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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, July 19</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.3237 up 0.0070</u></div>
<div><u>Chicago corn closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> SEP18 HI 3.52 DEC18 HI 3.66</u></div>
<div><u> LOW 3.45 LOW 3.58 3/4</u></div>
<div><u> CLOSE3.51 1/4 Up 4 CLOSE 3.65 Up 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 +SEP18+DEC18+DEC18</u></div>
<div><u>CK Low 1.00 4.51 177.65 0.90 4.55 179.13</u></div>
<div><u>CK High 1.10 4.61 181.59 0.95 4.60 181.09</u></div>
<div><u>CK Avg 1.07 -0.05 4.58 180.27 0.91 -0.20 4.56 179.45</u></div>
<div><u>Essex Cty 1.10 4.61 181.59 0.90 4.55 179.13</u></div>
<div><u>Mdsx Low 1.10 4.61 181.59 0.90 4.55 179.13</u></div>
<div><u>Mdsx High 1.10 4.61 181.59 0.95 4.60 181.09</u></div>
<div><u>Mdsx Avg 1.10 -0.03 4.61 181.59 0.93 -0.19 4.58 180.11</u></div>
<div><u>Hensall 1.10 4.61 181.59 0.95 4.60 181.09</u></div>
<div><u>Bruce 1.15 4.66 183.55 1.00 4.65 183.06</u></div>
<div><u>Putnam 1.05 4.56 179.62 0.85 4.50 177.16</u></div>
<div><u>Burford 1.10 4.61 181.59 0.90 4.55 179.13</u></div>
<div><u>Port Perry 1.10 4.61 181.59 0.90 4.55 179.13</u></div>
<div><u>Norfolk 1.10 4.61 181.59 0.90 4.55 179.13</u></div>
<div><u>Palmerston 1.00 4.51 177.65 0.90 4.55 179.13</u></div>
<div><u>Varna 1.10 4.61 181.59 0.95 4.60 181.09</u></div>
<div><u>Trenton 1.10 4.61 181.59 0.90 4.55 179.13</u></div>
<div><u>Winchester 1.29 4.80 189.07 1.18 4.83 190.15</u></div>
<div><u>North Gower 1.10 4.61 181.59 1.15 4.80 188.97</u></div>
<div><u>Huron FOB 1.30 4.81 189.46 0.95 4.60 181.09</u></div>
<div><u>Kent FOB 1.30 4.81 189.46 0.90 4.55 179.13</u></div>
<div><u>Lamb FOB 1.15 4.66 183.55 0.85 4.50 177.16</u></div>
<div><u>Mdsx FOB 1.00 1.00N/A N/A 4.51 177.65 0.90 4.55 179.13</u></div>
<div><u>FOB SW Que 1.97 5.48 215.84N/A</u></div>
<div><u>Track 1.50 5.01 197.33N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A N/A 1.39 1.06 4.71 185.42</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A 1.39 1.19 4.84 190.54</u></div>
<div><u>Aylmer-Eth N/A 1.35 1.35 1.40 1.05 4.70 185.03</u></div>
<div><u>Sarn-Eth 1.30 1.35 1.30N/A 4.81 189.46 1.10 4.75 187.00</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 1.55 1.15 4.80 188.97</u></div>
<div><u>Pt.Colb-Ing N/A N/A N/A N/A 1.35* 5.00 196.84</u></div>
<div><u>Cardnl-Ing N/A N/A N/A 1.48 1.25 4.90 192.90</u></div>
<div><u>W O Feed 1.63 5.14 202.45</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.55 5.06 199.30</u></div>
<div><u>Toledo El. -0.07 3.45 135.68 -0.26 3.39 133.30</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.92 1/2 4.57 1/2</u></div>
<div><u>HI SD CRN 0.95 4.601</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3237 up 0.0070</u></div>
<div><u>Chicago soybeans closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> AUG18 HI 8.46 3/4 NOV18 HI 8.62 1/2</u></div>
<div><u> LOW 8.36 3/4 LOW 8.51 3/4</u></div>
<div><u> CLOSE8.46 Up 3 3/4 CLOSE 8.61 1/2 Up 3 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 +AUG1+AUG1+NOV18</u></div>
<div><u>CK Low 2.60 11.06 406.392.55 11.17 410.24</u></div>
<div><u>CK High 2.70 11.16 410.062.60 11.22 412.08</u></div>
<div><u>CK Average 2.67 -0.0511.13 408.902.58 -0.1411.19 411.22</u></div>
<div><u>Essex Cty 2.70 11.16 410.062.60 11.22 412.08</u></div>
<div><u>Mdsx Low 2.69 11.15 409.692.59 11.21 411.71</u></div>
<div><u>Mdsx High 2.70 11.16 410.062.60 11.22 412.08</u></div>
<div><u>Mdsx Average 2.70 -0.0311.16 409.882.60 -0.1311.21 411.90</u></div>
<div><u>Hensall 2.70 11.16 410.062.60 11.22 412.08</u></div>
<div><u>Bruce 2.70 11.16 410.062.60 11.22 412.08</u></div>
<div><u>Putnam 2.70 11.16 410.062.60 11.22 412.08</u></div>
<div><u>Burford 2.73 11.19 411.162.63 11.25 413.18</u></div>
<div><u>Port Perry 2.66 11.12 408.592.56 11.18 410.61</u></div>
<div><u>Norfolk 2.70 11.16 410.062.60 11.22 412.08</u></div>
<div><u>Palmerston 2.60 11.06 406.392.60 11.22 412.08</u></div>
