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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, April 26</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2858 up 0.0014</u></div>
<div><u>Chicago corn closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> JUL18 HI 3.96 1/4 DEC18 HI 4.12 1/4</u></div>
<div><u> LOW 3.93 1/4 LOW 4.09 1/2</u></div>
<div><u> CLOSE3.95 1/4 Down 1/2 CLOSE 4.11 1/4 Down 1</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 0.71 4.66 183.55 0.75 4.86 191.43</u></div>
<div><u>CK High 0.80 4.75 187.10 0.80 4.91 193.40</u></div>
<div><u>CK Avg 0.76 -0.29 4.71 185.52 0.76 -0.32 4.87 191.76</u></div>
<div><u>Essex Cty 0.80 4.75 187.10 0.75 4.86 191.43</u></div>
<div><u>Mdsx Low 0.71 4.66 183.55 0.75 4.86 191.43</u></div>
<div><u>Mdsx High 0.80 4.75 187.10 0.75 4.86 191.43</u></div>
<div><u>Mdsx Avg 0.76 -0.29 4.71 185.33 0.75 -0.33 4.86 191.43</u></div>
<div><u>Hensall 0.80 4.75 187.10 0.75 4.86 191.43</u></div>
<div><u>Bruce 0.71 4.66 183.55 0.75 4.86 191.43</u></div>
<div><u>Putnam 0.80 4.75 187.10 0.70 4.81 189.46</u></div>
<div><u>Burford 0.76 4.71 185.52 0.75 4.86 191.43</u></div>
<div><u>Port Perry 0.76 4.71 185.52 0.75 4.86 191.43</u></div>
<div><u>Norfolk 0.80 4.75 187.10 0.80 4.91 193.40</u></div>
<div><u>Palmerston 0.66 4.61 181.59 0.75 4.86 191.43</u></div>
<div><u>Varna 0.80 4.75 187.10 0.75 4.86 191.43</u></div>
<div><u>Trenton 0.80 4.75 187.10 0.85 4.96 195.36</u></div>
<div><u>Winchester 0.95 4.90 193.00 1.10 5.21 205.21</u></div>
<div><u>North Gower 0.88 4.83 190.25 1.02 5.13 202.06</u></div>
<div><u>Huron FOB 1.03 4.98 196.15 0.85 4.96 195.36</u></div>
<div><u>Kent FOB 1.00 4.95 194.97 0.80 4.91 193.40</u></div>
<div><u>Lamb FOB 0.86 4.81 189.46 0.80 4.91 193.40</u></div>
<div><u>Mdsx FOB 0.90 0.90 0.90N/A 4.85 191.03 0.75 4.86 191.43</u></div>
<div><u>FOB SW Que 1.30 5.25 206.78N/A</u></div>
<div><u>Track 1.23 5.18 203.83N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A N/A N/A 0.96 5.07 199.70</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A N/A N/A</u></div>
<div><u>Aylmer-Eth N/A 1.15 1.15 1.15 0.90 5.01 197.33</u></div>
<div><u>Sarn-Eth N/A N/A 1.10 1.15 N/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 5.06 199.30</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 5.18 204.03</u></div>
<div><u>W O Feed 1.27 5.22 205.60</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.34 5.29 208.36</u></div>
<div><u>Toledo El. -0.13 3.82 150.54 -0.26 3.86 151.78</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.75 1/2 4.70 3/4 0.77 1/2 4.88 3/4</u></div>
<div><u>HI SD CRN 0.80 4.75 1/4 0.80 4.91 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 1.2858 up 0.0014</u></div>
<div><u>Chicago soybeans closed narrowly mixed.</u></div>
<div><u><br>
</u></div>
<div><u> JUL18 HI 10.46 1/4 NOV18 HI 10.39 1/4</u></div>
<div><u> LOW 10.35 1/2 LOW 10.30</u></div>
<div><u> CLOSE10.39 1/2 Up 1/4 CLOSE 10.33 1/4 Down 1 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 +JUL1+JUL1+JUL18</u></div>
<div><u>CK Low 2.18 12.58 462.052.40 12.73 467.84</u></div>
<div><u>CK High 2.35 12.75 468.302.50 12.83 471.51</u></div>
<div><u>CK Average 2.27 -0.5512.66 465.182.45 -0.3912.78 469.62</u></div>
<div><u>Essex Cty 2.35 12.75 468.302.50 12.83 471.51</u></div>
<div><u>Mdsx Low 2.23 12.63 463.892.44 12.77 469.31</u></div>
<div><u>Mdsx High 2.30 12.70 466.462.50 12.83 471.51</u></div>
<div><u>Mdsx Average 2.27 -0.5512.66 465.182.47 -0.3812.80 470.41</u></div>
<div><u>Hensall 2.30 12.70 466.462.48 12.81 470.60</u></div>
<div><u>Bruce 2.30 12.70 466.462.45 12.78 469.68</u></div>
