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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, August 23</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.3082 up 0.0080</u></div>
<div><u>Chicago corn closed moderately lower.</u></div>
<div><u><br>
</u></div>
<div><u> SEP18 HI 3.55 DEC18 HI 3.69 1/2</u></div>
<div><u> LOW 3.46 1/4 LOW 3.60 1/2</u></div>
<div><u> CLOSE3.46 3/4 Down 5 3/4 CLOSE 3.61 Down 5 3/4</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 +DEC18+DEC18+DEC18</u></div>
<div><u>CK Low 1.20 4.67 183.75 0.90 4.51 177.55</u></div>
<div><u>CK High 1.25 4.72 185.72 0.95 4.56 179.52</u></div>
<div><u>CK Avg 1.23 0.12 4.69 184.74 0.92 -0.14 4.53 178.21</u></div>
<div><u>Essex Cty 1.25 4.72 185.72 0.95 4.56 179.52</u></div>
<div><u>Mdsx Low 1.20 4.67 183.75 0.90 4.51 177.55</u></div>
<div><u>Mdsx High 1.20 4.67 183.75 0.90 4.51 177.55</u></div>
<div><u>Mdsx Avg 1.20 0.10 4.67 183.75 0.90 -0.15 4.51 177.55</u></div>
<div><u>Hensall 1.23 4.69 184.74 0.93 4.54 178.54</u></div>
<div><u>Bruce 1.25 4.72 185.72 0.95 4.56 179.52</u></div>
<div><u>Putnam 1.20 4.67 183.75 0.90 4.51 177.55</u></div>
<div><u>Burford 1.20 4.67 183.75 0.90 4.51 177.55</u></div>
<div><u>Port Perry 1.20 4.67 183.75 0.90 4.51 177.55</u></div>
<div><u>Norfolk 1.25 4.72 185.72 0.95 4.56 179.52</u></div>
<div><u>Palmerston 1.25 4.72 185.72 0.90 4.51 177.55</u></div>
<div><u>Varna 1.25 4.72 185.72 0.95 4.56 179.52</u></div>
<div><u>Trenton 1.30 4.77 187.69 1.00 4.61 181.49</u></div>
<div><u>Winchester 1.20 4.67 183.75 1.20 4.81 189.36</u></div>
<div><u>North Gower 1.20 4.67 183.75 1.20 4.81 189.36</u></div>
<div><u>Huron FOB 1.40 4.87 191.63 1.00 4.61 181.49</u></div>
<div><u>Kent FOB 1.45 4.92 193.59 0.97 4.58 180.31</u></div>
<div><u>Lamb FOB 1.45 4.92 193.59 1.00 4.61 181.49</u></div>
<div><u>Mdsx FOB 1.45N/A N/A N/A 4.92 193.59 1.05 4.66 183.46</u></div>
<div><u>FOB SW Que 1.92 5.39 212.10N/A</u></div>
<div><u>Track 1.53 4.99 196.55N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A N/A N/A N/A</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 1.50 1.20 1.20 4.81 189.36</u></div>
<div><u>Sarn-Eth N/A 1.30N/A 1.10 1.10 4.71 185.42</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 1.60 1.25 1.25 4.86 191.33</u></div>
<div><u>Pt.Colb-Ing N/A N/A N/A N/A 1.45* 5.06 199.20</u></div>
<div><u>Cardnl-Ing N/A N/A 1.60 1.35 1.35 4.96 195.27</u></div>
<div><u>W O Feed 1.80 5.27 207.45</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.58 5.05 198.71</u></div>
<div><u>Toledo El. -0.13 3.34 131.36 -0.33 3.28 129.30</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.92 1/2 4.53 1/2</u></div>
<div><u>HI SD CRN 0.95 4.561</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3082 up 0.0080</u></div>
<div><u>Chicago soybeans closed moderately lower.</u></div>
<div><u><br>
</u></div>
<div><u> NOV18 HI 8.73 3/4 NOV18 HI 8.73 3/4</u></div>
<div><u> LOW 8.53 3/4 LOW 8.53 3/4</u></div>
<div><u> CLOSE8.54 Down 16 1/4 CLOSE 8.54 Down 16 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 +NOV1+NOV1+NOV18</u></div>
<div><u>CK Low 2.45 10.99 403.812.63 11.17 410.43</u></div>
<div><u>CK High 2.60 11.14 409.322.75 11.29 414.84</u></div>
<div><u>CK Average 2.52 -0.0911.06 406.392.67 0.07 11.21 411.96</u></div>
<div><u>Essex Cty 2.50 11.04 405.652.65 11.19 411.16</u></div>
<div><u>Mdsx Low 2.50 11.04 405.652.65 11.19 411.16</u></div>
<div><u>Mdsx High 2.55 11.09 407.492.66 11.20 411.53</u></div>
<div><u>Mdsx Average 2.53 -0.0811.07 406.572.66 0.05 11.20 411.35</u></div>
<div><u>Hensall 2.55 11.09 407.492.68 11.22 412.08</u></div>
<div><u>Bruce 2.65 11.19 411.162.75 11.29 414.84</u></div>
<div><u>Putnam 2.60 11.14 409.322.70 11.24 413.00</u></div>
