<html>
<head>
<meta http-equiv="Content-Type" content="text/html; charset=iso-2022-jp">
<style type="text/css" style="display:none;"><!-- P {margin-top:0;margin-bottom:0;} --></style>
</head>
<body dir="ltr">
<div id="divtagdefaultwrapper" style="font-size:10pt;color:#000000;font-family:'Courier New',monospace;" dir="ltr">
<p style="margin-top:0;margin-bottom:0"></p>
<div id="divtagdefaultwrapper" style="font-size: 10pt; color: rgb(0, 0, 0); font-family: "Courier New", monospace, EmojiFont, "Apple Color Emoji", "Segoe UI Emoji", NotoColorEmoji, "Segoe UI Symbol", "Android Emoji", EmojiSymbols;" dir="ltr">
<p style="margin-top:0;margin-bottom:0"></p>
<div id="divtagdefaultwrapper" style="font-size: 10pt; color: rgb(0, 0, 0); font-family: "Courier New", monospace, EmojiFont, "Apple Color Emoji", "Segoe UI Emoji", NotoColorEmoji, "Segoe UI Symbol", "Android Emoji", EmojiSymbols;" dir="ltr">
<p style="margin-top:0;margin-bottom:0"></p>
<div id="divtagdefaultwrapper" style="font-size: 10pt; color: rgb(0, 0, 0); font-family: "Courier New", monospace, EmojiFont, "Apple Color Emoji", "Segoe UI Emoji", NotoColorEmoji, "Segoe UI Symbol", "Android Emoji", EmojiSymbols;" dir="ltr">
<p style="margin-top:0;margin-bottom:0"></p>
<div id="divtagdefaultwrapper" style="font-size: 10pt; color: rgb(0, 0, 0); font-family: "Courier New", monospace, EmojiFont, "Apple Color Emoji", "Segoe UI Emoji", NotoColorEmoji, "Segoe UI Symbol", "Android Emoji", EmojiSymbols;" dir="ltr">
<p style="margin-top:0;margin-bottom:0"><u></u></p>
<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, May 15</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.3425 down 0.0024</u></div>
<div><u>Chicago corn closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> JUL19 HI 3.80 DEC19 HI 3.97 3/4</u></div>
<div><u> LOW 3.68 LOW 3.87 1/4</u></div>
<div><u> CLOSE3.69 1/2 Up 3/4 CLOSE 3.88 3/4 Up 1</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+SEP19+SEP19</u></div>
<div><u>CK Low 1.00 4.70 184.83 0.90 4.79 188.48</u></div>
<div><u>CK High 1.10 4.80 188.77 0.90 4.79 188.48</u></div>
<div><u>CK Avg 1.08 -0.14 4.77 187.79 0.90 -0.32 4.79 188.48</u></div>
<div><u>Essex Cty 1.10 4.80 188.77 0.90 4.79 188.48</u></div>
<div><u>Mdsx Low 1.10 4.80 188.77 0.90 4.79 188.48</u></div>
<div><u>Mdsx High 1.10 4.80 188.77 0.90 4.79 188.48</u></div>
<div><u>Mdsx Avg 1.10 -0.12 4.80 188.77 0.90 -0.32 4.79 188.48</u></div>
<div><u>Hensall 1.10 4.80 188.77 0.93 4.81 189.46</u></div>
<div><u>Bruce 1.05 4.75 186.80 0.90 4.79 188.48</u></div>
<div><u>Putnam 1.10 4.80 188.77 0.90 4.79 188.48</u></div>
<div><u>Burford 1.10 4.80 188.77 0.90 4.79 188.48</u></div>
<div><u>Port Perry 1.10 4.80 188.77 0.90 4.79 188.48</u></div>
<div><u>Norfolk 1.10 4.80 188.77 0.90 4.79 188.48</u></div>
<div><u>Palmerston 1.05 4.75 186.80 0.95 4.84 190.44</u></div>
<div><u>Varna 1.05 4.75 186.80 0.90 4.79 188.48</u></div>
