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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, February 20</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.3158 down 0.0044</u></div>
<div><u>Chicago corn closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAR19 HI 3.73 1/2 DEC19 HI 3.99 3/4</u></div>
<div><u> LOW 3.68 1/2 LOW 3.96 1/4</u></div>
<div><u> CLOSE3.70 3/4 Up 1 CLOSE 3.98 1/2 Up 1 3/4</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 +MAY19+MAY19+JUL19</u></div>
<div><u>CK Low 0.95 4.66 183.36 0.80 4.79 188.38</u></div>
<div><u>CK High 1.00 4.71 185.33 0.90 4.89 192.31</u></div>
<div><u>CK Avg 0.98 -0.14 4.69 184.67 0.85 -0.30 4.84 190.35</u></div>
<div><u>Essex Cty 1.00 4.71 185.33 0.85 4.84 190.35</u></div>
<div><u>Mdsx Low 0.95 4.66 183.36 0.80 4.79 188.38</u></div>
<div><u>Mdsx High 1.00 4.71 185.33 0.85 4.84 190.35</u></div>
<div><u>Mdsx Avg 0.98 -0.15 4.68 184.34 0.83 -0.32 4.81 189.36</u></div>
<div><u>Hensall 0.98 4.68 184.34 0.83 4.81 189.36</u></div>
<div><u>Bruce 1.00 4.71 185.33 0.85 4.84 190.35</u></div>
<div><u>Putnam 0.95 4.66 183.36 0.80 4.79 188.38</u></div>
<div><u>Burford 1.00 4.71 185.33 0.85 4.84 190.35</u></div>
<div><u>Port Perry 0.95 4.66 183.36 0.85 4.84 190.35</u></div>
<div><u>Norfolk 1.00 4.71 185.33 0.85 4.84 190.35</u></div>
<div><u>Palmerston 1.00 4.71 185.33 0.85 4.84 190.35</u></div>
<div><u>Varna 1.00 4.71 185.33 0.85 4.84 190.35</u></div>
<div><u>Trenton 1.00 4.71 185.33 0.85 4.84 190.35</u></div>
<div><u>Winchester 1.10 4.81 189.26 1.15 5.14 202.16</u></div>
<div><u>North Gower 1.10 4.81 189.26 1.13 5.12 201.37</u></div>
<div><u>Huron FOB 1.30 5.01 197.14 0.95 4.94 194.28</u></div>
<div><u>Kent FOB 1.25 4.96 195.17 0.90 4.89 192.31</u></div>
<div><u>Lamb FOB 1.30 5.01 197.14 0.90 4.89 192.31</u></div>
<div><u>Mdsx FOB 1.25 1.25N/A N/A 4.96 195.17 0.95 4.94 194.28</u></div>
<div><u>FOB SW Que 1.72 5.43 213.67 1.23 5.22 205.31</u></div>
<div><u>Track 1.50 5.21 205.01N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A N/A N/A 1.06 5.05 198.61</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A N/A 1.19 5.18 203.73</u></div>
<div><u>Aylmer-Eth N/A N/A 1.54 1.55 1.10 5.09 200.19</u></div>
<div><u>Sarn-Eth 1.40 1.35 1.40N/A 5.11 201.07N/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 5.14 202.16</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 5.24 206.09</u></div>
<div><u>W O Feed 1.65 5.36 210.92</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.81 5.52 217.21</u></div>
<div><u>Toledo El. -0.07 3.64 143.37 -0.26 3.72 146.54</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Port ColbornN/A 1.15 5.14202 1/6</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.97 1/2 4.68 1/4</u></div>
<div><u>HI SD CRN 1.00 4.70 3/4</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3158 down 0.0044</u></div>
<div><u>Chicago soybeans closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAR19 HI 9.05 NOV19 HI 9.49 3/4</u></div>
<div><u> LOW 8.93 1/4 LOW 9.38 3/4</u></div>
<div><u> CLOSE9.02 1/2 Up 1 3/4 CLOSE 9.48 1/2 Up 2 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+MAY1+MAY19</u></div>
<div><u>CK Low 2.07 11.10 407.672.13 11.62 426.78</u></div>
<div><u>CK High 2.20 11.23 412.452.25 11.74 431.19</u></div>
<div><u>CK Average 2.12 -0.5511.15 409.512.20 -0.5911.68 429.23</u></div>
<div><u>Essex Cty 2.15 11.18 410.612.15 11.64 427.51</u></div>
<div><u>Mdsx Low 2.10 11.13 408.772.17 11.66 428.25</u></div>
<div><u>Mdsx High 2.11 11.14 409.142.20 11.69 429.35</u></div>
<div><u>Mdsx Average 2.11 -0.5711.13 408.962.19 -0.6011.67 428.80</u></div>
<div><u>Hensall 2.10 11.13 408.772.18 11.66 428.43</u></div>
<div><u>Bruce 2.10 11.13 408.772.15 11.64 427.51</u></div>
<div><u>Putnam 2.10 11.13 408.772.20 11.69 429.35</u></div>
