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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, May 31</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2953 up 0.0075</u></div>
<div><u>Chicago corn closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> JUL18 HI 3.98 1/2 DEC18 HI 4.18 1/4</u></div>
<div><u> LOW 3.93 1/4 LOW 4.13 1/4</u></div>
<div><u> CLOSE3.94 Up 1/2 CLOSE 4.13 3/4 Up 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 +SEP18+SEP18+DEC18</u></div>
<div><u>CK Low 0.85 4.79 188.57 0.75 4.89 192.41</u></div>
<div><u>CK High 0.90 4.84 190.54 0.80 4.94 194.38</u></div>
<div><u>CK Avg 0.88 -0.22 4.82 189.89 0.76 -0.36 4.90 192.74</u></div>
<div><u>Essex Cty 0.90 4.84 190.54 0.75 4.89 192.41</u></div>
<div><u>Mdsx Low 0.90 4.84 190.54 0.75 4.89 192.41</u></div>
<div><u>Mdsx High 0.90 4.84 190.54 0.75 4.89 192.41</u></div>
<div><u>Mdsx Avg 0.90 -0.20 4.84 190.54 0.75 -0.36 4.89 192.41</u></div>
<div><u>Hensall 0.90 4.84 190.54 0.75 4.89 192.41</u></div>
<div><u>Bruce 0.90 4.84 190.54 0.75 4.89 192.41</u></div>
<div><u>Putnam 0.90 4.84 190.54 0.75 4.89 192.41</u></div>
<div><u>Burford 0.90 4.84 190.54 0.80 4.94 194.38</u></div>
<div><u>Port Perry 0.90 4.84 190.54 0.85 4.99 196.35</u></div>
<div><u>Norfolk 0.90 4.84 190.54 0.75 4.89 192.41</u></div>
<div><u>Palmerston 0.85 4.79 188.57 0.75 4.89 192.41</u></div>
<div><u>Varna 0.90 4.84 190.54 0.75 4.89 192.41</u></div>
<div><u>Trenton 0.85 4.79 188.57 0.85 4.99 196.35</u></div>
<div><u>Winchester 1.10 5.04 198.42 1.15 5.29 208.16</u></div>
<div><u>North Gower 1.05 4.99 196.45 1.10 5.24 206.19</u></div>
<div><u>Huron FOB 1.03 4.97 195.66 0.80 4.94 194.38</u></div>
<div><u>Kent FOB 1.10 5.04 198.42 0.83 4.97 195.56</u></div>
<div><u>Lamb FOB 1.05 4.99 196.45 0.80 4.94 194.38</u></div>
<div><u>Mdsx FOB 0.90 0.90N/A N/A 4.84 190.54 0.80 4.94 194.38</u></div>
<div><u>FOB SW Que 1.45 5.39 212.19N/A</u></div>
<div><u>Track 1.30 5.24 206.29N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A 1.17 1.30 1.04 5.18 203.83</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 1.30 1.30 1.00 5.14 202.25</u></div>
<div><u>Sarn-Eth 1.15 1.20 1.25N/A 5.09 200.38N/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 1.35 1.30 1.05 5.19 204.22</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 1.20 5.34 210.13</u></div>
<div><u>W O Feed 1.48 5.42 213.45</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.59 5.53 217.71</u></div>
<div><u>Toledo El. -0.06 3.88 152.56 -0.26 3.88 152.69</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.77 1/2 4.91 1/4</u></div>
<div><u>HI SD CRN 0.80 4.93 3/4</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2953 up 0.0075</u></div>
<div><u>Chicago soybeans closed mixed.</u></div>
<div><u><br>
</u></div>
<div><u> JUL18 HI 10.30 3/4 NOV18 HI 10.45</u></div>
<div><u> LOW 10.13 1/2 LOW 10.29 1/2</u></div>
<div><u> CLOSE10.18 1/2 Down 4 1/2 CLOSE 10.34 1/4 Down 2 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 +JUL1+AUG1+NOV18</u></div>
<div><u>CK Low 2.45 12.64 464.262.35 12.69 466.37</u></div>
<div><u>CK High 2.60 12.79 469.772.55 12.89 473.72</u></div>
<div><u>CK Average 2.52 -0.3812.70 466.772.45 -0.4712.79 469.98</u></div>
<div><u>Essex Cty 2.55 12.74 467.932.35 12.69 466.37</u></div>
<div><u>Mdsx Low 2.50 12.69 466.092.39 12.73 467.84</u></div>
<div><u>Mdsx High 2.51 12.70 466.462.50 12.84 471.88</u></div>
<div><u>Mdsx Average 2.51 -0.3912.69 466.282.45 -0.4712.79 469.86</u></div>
<div><u>Hensall 2.50 12.69 466.092.50 12.84 471.88</u></div>