<div><u>Varna 2.70 11.16 410.062.60 11.22 412.08</u></div>
<div><u>Trenton 2.65 11.11 408.222.60 11.22 412.08</u></div>
<div><u>Winchester 2.65 11.11 408.222.52 11.14 409.14</u></div>
<div><u>North Gower 2.20 10.66 391.692.35 10.97 402.89</u></div>
<div><u>Huron FOB 2.80 11.26 413.732.70 11.32 415.76</u></div>
<div><u>Kent FOB 2.80 11.26 413.732.60 11.22 412.08</u></div>
<div><u>Lambton FOB 2.55 11.01 404.552.65 11.27 413.92</u></div>
<div><u>Middlesex FOB2.60 2.60 2.60 N/A 11.06 406.392.83 11.45 420.53</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Windsor 3.35 11.81 433.942.99 11.61 426.41</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton N/A 2.90 11.52 423.10</u></div>
<div><u>Prescott 2.02 10.48 385.072.78 11.40 418.69</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 0.07 8.53 313.28-0.40 8.22 301.99</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3237 up 0.0070</u></div>
<div><u>Chicago wheat closed moderately higher.</u></div>
<div><u>SEP18 HI 5.05 3/4 JUL19 HI 5.50</u></div>
<div><u> LOW 4.90 1/4 LOW 5.39 1/2</u></div>
<div><u> CLOSE 5.04 1/4 Up 9 3/4 CLOSE 5.49 3/4 Up 8 1/2</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed moderately higher.</u></div>
<div><u>SEP18 HI 5.37 1/4 SEP19 HI 6.00</u></div>
<div><u> LOW 5.27 1/4 LOW 5.96 1/4</u></div>
<div><u> CLOSE 5.36 3/4 Up 8 3/4 CLOSE 5.99 3/4 Up 8</u></div>
<div><u><br>
</u></div>
<div><u>GFO Cash 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 1.30 1.50 1.43 0.61</u></div>
<div><u>CAD $/bu 6.34 6.54 6.48 5.98</u></div>
<div><u>CAD $/tonne 233.10 240.39 237.96 219.72</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Direct MarkHarvest 2018 Harvest 2019</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 1.05 N/A N/A N/A 1.00 N/A</u></div>
<div><u>London 1.16 1.29 1.09 N/A 1.36 1.30 1.03 N/A</u></div>
<div><u>Hensall 1.10 N/A 1.05 N/A 1.15 N/A 1.00 N/A</u></div>
<div><u>Trenton N/A N/A 1.05 N/A N/A N/A 1.05 N/A</u></div>
<div><u>Bruce 1.10 1.20 1.05 0.55 1.15 1.20 1.00 0.50</u></div>
<div><u>Essex N/A N/A 1.07 N/A N/A N/A 1.00 N/A</u></div>
<div><u>Norwich 1.10 N/A 1.05 N/A 1.15 N/A 1.00 N/A</u></div>
<div><u>Port Hope N/A 1.05 1.05 N/A N/A 1.05 1.05 N/A</u></div>
<div><u>Kent Bridge 1.10 N/A 1.05 N/A 1.15 N/A 1.00 N/A</u></div>
<div><u>Chatham N/A N/A 1.05 N/A N/A N/A 1.00 N/A</u></div>
<div><u>Brigden N/A N/A 1.05 N/A N/A N/A 1.00 N/A</u></div>
<div><u>Palmerston N/A 1.10 1.00 0.55 N/A 1.10 0.95 N/A</u></div>
<div><u>Varna 1.25 1.20 1.05 N/A 1.10 1.20 1.00 N/A</u></div>
<div><u>Mitchell 1.10 1.20 1.05 N/A 1.15 1.20 1.00 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.97 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 1.30 1.25 0.50 N/A 1.34 1.29 0.40</u></div>
<div><u>W O Feed 1.57</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 1.90 N/A N/A N/A 1.89 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 5.11US 6.77CA 5.35US 7.06CA</u></div>
<div><u><br>
</u></div>
<div><u>GFO Contract Wheat Prices - DEL Terminal</u></div>
<div><u>Harvest 19 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)</u></div>
<div><u>Basis 1.37 1.43 1.43 0.54</u></div>
<div><u>CAD $/bu 6.86 6.93 6.93 6.53</u></div>
<div><u>CAD $/tonne 252.18 254.61 254.61 240.05</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 526.69</u></div>
<div><u>DDG's FOB Srn & Aylm 200.00 - 215.00</u></div>
<div><br>
</div>
<div>---</div>
<div><br>
</div>
<div>Ontario Grain Market Commentary for July 18, 2018</div>
<div>By Marty Hibbs, Grain Farmers of Ontario</div>
<div><br>
</div>
<div>
<div>Wednesday, July 18, 2018 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>3.47<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
07<span style="white-space:pre"> </span>cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>8.48<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
10<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>4.94<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
22<span style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>5.28<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
