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<div><u></u>
<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, September 20</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2889 down 0.0007</u></div>
<div><u>Chicago corn closed moderately higher.</u></div>
<div><u><br>
</u></div>
<div><u> DEC18 HI 3.56 1/4 DEC18 HI 3.56 1/4</u></div>
<div><u> LOW 3.44 3/4 LOW 3.44 3/4</u></div>
<div><u> CLOSE3.52 1/2 Up 6 3/4 CLOSE 3.52 1/2 Up 6 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+MAR19</u></div>
<div><u>CK Low 1.10 4.63 182.08 0.85 4.38 172.24</u></div>
<div><u>CK High 1.25 4.78 187.98 0.95 4.48 176.17</u></div>
<div><u>CK Avg 1.13 0.09 4.66 183.39 0.89 -0.09 4.42 173.88</u></div>
<div><u>Essex Cty 1.15 4.68 184.05 0.90 4.43 174.20</u></div>
<div><u>Mdsx Low 1.10 4.63 182.08 0.90 4.43 174.20</u></div>
<div><u>Mdsx High 1.10 4.63 182.08 0.90 4.43 174.20</u></div>
<div><u>Mdsx Avg 1.10 0.06 4.63 182.08 0.90 -0.08 4.43 174.20</u></div>
<div><u>Hensall 1.13 4.65 183.06 0.93 4.45 175.19</u></div>
<div><u>Bruce 1.15 4.68 184.05 0.95 4.48 176.17</u></div>
<div><u>Putnam N/A 0.90 4.43 174.20</u></div>
<div><u>Burford 1.10 4.63 182.08 0.90 4.43 174.20</u></div>
<div><u>Port Perry 1.10 4.63 182.08 0.90 4.43 174.20</u></div>
<div><u>Norfolk 1.15 4.68 184.05 0.95 4.48 176.17</u></div>
<div><u>Palmerston 1.25 4.78 187.98 0.90 4.43 174.20</u></div>
<div><u>Varna 1.15 4.68 184.05 0.95 4.48 176.17</u></div>
<div><u>Trenton N/A 1.00 4.53 178.14</u></div>
<div><u>Winchester N/A 1.27 4.80 188.77</u></div>
<div><u>North Gower 1.18 4.71 185.23 1.25 4.78 187.98</u></div>
<div><u>Huron FOB 1.20 4.73 186.02 1.01 4.54 178.54</u></div>
<div><u>Kent FOB 1.20 4.73 186.02 0.92 4.45 174.99</u></div>
<div><u>Lamb FOB 1.05 4.58 180.11 1.00 4.53 178.14</u></div>
<div><u>Mdsx FOB 1.30N/A N/A N/A 4.83 189.95 1.00 4.53 178.14</u></div>
<div><u>FOB SW Que 1.98 5.51 216.72N/A</u></div>
<div><u>Track 1.48 5.00 196.84N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A N/A 1.16 N/A</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A 1.38 N/A</u></div>
<div><u>Aylmer-Eth N/A 1.40 1.15 1.15 1.15 4.68 184.05</u></div>
<div><u>Sarn-Eth N/A N/A 1.15N/A 1.15 4.68 184.05</u></div>
<div><u>Kawartha N/A N/A N/A N/A N/A</u></div>
<div><u>London-Ing N/A 1.30 1.25 1.25 1.25 4.78 187.98</u></div>
<div><u>Pt.Colb-Ing N/A N/A 1.35N/A 1.35* 4.88 191.92</u></div>
<div><u>Cardnl-Ing N/A N/A 1.40 1.40 1.40 4.93 193.89</u></div>
<div><u>W O Feed 1.68 5.20 204.75</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.57 5.10 200.58</u></div>
<div><u>Toledo El. -0.39 3.14 123.55 -0.39 3.14 123.58</u></div>
<div><u><br>
</u></div>
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</u></div>
<div><u>MID SD CRN 0.90 1 4.42 1/2</u></div>
<div><u>HI SD CRN 0.95 4.47 1/2</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
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</u></div>
<div><u>Exchange rate was 1.2889 down 0.0007</u></div>
<div><u>Chicago soybeans closed moderately higher.</u></div>
<div><u><br>
</u></div>
<div><u> NOV18 HI 8.55 NOV19 HI 9.15 1/4</u></div>
<div><u> LOW 8.25 1/4 LOW 8.89 3/4</u></div>
<div><u> CLOSE8.50 1/4 Up 20 1/4 CLOSE 9.11 3/4 Up 19 1/2</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 2.45 10.95 402.441.72 10.84 398.21</u></div>
<div><u>CK High 2.45 10.95 402.441.90 11.02 404.82</u></div>
<div><u>CK Average 2.45 -0.0110.95 402.441.80 -0.6310.91 400.97</u></div>
<div><u>Essex Cty 2.25 10.75 395.091.80 10.92 401.15</u></div>
<div><u>Mdsx Low 2.45 10.95 402.441.75 10.87 399.31</u></div>
