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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, December 27</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.3614 up 0.0063</u></div>
<div><u>Chicago corn closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAR19 HI 3.76 1/2 DEC19 HI 3.98 1/2</u></div>
<div><u> LOW 3.73 1/4 LOW 3.95 1/2</u></div>
<div><u> CLOSE3.74 1/2 Up 1 1/4 CLOSE 3.96 1/4 Up 1/2</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 +MAR19+MAR19+MAY19</u></div>
<div><u>CK Low 0.95 4.70 184.83 0.85 4.81 189.46</u></div>
<div><u>CK High 0.95 4.70 184.83 0.90 4.86 191.43</u></div>
<div><u>CK Avg 0.95 -0.30 4.70 184.83 0.86 -0.41 4.82 189.85</u></div>
<div><u>Essex Cty 0.95 4.70 184.83 0.85 4.81 189.46</u></div>
<div><u>Mdsx Low 0.95 4.70 184.83 0.85 4.81 189.46</u></div>
<div><u>Mdsx High 0.95 4.70 184.83 0.90 4.86 191.43</u></div>
<div><u>Mdsx Avg 0.95 -0.30 4.70 184.83 0.88 -0.40 4.84 190.44</u></div>
<div><u>Hensall 0.95 4.70 184.83 0.85 4.81 189.46</u></div>
<div><u>Bruce 0.95 4.70 184.83 0.85 4.81 189.46</u></div>
<div><u>Putnam 0.95 4.70 184.83 0.85 4.81 189.46</u></div>
<div><u>Burford 0.95 4.70 184.83 0.90 4.86 191.43</u></div>
<div><u>Port Perry 0.95 4.70 184.83 0.90 4.86 191.43</u></div>
<div><u>Norfolk 0.95 4.70 184.83 0.85 4.81 189.46</u></div>
<div><u>Palmerston 0.90 4.65 182.87 0.85 4.81 189.46</u></div>
<div><u>Varna 0.95 4.70 184.83 0.85 4.81 189.46</u></div>
<div><u>Trenton 0.95 4.70 184.83 0.85 4.81 189.46</u></div>
<div><u>Winchester 1.20 4.95 194.68 1.15 5.11 201.27</u></div>
<div><u>North Gower 1.15 4.90 192.71 1.12 5.08 200.09</u></div>
<div><u>Huron FOB 1.25 5.00 196.64 0.90 4.86 191.43</u></div>
<div><u>Kent FOB 1.25 5.00 196.64 0.90 4.86 191.43</u></div>
<div><u>Lamb FOB 1.20 4.95 194.68 1.00 4.96 195.36</u></div>
<div><u>Mdsx FOB 1.30N/A N/A N/A 5.05 198.61 0.95 4.91 193.40</u></div>
<div><u>FOB SW Que 1.60 5.35 210.42N/A</u></div>
<div><u>Track 1.38 5.12 201.57N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A 1.51 1.45 1.14 5.10 200.88</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A 1.56 1.28 5.24 206.39</u></div>
<div><u>Aylmer-Eth N/A N/A 1.55 1.50 1.15 5.11 201.27</u></div>
<div><u>Sarn-Eth N/A 1.30 1.35N/A N/A</u></div>
<div><u>Kawartha N/A N/A N/A N/A N/A</u></div>
<div><u>London-Ing N/A N/A 1.55 1.50 1.10 5.06 199.30</u></div>
<div><u>Pt.Colb-Ing N/A N/A N/A N/A N/A*</u></div>
<div><u>Cardnl-Ing N/A N/A N/A N/A 1.30 5.26 207.18</u></div>
<div><u>W O Feed 1.71 5.45 214.68</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.97 5.72 224.99</u></div>
<div><u>Toledo El. -0.16 3.58 141.00 -0.27 3.69 145.29</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.95 4.69 1/2</u></div>
<div><u>HI SD CRN 0.95 4.69 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 1.3614 up 0.0063</u></div>
<div><u>Chicago soybeans closed narrowly mixed.</u></div>
<div><u><br>
</u></div>
<div><u> JAN19 HI 8.76 NOV19 HI 9.31</u></div>
<div><u> LOW 8.67 LOW 9.23 1/2</u></div>
<div><u> CLOSE8.69 Down 1 CLOSE 9.25 1/4 Down 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 +JAN1+MAR1+MAR19</u></div>
<div><u>CK Low 2.27 10.96 402.712.40 11.65 428.16</u></div>
<div><u>CK High 2.35 11.04 405.652.50 11.75 431.83</u></div>
<div><u>CK Average 2.33 -0.5911.02 405.062.44 -0.6511.69 429.55</u></div>
<div><u>Essex Cty 2.35 11.04 405.652.50 11.75 431.83</u></div>
