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<div>Wednesday, October 24, 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>3.68<span style="white-space:pre"> </span> $B"-(B<span style="white-space:pre">
</span>08<span style="white-space:pre"> </span>cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>Nov<span style="white-space:pre">
</span>8.50<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
36<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>5.00<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
17<span style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>5.78<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
10<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>4.97<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
24<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>2.92<span style="white-space:pre"> </span> $B"-(B<span style="white-space:pre">
</span>05<span style="white-space:pre"> </span>cents </div>
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<div>Canadian $<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>.7689<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre">
</span>0.05<span style="white-space:pre"> </span>points</div>
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<div>Corn: </div>
<div>It was a quiet week in the corn futures as the market was confined to a 10 cent range. </div>
<div>Initial support is now seen at the $3.65 level on December. Indicators are neutral, but the primary trend is still down. We still need a close above the $4.40 level on the lead month contract to get excited about a major trend reversal.</div>
<div>Soybeans: </div>
<div>Soybeans reached our $9 area and once again backed off. This was expected as we are defining our box, which once completed could produce a break to the downside. This formation, which is visible on the monthly chart, suggests that, if we break our long
standing $8 price on the lead month futures. That break, if it were to occur, would extend the beans into a $7 price handle for the first time since 2008. </div>
<div>There is a chance we may never seen this, but it is a possibility. First, we need the $8 support level to be violated in a big way. I see that as a possibility with the continued rhetoric from China and Trump. </div>
<div>If by chance things were to settle down globally, we could see the upside target of $9.20 negated in which case the flag formation would be destroyed and meaningless. Only time will tell.</div>
<div>Meanwhile, we expect more of the same with the lead month bean contract trading between the $8 - $9 range. The primary trend remains down. </div>
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<div>Wheat: </div>
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<div>Wheat is testing the support level near $5 and continues to hold. However, there is a pattern that concerns me in the short term. This is a very reliable pattern that is known to show capitulation and market turns when it is fully developed. </div>
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<div>To clarify this, the pattern in question is based on our daily chart and it shows a possible short term move downwards that could result in a price target of around $4.80 on the lead month futures contract. If this pattern were to follow through, I would
expect good support at our previous support level of $4.80 and a move higher from that area in the coming weeks. </div>
<div>For the time being, we are still finding support near the $5 level on December at our September swing low of $4.95 and we may not see this break in prices. </div>
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<div>Initial support is still seen in this $5 area on December Chicago futures while overhead resistance is now back at $5.25. </div>
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<div>Indicators are still positive, and the primary trend is neutral. </div>
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<div>Harvest 2018 Grain prices as of the close, October 24, 2018 are as follows:</div>
<div>SWW @ $222.53/MT ($6.06/bu), HRW @ $229.70/MT ($6.25/bu), </div>
<div> HRS @ $233.53/MT ($6.06/bu), SRW @ $222.53/MT ($6.06/bu). </div>
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<div>Marty Hibbs, Grain Farmers of Ontario </div>
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