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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, May 23</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2841 up 0.0042</u></div>
<div><u>Chicago corn closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> JUL18 HI 4.09 DEC18 HI 4.26 3/4</u></div>
<div><u> LOW 4.03 LOW 4.21 3/4</u></div>
<div><u> CLOSE4.08 1/2 Up 3 3/4 CLOSE 4.26 1/2 Up 3 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 +JUL18+SEP18+SEP18</u></div>
<div><u>CK Low 0.85 4.94 194.28 0.75 5.02 197.43</u></div>
<div><u>CK High 0.85 4.94 194.28 0.80 5.07 199.40</u></div>
<div><u>CK Avg 0.85 -0.24 4.94 194.28 0.76 -0.35 5.02 197.76</u></div>
<div><u>Essex Cty 0.85 4.94 194.28 0.75 5.02 197.43</u></div>
<div><u>Mdsx Low 0.85 4.94 194.28 0.75 5.02 197.43</u></div>
<div><u>Mdsx High 0.85 4.94 194.28 0.75 5.02 197.43</u></div>
<div><u>Mdsx Avg 0.85 -0.24 4.94 194.28 0.75 -0.36 5.02 197.43</u></div>
<div><u>Hensall 0.85 4.94 194.28 0.75 5.02 197.43</u></div>
<div><u>Bruce 0.85 4.94 194.28 0.75 5.02 197.43</u></div>
<div><u>Putnam 0.85 4.94 194.28 0.75 5.02 197.43</u></div>
<div><u>Burford 0.85 4.94 194.28 0.80 5.07 199.40</u></div>
<div><u>Port Perry 0.85 4.94 194.28 0.80 5.07 199.40</u></div>
<div><u>Norfolk 0.85 4.94 194.28 0.75 5.02 197.43</u></div>
<div><u>Palmerston 0.85 4.94 194.28 0.75 5.02 197.43</u></div>
<div><u>Varna 0.85 4.94 194.28 0.75 5.02 197.43</u></div>
<div><u>Trenton 0.85 4.94 194.28 0.90 5.17 203.34</u></div>
<div><u>Winchester 1.04 5.13 201.76 1.10 5.37 211.21</u></div>
<div><u>North Gower 0.94 5.03 197.83 1.00 5.27 207.27</u></div>
<div><u>Huron FOB 1.05 5.14 202.16 0.85 5.12 201.37</u></div>
<div><u>Kent FOB 1.05 5.14 202.16 0.80 5.07 199.40</u></div>
<div><u>Lamb FOB 1.00 5.09 200.19 0.80 5.07 199.40</u></div>
<div><u>Mdsx FOB 0.90 0.90N/A N/A 4.99 196.25 0.80 5.07 199.40</u></div>
<div><u>FOB SW Que 1.38 5.47 215.15N/A</u></div>
<div><u>Track 1.30 5.39 212.00N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A N/A 1.19 0.90 5.17 203.34</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A N/A N/A</u></div>
<div><u>Aylmer-Eth N/A 1.20 1.20 1.25 1.00 5.27 207.27</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 1.25N/A 1.30 1.00 5.27 207.27</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 5.37 211.21</u></div>
<div><u>W O Feed 1.44 5.52 217.35</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.52 5.61 220.66</u></div>
<div><u>Toledo El. -0.06 4.02 158.29 -0.26 4.01 157.80</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.77 1/2 5.04</u></div>
<div><u>HI SD CRN 0.80 5.06 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 1.2841 up 0.0042</u></div>
<div><u>Chicago soybeans closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> JUL18 HI 10.39 3/4 NOV18 HI 10.49</u></div>
<div><u> LOW 10.27 3/4 LOW 10.36 1/4</u></div>
<div><u> CLOSE10.39 1/4 Up 8 3/4 CLOSE 10.48 3/4 Up 9 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 2.35 12.74 468.212.40 12.89 473.53</u></div>
<div><u>CK High 2.47 12.86 472.622.45 12.94 475.37</u></div>
<div><u>CK Average 2.42 -0.4112.81 470.782.44 -0.4212.93 475.07</u></div>
<div><u>Essex Cty 2.35 12.74 468.212.35 12.84 471.70</u></div>
<div><u>Mdsx Low 2.45 12.84 471.882.45 12.94 475.37</u></div>
<div><u>Mdsx High 2.47 12.86 472.622.50 12.99 477.21</u></div>
<div><u>Mdsx Average 2.46 -0.3812.85 472.252.48 -0.3912.96 476.29</u></div>
<div><u>Hensall 2.43 12.82 470.962.48 12.96 476.29</u></div>
<div><u>Bruce 2.45 12.84 471.882.45 12.94 475.37</u></div>
<div><u>Putnam 2.45 12.84 471.882.50 12.99 477.21</u></div>
<div><u>Burford 2.54 12.93 475.192.52 13.01 477.94</u></div>
<div><u>Port Perry 2.44 12.83 471.512.42 12.91 474.27</u></div>
