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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, March 20</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.3239 down 0.0039</u></div>
<div><u>Chicago corn closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAY19 HI 3.72 1/2 DEC19 HI 3.96</u></div>
<div><u> LOW 3.68 3/4 LOW 3.93</u></div>
<div><u> CLOSE3.71 1/2 Up 1/4 CLOSE 3.95 1/2 Up 1/4</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+JUL19+JUL19</u></div>
<div><u>CK Low 0.95 4.67 183.65 0.85 4.81 189.16</u></div>
<div><u>CK High 0.95 4.67 183.65 0.90 4.86 191.13</u></div>
<div><u>CK Avg 0.95 -0.19 4.67 183.65 0.87 -0.31 4.82 189.82</u></div>
<div><u>Essex Cty 0.95 4.67 183.65 0.85 4.81 189.16</u></div>
<div><u>Mdsx Low 0.95 4.67 183.65 0.85 4.81 189.16</u></div>
<div><u>Mdsx High 0.95 4.67 183.65 0.85 4.81 189.16</u></div>
<div><u>Mdsx Avg 0.95 -0.19 4.67 183.65 0.85 -0.33 4.81 189.16</u></div>
<div><u>Hensall 0.95 4.67 183.65 0.85 4.81 189.16</u></div>
<div><u>Bruce 0.95 4.67 183.65 0.85 4.81 189.16</u></div>
<div><u>Putnam 0.95 4.67 183.65 0.85 4.81 189.16</u></div>
<div><u>Burford 0.95 4.67 183.65 0.85 4.81 189.16</u></div>
<div><u>Port Perry 0.90 4.62 181.68 0.85 4.81 189.16</u></div>
<div><u>Norfolk 0.95 4.67 183.65 0.85 4.81 189.16</u></div>
<div><u>Palmerston 0.90 4.62 181.68 0.80 4.76 187.20</u></div>
<div><u>Varna 0.95 4.67 183.65 0.85 4.81 189.16</u></div>
<div><u>Trenton 0.95 4.67 183.65 0.85 4.81 189.16</u></div>
<div><u>Winchester 1.05 4.77 187.59 1.15 5.11 200.97</u></div>
<div><u>North Gower 1.05 4.77 187.59 1.13 5.09 200.19</u></div>
<div><u>Huron FOB 1.20 4.92 193.49 0.90 4.86 191.13</u></div>
<div><u>Kent FOB 1.25 4.97 195.46 0.90 4.86 191.13</u></div>
<div><u>Lamb FOB 1.25 4.97 195.46 0.90 4.86 191.13</u></div>
<div><u>Mdsx FOB 1.25N/A N/A N/A 4.97 195.46 0.95 4.91 193.10</u></div>
<div><u>FOB SW Que 1.76 5.48 215.54 1.33 5.29 208.06</u></div>
<div><u>Track 1.40 5.12 201.37N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A N/A N/A 1.14 5.10 200.58</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A N/A 1.27 5.23 205.70</u></div>
<div><u>Aylmer-Eth N/A 1.54 1.51 1.54 1.15 5.11 200.97</u></div>
<div><u>Sarn-Eth 1.35 1.40N/A N/A 5.07 199.40N/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 1.15 5.11 200.97</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 1.55 1.30 5.26 206.88</u></div>
<div><u>W O Feed 1.59 5.30 208.69</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.83 5.55 218.30</u></div>
<div><u>Toledo El. -0.11 3.61 142.08 -0.26 3.69 145.28</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Port ColbornN/A 1.15 5.11201</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.95 4.66 1/2</u></div>
<div><u>HI SD CRN 0.95 4.66 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 1.3239 down 0.0039</u></div>
<div><u>Chicago soybeans closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAY19 HI 9.06 1/2 NOV19 HI 9.40 3/4</u></div>
<div><u> LOW 8.99 1/4 LOW 9.34 1/4</u></div>
<div><u> CLOSE9.06 Up 2 CLOSE 9.40 1/4 Up 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+JUL19</u></div>
<div><u>CK Low 2.08 11.14 409.322.15 11.55 424.48</u></div>
<div><u>CK High 2.15 11.21 411.902.30 11.70 429.99</u></div>
<div><u>CK Average 2.11 -0.6211.17 410.552.18 -0.6511.59 425.71</u></div>
<div><u>Essex Cty 2.15 11.21 411.902.15 11.55 424.48</u></div>
<div><u>Mdsx Low 2.10 11.16 410.062.15 11.55 424.48</u></div>
<div><u>Mdsx High 2.12 11.18 410.792.19 11.59 425.95</u></div>
<div><u>Mdsx Average 2.11 -0.6211.17 410.432.17 -0.6611.57 425.22</u></div>
<div><u>Hensall 2.10 11.16 410.062.15 11.55 424.48</u></div>
