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<div>Ontario Grain Market Commentary for November 21, 2018</div>
<div>By Marty Hibbs, Grain Farmers of Ontario</div>
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<div>Wednesday, November 21, 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>3.62<span style="white-space:pre"> </span> $B"-(B<span style="white-space:pre">
</span>04<span style="white-space:pre"> </span>cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>Jan<span style="white-space:pre">
</span>8.83<span style="white-space:pre"> </span>$B",(B<span style="white-space:pre"> </span>
00<span style="white-space:pre"> </span>cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>4.99<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
05<span style="white-space:pre"> </span>cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>5.72<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
04<span style="white-space:pre"> </span>cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>4.69<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre"> </span>
12<span style="white-space:pre"> </span>cents</div>
<div>Chicago Oats<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>2.91<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 $<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>.7555<span style="white-space:pre"> </span>$B"-(B<span style="white-space:pre">
</span>1.05<span style="white-space:pre"> </span>points</div>
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<div>Corn: </div>
<div>We did indeed move back quickly towards the $3.60 support line as expected in our last week$B!G(Bs commentary. My concern now is that the $3.50 - $3.60 may not hold as I have one of my red sell signals on the daily charts. This indicated short term pressure
on prices in the coming weeks. The $3.50 line now comes into play and if we were to close any day below this level, we can expect even more downside, possibly a test of the $3.30 - $3.40 level on the December contract before it goes off the board in December.
Initial support is still seen at the $3.50 - $3.60 level on December. Indicators are mixed, with daily signals being negative and the primary trend is still down. </div>
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<div>Soybeans: </div>
<div>Another boring week of price activity as the January contract continues to track between the $8 and $9 level. The Chicago oat contract has been on my radar lately as the December contract had a run from $2.35 - $3.20 per bushel in the last eight weeks.
This is a 30% gain in value. We had an old saying in the business years ago which went like this $B!H(Bas go the oats so go the other grains.$B!I(B I feel we may have seen the top of this move in oats and if the saying is valid, and if I$B!G(Bm right about a short-term top,
we may now see more downside in the other three grains. Time will tell. </div>
<div>Short term indicators are still positive, while the primary trend remains down. The $8 - $9 box remains intact and if we were to break to the upside, there is tough resistance around the $9.50 level. A break below $8 could give us a $7.50 handle very quickly. </div>
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<div>Wheat: </div>
<div><span style="font-size: 10pt;">Wheat has moved back to support as suggested in my last commentary. We are getting into a very tight range on our charts and the one-year-old support line, which runs across the $4.90 area, is about to be challenged once
again. A close below this line could spark more selling pressure and a possible test of the $4.60 level once again. Note that our main uptrend line is located around the $4.20 mark on the weekly charts but unless we have a complete rout in corn and soybeans,
it is unlikely that we will see these numbers tested for support this year. Support is still seen at the$4.85 - $5 level on the December contract. </span><br>
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<div><span style="font-size: 10pt;">Short term indicators are neutral, and the primary trend is neutral to bullish. </span><br>
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<div>Harvest 2018 Grain prices as of the close, November 21, 2018 are as follows:</div>
<div>SWW @ $225.82/MT ($6.15/bu), HRW @ $233.12/MT ($6.34/bu), </div>
<div> HRS @ $234.58/MT ($6.38/bu), SRW @ $225.82/MT ($6.15/bu). </div>
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