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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Fri, January 25</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.322 down 0.0120</u></div>
<div><u>Chicago corn closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAR19 HI 3.80 1/2 DEC19 HI 4.03 1/2</u></div>
<div><u> LOW 3.76 LOW 3.98 1/2</u></div>
<div><u> CLOSE3.80 1/4 Up 3 1/4 CLOSE 4.03 1/4 Up 2 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+MAY19+MAY19</u></div>
<div><u>CK Low 0.95 4.75 187.10 0.85 4.88 192.22</u></div>
<div><u>CK High 0.95 4.75 187.10 0.90 4.93 194.18</u></div>
<div><u>CK Avg 0.95 -0.21 4.75 187.10 0.86 -0.32 4.89 192.61</u></div>
<div><u>Essex Cty 0.95 4.75 187.10 0.85 4.88 192.22</u></div>
<div><u>Mdsx Low 0.95 4.75 187.10 0.85 4.88 192.22</u></div>
<div><u>Mdsx High 0.95 4.75 187.10 0.85 4.88 192.22</u></div>
<div><u>Mdsx Avg 0.95 -0.21 4.75 187.10 0.85 -0.33 4.88 192.22</u></div>
<div><u>Hensall 0.95 4.75 187.10 0.85 4.88 192.22</u></div>
<div><u>Bruce 0.95 4.75 187.10 0.85 4.88 192.22</u></div>
<div><u>Putnam 0.95 4.75 187.10 0.85 4.88 192.22</u></div>
<div><u>Burford 0.95 4.75 187.10 0.85 4.88 192.22</u></div>
<div><u>Port Perry 0.95 4.75 187.10 0.90 4.93 194.18</u></div>
<div><u>Norfolk 0.95 4.75 187.10 0.85 4.88 192.22</u></div>
<div><u>Palmerston 0.95 4.75 187.10 0.85 4.88 192.22</u></div>
<div><u>Varna 0.95 4.75 187.10 0.85 4.88 192.22</u></div>
<div><u>Trenton 0.95 4.75 187.10 0.85 4.88 192.22</u></div>
<div><u>Winchester 1.15 4.95 194.97 1.15 5.18 204.03</u></div>
<div><u>North Gower 1.15 4.95 194.97 1.12 5.15 202.84</u></div>
<div><u>Huron FOB 1.25 5.05 198.91 0.95 4.98 196.15</u></div>
<div><u>Kent FOB 1.20 5.00 196.94 0.90 4.93 194.18</u></div>
<div><u>Lamb FOB 1.30 5.10 200.88 0.95 4.98 196.15</u></div>
<div><u>Mdsx FOB 1.25 1.25N/A N/A 5.05 198.91 0.95 4.98 196.15</u></div>
<div><u>FOB SW Que 1.56 5.36 211.11N/A</u></div>
<div><u>Track 1.50 5.30 208.75N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A 1.53 1.60 1.18 5.21 205.21</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A N/A 1.25 5.28 207.96</u></div>
<div><u>Aylmer-Eth N/A 1.47 1.50 1.52 1.14 5.17 203.63</u></div>
<div><u>Sarn-Eth N/A 1.50 1.45 1.50 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 N/A 1.55 1.15 5.18 204.03</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 1.25 5.28 207.96</u></div>
<div><u>W O Feed 1.68 5.48 215.92</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.81 5.61 220.95</u></div>
<div><u>Toledo El. -0.13 3.67 144.49 -0.26 3.77 148.37</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.95 4.75 1/4</u></div>
<div><u>HI SD CRN 0.95 4.75 1/4</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.322 down 0.0120</u></div>
<div><u>Chicago soybeans closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAR19 HI 9.26 1/4 NOV19 HI 9.64 3/4</u></div>
<div><u> LOW 9.13 LOW 9.53 1/2</u></div>
<div><u> CLOSE9.25 1/4 Up 9 1/4 CLOSE 9.64 1/4 Up 7 3/4</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 +MAR1+MAR1+MAY19</u></div>
<div><u>CK Low 2.05 11.30 415.302.23 11.87 436.24</u></div>
<div><u>CK High 2.10 11.35 417.132.30 11.94 438.81</u></div>
<div><u>CK Average 2.09 -0.6711.34 416.772.29 -0.6011.93 438.30</u></div>
<div><u>Essex Cty 2.10 11.35 417.132.30 11.94 438.81</u></div>
<div><u>Mdsx Low 2.09 11.34 416.772.27 11.91 437.71</u></div>
<div><u>Mdsx High 2.10 11.35 417.132.30 11.94 438.81</u></div>
<div><u>Mdsx Average 2.10 -0.6711.35 416.952.29 -0.6011.93 438.26</u></div>
<div><u>Hensall 2.10 11.35 417.132.30 11.94 438.81</u></div>
<div><u>Bruce 2.10 11.35 417.132.30 11.94 438.81</u></div>
<div><u>Putnam 2.10 11.35 417.132.30 11.94 438.81</u></div>
<div><u>Burford 2.09 11.34 416.772.27 11.91 437.71</u></div>
<div><u>Port Perry 2.05 11.30 415.302.23 11.87 436.24</u></div>
<div><u>Norfolk 2.10 11.35 417.132.30 11.94 438.81</u></div>
<div><u>Palmerston 1.95 11.20 411.622.35 11.99 440.65</u></div>
<div><u>Varna 2.10 11.35 417.132.30 11.94 438.81</u></div>
<div><u>Trenton 2.05 11.30 415.302.25 11.89 436.97</u></div>
<div><u>Winchester 2.10 11.35 417.132.32 11.96 439.55</u></div>
<div><u>North Gower 2.22 11.47 421.542.25 11.89 436.97</u></div>
<div><u>Huron FOB 2.20 11.45 420.812.40 12.04 442.49</u></div>
<div><u>Kent FOB 2.20 11.45 420.812.30 11.94 438.81</u></div>
<div><u>Lambton FOB 2.00 11.25 413.462.45 12.09 444.32</u></div>
<div><u>Middlesex FOB2.05 2.18 2.32 2.36 11.30 415.302.39 12.03 442.12</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Windsor 2.66 N/A N/A N/A 11.91 437.712.72 12.36 454.24</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton 2.50 11.75 431.832.70 12.34 453.51</u></div>