<div><u>Bruce 2.10 11.16 410.062.15 11.55 424.48</u></div>
<div><u>Putnam 2.10 11.16 410.062.15 11.55 424.48</u></div>
<div><u>Burford 2.12 11.18 410.792.19 11.59 425.95</u></div>
<div><u>Port Perry 2.08 11.14 409.322.15 11.55 424.48</u></div>
<div><u>Norfolk 2.10 11.16 410.062.15 11.55 424.48</u></div>
<div><u>Palmerston 2.10 11.16 410.062.25 11.65 428.16</u></div>
<div><u>Varna 2.10 11.16 410.062.15 11.55 424.48</u></div>
<div><u>Trenton 2.15 11.21 411.902.25 11.65 428.16</u></div>
<div><u>Winchester 2.15 11.21 411.902.25 11.65 428.16</u></div>
<div><u>North Gower 2.07 11.13 408.962.39 11.79 433.30</u></div>
<div><u>Huron FOB 2.25 11.31 415.572.25 11.65 428.16</u></div>
<div><u>Kent FOB 2.30 11.36 417.412.15 11.55 424.48</u></div>
<div><u>Lambton FOB 2.35 11.41 419.252.30 11.70 429.99</u></div>
<div><u>Middlesex FOB2.23 2.30 2.36 2.39 11.29 414.842.28 11.68 429.26</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Windsor 2.69 11.75 431.742.54 11.94 438.81</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton 2.55 11.61 426.592.60 12.00 441.02</u></div>
<div><u>Prescott N/A 2.65 12.05 442.85</u></div>
<div><u>Port Colborne N/A 2.63 12.03 442.12</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.56 8.50 312.47-0.66 8.74 321.16</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3239 down 0.0039</u></div>
<div><u>Chicago wheat closed moderately higher.</u></div>
<div><u>MAY19 HI 4.65 JUL19 HI 4.70 1/2</u></div>
<div><u> LOW 4.54 3/4 LOW 4.61</u></div>
<div><u> CLOSE 4.64 3/4 Up 8 1/4 CLOSE 4.70 Up 7 1/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly to moderately higher.</u></div>
<div><u>MAY19 HI 5.73 1/2 SEP19 HI 5.75</u></div>
<div><u> LOW 5.64 LOW 5.67 1/2</u></div>
<div><u> CLOSE 5.71 1/2 Up 6 1/4 CLOSE 5.73 1/2 Up 5 1/4</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 1.51 1.57 1.37 0.92</u></div>
<div><u>CAD $/bu 6.15 6.22 6.02 6.64</u></div>
<div><u>CAD $/tonne 226.08 228.51 221.21 243.95</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 1.15 N/A N/A N/A 1.15 N/A</u></div>
<div><u>London 1.31 1.64 1.18 N/A 1.37 1.57 1.17 N/A</u></div>
<div><u>Hensall 1.30 N/A 1.15 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 1.25 1.65 1.15 N/A 1.40 1.55 1.15 1.00</u></div>
<div><u>Essex N/A N/A 1.15 N/A N/A N/A 1.15 N/A</u></div>
<div><u>Norwich 1.30 N/A 1.15 N/A 1.40 N/A 1.15 N/A</u></div>
<div><u>Port Hope N/A N/A 1.25 N/A N/A 1.30 1.20 N/A</u></div>
<div><u>Kent Bridge 1.30 N/A 1.15 N/A 1.40 N/A 1.15 N/A</u></div>
<div><u>Chatham N/A N/A 1.15 N/A N/A N/A 1.15 N/A</u></div>
<div><u>Brigden N/A N/A 1.15 N/A N/A N/A 1.15 N/A</u></div>
<div><u>Palmerston N/A 1.65 1.10 1.10 N/A 1.53 1.08 1.00</u></div>
<div><u>Varna 1.25 1.65 1.15 N/A 1.40 1.55 1.15 N/A</u></div>
<div><u>Mitchell 1.30 1.30 1.15 N/A 1.40 1.40 1.15 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.64 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 1.45 1.31 0.65 N/A 1.66 1.47 0.82</u></div>
<div><u>W O Feed 1.69</u></div>
<div><u><br>
</u></div>
<div><u>TERMINAL</u></div>
<div><u>Port Colbor N/A N/A N/A N/A 1.73 1.93 1.53 N/A</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Toledo FM N/A N/A 1.70 N/A N/A N/A 1.65 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.60US 6.09CA 4.55US 6.02CA</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 1.59 1.92 1.46 0.86</u></div>
<div><u>CAD $/bu 6.29 6.62 6.16 6.60</u></div>
<div><u>CAD $/tonne 231.06 243.22 226.20 242.49</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 477.97</u></div>
<div><u>DDG's FOB Srn & Aylm 180.00 - 205.00</u></div>
<div><u><br>
</u></div>
---
