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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, September 13</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.297 down 0.0001</u></div>
<div><u>Chicago corn closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> DEC18 HI 3.55 3/4 DEC18 HI 3.55 3/4</u></div>
<div><u> LOW 3.48 3/4 LOW 3.48 3/4</u></div>
<div><u> CLOSE3.50 1/2 Down 2 CLOSE 3.50 1/2 Down 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 +DEC18+DEC18+MAR19</u></div>
<div><u>CK Low 1.10 4.61 181.29 0.90 4.41 173.42</u></div>
<div><u>CK High 1.25 4.76 187.20 0.95 4.46 175.39</u></div>
<div><u>CK Avg 1.13 0.07 4.64 182.60 0.93 -0.07 4.44 174.73</u></div>
<div><u>Essex Cty 1.15 4.66 183.26 0.95 4.46 175.39</u></div>
<div><u>Mdsx Low 1.10 4.61 181.29 0.95 4.46 175.39</u></div>
<div><u>Mdsx High 1.10 4.61 181.29 0.95 4.46 175.39</u></div>
<div><u>Mdsx Avg 1.10 0.05 4.61 181.29 0.95 -0.06 4.46 175.39</u></div>
<div><u>Hensall 1.13 4.63 182.28 0.95 4.46 175.39</u></div>
<div><u>Bruce 1.15 4.66 183.26 0.90 4.41 173.42</u></div>
<div><u>Putnam N/A 0.90 4.41 173.42</u></div>
<div><u>Burford 1.10 4.61 181.29 0.95 4.46 175.39</u></div>
<div><u>Port Perry 1.10 4.61 181.29 0.95 4.46 175.39</u></div>
<div><u>Norfolk 1.15 4.66 183.26 0.95 4.46 175.39</u></div>
<div><u>Palmerston 1.25 4.76 187.20 0.95 4.46 175.39</u></div>
<div><u>Varna 1.15 4.66 183.26 0.95 4.46 175.39</u></div>
<div><u>Trenton N/A 0.95 4.46 175.39</u></div>
<div><u>Winchester N/A 1.10 4.61 181.29</u></div>
<div><u>North Gower 1.08 4.59 180.50 1.25 4.76 187.20</u></div>
<div><u>Huron FOB 1.35 4.86 191.13 1.01 4.52 177.75</u></div>
<div><u>Kent FOB 1.35 4.86 191.13 0.97 4.48 176.17</u></div>
<div><u>Lamb FOB 1.25 4.76 187.20 1.05 4.56 179.32</u></div>
<div><u>Mdsx FOB 1.40N/A N/A N/A 4.91 193.10 1.05 4.56 179.32</u></div>
<div><u>FOB SW Que 1.89 5.40 212.39N/A</u></div>
<div><u>Track 1.60 5.11 200.97N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A N/A 1.23 N/A</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A 1.31 N/A</u></div>
<div><u>Aylmer-Eth N/A 1.45 1.20 1.20 1.20 4.71 185.23</u></div>
<div><u>Sarn-Eth 1.30N/A 1.10N/A 4.81 189.16 1.10 4.61 181.29</u></div>
<div><u>Kawartha N/A N/A N/A N/A N/A</u></div>
<div><u>London-Ing N/A 1.50 1.25 1.30 1.25 4.76 187.20</u></div>
<div><u>Pt.Colb-Ing N/A N/A N/A N/A 1.45* 4.96 195.07</u></div>
<div><u>Cardnl-Ing N/A N/A 1.35 1.40 1.35 4.86 191.13</u></div>
<div><u>W O Feed 1.77 5.28 207.75</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.57 5.08 199.79</u></div>
<div><u>Toledo El. -0.32 3.18 125.22 -0.32 3.18 125.27</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.92 1/2 4.43</u></div>
<div><u>HI SD CRN 0.95 4.45 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 1.297 down 0.0001</u></div>
<div><u>Chicago soybeans closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> NOV18 HI 8.46 1/4 NOV18 HI 8.46 1/4</u></div>
<div><u> LOW 8.32 LOW 8.32</u></div>
<div><u> CLOSE8.33 1/4 Down 6 3/4 CLOSE 8.33 1/4 Down 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 +NOV1+NOV1+JAN19</u></div>
<div><u>CK Low 2.35 10.68 392.512.45 10.78 396.19</u></div>
<div><u>CK High 2.45 10.78 396.192.55 10.88 399.86</u></div>
<div><u>CK Average 2.39 -0.0710.72 393.982.52 0.06 10.85 398.58</u></div>
<div><u>Essex Cty 2.40 10.73 394.352.40 10.73 394.35</u></div>
<div><u>Mdsx Low 2.39 10.72 393.982.50 10.83 398.03</u></div>
<div><u>Mdsx High 2.39 10.72 393.982.57 10.90 400.60</u></div>
<div><u>Mdsx Average 2.39 -0.0710.72 393.982.54 0.08 10.87 399.31</u></div>
<div><u>Hensall N/A 2.53 10.86 398.94</u></div>
