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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, May 10</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2757 down 0.0077</u></div>
<div><u>Chicago corn closed slightly lower to steady.</u></div>
<div><u><br>
</u></div>
<div><u> JUL18 HI 4.07 DEC18 HI 4.23 3/4</u></div>
<div><u> LOW 4.00 LOW 4.17</u></div>
<div><u> CLOSE4.02 Down 3/4 CLOSE 4.19 1/2 Unchanged</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+SEP18+SEP18</u></div>
<div><u>CK Low 0.75 4.77 187.79 0.75 4.95 194.68</u></div>
<div><u>CK High 0.85 4.87 191.72 0.80 5.00 196.64</u></div>
<div><u>CK Avg 0.83 -0.22 4.85 190.74 0.76 -0.31 4.95 195.00</u></div>
<div><u>Essex Cty 0.85 4.87 191.72 0.75 4.95 194.68</u></div>
<div><u>Mdsx Low 0.85 4.87 191.72 0.75 4.95 194.68</u></div>
<div><u>Mdsx High 0.85 4.87 191.72 0.75 4.95 194.68</u></div>
<div><u>Mdsx Avg 0.85 -0.20 4.87 191.72 0.75 -0.32 4.95 194.68</u></div>
<div><u>Hensall 0.85 4.87 191.72 0.75 4.95 194.68</u></div>
<div><u>Bruce 0.85 4.87 191.72 0.75 4.95 194.68</u></div>
<div><u>Putnam 0.85 4.87 191.72 0.75 4.95 194.68</u></div>
<div><u>Burford 0.85 4.87 191.72 0.80 5.00 196.64</u></div>
<div><u>Port Perry 0.85 4.87 191.72 0.75 4.95 194.68</u></div>
<div><u>Norfolk 0.85 4.87 191.72 0.80 5.00 196.64</u></div>
<div><u>Palmerston 0.75 4.77 187.79 0.75 4.95 194.68</u></div>
<div><u>Varna 0.85 4.87 191.72 0.75 4.95 194.68</u></div>
<div><u>Trenton 0.85 4.87 191.72 0.85 5.05 198.61</u></div>
<div><u>Winchester 1.00 5.02 197.63 1.05 5.25 206.49</u></div>
<div><u>North Gower 0.94 4.96 195.27 1.00 5.20 204.52</u></div>
<div><u>Huron FOB 1.03 5.05 198.81 0.80 5.00 196.64</u></div>
<div><u>Kent FOB 1.05 5.07 199.60 0.80 5.00 196.64</u></div>
<div><u>Lamb FOB 1.00 5.02 197.63 0.80 5.00 196.64</u></div>
<div><u>Mdsx FOB 0.90 0.90N/A N/A 4.92 193.69 0.80 5.00 196.64</u></div>
<div><u>FOB SW Que 1.12 5.14 202.35N/A</u></div>
<div><u>Track 1.30 5.32 209.44N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A N/A 1.26 0.98 5.18 203.73</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A N/A N/A</u></div>
<div><u>Aylmer-Eth 1.20 1.20 1.20 1.25 5.22 205.50 1.00 5.20 204.52</u></div>
<div><u>Sarn-Eth N/A 1.15 1.20 1.25 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 1.25 0.95 5.15 202.55</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 5.27 207.27</u></div>
<div><u>W O Feed 1.42 5.44 214.32</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.49 5.51 216.92</u></div>
<div><u>Toledo El. -0.09 3.93 154.74 -0.26 3.94 155.11</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.77 1/2 4.97</u></div>
<div><u>HI SD CRN 0.80 4.99 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 1.2757 down 0.0077</u></div>
<div><u>Chicago soybeans closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> JUL18 HI 10.33 3/4 NOV18 HI 10.40</u></div>
<div><u> LOW 10.14 1/4 LOW 10.23 1/2</u></div>
<div><u> CLOSE10.21 1/4 Up 5 1/2 CLOSE 10.31 Up 6 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 +JUL1+JUL1+SEP18</u></div>
<div><u>CK Low 2.30 12.51 459.762.35 12.66 465.18</u></div>
<div><u>CK High 2.35 12.56 461.592.40 12.71 467.01</u></div>
<div><u>CK Average 2.32 -0.3912.54 460.612.36 -0.3812.67 465.60</u></div>
<div><u>Essex Cty 2.25 12.46 457.922.30 12.61 463.34</u></div>
<div><u>Mdsx Low 2.34 12.55 461.232.37 12.68 465.91</u></div>
<div><u>Mdsx High 2.35 12.56 461.592.40 12.71 467.01</u></div>
<div><u>Mdsx Average 2.35 -0.3712.56 461.412.39 -0.3612.70 466.46</u></div>
<div><u>Hensall 2.35 12.56 461.592.40 12.71 467.01</u></div>
<div><u>Bruce 2.35 12.56 461.592.40 12.71 467.01</u></div>
<div><u>Putnam 2.50 12.71 467.102.55 12.86 472.52</u></div>
<div><u>Burford 2.41 12.62 463.802.44 12.75 468.48</u></div>