<p></p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<p style="margin-top:0;margin-bottom:0">Ontario Grain Market Commentary for March 20, 2019</p>
<p style="margin-top:0;margin-bottom:0">By Marty Hibbs, Grain Farmers of Ontario</p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<p style="margin-top:0;margin-bottom:0"></p>
<div>Futures Prices as of close, March 20, 2019</div>
<div>Commodity<span style="white-space:pre"> </span>Period<span style="white-space:pre">
</span>Price<span style="white-space:pre"> </span>Weekly Movement</div>
<div>Corn CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>3.71<span style="white-space:pre"> </span>$B",(B 05 cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>9.06<span style="white-space:pre"> </span>$B",(B 05 cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>4.64<span style="white-space:pre"> </span>$B",(B 16 cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>5.70<span style="white-space:pre"> </span>$B",(B 20 cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>4.52<span style="white-space:pre"> </span>$B",(B 15 cents</div>
<div>Oats CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>2.75<span style="white-space:pre"> </span>$B",(B 06 cents</div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Jun<span style="white-space:pre">
</span>0.7558<span style="white-space:pre"> </span>$B",(B 0.55 points</div>
<div><br>
</div>
<div>Corn:</div>
<div>Corn continues in a sideways but supportive range. The charts suggest that May futures contracts continue to trade between the $3.60 - $3.75 trading range. We closed the day at $3.71 and should move back towards the $3.55 level in the coming week. A close
above the $3.70 level on May suggests a move into the next resistance bracket at $3.70 - $3.80 for our next target range. The intermediate indicators are neutral, and the primary trend remains down. </div>
<div><br>
</div>
<div>Soybeans:</div>
<div>The May soybean contract traded much the same as the past couple of months with the $9 floor and $9.50 overhead resistance. The longer we stay in this area, the better chance we have of establishing a bottom. It is important that we stay above the $9 area
on the close. To review, short-term indicators are negative, while the intermediate indicators are neutral, and the primary or long-term trend remains down as it has been since 2013. The support line is still around $9 on the May futures and overhead resistance
is near the $9.50 level. </div>
<div><br>
</div>
<div>Wheat:</div>
<div>Our $4.25 price print on the March contract is looking very good this week as we closed today at $4.65. This is the rebound that I was looking for after the blow-out from March 11. I don$B!G(Bt expect a complete reversal from the $4.25 level but there is a
good chance we could see $4.75 - $5 before we get a pullback. May support is still now seen at the $4.25 level on the futures and our overhead challenge is still to clear this $4.65 level on a close. Once we achieve this we should be ready to challenge the
$4.75 target. Indicators are still mixed as the short-term indicators are still negative since February 15 of this year. The intermediate indicators remain neutral and the long term or primary indicators are still neutral to bullish. </div>
<div> </div>
<div><span style="font-size: 10pt;">Cash Grain prices as of the close, March 20, 2019 are as follows:</span><br>
</div>
<div>SWW @ $226.06/MT ($6.15/bu), HRW @ $225.49/MT ($6.22/bu), </div>
<div> HRS @ $243.08/MT ($6.62/bu), SRW @ $221.20/MT ($6.02/bu). </div>
<div>---</div>
<div><br>
</div>
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