<div><u>Mdsx Low 2.31 11.00 404.182.40 11.65 428.16</u></div>
<div><u>Mdsx High 2.35 11.04 405.652.48 11.73 431.10</u></div>
<div><u>Mdsx Average 2.33 -0.6011.02 404.922.44 -0.6511.69 429.63</u></div>
<div><u>Hensall 2.30 10.99 403.812.43 11.68 429.07</u></div>
<div><u>Bruce 2.35 11.04 405.652.45 11.70 429.99</u></div>
<div><u>Putnam 2.35 11.04 405.652.40 11.65 428.16</u></div>
<div><u>Burford 2.31 11.00 404.182.48 11.73 431.10</u></div>
<div><u>Port Perry 2.27 10.96 402.712.44 11.69 429.63</u></div>
<div><u>Norfolk 2.35 11.04 405.652.45 11.70 429.99</u></div>
<div><u>Palmerston 2.35 11.04 405.652.35 11.60 426.32</u></div>
<div><u>Varna 2.35 11.04 405.652.45 11.70 429.99</u></div>
<div><u>Trenton 2.30 10.99 403.812.40 11.65 428.16</u></div>
<div><u>Winchester 2.33 11.02 404.922.46 11.71 430.36</u></div>
<div><u>North Gower 2.37 11.06 406.392.43 11.68 429.26</u></div>
<div><u>Huron FOB 2.40 11.09 407.492.55 11.80 433.67</u></div>
<div><u>Kent FOB 2.45 11.14 409.322.45 11.70 429.99</u></div>
<div><u>Lambton FOB 2.25 10.94 401.982.55 11.80 433.67</u></div>
<div><u>Middlesex FOB2.16 2.36 2.61 2.66 10.85 398.672.60 11.85 435.50</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Windsor 2.76 N/A N/A N/A 11.45 420.722.96 12.21 448.73</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton 2.75 11.44 420.352.85 12.10 444.69</u></div>
<div><u>Prescott N/A 2.90 12.15 446.53</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.48 8.21 301.80-0.41 8.84 324.99</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3614 up 0.0063</u></div>
<div><u>Chicago wheat closed steady to slightly higher.</u></div>
<div><u>MAR19 HI 5.13 JUL19 HI 5.28 3/4</u></div>
<div><u> LOW 5.07 1/4 LOW 5.22 1/4</u></div>
<div><u> CLOSE 5.10 1/2 Up 1/2 CLOSE 5.25 3/4 Unchanged</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly higher.</u></div>
<div><u>MAR19 HI 5.54 3/4 SEP19 HI 5.75 1/2</u></div>
<div><u> LOW 5.44 1/2 LOW 5.66 1/2</u></div>
<div><u> CLOSE 5.52 1/4 Up 3 CLOSE 5.73 3/4 Up 2 1/2</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 1.37 1.57 1.37 0.84</u></div>
<div><u>CAD $/bu 6.47 6.68 6.47 6.36</u></div>
<div><u>CAD $/tonne 237.85 245.36 237.85 233.73</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 1.40 N/A N/A N/A 1.30 N/A</u></div>
<div><u>London 1.64 1.50 1.43 N/A 1.66 1.52 1.25 N/A</u></div>
<div><u>Hensall 1.65 N/A 1.40 N/A 1.70 N/A 1.30 N/A</u></div>
<div><u>Trenton N/A N/A N/A N/A N/A N/A 1.25 N/A</u></div>
<div><u>Bruce 1.45 1.60 1.40 1.10 1.35 1.50 1.25 1.00</u></div>
<div><u>Essex N/A N/A 1.40 N/A N/A N/A 1.30 N/A</u></div>
<div><u>Norwich 1.65 N/A 1.40 N/A 1.70 N/A 1.30 N/A</u></div>
<div><u>Port Hope N/A N/A 1.40 N/A N/A 1.35 1.30 N/A</u></div>
<div><u>Kent Bridge 1.65 N/A 1.40 N/A 1.70 N/A 1.30 N/A</u></div>
<div><u>Chatham N/A N/A 1.40 N/A N/A N/A 1.30 N/A</u></div>
<div><u>Brigden N/A N/A 1.40 N/A N/A N/A 1.30 N/A</u></div>
<div><u>Palmerston N/A 1.50 1.20 0.80 N/A 1.45 1.10 0.80</u></div>
<div><u>Varna 1.60 1.60 1.40 N/A 1.35 1.50 1.25 N/A</u></div>
<div><u>Mitchell 1.65 1.40 1.40 N/A 1.70 1.45 1.30 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.83 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 1.30 1.13 0.64 N/A 1.35 1.29 0.55</u></div>