<div><u>Burford 2.11 11.14 409.142.17 11.66 428.25</u></div>
<div><u>Port Perry 2.07 11.10 407.672.13 11.62 426.78</u></div>
<div><u>Norfolk 2.10 11.13 408.772.15 11.64 427.51</u></div>
<div><u>Palmerston 2.10 11.13 408.772.40 11.89 436.70</u></div>
<div><u>Varna 2.10 11.13 408.772.15 11.64 427.51</u></div>
<div><u>Trenton 2.10 11.13 408.772.25 11.74 431.19</u></div>
<div><u>Winchester 1.91 10.94 401.792.25 11.74 431.19</u></div>
<div><u>North Gower 2.10 11.13 408.772.28 11.77 432.29</u></div>
<div><u>Huron FOB 2.20 11.23 412.452.25 11.74 431.19</u></div>
<div><u>Kent FOB 2.35 11.38 417.962.15 11.64 427.51</u></div>
<div><u>Lambton FOB 2.20 11.23 412.452.30 11.79 433.02</u></div>
<div><u>Middlesex FOB2.01 2.01 2.05 2.12 11.04 405.472.22 11.71 430.09</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Windsor 2.72 N/A N/A N/A 11.75 431.552.53 12.02 441.48</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton 2.45 11.48 421.632.60 12.09 444.05</u></div>
<div><u>Prescott N/A 2.70 12.19 447.72</u></div>
<div><u>Port Colborne N/A 2.60 12.09 444.05</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.46 8.56 314.69-0.66 8.83 324.39</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3158 down 0.0044</u></div>
<div><u>Chicago wheat closed moderately lower.</u></div>
<div><u>MAR19 HI 4.93 1/2 JUL19 HI 4.99 3/4</u></div>
<div><u> LOW 4.75 3/4 LOW 4.84 1/2</u></div>
<div><u> CLOSE 4.80 3/4 Down 9 CLOSE 4.88 1/4 Down 8 1/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed moderately lower.</u></div>
<div><u>MAR19 HI 5.58 SEP19 HI 5.70 3/4</u></div>
<div><u> LOW 5.48 1/2 LOW 5.60 1/4</u></div>
<div><u> CLOSE 5.48 3/4 Down 6 3/4 CLOSE 5.60 3/4 Down 7 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 1.52 1.58 1.39 0.81</u></div>
<div><u>CAD $/bu 6.33 6.39 6.19 6.30</u></div>
<div><u>CAD $/tonne 232.43 234.85 227.59 231.46</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 1.20 N/A N/A N/A 1.20 N/A</u></div>
<div><u>London 1.31 1.45 1.16 N/A 1.32 1.38 1.06 N/A</u></div>
<div><u>Hensall 1.40 N/A 1.20 N/A 1.45 N/A 1.20 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 1.55 1.25 N/A 1.45 1.45 1.15 1.00</u></div>
<div><u>Essex N/A N/A 1.20 N/A N/A N/A 1.10 N/A</u></div>
<div><u>Norwich 1.40 N/A 1.20 N/A 1.45 N/A 1.20 N/A</u></div>
<div><u>Port Hope N/A N/A 1.20 N/A N/A 1.30 1.20 N/A</u></div>
<div><u>Kent Bridge 1.40 N/A 1.20 N/A 1.45 N/A 1.20 N/A</u></div>
<div><u>Chatham N/A N/A 1.20 N/A N/A N/A 1.10 N/A</u></div>
<div><u>Brigden N/A N/A 1.20 N/A N/A N/A 1.10 N/A</u></div>
<div><u>Palmerston N/A 1.55 1.15 1.10 N/A 1.60 1.25 1.00</u></div>
<div><u>Varna 1.45 1.55 1.25 N/A 1.45 1.45 1.15 N/A</u></div>
<div><u>Mitchell 1.40 1.20 1.20 N/A 1.45 1.25 1.20 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.45 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 1.45 1.30 0.60 N/A 1.55 1.35 0.65</u></div>
<div><u>W O Feed 1.78</u></div>
<div><u><br>
</u></div>
<div><u>TERMINAL</u></div>
<div><u>Port Colbor N/A N/A N/A N/A 1.67 1.73 1.40 N/A</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Toledo FM N/A N/A 1.72 N/A N/A N/A 1.66 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.76US 6.26CA 4.73US 6.21CA</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 1.46 1.53 1.33 0.77</u></div>
<div><u>CAD $/bu 6.35 6.41 6.21 6.38</u></div>
<div><u>CAD $/tonne 233.15 235.56 228.32 234.35</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 464.30</u></div>
<div><u>DDG's FOB Srn & Aylm 170.00 - 180.00</u></div>
<div><u><br>
</u></div>
---
<p></p>
<p style="margin-top:0;margin-bottom:0">Ontario Grain Market Commentary for February 20, 2019</p>
<p style="margin-top:0;margin-bottom:0">By Marty Hibbs, Grain Farmers of Ontario</p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<p style="margin-top:0;margin-bottom:0"></p>