<div><u>Bruce 2.50 12.69 466.092.45 12.79 470.04</u></div>
<div><u>Putnam 2.50 12.69 466.092.50 12.84 471.88</u></div>
<div><u>Burford 2.58 12.77 469.032.46 12.80 470.41</u></div>
<div><u>Port Perry 2.48 12.67 465.362.36 12.70 466.74</u></div>
<div><u>Norfolk 2.55 12.74 467.932.50 12.84 471.88</u></div>
<div><u>Palmerston 2.45 12.64 464.262.35 12.69 466.37</u></div>
<div><u>Varna 2.50 12.69 466.092.50 12.84 471.88</u></div>
<div><u>Trenton 2.45 12.64 464.262.40 12.74 468.21</u></div>
<div><u>Winchester 2.60 12.79 469.772.45 12.79 470.04</u></div>
<div><u>North Gower 2.40 12.59 462.422.42 12.76 468.94</u></div>
<div><u>Huron FOB 2.60 12.79 469.772.60 12.94 475.56</u></div>
<div><u>Kent FOB 2.65 12.84 471.612.55 12.89 473.72</u></div>
<div><u>Lambton FOB 2.75 12.94 475.282.65 12.99 477.39</u></div>
<div><u>Middlesex FOB2.68 2.68 N/A N/A 12.87 472.712.49 12.83 471.51</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Windsor 2.94 13.13 482.262.80 13.14 482.90</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton N/A 2.80 13.14 482.90</u></div>
<div><u>Prescott 2.35 12.54 460.582.76 13.10 481.43</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.19 9.99 367.10-0.32 10.02 368.12</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2953 up 0.0075</u></div>
<div><u>Chicago wheat closed slightly higher.</u></div>
<div><u>JUL18 HI 5.31 3/4 JUL18 HI 5.31 3/4</u></div>
<div><u> LOW 5.15 1/4 LOW 5.15 1/4</u></div>
<div><u> CLOSE 5.26 1/4 Up 4 1/4 CLOSE 5.26 1/4 Up 4 1/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly higher.</u></div>
<div><u>JUL18 HI 6.21 SEP18 HI 6.28 3/4</u></div>
<div><u> LOW 6.10 3/4 LOW 6.18 1/2</u></div>
<div><u> CLOSE 6.12 Up 1/2 CLOSE 6.19 3/4 Up 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 1.45 1.39 1.19 0.38</u></div>
<div><u>CAD $/bu 6.71 6.65 6.45 6.50</u></div>
<div><u>CAD $/tonne 246.65 244.27 237.13 238.91</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 1.00 N/A N/A N/A 1.05 N/A</u></div>
<div><u>London 1.08 1.40 0.95 N/A 1.05 1.18 0.98 N/A</u></div>
<div><u>Hensall 1.10 N/A 1.00 N/A 1.15 N/A 1.05 N/A</u></div>
<div><u>Trenton N/A N/A N/A N/A N/A N/A 1.05 N/A</u></div>
<div><u>Bruce 1.10 1.10 1.00 N/A 1.15 1.15 1.05 0.50</u></div>
<div><u>Essex N/A N/A 0.83 N/A N/A N/A 1.05 N/A</u></div>
<div><u>Norwich 1.10 N/A 1.00 N/A 1.15 N/A 1.05 N/A</u></div>
<div><u>Port Hope N/A N/A 0.90 N/A N/A 1.05 1.05 N/A</u></div>
<div><u>Kent Bridge 1.10 N/A 1.00 N/A 1.15 N/A 1.05 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 1.05 0.55</u></div>
<div><u>Varna 1.25 1.15 0.95 N/A 1.30 1.30 1.10 N/A</u></div>
<div><u>Mitchell 1.10 1.10 1.00 N/A 1.15 1.15 1.05 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.74 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 1.19 0.94 0.14 N/A 1.47 1.37 0.25</u></div>
<div><u>W O Feed 1.65</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 1.75 N/A N/A N/A 1.75 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 5.36US 6.95CA 5.36US 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 1.42 1.49 1.40 0.41</u></div>
<div><u>CAD $/bu 6.69 6.75 6.66 6.60</u></div>
<div><u>CAD $/tonne 245.70 248.08 244.74 242.60</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 572.44</u></div>
<div><u>DDG's FOB Srn & Aylm 260.00 - 265.00</u></div>
<div><br>
</div>
---
<p></p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<p style="margin-top:0;margin-bottom:0">Ontario Grain Market Commentary for May 30, 2018</p>
