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<p style="margin-top:0;margin-bottom:0">Ontario Grain Market Commentary for April 10, 2019</p>
<p style="margin-top:0;margin-bottom:0">By Marty Hibbs, Grain Farmers of Ontario</p>
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<div>Futures Prices as of close, April 10, 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>3.62<span style="white-space:pre"> </span>$B"-(B 10 cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>9.02<span style="white-space:pre"> </span>$B",(B 03 cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>4.58<span style="white-space:pre"> </span>$B"-(B 13 cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>5.30<span style="white-space:pre"> </span>$B"-(B 20 cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>4.27<span style="white-space:pre"> </span>$B"-(B 10 cents</div>
<div>Oats CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>2.79<span style="white-space:pre"> </span>$B"-(B 08 cents</div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Jun<span style="white-space:pre">
</span>0.7520<span style="white-space:pre"> </span>$B",(B 0.05 points</div>
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<div>Corn:</div>
<div>Corn had a quiet week, but I can$B!G(Bt help but feel pressure from the charts. Unlike the wheat, the corn has not had a blowout drop. This $B!H(Bthrow in the towel$B!I(B attitude is a necessary signal to see a reversal from a long-term downtrend to an uptrend. With
the political noise in the global markets, I can$B!G(Bt help but feel that we are going to see this sell-off before the culmination of the price on the charts, especially after we saw a red sell signal on the weekly chart. </div>
<div>For now, the support is seen at the $3.50 level on the May chart and overhead resistance is pegged at $3.85. The intermediate indicators are neutral, and the primary trend remains down. </div>
<div>Next week I will be switching to the July contract for my analysis.</div>
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<div>Soybeans:</div>
<div>The May soybean chart continues to track sideways and may continue for some time. The overall feel of the chart suggests a slow roll over and eventual re-test of the $8.80 bottom from the end of March. The support line remains now at $8.80 on the May
futures and overhead resistance is near the $9.50 level. The charts suggest a continued deterioration of prices in the coming months unless we see a positive report of event to give us temporary relief. We will switch to the July contract for analysis next
week. The overhead resistance line at the $9.30 mark on the futures continues to be a solid wall. </div>
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<div>Wheat:</div>
<div>Despite negative news, the Chicago wheat futures performed well again this week as it continues to climb towards our $5 target on the lead month contract. The May contract is currently quiet at the $4.60 level and appears to be getting ready to challenge
the $4.90 - $5 level in the coming weeks. If we were to reverse from these levels, a close below the $4.20 on the May futures could bring us back to the $4 level or lower. For now, the short-term indicators are neutral and we still have a positive tone on
the long-term charts.</div>
<div>Good support is still seen at the $4.20 level on the futures and our overhead challenge is still to clear this $4.85 level on a close </div>
<div> </div>
<div><span style="font-size: 10pt;">Cash Grain prices as of the close, April 10, 2019 are as follows:</span><br>
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<div>SWW @ $223.87/MT ($6.09/bu), HRW @ $226.32/MT ($6.16/bu), </div>
<div> HRS @ $224.85/MT ($6.12/bu), SRW @ $218.98/MT ($5.96/bu). </div>
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