<div><u>W O Feed 1.91</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 2.05 N/A N/A N/A 2.02 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 5.06US 6.88CA 5.11US 6.94CA</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 1.41 1.48 1.41 0.77</u></div>
<div><u>CAD $/bu 6.67 6.74 6.67 6.51</u></div>
<div><u>CAD $/tonne 245.10 247.60 245.10 239.11</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 488.22</u></div>
<div><u>DDG's FOB Srn & Aylm 160.00 - 165.00</u></div>
<div><u><br>
</u></div>
---
<p></p>
<p style="margin-top:0;margin-bottom:0">Ontario Grain Market Commentary for December 26, 2018</p>
<p style="margin-top:0;margin-bottom:0">By Marty Hibbs, Grain Farmers of Ontario</p>
<p style="margin-top:0;margin-bottom:0"></p>
<div><br>
</div>
<div>Futures Prices as of close, December 26, 2018</div>
<div>Commodity<span style="white-space:pre"> </span>Period<span style="white-space:pre">
</span>Price<span style="white-space:pre"> </span>Weekly Movement</div>
<div>Corn CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>3.73<span style="white-space:pre"> </span>$B"-(B 09 cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>8.83<span style="white-space:pre"> </span>$B"-(B 30 cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>5.10<span style="white-space:pre"> </span>$B"-(B 12 cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>5.50<span style="white-space:pre"> </span>$B"-(B 18 cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>4.95<span style="white-space:pre"> </span>$B"-(B 13 cents</div>
<div>Oats CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>2.75<span style="white-space:pre"> </span>$B"-(B 11 cents</div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>0.7370<span style="white-space:pre"> </span>$B"-(B 0.65 points</div>
<div><br>
</div>
<div><br>
</div>
<div>Corn: </div>
<div>Corn has pulled back towards the $3.60 support line as the holidays are upon us. The gap has now been filled. Both short- and mid-term indicators are now positive, but the primary trend is still down. </div>
<div><br>
</div>
<div>Soybeans: </div>
<div>There was a pullback in the grains again this week and we are now looking to find support at the $8.80 level on the March contract. This is important support and if it fails on a close we should consider a move back to the recent bottom at the $8.40 level. </div>
<div>Short-term indicators are still positive, while the primary trend remains down. Resistance has moved down to the $9.40 - $9.50 level on the March contract.</div>
<div><br>
</div>
<div><span style="font-size: 10pt;">Wheat: </span><br>
</div>
<div><span style="font-size: 10pt;">Overall, the weekly charts still look very constructive and I still feel we will see stronger prices in the spring. </span><br>
</div>
<div>Support is seen at $5 while stiff overhead resistance is at $5.50 on the March futures.</div>
<div><span style="font-size: 10pt;">Short-term indicators are bullish, and the primary trend is neutral to bullish. </span><br>
</div>
<div><br>
</div>
<div><span style="font-size: 10pt;">Harvest 2018 Grain prices as of the close, December 26, 2018 are as follows:</span><br>
</div>
<div>SWW @ $236.82MT ($6.45/bu), HRW @ $244.30/MT ($6.65/bu), </div>
<div> HRS @ $231.84/MT ($6.31/bu), SRW @ $236.82/MT ($6.45/bu). </div>
<div>---</div>
<div><br>
</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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