80 4.62 181.88 0.70 4.78 188.18</u></div>
<div><u>Norfolk 0.84 4.66 183.46 0.70 4.78 188.18</u></div>
<div><u>Palmerston 0.75 4.57 179.91 0.65 4.73 186.21</u></div>
<div><u>Varna 0.80 4.62 181.88 0.70 4.78 188.18</u></div>
<div><u>Trenton 0.85 4.67 183.85 0.80 4.88 192.12</u></div>
<div><u>Winchester 0.96 4.78 188.18 1.06 5.14 202.35</u></div>
<div><u>North Gower 0.97 4.79 188.57 1.02 5.10 200.78</u></div>
<div><u>Huron FOB 1.00 4.82 189.76 0.80 4.88 192.12</u></div>
<div><u>Kent FOB 0.99 4.81 189.36 0.70 4.78 188.18</u></div>
<div><u>Lamb FOB 0.95 4.77 187.79 0.75 4.83 190.15</u></div>
<div><u>Mdsx FOB 0.85 0.85 0.85N/A 4.67 183.85 0.80 4.88 192.12</u></div>
<div><u>FOB SW Que 1.32 5.14 202.35N/A</u></div>
<div><u>Track 1.23 5.05 198.61N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A N/A N/A 0.86 4.94 194.48</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A N/A N/A</u></div>
<div><u>Aylmer-Eth N/A 1.10 1.10 1.15 0.90 4.98 196.05</u></div>
<div><u>Sarn-Eth 1.10 1.10 1.10N/A 4.92 193.69N/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 N/A 0.95 5.03 198.02</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 1.07 5.15 202.75</u></div>
<div><u>W O Feed 1.28 5.10 200.70</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.34 5.16 203.14</u></div>
<div><u>Toledo El. -0.01 3.81 149.89 -0.25 3.83 150.65</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.77 4.59 0.70 4.78</u></div>
<div><u>HI SD CRN 0.84 4.66 0.75 4.83</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.266 up 0.0041</u></div>
<div><u>Chicago soybeans closed mixed.</u></div>
<div><u><br>
</u></div>
<div><u> MAY18 HI 10.44 3/4 NOV18 HI 10.47 3/4</u></div>
<div><u> LOW 10.32 3/4 LOW 10.37 3/4</u></div>
<div><u> CLOSE10.37 1/4 Down 4 1/2 CLOSE 10.42 1/2 Down 3 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 +MAY1+JUL1+JUL18</u></div>
<div><u>CK Low 2.09 12.46 457.922.10 12.53 460.21</u></div>
<div><u>CK High 2.15 12.52 460.122.15 12.58 462.05</u></div>
<div><u>CK Average 2.12 -0.5112.49 458.842.12 -0.5212.54 460.89</u></div>
<div><u>Essex Cty 2.20 12.57 461.962.05 12.48 458.38</u></div>
<div><u>Mdsx Low 2.09 12.46 457.922.11 12.54 460.58</u></div>
<div><u>Mdsx High 2.10 12.47 458.292.15 12.58 462.05</u></div>
<div><u>Mdsx Average 2.10 -0.5212.47 458.102.13 -0.5112.56 461.32</u></div>
<div><u>Hensall 2.10 12.47 458.292.15 12.58 462.05</u></div>
<div><u>Bruce 2.10 12.47 458.292.10 12.53 460.21</u></div>
<div><u>Putnam 2.10 12.47 458.292.15 12.58 462.05</u></div>
<div><u>Burford 2.16 12.53 460.492.18 12.61 463.15</u></div>
<div><u>Port Perry 2.09 12.46 457.922.11 12.54 460.58</u></div>
<div><u>Norfolk 2.10 12.47 458.292.15 12.58 462.05</u></div>
<div><u>Palmerston 2.15 12.52 460.122.15 12.58 462.05</u></div>
<div><u>Varna 2.10 12.47 458.292.15 12.58 462.05</u></div>
<div><u>Trenton 2.15 12.52 460.122.15 12.58 462.05</u></div>
<div><u>Winchester 1.92 12.29 451.672.23 12.66 464.99</u></div>
<div><u>North Gower 2.00 12.37 454.612.09 12.52 459.85</u></div>
<div><u>Huron FOB 2.20 12.57 461.962.25 12.68 465.73</u></div>
<div><u>Kent FOB 2.25 12.62 463.802.10 12.53 460.21</u></div>
<div><u>Lambton FOB 2.25 12.62 463.802.25 12.68 465.73</u></div>
<div><u>Middlesex FOB2.26 2.33 2.33 2.40 12.63 464.162.28 12.71 466.83</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton N/A 2.55 12.98 476.75</u></div>
<div><u>Prescott 2.10 12.47 458.292.45 12.88 473.08</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.27 10.11 371.36-0.32 10.11 371.42</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.266 up 0.0041</u></div>
<div><u>Chicago wheat closed slightly higher.</u></div>
<div><u>MAY18 HI 4.80 JUL18 HI 4.94</u></div>
<div><u> LOW 4.71 3/4 LOW 4.85</u></div>
<div><u> CLOSE 4.76 3/4 Up 1 1/2 CLOSE 4.90 3/4 Up 1 1/2</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly to moderately lower.</u></div>
<div><u>MAY18 HI 6.19 3/4 SEP18 HI 6.31 1/2</u></div>
<div><u> LOW 6.08 1/4 LOW 6.19 1/2</u></div>
<div><u> CLOSE 6.13 1/4 Down 4 3/4 CLOSE 6.24 Down 5 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 1.20 1.14 0.95 0.30</u></div>
<div><u>CAD $/bu 5.97 5.91 5.72 6.43</u></div>
<div><u>CAD $/tonne 219.44 217.12 210.14 236.42</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 0.85 N/A</u></div>
<div><u>London 1.02 1.09 0.84 N/A 1.12 0.93 0.87 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 0.85 0.25 1.15 1.00 0.90 0.50</u></div>
<div><u>Essex N/A N/A 0.47 N/A N/A N/A 0.80 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 0.85 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 0.85 N/A</u></div>
<div><u>Brigden N/A N/A 0.85 N/A N/A N/A 0.85 N/A</u></div>
<div><u>Palmerston N/A 1.00 0.90 0.25 N/A 0.90 0.85 0.35</u></div>
<div><u>Varna 1.15 1.20 0.85 N/A 1.10 1.10 0.90 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 0.90 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 1.02 0.88 0.09 N/A 1.16 1.10 0.21</u></div>