<div><u>Prescott 1.90 11.15 409.782.65 12.29 451.67</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.59 8.66 318.11-0.53 9.11 334.91</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.322 down 0.0120</u></div>
<div><u>Chicago wheat closed slightly lower.</u></div>
<div><u>MAR19 HI 5.23 JUL19 HI 5.35 1/4</u></div>
<div><u> LOW 5.16 3/4 LOW 5.29 1/4</u></div>
<div><u> CLOSE 5.20 Down 1 1/2 CLOSE 5.33 Down 1</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly lower.</u></div>
<div><u>MAR19 HI 5.77 1/2 SEP19 HI 5.91 1/4</u></div>
<div><u> LOW 5.73 1/2 LOW 5.88 3/4</u></div>
<div><u> CLOSE 5.74 3/4 Down 1 1/2 CLOSE 5.89 1/2 Down 2 3/4</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 1.54 1.61 1.41 0.79</u></div>
<div><u>CAD $/bu 6.74 6.81 6.61 6.54</u></div>
<div><u>CAD $/tonne 247.73 250.16 242.87 240.32</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 1.30 N/A N/A N/A 1.20 N/A</u></div>
<div><u>London 1.48 1.35 1.29 N/A 1.51 1.38 1.24 N/A</u></div>
<div><u>Hensall 1.50 N/A 1.30 N/A 1.55 N/A 1.20 N/A</u></div>
<div><u>Trenton N/A N/A N/A N/A N/A N/A 1.20 N/A</u></div>
<div><u>Bruce 1.50 1.55 1.30 1.10 1.50 1.45 1.20 1.00</u></div>
<div><u>Essex N/A N/A 1.30 N/A N/A N/A 1.20 N/A</u></div>
<div><u>Norwich 1.50 N/A 1.30 N/A 1.55 N/A 1.20 N/A</u></div>
<div><u>Port Hope N/A N/A 1.30 N/A N/A 1.30 1.20 N/A</u></div>
<div><u>Kent Bridge 1.50 N/A 1.30 N/A 1.55 N/A 1.20 N/A</u></div>
<div><u>Chatham N/A N/A 1.30 N/A N/A N/A 1.25 N/A</u></div>
<div><u>Brigden N/A N/A 1.30 N/A N/A N/A 1.25 N/A</u></div>
<div><u>Palmerston N/A 1.60 1.15 1.10 N/A 1.50 1.20 1.00</u></div>
<div><u>Varna 1.50 1.60 1.30 N/A 1.40 1.50 1.20 N/A</u></div>
<div><u>Mitchell 1.50 1.30 1.30 N/A 1.55 1.35 1.20 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.74 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 1.45 1.30 0.64 N/A 1.58 1.43 0.74</u></div>
<div><u>W O Feed 1.87</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 1.87 N/A N/A N/A 1.83 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 5.15US 6.81CA 5.18US 6.83CA</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 1.50 1.57 1.37 0.76</u></div>
<div><u>CAD $/bu 6.83 6.90 6.70 6.66</u></div>
<div><u>CAD $/tonne 251.10 253.52 246.25 244.55</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 491.53</u></div>
<div><u>DDG's FOB Srn & Aylm 170.00 - 185.00</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
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<p class="MsoNormal" style=""><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 51, 51); background: rgb(253, 253, 253);">Register now for the GFO Grain Marketing Webinar: Intro to Futures, which will be held at noon
on February 6, 2019. Here is the link to the online registration form:</span><span style="color: rgb(33, 33, 33); background-image: initial;"> </span><a href="https://gfo.ca/event/grain-marketing-webinar-intro-to-futures/" target="_blank" style="" id="LPlnk462158" class="OWAAutoLink" previewremoved="true"><span style="background-image: initial; background-">https://gfo.ca/event/grain-marketing-webinar-intro-to-futures/</span></a><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 51, 51); background: rgb(253, 253, 253);">
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<br>
<p class="MsoNormal" style=""><span style="font-size:10.0pt;line-height:115%;font-family:
"Courier New";color:#333333;background:#FDFDFD">---<o:p></o:p></span></p>
<span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 51, 51); background: rgb(253, 253, 253);">Blair Andrews</span><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 51, 51);"><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>
<span style="background:#FDFDFD">Tel.<span class="apple-converted-space"> </span></span></span><span style="font-size: 11pt; line-height: 115%; font-family: Calibri, sans-serif;"><a href="callto:519-674-1500" id="LPlnk678677" class="OWAAutoLink" previewremoved="true"><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 102, 153);">519-674-1500</span></a></span><span class="apple-converted-space" style=""><span style="font-size:10.0pt;line-height:115%;
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63577<span class="apple-converted-space"> </span></span><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 51, 51);"><br>
<span style="background:#FDFDFD">Fax.<span class="apple-converted-space"> </span></span></span><span style="font-size: 11pt; line-height: 115%; font-family: Calibri, sans-serif;"><a href="callto:519-674-1530" id="LPlnk60200" class="OWAAutoLink" previewremoved="true"><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 102, 153);">519-674-1530</span></a></span><span class="apple-converted-space" style=""><span style="font-size:10.0pt;line-height:115%;
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