<div><u>Norfolk 2.40 12.79 470.042.45 12.94 475.37</u></div>
<div><u>Palmerston 2.40 12.79 470.042.50 12.99 477.21</u></div>
<div><u>Varna 2.40 12.79 470.042.45 12.94 475.37</u></div>
<div><u>Trenton 2.45 12.84 471.882.45 12.94 475.37</u></div>
<div><u>Winchester 2.25 12.64 464.532.40 12.89 473.53</u></div>
<div><u>North Gower 2.28 12.67 465.632.32 12.81 470.60</u></div>
<div><u>Huron FOB 2.50 12.89 473.722.55 13.04 479.05</u></div>
<div><u>Kent FOB 2.55 12.94 475.562.45 12.94 475.37</u></div>
<div><u>Lambton FOB 2.60 12.99 477.392.60 13.09 480.88</u></div>
<div><u>Middlesex FOB2.64 2.67 2.67 N/A 13.03 478.862.56 13.05 479.41</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Windsor 2.89 13.28 488.052.72 13.21 485.29</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton N/A 2.80 13.29 488.23</u></div>
<div><u>Prescott 2.40 12.79 470.042.93 13.42 493.01</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.26 10.14 372.42-0.32 10.17 373.55</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2841 up 0.0042</u></div>
<div><u>Chicago wheat closed moderately higher.</u></div>
<div><u>JUL18 HI 5.31 3/4 JUL18 HI 5.31 3/4</u></div>
<div><u> LOW 5.17 1/4 LOW 5.17 1/4</u></div>
<div><u> CLOSE 5.31 Up 9 1/2 CLOSE 5.31 Up 9 1/2</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed moderately higher.</u></div>
<div><u>JUL18 HI 6.45 3/4 SEP18 HI 6.49 3/4</u></div>
<div><u> LOW 6.31 1/4 LOW 6.37</u></div>
<div><u> CLOSE 6.42 Up 9 CLOSE 6.46 3/4 Up 8</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 0.41</u></div>
<div><u>CAD $/bu 6.72 6.65 6.46 6.83</u></div>
<div><u>CAD $/tonne 246.77 244.41 237.33 251.01</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 0.80 N/A N/A N/A 0.95 N/A</u></div>
<div><u>London 1.17 1.36 0.91 N/A 1.22 1.22 1.02 N/A</u></div>
<div><u>Hensall 1.05 N/A 0.80 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 0.80 N/A 1.10 1.15 0.95 0.50</u></div>
<div><u>Essex N/A N/A 0.82 N/A N/A N/A 1.03 N/A</u></div>
<div><u>Norwich 1.05 N/A 0.80 N/A 1.10 N/A 0.95 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 1.05 N/A 0.80 N/A 1.10 N/A 0.95 N/A</u></div>
<div><u>Chatham N/A N/A 0.90 N/A N/A N/A 1.05 N/A</u></div>
<div><u>Brigden N/A N/A 0.90 N/A N/A N/A 1.05 N/A</u></div>
<div><u>Palmerston N/A 1.00 0.90 0.35 N/A 1.10 1.00 0.55</u></div>
<div><u>Varna 1.15 1.05 0.85 N/A 1.10 1.15 0.95 N/A</u></div>
<div><u>Mitchell 1.05 1.05 0.80 N/A 1.10 1.15 0.95 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.96 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 1.09 0.90 0.16 N/A 1.39 1.32 0.33</u></div>
<div><u>W O Feed 1.53</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 1.70 N/A N/A N/A 1.70 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 5.41US 6.95CA 5.41US 6.95CA</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 1.32 1.25 0.42</u></div>
<div><u>CAD $/bu 6.69 6.63 6.56 6.89</u></div>
<div><u>CAD $/tonne 245.82 243.46 241.10 253.25</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 575.09</u></div>
<div><u>DDG's FOB Srn & Aylm 260.00 - 265.00</u></div>
<div><u><br>
</u></div>
<div>---</div>
<div><br>
</div>
<div>Ontario Grain Market Commentary for May 23, 2018</div>
<div>By Marty Hibbs, Grain Farmers of Ontario</div>
<div><br>
</div>
<div>
<div>Wednesday, May 23, 2018 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>4.08<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
08<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>$B",(B<span style="white-space:pre">
</span>39<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>5.32<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
37<span style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>6.43<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