<div>Futures Prices as of close, February 20, 2019</div>
<div>Commodity<span style="white-space:pre"> </span>Period<span style="white-space:pre">
</span>Price<span style="white-space:pre"> </span>Weekly Movement</div>
<div>Corn CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>3.79<span style="white-space:pre"> </span>$B",(B 01 cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>9.17<span style="white-space:pre"> </span>$B"-(B 05 cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>5.21<span style="white-space:pre"> </span>$B"-(B 05 cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>5.80<span style="white-space:pre"> </span>$B",(B 07 cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>4.93<span style="white-space:pre"> </span>$B"-(B 14 cents</div>
<div>Oats CBOT<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>2.82<span style="white-space:pre"> </span>$B"-(B 06 cents</div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>0.7553<span style="white-space:pre"> </span>$B"-(B 0.35 points</div>
<div><br>
</div>
<div><br>
</div>
<div>Corn:</div>
<div><span style="font-size: 10pt;">Corn, like the other grains, had a test of the $3.70 area once again and seems to be hanging on to this support. If a sell-off does not occur by Friday, February 22, we may have escaped the death blow which would send corn
to the next support levels of $3.55 - $3.65. Options expire Friday, February 22 and we will watch the closing action. The intermediate indicators remain positive and a challenge of the $4 level seems imminent in the coming months, but the primary trend remains
down. </span><br>
</div>
<div><br>
</div>
<div>Soybeans:</div>
<div>The March soybean contract challenged the $9 level once again this week sipping below the line only to come back up for air. Like corn, soybeans need to hold this $9 level or risk sinking lower with no real target in sight. The $9.30 overhead resistance
has proven to be a formidable opponent and until we close solidly above this area, we will continue to probe the downside for solid support. </div>
<div>Short-term indicators are now neutral while the primary trend remains down. The support line is still at $9 on the March futures and resistance remains at the $9.30 level.</div>
<div><br>
</div>
<div>Wheat:</div>
<div>Wheat had an ugly week and broke interim support; and as expected, once that broke we were struggling to find its feet. For the time being, the $4.75 on the March contract seems to be the new support. The bad news is, I received a red sell signal on the
short-term charts and we may see more selling pressure as we approach the first notice day for the March contract next week. Although our intermediate indicators still point higher, the short term shows downward pressure. </div>
<div><br>
</div>
<div>Grain Farmers of Ontario is hosting online webinars for those interested in learning how to utilize futures and options for hedging purposes in most agricultural products. </div>
<div><br>
</div>
<div>These webinars are hosted by myself. You can call me directly at 519-767-4123 or signup online at https://gfo.ca/event/grain-marketing-webinar-intro-to-futures/. </div>
<div>When you sign up you will be notified of upcoming dates and times.</div>
<div><br>
</div>
<div><span style="font-size: 10pt;">Cash Grain prices as of the close, February 20, 2019 are as follows:</span><br>
</div>
<div>SWW @ $232.12/MT ($6.32/bu), HRW @ $234.54/MT ($6.38/bu), </div>
<div> HRS @ $231.64/MT ($6.30/bu), SRW @ $227.29/MT ($6.19/bu). </div>
<div>---</div>
<div><span style="background-color: rgb(253, 253, 253); color: rgb(51, 51, 51); font-family: "Courier New"; font-size: 10pt;">Blair Andrews</span><br>
</div>
<div>
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