03<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>4.88<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
14<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>2.34<span style="white-space:pre"> </span> $B"-(B<span style="white-space:pre">
</span>02<span style="white-space:pre"> </span>cents </div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>.7600<span style="white-space:pre"> </span>$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>The intermediate trend in corn has fallen back below our major downtrend line on the monthly chart. This indicates we have double the work to do before we can see a bullish reversal in the corn market in the months ahead. </div>
<div>Technically, we are still on our sell signal from June 4 on the daily chart, although we are definitely in an oversold condition in the short term time frame. The $3.35 support level from last week$B!G(Bs commentary has held and it$B!G(Bs possible that we may see
a bounce in prices in the coming weeks before we continue our search for support and a possible bottom. </div>
<div>Current overhead resistance is still seen at the $3.50 - $3.60 major downtrend line, which was negated to the downside recently. This line shall now serve as an obstacle from further price increases in the coming weeks. Support is still seen at the $3.25
level and again at the $3 mark.</div>
<div>Indicators are negative and the primary trend is still down.</div>
<div><br>
</div>
<div>Soybeans: </div>
<div>Soybeans continue to find temporary support in the $8.40 price range on the September futures. The red sell signal back on June 4 is still valid although we are oversold and could see a bounce in prices in the coming weeks</div>
<div>The September futures continue to flirt with the six-year-old downtrend line while trading on both sides of that trend line. The price action seems to be waiting for confirmation of the China-U.S. tariffs, or a weather related issue, before deciding whether
or not this major support will become future overhead resistance or prove its worth as the bottom support before we start to move higher. Either way, this is an important level for technicians.</div>
<div>If prices continue lower, we could see a fall of at least 75 cents to a dollar lower, testing a 10-year-old support line. </div>
<div><br>
</div>
<div>Immediate overhead resistance is at the $8.50 - $9 level while good support is seen at the $8.40 level based on the September futures. The charts suggest that a bounce even as high as $9.50 - $10 is possible, but will not change the likelihood that we
will retest this $8.40 in the weeks or months ahead. </div>
<div>The primary trend remains down. </div>
<div><br>
</div>
<div>Wheat: </div>
<div><br>
</div>
<div>Wheat remains the stronger of the grains in a technical view; however, everything is relative and the harvest pressure; along with the sympathetic view of the other grains, suggest that we are not finished correcting in the futures market price for September. </div>
<div><br>
</div>
<div>Currently, the futures seem content between the $4.75 and $5.25 range and will take its cue for direction from soybeans and corn in the short term. A rally to the $5.25 level on the September contract may be the highs for the month of July. If we fail
to find necessary support at the $4.75 level, we will likely head lower to the $4.40 - $4.60 support range based on the September futures contract.</div>
<div><br>
</div>
<div>Short and intermediate term indicators are negative while the primary trend is neutral, as it is still above the 10-year-old downtrend line. </div>
<div><br>
</div>
<div><span style="font-size: 10pt;">Harvest 2018 Grain prices as of the close, July18, 2018 are as follows:</span><br>
</div>
<div>SWW @ $227.02/MT ($6.18/bu), HRW @ $234.28/MT ($6.38/bu), </div>
<div> HRS @ $214.21/MT ($5.83/bu), SRW @ $231.86/MT ($6.31/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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