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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, April 17</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.3328 down 0.0006</u></div>
<div><u>Chicago corn closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> MAY19 HI 3.60 DEC19 HI 3.88 1/2</u></div>
<div><u> LOW 3.56 3/4 LOW 3.85 1/4</u></div>
<div><u> CLOSE3.58 1/4 Down 3/4 CLOSE 3.86 3/4 Down 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 +JUL19+JUL19+SEP19</u></div>
<div><u>CK Low 1.00 4.58 180.41 0.85 4.72 185.72</u></div>
<div><u>CK High 1.05 4.63 182.37 0.90 4.77 187.69</u></div>
<div><u>CK Avg 1.04 -0.11 4.62 182.05 0.87 -0.32 4.73 186.38</u></div>
<div><u>Essex Cty 1.05 4.63 182.37 0.85 4.72 185.72</u></div>
<div><u>Mdsx Low 1.00 4.58 180.41 0.85 4.72 185.72</u></div>
<div><u>Mdsx High 1.05 4.63 182.37 0.85 4.72 185.72</u></div>
<div><u>Mdsx Avg 1.03 -0.13 4.61 181.39 0.85 -0.33 4.72 185.72</u></div>
<div><u>Hensall 1.05 4.63 182.37 0.88 4.74 186.70</u></div>
<div><u>Bruce 1.05 4.63 182.37 0.90 4.77 187.69</u></div>
<div><u>Putnam 1.05 4.63 182.37 0.85 4.72 185.72</u></div>
<div><u>Burford 1.00 4.58 180.41 0.85 4.72 185.72</u></div>
<div><u>Port Perry 0.95 4.53 178.44 0.85 4.72 185.72</u></div>
<div><u>Norfolk 1.05 4.63 182.37 0.85 4.72 185.72</u></div>
<div><u>Palmerston 1.00 4.58 180.41 0.90 4.77 187.69</u></div>
<div><u>Varna 1.05 4.63 182.37 0.90 4.77 187.69</u></div>
<div><u>Trenton 1.00 4.58 180.41 0.90 4.77 187.69</u></div>
<div><u>Winchester 1.10 4.68 184.34 1.20 5.07 199.50</u></div>
<div><u>North Gower 1.10 4.68 184.34 1.18 5.05 198.71</u></div>
<div><u>Huron FOB 1.30 4.88 192.22 0.90 4.77 187.69</u></div>
<div><u>Kent FOB 1.30 4.88 192.22 0.85 4.72 185.72</u></div>
<div><u>Lamb FOB 1.26 4.84 190.64 0.93 4.80 188.87</u></div>
<div><u>Mdsx FOB 1.40 1.40N/A N/A 4.98 196.15 0.95 4.82 189.66</u></div>
<div><u>FOB SW Que 1.94 5.52 217.41 1.31 5.18 203.83</u></div>
<div><u>Track 1.50 5.08 200.09N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A N/A 1.65 1.05 4.92 193.59</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A N/A 1.37 5.24 206.19</u></div>
<div><u>Aylmer-Eth N/A 1.55 1.55 1.60 1.05 4.92 193.59</u></div>
<div><u>Sarn-Eth N/A 1.40N/A N/A 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 1.70 1.20 5.07 199.50</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 1.35 5.22 205.40</u></div>
<div><u>W O Feed 1.60 5.18 204.03</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.75 5.33 209.93</u></div>
<div><u>Toledo El. -0.08 3.50 137.89 -0.27 3.60 141.76</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Port ColbornN/A 1.15 5.02197 1/2</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 1.02 1/2 4.60 3/4 0.87 1/2 4.74 1/4</u></div>
<div><u>HI SD CRN 1.05 4.63 1/4 0.90 4.76 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 1.3328 down 0.0006</u></div>
<div><u>Chicago soybeans closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> MAY19 HI 8.90 1/2 NOV19 HI 9.23 1/2</u></div>
<div><u> LOW 8.78 1/2 LOW 9.11 3/4</u></div>
<div><u> CLOSE8.79 Down 9 CLOSE 9.12 1/4 Down 8 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 +MAY1+JUL1+JUL19</u></div>
<div><u>CK Low 2.10 10.89 400.142.10 11.22 412.36</u></div>
<div><u>CK High 2.20 10.99 403.812.15 11.27 414.19</u></div>
<div><u>CK Average 2.15 -0.5810.94 402.042.12 -0.6811.25 413.21</u></div>
<div><u>Essex Cty 2.15 10.94 401.982.15 11.27 414.19</u></div>
<div><u>Mdsx Low 2.14 10.93 401.612.10 11.22 412.36</u></div>
<div><u>Mdsx High 2.15 10.94 401.982.12 11.24 413.09</u></div>
<div><u>Mdsx Average 2.15 -0.5910.94 401.792.11 -0.6911.23 412.72</u></div>