<div><u>Mdsx High 2.48 10.98 403.541.75 10.87 399.31</u></div>
<div><u>Mdsx Average 2.47 0.01 10.97 402.991.75 -0.6710.87 399.31</u></div>
<div><u>Hensall 2.45 10.95 402.441.75 10.87 399.31</u></div>
<div><u>Bruce 2.45 10.95 402.441.75 10.87 399.31</u></div>
<div><u>Putnam 2.55 11.05 406.111.85 10.97 402.99</u></div>
<div><u>Burford 2.52 11.02 405.011.79 10.91 400.78</u></div>
<div><u>Port Perry 2.45 10.95 402.441.72 10.84 398.21</u></div>
<div><u>Norfolk 2.45 10.95 402.441.75 10.87 399.31</u></div>
<div><u>Palmerston 2.50 11.00 404.271.95 11.07 406.66</u></div>
<div><u>Varna 2.50 11.00 404.271.80 10.92 401.15</u></div>
<div><u>Trenton 2.45 10.95 402.441.80 10.92 401.15</u></div>
<div><u>Winchester 2.45 10.95 402.441.79 10.91 400.78</u></div>
<div><u>North Gower 2.65 11.15 409.782.00 11.12 408.50</u></div>
<div><u>Huron FOB 2.55 11.05 406.111.85 10.97 402.99</u></div>
<div><u>Kent FOB 2.45 10.95 402.441.75 10.87 399.31</u></div>
<div><u>Lambton FOB 2.45 10.95 402.441.90 11.02 404.82</u></div>
<div><u>Middlesex FOB2.62 2.56 2.69 2.62 11.12 408.681.88 11.00 404.09</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Windsor 2.46 10.96 402.80 N/A</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton 2.75 11.25 413.462.05 11.17 410.34</u></div>
<div><u>Prescott 2.75 11.25 413.462.33 11.45 420.62</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.64 7.86 288.73-0.32 8.80 323.20</u></div>
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</u></div>
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</u></div>
<div><u>Exchange rate was 1.2889 down 0.0007</u></div>
<div><u>Chicago wheat closed slightly higher.</u></div>
<div><u>DEC18 HI 5.25 3/4 JUL19 HI 5.59</u></div>
<div><u> LOW 5.16 LOW 5.50 1/2</u></div>
<div><u> CLOSE 5.24 Up 1 1/2 CLOSE 5.56 1/4 Up 1 1/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed narrowly mixed.</u></div>
<div><u>DEC18 HI 5.91 SEP19 HI 6.20</u></div>
<div><u> LOW 5.83 LOW 6.15 3/4</u></div>
<div><u> CLOSE 5.88 1/2 Up 1/2 CLOSE 6.18 1/2 Down 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 1.06 1.26 1.06 0.54</u></div>
<div><u>CAD $/bu 6.30 6.50 6.30 6.43</u></div>
<div><u>CAD $/tonne 231.59 238.69 231.59 236.09</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 0.80 N/A N/A N/A 0.90 N/A</u></div>
<div><u>London 0.91 0.97 0.78 N/A 1.13 N/A 0.87 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 0.55 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 0.86 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 0.80 N/A N/A N/A 0.90 N/A</u></div>
<div><u>Brigden N/A N/A 0.80 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 0.90 0.45 N/A 1.20 1.10 0.30</u></div>
<div><u>W O Feed 1.44</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 1.45 N/A N/A N/A 1.72 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 5.09US 6.56CA 5.41US 6.96CA</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 1.14 1.21 1.14 0.42</u></div>
<div><u>CAD $/bu 6.70 6.77 6.70 6.60</u></div>
<div><u>CAD $/tonne 246.30 248.67 246.30 242.64</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 497.59</u></div>
<div><u>DDG's FOB Srn & Aylm 220.00 - 225.00</u></div>
<div><u><br>
</u></div>
<u></u><br>
</div>
<div>Wednesday, September 19, 2018 Closing Prices </div>
<div>COMMODITY<span style="white-space:pre"> </span>PERIOD<span style="white-space:pre">
</span>PRICE<span style="white-space:pre"> </span>WEEKLY MOVEMENT</div>
<div>Corn CBOT<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>3.46<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