<div><u>Burford 2.59 11.13 408.962.70 11.24 413.00</u></div>
<div><u>Port Perry 2.52 11.06 406.392.63 11.17 410.43</u></div>
<div><u>Norfolk 2.50 11.04 405.652.65 11.19 411.16</u></div>
<div><u>Palmerston 2.55 11.09 407.492.70 11.24 413.00</u></div>
<div><u>Varna N/A 2.70 11.24 413.00</u></div>
<div><u>Trenton N/A 2.70 11.24 413.00</u></div>
<div><u>Winchester 2.39 10.93 401.612.61 11.15 409.69</u></div>
<div><u>North Gower 2.28 10.82 397.572.70 11.24 413.00</u></div>
<div><u>Huron FOB 2.70 11.24 413.002.80 11.34 416.67</u></div>
<div><u>Kent FOB 2.55 11.09 407.492.65 11.19 411.16</u></div>
<div><u>Lambton FOB 3.00 11.54 424.023.00 11.54 424.02</u></div>
<div><u>Middlesex FOB2.72 2.72 2.75 2.88 11.26 413.732.75 11.29 414.84</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Windsor 2.89 11.43 419.983.02 11.56 424.76</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton N/A 2.95 11.49 422.19</u></div>
<div><u>Prescott 2.09 10.63 390.592.88 11.42 419.61</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.46 8.08 296.97-0.39 8.15 299.43</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3082 up 0.0080</u></div>
<div><u>Chicago wheat closed slightly lower.</u></div>
<div><u>SEP18 HI 5.35 1/2 JUL19 HI 5.80</u></div>
<div><u> LOW 5.15 1/2 LOW 5.64 1/2</u></div>
<div><u> CLOSE 5.22 Down 4 CLOSE 5.70 3/4 Down 2 1/2</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly lower.</u></div>
<div><u>SEP18 HI 5.90 SEP19 HI 6.30</u></div>
<div><u> LOW 5.79 1/2 LOW 6.24</u></div>
<div><u> CLOSE 5.81 3/4 Down 4 1/2 CLOSE 6.25 1/2 Down 2 1/4</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 1.22 1.41 1.22 0.68</u></div>
<div><u>CAD $/bu 6.44 6.63 6.44 6.50</u></div>
<div><u>CAD $/tonne 236.50 243.71 236.50 238.78</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 1.00 N/A N/A N/A 1.00 N/A</u></div>
<div><u>London 1.12 1.32 0.99 N/A 1.26 1.26 0.94 N/A</u></div>
<div><u>Hensall 1.10 N/A 1.00 N/A 1.20 N/A 1.00 N/A</u></div>
<div><u>Trenton N/A N/A 0.95 N/A N/A N/A 0.95 N/A</u></div>
<div><u>Bruce 1.05 1.25 1.00 0.60 1.10 1.20 1.00 0.60</u></div>
<div><u>Essex N/A N/A 1.10 N/A N/A N/A 0.99 N/A</u></div>
<div><u>Norwich 1.10 N/A 1.00 N/A 1.20 N/A 1.00 N/A</u></div>
<div><u>Port Hope N/A 1.20 1.00 N/A N/A 1.20 1.00 N/A</u></div>
<div><u>Kent Bridge 1.10 N/A 1.00 N/A 1.20 N/A 1.00 N/A</u></div>
<div><u>Chatham N/A N/A 1.00 N/A N/A N/A 1.00 N/A</u></div>
<div><u>Brigden N/A N/A 1.00 N/A N/A N/A 1.00 N/A</u></div>
<div><u>Palmerston N/A 1.15 1.05 0.55 N/A 1.10 1.05 N/A</u></div>
<div><u>Varna 1.20 1.35 1.00 N/A 1.10 1.25 1.00 N/A</u></div>
<div><u>Mitchell 1.10 1.20 1.00 N/A 1.20 1.25 1.00 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.40 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 1.25 1.08 0.60 N/A 1.22 1.15 0.45</u></div>
<div><u>W O Feed 1.67</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 1.87 N/A N/A N/A 1.86 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 5.27US 6.89CA 5.56US 7.24CA</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 1.27 1.34 1.27 0.53</u></div>
<div><u>CAD $/bu 6.98 7.05 6.98 6.78</u></div>
<div><u>CAD $/tonne 256.47 258.86 256.47 249.17</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 491.31</u></div>
<div><u>DDG's FOB Srn & Aylm 195.00 - 200.00</u></div>
<div><br>
</div>
<div>---</div>
<div>Ontario Grain Market Commentary for August 22, 2018</div>
<div>By Marty Hibbs, Grain Farmers of Ontario</div>
<div><br>
</div>
<div>
<div>Wednesday, August 22, 2018 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>3.52<span style="white-space:pre"> </span>$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>Sep<span style="white-space:pre">