<div><u>Hensall 2.13 10.92 401.062.10 11.22 412.36</u></div>
<div><u>Bruce 2.15 10.94 401.982.10 11.22 412.36</u></div>
<div><u>Putnam 2.15 10.94 401.982.10 11.22 412.36</u></div>
<div><u>Burford 2.14 10.93 401.612.12 11.24 413.09</u></div>
<div><u>Port Perry 2.10 10.89 400.142.08 11.20 411.62</u></div>
<div><u>Norfolk 2.10 10.89 400.142.10 11.22 412.36</u></div>
<div><u>Palmerston 2.15 10.94 401.982.20 11.32 416.03</u></div>
<div><u>Varna 2.15 10.94 401.982.10 11.22 412.36</u></div>
<div><u>Trenton 2.15 10.94 401.982.10 11.22 412.36</u></div>
<div><u>Winchester 2.08 10.87 399.402.10 11.22 412.36</u></div>
<div><u>North Gower 2.05 10.84 398.302.20 11.32 416.03</u></div>
<div><u>Huron FOB 2.20 10.99 403.812.20 11.32 416.03</u></div>
<div><u>Kent FOB 2.30 11.09 407.492.10 11.22 412.36</u></div>
<div><u>Lambton FOB 2.30 11.09 407.492.30 11.42 419.71</u></div>
<div><u>Middlesex FOB2.33 2.40 2.37 N/A 11.12 408.592.25 11.37 417.87</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Windsor 2.67 11.46 421.082.52 11.64 427.79</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton 2.60 11.39 418.512.55 11.67 428.89</u></div>
<div><u>Prescott N/A 2.55 11.67 428.89</u></div>
<div><u>Port Colborne N/A 2.59 11.71 430.36</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.51 8.28 304.37-0.73 8.39 308.26</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3328 down 0.0006</u></div>
<div><u>Chicago wheat closed steady to slightly higher.</u></div>
<div><u>MAY19 HI 4.50 JUL19 HI 4.53 3/4</u></div>
<div><u> LOW 4.44 3/4 LOW 4.48 1/4</u></div>
<div><u> CLOSE 4.47 Up 2 CLOSE 4.50 1/4 Up 1 3/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly higher.</u></div>
<div><u>MAY19 HI 5.29 1/4 SEP19 HI 5.39 3/4</u></div>
<div><u> LOW 5.21 LOW 5.33 3/4</u></div>
<div><u> CLOSE 5.27 1/2 Up 1/4 CLOSE 5.38 3/4 Up 1 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 1.49 1.55 1.35 0.82</u></div>
<div><u>CAD $/bu 5.96 6.02 5.82 6.10</u></div>
<div><u>CAD $/tonne 218.90 221.35 214.01 224.05</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 1.25 N/A N/A N/A 1.20 N/A</u></div>
<div><u>London 1.32 1.72 1.18 N/A 1.37 1.64 1.30 N/A</u></div>
<div><u>Hensall 1.40 N/A 1.25 N/A 1.50 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 1.40 1.75 1.25 N/A 1.50 1.60 1.20 1.00</u></div>
<div><u>Essex N/A N/A 1.20 N/A N/A N/A 1.25 N/A</u></div>
<div><u>Norwich 1.40 N/A 1.25 N/A 1.50 N/A 1.20 N/A</u></div>
<div><u>Port Hope N/A N/A N/A N/A N/A 1.60 1.25 N/A</u></div>
<div><u>Kent Bridge 1.40 N/A 1.25 N/A 1.50 N/A 1.20 N/A</u></div>
<div><u>Chatham N/A N/A 1.20 N/A N/A N/A 1.25 N/A</u></div>
<div><u>Brigden N/A N/A 1.20 N/A N/A N/A 1.25 N/A</u></div>
<div><u>Palmerston N/A 1.75 1.25 1.10 N/A 1.57 1.17 1.00</u></div>
<div><u>Varna 1.45 1.75 1.25 N/A 1.40 1.60 1.20 N/A</u></div>
<div><u>Mitchell 1.40 1.45 1.25 N/A 1.50 1.60 1.20 N/A</u></div>
<div><u>Thornton N/A N/A N/A 0.91 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 1.50 1.25 0.70 N/A 1.92 1.45 0.80</u></div>
<div><u>W O Feed 1.71</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 2.00 1.59 N/A</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Toledo FM N/A N/A 1.69 N/A N/A N/A 1.63 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.42US 5.89CA 4.35US 5.80CA</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 1.57 1.90 1.43 1.06</u></div>
<div><u>CAD $/bu 6.07 6.40 5.93 6.45</u></div>
<div><u>CAD $/tonne 222.95 235.19 218.05 236.90</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 465.07</u></div>
<div><u>DDG's FOB Srn & Aylm 210.00</u></div>
<div><u><br>
</u></div>
<div>----</div>