<div><u>Port Perry 2.31 12.52 460.122.34 12.65 464.81</u></div>
<div><u>Norfolk 2.30 12.51 459.762.40 12.71 467.01</u></div>
<div><u>Palmerston 2.30 12.51 459.762.40 12.71 467.01</u></div>
<div><u>Varna 2.35 12.56 461.592.40 12.71 467.01</u></div>
<div><u>Trenton 2.30 12.51 459.762.40 12.71 467.01</u></div>
<div><u>Winchester 2.35 12.56 461.592.52 12.83 471.42</u></div>
<div><u>North Gower 2.20 12.41 456.082.32 12.63 464.07</u></div>
<div><u>Huron FOB 2.45 12.66 465.272.50 12.81 470.69</u></div>
<div><u>Kent FOB 2.45 12.66 465.272.35 12.66 465.18</u></div>
<div><u>Lambton FOB 2.50 12.71 467.102.55 12.86 472.52</u></div>
<div><u>Middlesex FOB2.51 2.56 2.56 N/A 12.72 467.472.48 12.79 469.95</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Windsor 2.63 12.84 471.882.72 13.03 478.77</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton N/A 2.70 13.01 478.04</u></div>
<div><u>Prescott 2.24 12.45 457.552.76 13.07 480.24</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.26 9.96 365.87-0.32 9.99 367.11</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2757 down 0.0077</u></div>
<div><u>Chicago wheat closed slightly lower.</u></div>
<div><u>JUL18 HI 5.15 JUL18 HI 5.15</u></div>
<div><u> LOW 5.00 1/4 LOW 5.00 1/4</u></div>
<div><u> CLOSE 5.06 1/2 Down 4 CLOSE 5.06 1/2 Down 4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly lower.</u></div>
<div><u>JUL18 HI 6.14 3/4 SEP18 HI 6.20</u></div>
<div><u> LOW 6.05 1/4 LOW 6.11 3/4</u></div>
<div><u> CLOSE 6.09 Down 2 1/4 CLOSE 6.15 3/4 Down 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 1.29 1.23 1.04 0.28</u></div>
<div><u>CAD $/bu 6.36 6.30 6.10 6.37</u></div>
<div><u>CAD $/tonne 233.66 231.32 224.29 233.90</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 1.00 N/A</u></div>
<div><u>London 1.08 1.27 0.79 N/A 1.14 1.07 0.92 N/A</u></div>
<div><u>Hensall 1.10 N/A 0.85 N/A 1.15 N/A 1.00 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 1.00 0.85 N/A 1.15 1.00 1.00 0.50</u></div>
<div><u>Essex N/A N/A 0.84 N/A N/A N/A 0.99 N/A</u></div>
<div><u>Norwich 1.10 N/A 0.85 N/A 1.15 N/A 1.00 N/A</u></div>
<div><u>Port Hope N/A N/A 0.80 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 1.00 N/A</u></div>
<div><u>Chatham N/A N/A 0.80 N/A N/A N/A 1.00 N/A</u></div>
<div><u>Brigden N/A N/A 0.80 N/A N/A N/A 1.00 N/A</u></div>
<div><u>Palmerston N/A 1.00 0.90 0.35 N/A 1.05 0.95 0.55</u></div>
<div><u>Varna 1.15 1.05 0.85 N/A 1.20 1.20 1.00 N/A</u></div>
<div><u>Mitchell 1.10 1.00 0.85 N/A 1.15 1.00 1.00 N/A</u></div>
<div><u>Thornton N/A N/A N/A 1.47 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 1.18 1.04 0.12 N/A 1.36 1.30 0.29</u></div>
<div><u>W O Feed 1.56</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 1.52 N/A N/A N/A 1.52 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 5.17US 6.59CA 5.17US 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 1.27 1.20 1.14 0.29</u></div>
<div><u>CAD $/bu 6.33 6.27 6.21 6.45</u></div>
<div><u>CAD $/tonne 232.72 230.38 228.04 237.06</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 578.83</u></div>
<div><u>DDG's FOB Srn & Aylm 255.00 - 265.00</u></div>
<div><u><br>
</u></div>
<div>----</div>
<div><br>
</div>
<div>Ontario Grain Market Commentary for May 9, 2018</div>
<div>By Marty Hibbs, Grain Farmers of Ontario</div>
<div>
<div><br>
</div>
<div>Wednesday, May 9, 2018 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>4.03<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
03<span style="white-space:pre"> </span>cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>10.16<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre">
</span>27<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>5.10<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