31<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>5.52<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
37<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>2.52<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
11<span style="white-space:pre"> </span>cents </div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>June<span style="white-space:pre">
</span>.7789<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre">
</span>0.15<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>Corn: </div>
<div>Corn prices continue to track higher in the bullish scenario of the intermediate trend. However, this bullish outlook may soon hit heavy resistance as we need a definitive close above the $4.40 - $4.50 level based on the July futures before I will call
this a true bull market. </div>
<div>I received a red buy signal on my monthly chart while I was away which confirms the bullish tone of the intermediate trend up to the $4.50 level on the July contract. This should be challenged in the coming weeks.</div>
<div>Both our short term and intermediate trend is still bullish while the primary trend or long-term trend is still down. A definitive close above $4.50 will confirm the primary trend moving from neutral to bullish mode. This is the first time in six years
we have seen a bull market in corn.</div>
<div>Current overhead resistance is seen at the $4.10 - $4.15 level on July while support is seen at the $3.90 - $4 level.</div>
<div><br>
</div>
<div>Soybeans: </div>
<div>Soybeans continue to slosh between the $10 level and the all-important $10.80 level on the July futures contract as they have done since the first day of May. The markets are coiling and I am expecting we will see a break to the upside to challenge the
$10.80 level on the July futures in the coming weeks. </div>
<div>The primary down-trend line is still at the $10.80 level. Short-term indicators are neutral but the intermediate trend, as indicated on the weekly chart, is bullish as we await the challenge of the $10.80 level before confirming a trend reversal on our
final holdout, the primary trend. Until we have a convincing close above that level, the primary trend remains down. </div>
<div><br>
</div>
<div>Wheat: </div>
<div>Wheat behaved as expected on May 15 as it pulled back to the support area of $4.90 and found solid support. The volatility is indicative of an excited market. The daily chart shows larger swings running stops on both sides of the daily range. </div>
<div>Again, this is a good sign as it indicates uncertainty in the price action and direction.</div>
<div>From this level we are now ready for our next target of $5.75 area based on the July futures. If this target coincides with the last of June or early part of July, I would expect that we will either see a significant pullback in prices going into the harvest
for the remainder of the summer months, or a complete breakout in prices and the confirmation of a full blown bull market. Either way, $5.75 futures prices are better than $4.</div>
<div><br>
</div>
<div>Solid support is seen at the $4.80 - $5 on the July contract and our resistance is the May 3 high at the $5.40 level. Once we clear that hurdle, we are set to challenge our $5.75 target. </div>
<div>Indicators are positive and the main primary trend is bullish.</div>
<div><br>
</div>
<div>Harvest 2018 Grain prices as of the close, May 23, 2018 are as follows:</div>
<div>SWW @ $246.15/MT ($6.70/bu), HRW @ $243.78/MT ($6.63/bu), </div>
<div> HRS @ $254.18/MT ($6.92/bu), SRW @ $241.42/MT ($6.57/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>
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