</span>8.58<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
01<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>5.26<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
05<span style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>5.86<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
02<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>5.30<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
19<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>2.60<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 $<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>.7693<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre">
</span>0.80<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>Corn: </div>
<div>Our last report indicated we could see a move towards the $3.80 level on the September contract. We came to the $3.75 level on two occasions before succumbing to stiff selling pressure. We have since moved back to the $3.50 level on September. </div>
<div>We could see a sideways move as we progress into September and get closer to harvest. The charts appear to be setting up a pattern to suggest that we will be seeing higher prices as we move through the harvest and into 2019. </div>
<div>Meanwhile, our current resistance is still at the $3.80 level on the September contract with much tougher resistance at the $4 level on the lead month futures. </div>
<div>My long term indicators are now neutral and awaiting direction once we get through the harvest of 2018. Our magic number for a reversal in trend still sits near the $4.40 level on the lead month futures at the time we approach that level.</div>
<div>Solid support is still seen at the $3.30 level on the lead month futures. </div>
<div>Short term indicators are neutral but the primary trend is neutral.</div>
<div><br>
</div>
<div>Soybeans: </div>
<div>We continue to build a flag on our weekly charts which could lead to much lower prices coming into harvest. This formation is bordered by $8 on the downside and $9.20 on the upside. Indications are that we need to break above the $9.20 level on the lead
month futures to negate this flag. A failure to hold the $8 bottom could see prices move as much as a dollar lower on the futures. </div>
<div>Short term indicators are looking positive with immediate overhead resistance at the $9 Level, while initial support is seen at the $8.20 level based on the September futures. Our $8.20 lows are very critical at this point and a retest of this area, although
not expected, would not be a good sign technically. The primary trend remains down. </div>
<div><br>
</div>
<div><br>
</div>
<div>Wheat: </div>
<div><span style="font-size: 10pt;">Since hitting our harvest target price of $5.80 - $6 on the September futures, we are now well into our expected correction and, as of this writing, we have reached the upper level of our forecasted support of $5 - $5.20
on September. We should see a continued correction over the next few weeks. </span></div>
<div>With options expiring on Friday, August 24, I would expect the wheat market to be quiet on August 23 and 24. </div>
<div>Initial support is seen at the $5 level on September futures while overhead resistance is now back at $6.</div>
<div>Short and intermediate term indicators are still positive and the primary trend is still bullish. </div>
<div><br>
</div>
<div>Harvest 2018 Grain prices as of the close, August 22, 2018 are as follows:</div>
<div>SWW @ $236.96/MT ($6.45/bu), HRW @ $244.14/MT ($6.64/bu), </div>
<div> HRS @ $239.35/MT ($6.51/bu), SRW @ $236.96/MT ($6.45/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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