<div><br>
</div>
<div>Ontario Grain Market Commentary for April 17, 2019</div>
<div>By Marty Hibbs, Grain Farmers of Ontario</div>
<div><br>
</div>
<u></u>
<div style="">Futures Prices as of close, April 17, 2019</div>
<div style="">Commodity<span style="white-space:pre"> </span>Period<span style="white-space:pre">
</span>Price<span style="white-space:pre"> </span>Weekly Movement</div>
<div style="">Corn CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>3.58<span style="white-space:pre"> </span>$B"-(B 04 cents</div>
<div style="">Soybeans CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>8.78<span style="white-space:pre"> </span>$B"-(B 23 cents</div>
<div style="">Wheat CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>4.48<span style="white-space:pre"> </span>$B"-(B 10 cents</div>
<div style="">Wheat Minn.<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>5.28<span style="white-space:pre"> </span>$B"-(B 02 cents</div>
<div style="">Wheat Kansas<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>4.22<span style="white-space:pre"> </span>$B"-(B 05 cents</div>
<div style="">Oats CBOT<span style="white-space:pre"> </span>May<span style="white-space:pre">
</span>3.00<span style="white-space:pre"> </span>$B",(B 21 cents</div>
<div style=""><span style="white-space:pre"></span></div>
<div style="">Canadian $<span style="white-space:pre"> </span>Jun<span style="white-space:pre">
</span>0.7505<span style="white-space:pre"> </span>$B"-(B 0.15 points</div>
<div style=""><br>
</div>
<div style=""><br>
</div>
<div style="">Corn:</div>
<div style="">Corn slipped again towards the recent support at the $3.50 level on the May contract. I can$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 style="">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. The extension of this red sell signal suggests a move towards
the $3.50 level on the July contract.</div>
<div style="">Next week, I will be switching to the July contract for my analysis.</div>
<div style=""><br>
</div>
<div style="">Soybeans:</div>
<div style="">We are now at the $8.80 level that we suggested last week and the charts still look heavy. A close below the $8.80 level on May suggests a move that could continue to slide into the fall to at least the $8.50 area on the lead month futures. The
May soybean chart continues to track sideways and may continue for some time. 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. The overhead resistance line at
the $9.30 mark on the futures continues to be a solid wall and major support is not seen until $8. Let$B!G(Bs hope I$B!G(Bm wrong on this one. We will switch to the July contract for analysis next week.</div>
<div style=""><br>
</div>
<div style="">Wheat:</div>
<div style="">Wheat followed the other grains lower this week as the May contract closed on April 17 at $4.48. Charts appear to show support at the $4.25 - $4.35 level on the May contract. A close below $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 style="">Good support is still seen at the $4.20 level on the May futures and our overhead challenge is still to clear this $4.80 level on a close. </div>
<div style=""><br>
</div>
<div style="">Cash Grain prices as of the close, April 17, 2019 are as follows:</div>
<div style="">SWW @ $218.99/MT ($5.96/bu), HRW @ $221.44/MT ($6.03/bu), </div>
<div style=""> HRS @ $224.38/MT ($6.11/bu), SRW @ $214.09/MT ($5.83/bu). </div>
<div style=""><br>
</div>
---
<div><br>
</div>
<div><span id="ms-rterangepaste-start"></span>
<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>
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