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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, February 27</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.3139 down 0.0020</u></div>
<div><u>Chicago corn closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> MAY19 HI 3.78 DEC19 HI 3.98</u></div>
<div><u> LOW 3.72 3/4 LOW 3.93 3/4</u></div>
<div><u> CLOSE3.73 3/4 Down 2 1/4 CLOSE 3.94 1/2 Down 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 0.85 4.59 180.60 0.80 4.75 186.80</u></div>
<div><u>CK High 1.00 4.74 186.51 0.90 4.85 190.74</u></div>
<div><u>CK Avg 0.88 -0.22 4.62 181.91 0.83 -0.30 4.78 188.11</u></div>
<div><u>Essex Cty 0.85 4.59 180.60 0.80 4.75 186.80</u></div>
<div><u>Mdsx Low 0.85 4.59 180.60 0.80 4.75 186.80</u></div>
<div><u>Mdsx High 0.85 4.59 180.60 0.80 4.75 186.80</u></div>
<div><u>Mdsx Avg 0.85 -0.25 4.59 180.60 0.80 -0.33 4.75 186.80</u></div>
<div><u>Hensall 0.85 4.59 180.60 0.80 4.75 186.80</u></div>
<div><u>Bruce 0.85 4.59 180.60 0.80 4.75 186.80</u></div>
<div><u>Putnam 0.85 4.59 180.60 0.80 4.75 186.80</u></div>
<div><u>Burford 0.85 4.59 180.60 0.80 4.75 186.80</u></div>
<div><u>Port Perry 0.85 4.59 180.60 0.80 4.75 186.80</u></div>
<div><u>Norfolk 0.85 4.59 180.60 0.80 4.75 186.80</u></div>
<div><u>Palmerston 0.90 4.64 182.57 0.85 4.80 188.77</u></div>
<div><u>Varna 0.85 4.59 180.60 0.80 4.75 186.80</u></div>
<div><u>Trenton 0.90 4.64 182.57 0.85 4.80 188.77</u></div>
<div><u>Winchester 1.10 4.84 190.44 1.15 5.10 200.58</u></div>
<div><u>North Gower 1.00 4.74 186.51 1.13 5.08 199.79</u></div>
<div><u>Huron FOB 1.20 4.94 194.38 0.95 4.90 192.71</u></div>
<div><u>Kent FOB 1.10 4.84 190.44 0.85 4.80 188.77</u></div>
<div><u>Lamb FOB 1.30 5.04 198.32 0.90 4.85 190.74</u></div>
<div><u>Mdsx FOB 1.15N/A 1.25N/A 4.89 192.41 0.95 4.90 192.71</u></div>
<div><u>FOB SW Que 1.66 5.40 212.49 1.10 5.05 198.61</u></div>
<div><u>Track 1.43 5.16 203.24N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A N/A N/A 1.06 5.01 197.04</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A N/A 1.19 5.14 202.16</u></div>
<div><u>Aylmer-Eth N/A N/A 1.54 1.55 1.10 5.05 198.61</u></div>
<div><u>Sarn-Eth 1.35 1.40N/A N/A 5.09 200.29N/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 N/A 1.20 5.15 202.55</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 5.25 206.49</u></div>
<div><u>W O Feed 1.57 5.30 208.79</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.74 5.48 215.64</u></div>
<div><u>Toledo El. -0.13 3.61 141.97 -0.26 3.68 144.98</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Port ColbornN/A 1.15 5.10200 4/7</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.92 1/2 4.66 1/4</u></div>
<div><u>HI SD CRN 1.00 4.73 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 1.3139 down 0.0020</u></div>
<div><u>Chicago soybeans closed narrowly mixed.</u></div>
<div><u><br>
</u></div>
<div><u> MAY19 HI 9.23 1/4 NOV19 HI 9.54 1/2</u></div>
<div><u> LOW 9.13 1/2 LOW 9.45 3/4</u></div>
<div><u> CLOSE9.16 3/4 Down 1/4 CLOSE 9.49 1/4 Up 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 +MAY1+MAY1+MAY19</u></div>
<div><u>CK Low 1.97 11.14 409.232.07 11.56 424.85</u></div>
<div><u>CK High 2.07 11.24 412.912.25 11.74 431.46</u></div>
<div><u>CK Average 2.02 -0.6511.19 411.192.18 -0.6011.67 428.83</u></div>
<div><u>Essex Cty 2.05 11.22 412.172.10 11.59 425.95</u></div>
<div><u>Mdsx Low 2.01 11.18 410.702.11 11.60 426.32</u></div>
<div><u>Mdsx High 2.05 11.22 412.172.20 11.69 429.63</u></div>
<div><u>Mdsx Average 2.03 -0.6511.20 411.442.16 -0.6111.65 427.97</u></div>
<div><u>Hensall 2.05 11.22 412.172.18 11.67 428.71</u></div>
<div><u>Bruce 2.05 11.22 412.172.15 11.64 427.79</u></div>
<div><u>Putnam 2.05 11.22 412.172.20 11.69 429.63</u></div>
<div><u>Burford 2.01 11.18 410.702.11 11.60 426.32</u></div>
<div><u>Port Perry 1.97 11.14 409.232.07 11.56 424.85</u></div>
<div><u>Norfolk 2.00 11.17 410.342.10 11.59 425.95</u></div>
<div><u>Palmerston 2.02 11.19 411.072.25 11.74 431.46</u></div>
<div><u>Varna 2.05 11.22 412.172.15 11.64 427.79</u></div>