<div><u>Bruce 2.50 10.83 398.032.65 10.98 403.54</u></div>
<div><u>Putnam N/A 2.55 10.88 399.86</u></div>
<div><u>Burford 2.43 10.76 395.452.61 10.94 402.07</u></div>
<div><u>Port Perry 2.36 10.69 392.882.54 10.87 399.50</u></div>
<div><u>Norfolk 2.45 10.78 396.192.55 10.88 399.86</u></div>
<div><u>Palmerston 2.35 10.68 392.512.50 10.83 398.03</u></div>
<div><u>Varna N/A 2.55 10.88 399.86</u></div>
<div><u>Trenton N/A 2.55 10.88 399.86</u></div>
<div><u>Winchester N/A 2.54 10.87 399.50</u></div>
<div><u>North Gower N/A 2.70 11.03 405.37</u></div>
<div><u>Huron FOB 2.65 10.98 403.542.65 10.98 403.54</u></div>
<div><u>Kent FOB 2.45 10.78 396.192.55 10.88 399.86</u></div>
<div><u>Lambton FOB 2.50 10.83 398.032.70 11.03 405.37</u></div>
<div><u>Middlesex FOB2.56 2.59 2.72 2.71 10.89 400.232.59 10.92 401.33</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Windsor 2.49 10.82 397.662.49 10.82 397.66</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton N/A 2.80 11.13 409.05</u></div>
<div><u>Prescott N/A 2.79 11.12 408.68</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.65 7.68 282.34-0.65 7.69 282.43</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.297 down 0.0001</u></div>
<div><u>Chicago wheat closed slightly to moderately lower.</u></div>
<div><u>DEC18 HI 5.10 JUL19 HI 5.47 3/4</u></div>
<div><u> LOW 4.95 1/4 LOW 5.36 1/2</u></div>
<div><u> CLOSE 4.97 Down 9 3/4 CLOSE 5.38 1/4 Down 6 3/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly lower.</u></div>
<div><u>DEC18 HI 5.67 3/4 SEP19 HI 6.05 1/4</u></div>
<div><u> LOW 5.60 1/4 LOW 6.01</u></div>
<div><u> CLOSE 5.62 Down 3 CLOSE 6.02 1/4 Down 1 3/4</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 1.02 1.22 1.02 0.50</u></div>
<div><u>CAD $/bu 5.99 6.19 5.99 6.12</u></div>
<div><u>CAD $/tonne 220.18 227.32 220.18 224.94</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 0.75 N/A N/A N/A 0.90 N/A</u></div>
<div><u>London 0.79 0.99 0.73 N/A 1.16 1.16 0.83 N/A</u></div>
<div><u>Hensall 0.90 N/A 0.80 N/A 1.15 N/A 0.95 N/A</u></div>
<div><u>Trenton N/A N/A N/A N/A N/A N/A 0.90 N/A</u></div>
<div><u>Bruce 0.85 1.15 0.80 0.40 1.15 1.30 0.95 0.65</u></div>
<div><u>Essex N/A N/A N/A N/A N/A N/A 0.97 N/A</u></div>
<div><u>Norwich 0.90 N/A 0.80 N/A 1.15 N/A 0.95 N/A</u></div>
<div><u>Port Hope N/A 1.00 0.80 N/A N/A 1.20 0.95 N/A</u></div>
<div><u>Kent Bridge 0.90 N/A 0.80 N/A 1.15 N/A 0.95 N/A</u></div>
<div><u>Chatham N/A N/A 0.75 N/A N/A N/A 0.90 N/A</u></div>
<div><u>Brigden N/A N/A 0.75 N/A N/A N/A 0.90 N/A</u></div>
<div><u>Palmerston N/A 1.15 0.95 0.55 N/A 1.10 1.05 N/A</u></div>
<div><u>Varna 1.00 1.20 0.80 N/A 1.15 1.30 0.95 N/A</u></div>
<div><u>Mitchell 0.90 1.05 0.80 N/A 1.15 1.25 0.95 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.02 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 1.10 1.00 0.50 N/A 1.21 1.16 0.40</u></div>
<div><u>W O Feed 1.48</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 1.41 N/A N/A N/A 1.70 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.82US 6.25CA 5.23US 6.76CA</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 1.12 1.18 1.12 0.40</u></div>
<div><u>CAD $/bu 6.50 6.57 6.50 6.43</u></div>
<div><u>CAD $/tonne 238.94 241.31 238.94 236.09</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 498.69</u></div>
<div><u>DDG's FOB Srn & Aylm 220.00</u></div>
<div><u><br>
</u></div>
<div>---</div>
<div>Ontario Grain Market Commentary for September 12, 2018</div>
<div>By Marty Hibbs, Grain Farmers of Ontario</div>
<div><br>
</div>
<div>