<div><u>Putnam 2.30 12.70 466.462.50 12.83 471.51</u></div>
<div><u>Burford 2.30 12.70 466.462.51 12.84 471.88</u></div>
<div><u>Port Perry 2.20 12.60 462.792.41 12.74 468.21</u></div>
<div><u>Norfolk 2.35 12.75 468.302.55 12.88 473.35</u></div>
<div><u>Palmerston 2.35 12.75 468.302.55 12.88 473.35</u></div>
<div><u>Varna 2.30 12.70 466.462.45 12.78 469.68</u></div>
<div><u>Trenton 2.30 12.70 466.462.40 12.73 467.84</u></div>
<div><u>Winchester 2.18 12.58 462.052.40 12.73 467.84</u></div>
<div><u>North Gower 2.08 12.48 458.382.32 12.65 464.90</u></div>
<div><u>Huron FOB 2.40 12.80 470.142.55 12.88 473.35</u></div>
<div><u>Kent FOB 2.50 12.90 473.812.50 12.83 471.51</u></div>
<div><u>Lambton FOB 2.50 12.90 473.812.65 12.98 477.03</u></div>
<div><u>Middlesex FOB2.36 2.44 2.56 2.63 12.76 468.672.56 12.89 473.72</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton N/A 2.85 13.18 484.37</u></div>
<div><u>Prescott 2.40 12.80 470.142.95 13.28 488.05</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.42 9.97 366.36-0.32 10.01 367.84</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2858 up 0.0014</u></div>
<div><u>Chicago wheat closed moderately lower.</u></div>
<div><u>MAY18 HI 4.91 1/2 JUL18 HI 5.04 1/4</u></div>
<div><u> LOW 4.76 1/2 LOW 4.87 1/4</u></div>
<div><u> CLOSE 4.80 3/4 Down 5 1/2 CLOSE 4.89 1/2 Down 9 1/2</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly lower to steady.</u></div>
<div><u>MAY18 HI 6.04 SEP18 HI 6.19 1/4</u></div>
<div><u> LOW 5.93 3/4 LOW 6.07 1/4</u></div>
<div><u> CLOSE 5.99 1/2 Unchanged CLOSE 6.10 3/4 Down 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 1.31 1.25 1.05 0.36</u></div>
<div><u>CAD $/bu 6.12 6.05 5.86 6.36</u></div>
<div><u>CAD $/tonne 224.78 222.41 215.33 233.63</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 0.84 N/A N/A N/A 0.90 N/A</u></div>
<div><u>London 1.17 1.23 0.97 N/A 1.26 1.07 1.01 N/A</u></div>
<div><u>Hensall 1.19 N/A 0.84 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 0.80 0.25 1.15 1.00 0.90 0.50</u></div>
<div><u>Essex N/A N/A 0.62 N/A N/A N/A 0.95 N/A</u></div>
<div><u>Norwich 1.19 N/A 0.84 N/A 1.15 N/A 0.90 N/A</u></div>
<div><u>Port Hope N/A N/A 0.89 N/A N/A 1.00 1.00 N/A</u></div>
<div><u>Kent Bridge 1.19 N/A 0.84 N/A 1.15 N/A 0.90 N/A</u></div>
<div><u>Chatham N/A N/A 0.95 N/A N/A N/A 0.95 N/A</u></div>
<div><u>Brigden N/A N/A 0.95 N/A N/A N/A 0.95 N/A</u></div>
<div><u>Palmerston N/A 0.99 0.89 0.25 N/A 0.90 0.85 0.35</u></div>
<div><u>Varna 1.19 1.19 0.89 N/A 1.30 1.10 0.95 N/A</u></div>
<div><u>Mitchell 1.19 1.19 0.84 N/A 1.15 1.00 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 1.15 1.01 0.16 N/A 1.18 1.22 0.28</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 1.62 N/A N/A N/A 1.53 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.95US 6.36CA 4.95US 6.36CA</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 1.27 1.14 1.08 0.33</u></div>
<div><u>CAD $/bu 6.17 6.04 5.97 6.44</u></div>
<div><u>CAD $/tonne 226.55 221.82 219.46 236.59</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 557.01</u></div>
<div><u>DDG's FOB Srn & Aylm 250.00</u></div>
<div><br>
</div>
---
<p></p>
<p style="margin-top:0;margin-bottom:0">Ontario Grain Commentary for April 25, 2018</p>
<p style="margin-top:0;margin-bottom:0">By Marty Hibbs, Grain Farmers of Ontario</p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<p style="margin-top:0;margin-bottom:0"></p>
<div>Wednesday, April 25, 2018 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>3.96<span style="white-space:pre"> </span>$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>July<span style="white-space:pre">
