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<div>Ontario Grain Market Commentary for April 24, 2019</div>
<div>By Marty Hibbs, Grain Farmers of Ontario</div>
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<div>Futures Prices as of close, April 24, 2019</div>
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<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>July<span style="white-space:pre">
</span>3.56<span style="white-space:pre"> </span>$B"-(B 09 cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>8.69<span style="white-space:pre"> </span>$B"-(B 23 cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>4.38<span style="white-space:pre"> </span>$B"-(B 16 cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>5.21<span style="white-space:pre"> </span>$B"-(B 20 cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>4.11<span style="white-space:pre"> </span>$B"-(B 15 cents</div>
<div>Oats CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>2.84<span style="white-space:pre"> </span>$B",(B 07 cents</div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Jun<span style="white-space:pre">
</span>0.7425<span style="white-space:pre"> </span>$B"-(B 0.75 points</div>
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<div>Corn:</div>
<div>The red sell signal on the weekly chart from the first week in April has proven to be a concern. As mentioned in last week$B!G(Bs commentary, the $3.50 level on May did not hold and we are now looking at the July contract testing the $3.50 price as support.
If this gives way, which at the moment looks very plausible, we will be looking for a test of the all-important $3.25 level based on the weekly charts. We should find good support there, but unless things change we could be looking at the $3 price point as
we head toward the harvest season. </div>
<div>Support is seen at $3.50 on the July contract and overhead resistance is pegged at $3.80 also on July.</div>
<div>All indicators are negative and the primary trend is still down.</div>
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<div>Soybeans:</div>
<div>Last week we spoke of a test of the $8.50 level on May if the $8.80 failed to find support. We are now virtually there as the May contract closed on April 24 at $8.55. The charts suggest a continued deterioration of prices especially in the May contract
as we approach the first notice day next week. I am now using the July contract for my analysis. The weekly chart is continuing to roll over and a test of the very important $8 level is in the cards. Failure for the July contract to hold this price later
this month could produce a significant fall which will show a $7 handle coming into the late summer or early fall. This, of course, could change if something significant were to change the current situation. </div>
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<div>Wheat:</div>
<div>Wheat is within five cents of our $4.25 price on the May futures as indicated in last week$B!G(Bs commentary. We closed the day at $4.30 on the May futures. We will now be quoting the July futures for our analysis, keeping in mind that the first notice day
for the May contract is Wednesday, May 1. </div>
<div> Support is seen at the $4.20 - $4.30 range on July. A close below $4.20 on the July futures could bring us back to the $3.80 - $4 level very quickly. <span style="font-size: 10pt;">We received a short-term red sell signal this week which is understandable
considering the pressure from the other grains. Wheat from a technical point of view still charts better than its counterparts but that could change if this sell-off and uncertainty continues. </span></div>
<div>For now, the short-term indicators are negative, but 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 May futures and our overhead challenge is still to clear this $4.80 level on a close. </div>
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<div>Cash Grain prices as of the close, April 24, 2019 are as follows:</div>
<div>SWW @ $213.78/MT ($5.82/bu), HRW @ $216.26/MT ($5.89/bu), </div>
<div> HRS @ $214.27/MT ($5.83/bu), SRW @ $208.83/MT ($5.68/bu). </div>
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<div>---</div>
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