<p style="margin-top:0;margin-bottom:0">By Marty Hibbs, Grain Farmers of Ontario</p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<p style="margin-top:0;margin-bottom:0"></p>
<div>Wednesday, May 30, 2018 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>3.93<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
15<span style="white-space:pre"> </span>cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>10.23<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre">
</span>15<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>5.22<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
10<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>$B"-(B<span style="white-space:pre"> </span>
31<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>5.41<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
11<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>2.39<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
13<span style="white-space:pre"> </span>cents </div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>June<span style="white-space:pre">
</span>.7767<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre">
</span>0.21<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>Corn: </div>
<div>Last week, we called for resistance at the $4.10 - $4.15 level on the July corn futures, and after hitting $4.12, we back tracked to the $3.90 level as indicated to be initial support in last week$B!G(Bs commentary. </div>
<div>We may have seen the high for the next couple of weeks, as we did hit a significant level of resistance. The next support on the July futures sits between $3.65 and $3.75, and if we manage to get that low, we should see another move back up to challenge
the $4.12 top in the near future. </div>
<div>Both our short-term and intermediate trend are 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. </div>
<div>Current overhead resistance is still 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 more of the same with a confined range 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. </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><span style="font-size: 10pt;">Wheat hit our initial overhead resistance of $5.55 on May 29 before succumbing to gravity. The charts showed a hook reversal pattern in the short-term. The $5.55 - $5.75 resistance that we were expecting proved to be too
much for the price action as we are possibly now headed back to the $5 support level on July before challenging the $5.55 level again. </span><span style="font-size: 10pt;">This movement is normal in a coiling market, and I expect if we don$B!G(Bt find solid support
in the $5 price level on the July futures, we should definitely find it at the $4.80 level and set ourselves up again to challenge the $5.55 price point before the expiry of the July futures contract. </span><span style="font-size: 10pt;">Solid support is
seen at the $4.80 - $5 on the July contract and our resistance is the May 29 high at the $5.55 level. Once we clear that hurdle, we are set to challenge our $5.75 target. </span><span style="font-size: 10pt;">Indicators are positive and the main primary trend
is bullish.</span></div>
<div><br>
</div>
<div>Harvest 2018 Grain prices as of the close, May 30, 2018 are as follows:</div>
<div>SWW @ $242.27/MT ($6.59/bu), HRW @ $244.64/MT ($6.66/bu), </div>
<div> HRS @ $241.80/MT ($6.58/bu), SRW @ $241.33MT ($6.57/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>
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