<div><u>Trenton 2.00 11.17 410.342.20 11.69 429.63</u></div>
<div><u>Winchester 1.98 11.15 409.602.23 11.72 430.73</u></div>
<div><u>North Gower 1.95 11.12 408.502.28 11.77 432.57</u></div>
<div><u>Huron FOB 2.15 11.32 415.852.25 11.74 431.46</u></div>
<div><u>Kent FOB 2.20 11.37 417.682.10 11.59 425.95</u></div>
<div><u>Lambton FOB 2.10 11.27 414.012.30 11.79 433.30</u></div>
<div><u>Middlesex FOB2.16 2.16 2.26 2.33 11.33 416.212.38 11.87 436.24</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Windsor 2.58 N/A N/A N/A 11.75 431.652.52 12.01 441.38</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton 2.50 11.67 428.712.55 12.04 442.49</u></div>
<div><u>Prescott N/A 2.65 12.14 446.16</u></div>
<div><u>Port Colborne N/A 2.51 12.00 441.02</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.55 8.62 316.57-0.66 8.84 324.69</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3139 down 0.0020</u></div>
<div><u>Chicago wheat closed narrowly mixed.</u></div>
<div><u>MAR19 HI 4.67 3/4 JUL19 HI 4.82</u></div>
<div><u> LOW 4.58 1/4 LOW 4.72</u></div>
<div><u> CLOSE 4.61 Up 3/4 CLOSE 4.73 1/4 Down 2</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly lower to steady.</u></div>
<div><u>MAR19 HI 5.70 SEP19 HI 5.76</u></div>
<div><u> LOW 5.59 1/4 LOW 5.65 3/4</u></div>
<div><u> CLOSE 5.63 Down 1/2 CLOSE 5.66 1/2 Unchanged</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 1.45 1.51 1.32 0.85</u></div>
<div><u>CAD $/bu 6.06 6.12 5.93 6.48</u></div>
<div><u>CAD $/tonne 222.56 224.97 217.73 238.01</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 1.21 N/A N/A N/A 1.15 N/A</u></div>
<div><u>London 1.25 1.45 1.12 N/A 1.34 1.34 1.14 N/A</u></div>
<div><u>Hensall 1.36 N/A 1.21 N/A 1.40 N/A 1.15 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 1.31 1.61 1.21 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 1.36 N/A 1.21 N/A 1.40 N/A 1.15 N/A</u></div>
<div><u>Port Hope N/A N/A 1.21 N/A N/A 1.30 1.20 N/A</u></div>
<div><u>Kent Bridge 1.36 N/A 1.21 N/A 1.40 N/A 1.15 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 1.05 1.10 N/A 1.60 1.15 1.00</u></div>
<div><u>Varna 1.31 1.61 1.21 N/A 1.40 1.45 1.15 N/A</u></div>
<div><u>Mitchell 1.36 1.36 1.21 N/A 1.40 1.40 1.15 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.15 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 1.41 1.30 0.56 N/A 1.55 1.35 0.65</u></div>
<div><u>W O Feed 1.72</u></div>
<div><u><br>
</u></div>
<div><u>TERMINAL</u></div>
<div><u>Port Colbor N/A N/A N/A N/A 1.69 1.69 1.50 N/A</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Toledo FM N/A N/A 1.64 N/A N/A N/A 1.61 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.56US 5.99CA 4.58US 6.01CA</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 1.28 0.78</u></div>
<div><u>CAD $/bu 6.14 6.21 6.01 6.45</u></div>
<div><u>CAD $/tonne 225.70 228.11 220.88 236.91</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 466.51</u></div>
<div><u>DDG's FOB Srn & Aylm 170.00 - 180.00</u></div>
<div><br>
</div>
<div>---</div>
<div>Grain Market Commentary for February 27, 2019</div>
<div><span style="font-size: 10pt;">By Marty Hibbs, Grain Farmers of Ontario</span><br>
</div>
<div><span style="font-size: 10pt;"><br>
</span></div>
<div>
<div>Futures Prices as of close, February 27, 2019</div>
<div>Commodity<span style="white-space:pre"> </span>Period<span style="white-space:pre">
</span>Price<span style="white-space:pre"> </span>Weekly Movement</div>
<div>Corn CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>3.73<span style="white-space:pre"> </span>$B"-(B 03 cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>9.17<span style="white-space:pre"> </span>$B"-(B 11 cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>4.67<span style="white-space:pre"> </span>$B"-(B 18 cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>5.54<span style="white-space:pre"> </span>$B"-(B 05 cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>4.54<span style="white-space:pre"> </span>$B"-(B 04 cents</div>