<div><u>W O Feed 1.44</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 1.39 N/A N/A N/A 1.31 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.97US 6.29CA 4.96US 6.28CA</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 1.18 1.05 0.99 0.27</u></div>
<div><u>CAD $/bu 6.09 5.96 5.90 6.51</u></div>
<div><u>CAD $/tonne 223.63 218.98 216.65 239.10</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 549.84</u></div>
<div><u>DDG's FOB Srn & Aylm 245.00 - 250.00</u></div>
<div><br>
</div>
---
<p></p>
<p style="margin-top:0;margin-bottom:0">Ontario Grain Market Commentary for April 18, 2018</p>
<p style="margin-top:0;margin-bottom:0">By Marty Hibbs, Grain Farmers of Ontario</p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<p style="margin-top:0;margin-bottom:0"></p>
<div>Wednesday, April 18, 2018 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>3.83<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
04<span style="white-space:pre"> </span>cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>10.42<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre">
</span>06<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>4.75<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
12<span style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>6.18<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
11<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>5.08<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
24<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>2.39<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
05<span style="white-space:pre"> </span>cents </div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>.7925<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre">
</span>0.25<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div><br>
</div>
<div>Corn: </div>
<div>We stalled as expected at the $4 level on the July futures since our last report. From these levels on both May and July I expect more of a sideways to lower price movement before we challenge the all-important $4 level once again. We will be switching
over to the July contract for my next commentary on April 25. Meanwhile, we will continue to use the May contract this week for our analysis. Support on the May contract is still at $3.70 with minor support at the $3.85 level, while $4 is still the big target
we need to negate to get this bull on the run. </div>
<div>Intermediate trend is still up while the primary trend is still down. Our charts indicate we need a close above the $4.40 level on the lead month contract before we can get excited about a primary trend reversal.</div>
<div><br>
</div>
<div>Soybeans: </div>
<div>Like the other grains, last week was the major resistance for soybeans. We are behaving nicely as the prices are quiet and somewhat softer on the futures contract. We are, however, getting ready for an assault on the major downtrend line that cuts across
the $10.80 on the lead month contract. Timing is the big unknown here as we could probe lower in the coming weeks before the attempt is made. </div>
<div>Initial support is seen on the May charts at the $10 - $10.20 level, with major support at the $9.50 level, while our overhead resistance level is still at the $10.80 level. </div>
<div>Indicators are mixed as the short term and intermediate trend is neutral to bullish, but the primary trend is still down. </div>
<div><br>
</div>
<div>Wheat: </div>
<div><span style="font-size: 10pt;">We are getting the correction that I anticipated in the last commentary. It now, however, looks like it may be a little deeper than expected. My belief was that we would pull back to the initial support at the $4.75 level
on the May futures contract but we are currently there and the move looks unfinished. The $5.20 level is the primary trend line so it is not uncommon that the pullback before the re-test is initiated could be significant. Looking at the charts, I now feel
we could see a test of the $4.40 level one more time and a worst case would be a move all the way back to the $4 support level without disrupting the chart pattern. Either way, I feel we will re-test the primary downtrend line on the wheat which currently
sits around the $5.20 price point based on the lead month futures chart.</span><br>
</div>
<div>We still have mixed signals as the daily and intermediate trends are still neutral, but the primary trend is still down.</div>
<div>A convincing close above the $5.25 on the lead month contract is necessary to break the back of this bear market.</div>
<div><br>
</div>
<div>Harvest 2018 Grain prices as of the close, April 18, are as follows:</div>
<div>SWW @ $222.08 ($6.04/bu), HRW @ $217.44/MT ($5.92/bu), </div>
<div> HRS @ $240.99/MT ($6.56/bu), SRW @ $215.13/MT ($5.85/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>
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