</span>10.39<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre">
</span>15<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>4.99<span style="white-space:pre"> </span>$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>July<span style="white-space:pre">
</span>6.06<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
18<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>5.26<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
18<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>2.29<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 $<span style="white-space:pre"> </span>June<span style="white-space:pre">
</span>.7800<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre">
</span>1.25<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>Corn: </div>
<div>We are switching over to the July futures for the corn analysis. Our support is now at the $3.70 level on the July contract, while our overhead resistance is still at the $4 level. The short term seems to still need more work to the downside but the intermediate
trend is still looking neutral to bullish as long as the $3.60 price is maintained. </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>The soybean contract will be switching to the July futures which is still considered old crop. New crop beans are based on the November futures. To establish our new support and resistance lines on the July contract, we are looking at $9.50 for the support
level and $10.80 for our overhead resistance located at the down-trend line. </div>
<div>Like the corn, I feel there is more downside before we try and challenge the trend-line on the soybean chart. The primary down-trend line is still at the $10.80 level on the July chart and we may need more time to re-test the support at the $9.50 level
before we attempt another assault on the down-trend line.</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;">I am going to stick with the May contract for my analysis this week of the wheat. My reason is that we are getting close to the main trend line once again and the lead month contract is instrumental in forming the basis of
the weekly charts. </span><br>
</div>
<div><br>
</div>
<div>The May wheat contract closed at $4.86 today and our overhead resistance is around $5 while the big resistance is the main down-trend line is at $5.20. If we were to close above the $5.20 level on the Chicago May wheat futures before we get into May, there
is a chance we could get a trend break on our charts and possibly signal the end of the eight-year-old bear market. This price would be reflected on the July contract around $5.35 - $5.45 on the July contract. Chances of this happening in the next seven days
are slim, but I just want to keep my analysis consistent. </div>
<div>We still have mixed signals as the daily and intermediate trends are still neutral to bullish, but the primary trend is still down. </div>
<div><br>
</div>
<div>Harvest 2018 Grain prices as of the close, April 25, are as follows:</div>
<div>SWW @ $230.56 ($6.27/bu), HRW @ $225.85/MT ($6.15/bu), </div>
<div> HRS @ $237.63/MT ($6.47/bu), SRW @ $223.49/MT ($6.08/bu). </div>
<div><br>
</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>
<span style="background:#FDFDFD">Tel.<span class="apple-converted-space"> </span></span></span><a href="callto:519-674-1500" id="LPlnk435569" previewremoved="true"><span style="font-size:10.0pt;line-height:115%;
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