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<p style="margin-top:0;margin-bottom:0">Ontario Grain Market Commentary for December 12, 2018</p>
<p style="margin-top:0;margin-bottom:0">By Marty Hibbs, Grain Farmers of Ontario</p>
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<div><span style="font-size: 10pt;">Futures Prices as of close, December 12, 2018</span><br>
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<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>Mar<span style="white-space:pre">
</span>3.85<span style="white-space:pre"> </span>$B",(B 00 cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>9.33<span style="white-space:pre"> </span>$B",(B 08 cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>5.26<span style="white-space:pre"> </span>$B",(B 07 cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>5.83<span style="white-space:pre"> </span>$B",(B 08 cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>5.11<span style="white-space:pre"> </span>$B",(B 15 cents</div>
<div>Oats CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>2.94<span style="white-space:pre"> </span>$B",(B 07 cents</div>
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<div>Canadian $<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>0.7490<span style="white-space:pre"> </span>$B",(B 0.15 points</div>
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<div><span style="font-size: 10pt;">Corn: </span><br>
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<div>I remain bullish in the short term and I feel we will break to the upside within the next week. There are, of course, obstacles in the way with regard to the distance it can move. I received the red buy signal that we mentioned last week and technically
we have a flag formation that suggests a minimum move to $3.90 based on the March futures. This, in my opinion, is the beginning of a move that will see us attack and possibly breach the $4 level by January at the latest. This is a level not seen since early
August. </div>
<div>Both short and mid-term indicators are now positive, but the primary trend is still down. </div>
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<div>Soybeans: </div>
<div>It was another constructive week for soybeans as we have confirmed a bullish flag which suggest more upside in the near term. The flag extends to at least $9.60 - $9.70 and helps to confirm that we have neutralized the mid-term trend from bearish to neutral.
The next step in this theory is to neutralize the eight- year-old primary bear trend. This will take a move into the $10 area based on the lead month futures contract to confirm. Short term indicators are still positive, while the primary trend remains down.
Resistance remains around the $9.70 -$9.80 level on the March contract. If and when we negate this area on a close, we will be ready for an assault on the big prize, the bullish trend line which I have at the $10.80 level on the March futures. </div>
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<div>Wheat: </div>
<div><span style="font-size: 10pt;">I received a short term buy signal yesterday on the Chicago March wheat at the close of $5.21. Wheat, like the other grains, is resilient and is looking more bullish in the short term than it has for a while. The December
contract will be expiring this week and that could release some downward pressure on the March contract. </span><br>
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<div>Overall the weekly charts still look very constructive and I still feel we will see stronger prices in the spring. </div>
<div>Support is seen at $5 while stiff overhead resistance is at $5.50 on the March futures.</div>
<div>Short term indicators are bullish, and the primary trend is neutral to bullish. </div>
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<div>Harvest 2018 Grain prices as of the close, December 12, 2018 are as follows:</div>
<div>SWW @ $240.83/MT ($6.55/bu), HRW @ $248.19/MT ($6.75/bu), </div>
<div> HRS @ $244.26/MT ($6.65/bu), SRW @ $240.83/MT ($6.55/bu). </div>
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