17<span style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>6.11<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
13<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>5.32<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
22<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>2.40<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
04<span style="white-space:pre"> </span>cents </div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>June<span style="white-space:pre">
</span>.7794<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre">
</span>0.05<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>Corn: </div>
<div>The United States Department of Agriculture (USDA) May report showed the 2017/18 carryout unchanged this month at 2.18 billion bushels. New crop stocks came in at slightly above expectations at 1.682 billion bushels. That was a significant decline which
is attributed to acreage, yield, and production declines from 2017. </div>
<div>Support is still seen on the July contract around the $3.95 - $4 range. Our intermediate trend is still bullish while the primary trend is still down. </div>
<div>Our charts indicate we still need a close above the $4.40 level on the lead month contract before we can even suggest that we have a bullish primary trend on our hands. </div>
<div><br>
</div>
<div>Soybeans: </div>
<div>Strong new crop demand is seen in May$B!G(Bs USDA report. Exports were up 225 million bushels year over year. As we mentioned in last week$B!G(Bs commentary, we are now seeing downward pressure as we go through May. Short term indicators are negative and suggest
a test of the $10 level with stronger support seen at the $9.60 level on the nearby contract. The $9.50 level is key to a move higher in the coming months. Failure at that level could produce a sharp sell-off to the 2016 lows and support at the $8.50 level.</div>
<div>The primary down-trend line is still at the $10.80 level. Short term indicators are neutral but the intermediate trend is bullish as we await the challenge of the $10.80 level, possibly later this summer. Until then the primary trend is still down. </div>
<div><br>
</div>
<div><span style="font-size: 10pt;">Wheat: </span><br>
</div>
<div><span style="font-size: 10pt;">Not much excitement in the USDA report except to say that the food production demand increased while the export numbers offset the difference. For this reason we will stick to the technical. Last week we suggested a pullback
to the $5 level, and as of this writing, we are trading at $5.01 on the July contract. </span></div>
<div>Support is seen here at the $4.90 - $5 on the July contract and we should continue higher during the month of May and possibly challenge last week$B!G(Bs highs around the $5.40 level based on the July chart.</div>
<div>Our signals are as follows: the daily charts are bullish, the intermediate or weekly charts are bullish, and the monthly or primary charts are at least neutral with a red buy signal received two weeks ago. Our next upside target is in the $5.75 range
on July futures and according to our time analysis we should see that target before the end of June.</div>
<div><br>
</div>
<div>Harvest 2018 Grain prices as of the close, May 9, 2018 are as follows:</div>
<div>SWW @ $236.16/MT ($6.43/bu), HRW @ $233.81/MT ($6.36/bu), </div>
<div> HRS @ $238.99/MT ($6.50/bu), SRW @ $231.45/MT ($6.30/bu). </div>
<div><br>
</div>
<div>----</div>
<div><br>
</div>
<div><span id="ms-rterangepaste-start"></span>
<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="LPlnk527104" class="OWAAutoLink" previewremoved="true"><span style="font-size:10.0pt;line-height:115%;
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