05<span style="white-space:pre"> </span>cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>Nov<span style="white-space:pre">
</span>8.30<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
08<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>5.22<span style="white-space:pre"> </span>$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>5.86<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
21<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>5.26<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
20<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>2.49<span style="white-space:pre"> </span> $B",(B<span style="white-space:pre">
</span>06<span style="white-space:pre"> </span>cents </div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>.7746<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre">
</span>0.55<span style="white-space:pre"> </span>points</div>
<div><br>
</div>
<div>Corn: </div>
<div>As expected, corn is being pressured by the soy complex, and the $3.30 support level we have spoken of is within striking distance. A close below the $3.30 support line on the December futures will set us up for a test of the $3 price on the futures. </div>
<div>Initial support is seen at the $3.30 level and more significant support at the $3 level on December. All indicators are neutral to bearish and the primary trend is still down. </div>
<div><br>
</div>
<div>Soybeans: </div>
<div>We are getting closer to the all-important $8 price level on the November contract. We remain bearish and I feel we could see a much larger drop in price if we were to close below the $8 futures price on November heading into the fall and harvest season. </div>
<div>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 level based on the December futures. Our $8 lows are very critical at this point and a retest of this area could lead to a capitulation
and the making of a bottom in prices going into the new year. </div>
<div>All indicators remain negative and the primary trend remains down. </div>
<div><br>
</div>
<div><br>
</div>
<div><br>
</div>
<div><br>
</div>
<div>Wheat: </div>
<div><br>
</div>
<div>Our $4.90 target area on the downside in the December futures was realized as we touched $4.95 on September 14. We are rebounding in price and are currently back to the $5.25 level on the December contract. Our next challenge on the December futures is
an attempt to reach the $5.40-$5.50 level on December. </div>
<div>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 $4.90 or possibly even this summer$B!G(Bs lows at the $4.50 level. </div>
<div><br>
</div>
<div>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 this number is slim.</div>
<div><br>
</div>
<div>Short and intermediate term indicators are negative while the primary trend is still mildly bullish. </div>
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</div>
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</div>
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</div>
<div><br>
</div>
<div>Harvest 2018 Grain prices as of the close, September 19, 2018 are as follows:</div>
<div>SWW @ $230.96/MT ($6.29/bu), HRW @ $238.07/MT ($6.48/bu), </div>
<div> HRS @ $236.18/MT ($6.43/bu), SRW @ $230.96/MT ($6.29/bu). </div>
<div><br>
</div>
<div>Marty Hibbs, Grain Farmers of Ontario </div>
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<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>
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