<div>Oats CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>2.66<span style="white-space:pre"> </span>$B"-(B 08 cents</div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Mar<span style="white-space:pre">
</span>0.7603<span style="white-space:pre"> </span>$B",(B 0.55 points</div>
<div><br>
</div>
<div><span style="font-size: 10pt;">Corn:</span><br>
</div>
<div>We are now analysing and quoting the May contracts on all the grains. </div>
<div>Corn had a quiet week compared to the wheat. The support area on the May contract has replaced that of March and currently stands at or near the $3.70 level. The March contract, on the other hand, did fail to hold the $3.70 support and is now entering
the cash phase of the futures for March. </div>
<div>March futures may continue to hold the May values down until it expires in mid March. </div>
<div>The intermediate indicators remain positive and a challenge of the $4 level seems imminent in the coming months, but the primary trend remains down. </div>
<div><br>
</div>
<div>Soybeans:</div>
<div>The May soybean contract is sitting challenged the $9.15 and may approach the $9 level without fanfare. The May contract is now the lead month and will adapt the March futures support and resistance zones for the short term. This just means we will see
the $9 - $10 range in soybeans continue until there is a reason to break out of this trading zone. </div>
<div>Short-term indicators are now neutral while the primary trend remains down. The support line is still at $9 on the May futures and resistance is near the $9.50 level.</div>
<div><br>
</div>
<div>Wheat:</div>
<div>The red sell signal proved its worth again, hinting of aggressive selling in the front month futures. We are now quoting the May futures as the March contract has now become cash. The seventy-five cent drop in price from February 15 could be considered
part of a final sell-off or capitulation of sorts. This is the signal I spoke of several months ago when we suggested that the final blow-off would see a significant break in prices before the bottom could be in place. The key here is to watch and wait. Don$B!G(Bt
try to pick the bottom but use your technical analysis to trade these markets. This volatility is almost impossible to trade off news. </div>
<div>Here is what I am expecting. The May contract is showing the extension of this downward move to find temporary support at or near the $4.55 level. With the March contract going to cash, we could see more downward pressure on the March futures, possibly
reaching down toward the $4.25 area. What we need to see here is the May contract firm up during the month of March and close above the $5 level before we can even consider a possible bottom. If this were to unfold, we may look back at this month and be able
to agree that it was indeed the blow-off that we needed to start a slow, steady move higher over the spring months and into harvest. </div>
<div>May support is seen at the $4.50 - $4.60 level. Overhead resistance is now back at $5.</div>
<div>For the time being the short-term indicators are negative but as of this writing the longer term neutral to bullish indicators are still intact. </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><br>
</div>
<div>Cash Grain prices as of the close, February 27, 2019 are as follows:</div>
<div>SWW @ $222.64/MT ($6.06/bu), HRW @ $225.06/MT ($6.13/bu), </div>
<div> HRS @ $238.10/MT ($6.48/bu), SRW @ $217.81/MT ($5.93/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>
<span style="background:#FDFDFD">Tel.<span class="apple-converted-space"> </span></span></span><a href="callto:519-674-1500" id="LPlnk188515" class="OWAAutoLink" previewremoved="true"><span style="font-size:10.0pt;line-height:115%;
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background:#FDFDFD"> </span></span><span style="font-size:10.0pt;
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63577<span class="apple-converted-space"> </span></span><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333"><br>
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