<div>Wednesday, September 12, 2018 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>3.51<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
14<span style="white-space:pre"> </span>cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>Nov<span style="white-space:pre">
</span>8.38<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
01<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>5.03<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
18<span style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>5.65<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
12<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>5.05<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
15<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>2.43<span style="white-space:pre"> </span> $B"-(B<span style="white-space:pre">
</span>03<span style="white-space:pre"> </span>cents </div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>.7698<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre">
</span>1.05<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>Corn: </div>
<div>Due to my attendance at Canada$B!G(Bs Outdoor Farm Show this will be a shortened commentary. </div>
<div>We are now getting the test of the double bottom at the $3.50 level that I spoke of last week, and there is still a better than average chance we will visit the $3.30 level on the front month futures before the end of September. Major support is closer
to the $3 level. With the September futures about to expire, we may get a temporary lift in the grain prices going into next week. </div>
<div>Initial support is seen at the $3.50 level and more significant support at the $3.30 level on the December futures. </div>
<div>All indicators are neutral to bearish and the primary trend is still down. </div>
<div><br>
</div>
<div>Soybeans: </div>
<div>Looking at the weekly and monthly chart, we remain bearish and I feel we could challenge the lows of $8 heading on the November futures contract. The charts continue to look bearish and the flag we mentioned in previous reports suggest a break in prices
which could propel us towards the $7 price before Christmas. This, of course, is just my opinion and my analysis of the charts. </div>
<div>All indicators are negative with immediate overhead resistance now at the $8.50 level, while initial support is seen at the $8.20 level based on the December 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>Wheat: </div>
<div><span style="font-size: 10pt;">Our $4.90 target on the downside in the December futures are within striking distance as we are currently trading at $5 on the December futures. With the September expiry on September 13, there is a good chance we will see
some relief once that contract expires. </span><br>
</div>
<div><span style="font-size: 10pt;">The weakness in the other grains are weighing on wheat, but unless we break down in soybeans and corn as described above, wheat could limit its sell-off to a simple re-test of this summer$B!G(Bs lows at the $4.50 level. </span><br>
</div>
<div><span style="font-size: 10pt;">Initial support is still seen at the $4.90 level on December futures while overhead resistance is now back at $5.50. Major support is closer to $4, but unless we see a complete meltdown in corn and beans, the likelihood of
seeing those number are slim.</span></div>
<div>Short and intermediate term indicators are negative while the primary trend is still mildly bullish. </div>
<div><br>
</div>
<div>---</div>
</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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