<div><u>Trenton 1.05 4.75 186.80 0.90 4.79 188.48</u></div>
<div><u>Winchester 1.11 4.81 189.16 1.20 5.09 200.29</u></div>
<div><u>North Gower 1.10 4.80 188.77 1.18 5.07 199.50</u></div>
<div><u>Huron FOB 1.31 5.01 197.04 0.92 4.81 189.26</u></div>
<div><u>Kent FOB 1.40 5.10 200.58 0.90 4.79 188.48</u></div>
<div><u>Lamb FOB 1.45 5.15 202.55 0.95 4.84 190.44</u></div>
<div><u>Mdsx FOB 1.40 1.35 1.45 1.45 5.10 200.58 0.95 4.84 190.44</u></div>
<div><u>FOB SW Que 1.98 5.68 223.41 1.34 5.23 205.80</u></div>
<div><u>Track 1.53 5.22 205.50N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A 1.70 1.74 1.09 4.98 195.96</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A N/A N/A</u></div>
<div><u>Aylmer-Eth 1.60 1.65 1.70 1.75 5.30 208.45 1.10 4.99 196.35</u></div>
<div><u>Sarn-Eth 1.50 1.50N/A N/A 5.20 204.52N/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 1.73 1.20 5.09 200.29</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 5.24 206.19</u></div>
<div><u>W O Feed 1.70 5.40 212.55</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.91 5.61 220.66</u></div>
<div><u>Toledo El. -0.05 3.64 143.35 -0.27 3.62 142.47</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Port ColbornN/A 1.15 5.04198 1/3</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.90 4.78 3/4</u></div>
<div><u>HI SD CRN 0.90 4.78 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 1.3425 down 0.0024</u></div>
<div><u>Chicago soybeans closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> JUL19 HI 8.48 1/4 NOV19 HI 8.71 1/2</u></div>
<div><u> LOW 8.27 LOW 8.52</u></div>
<div><u> CLOSE8.35 1/2 Up 4 CLOSE 8.59 3/4 Up 3 1/4</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 +JUL1+JUL1+AUG19</u></div>
<div><u>CK Low 1.95 10.31 378.641.95 10.55 387.55</u></div>
<div><u>CK High 2.05 10.41 382.322.00 10.60 389.39</u></div>
<div><u>CK Average 2.00 -0.6410.36 380.481.98 -0.7210.58 388.78</u></div>
<div><u>Essex Cty 1.95 10.31 378.641.95 10.55 387.55</u></div>
<div><u>Mdsx Low 1.90 10.26 376.811.95 10.55 387.55</u></div>
<div><u>Mdsx High 2.05 10.41 382.322.00 10.60 389.39</u></div>
<div><u>Mdsx Average 1.98 -0.6610.33 379.561.98 -0.7210.57 388.47</u></div>
<div><u>Hensall 2.00 10.36 380.481.98 10.57 388.47</u></div>
<div><u>Bruce 2.00 10.36 380.481.95 10.55 387.55</u></div>
<div><u>Putnam 2.05 10.41 382.322.00 10.60 389.39</u></div>
<div><u>Burford 1.95 10.31 378.642.00 10.60 389.39</u></div>
<div><u>Port Perry 1.92 10.28 377.541.97 10.57 388.29</u></div>
<div><u>Norfolk 1.95 10.31 378.641.95 10.55 387.55</u></div>
<div><u>Palmerston 2.00 10.36 380.481.95 10.55 387.55</u></div>
<div><u>Varna 2.00 10.36 380.481.95 10.55 387.55</u></div>
<div><u>Trenton 2.00 10.36 380.482.00 10.60 389.39</u></div>
<div><u>Winchester N/A 2.00 10.60 389.39</u></div>
<div><u>North Gower 1.99 10.35 380.111.99 10.59 389.02</u></div>
<div><u>Huron FOB 2.10 10.46 384.162.05 10.65 391.23</u></div>
<div><u>Kent FOB 2.15 10.51 385.991.95 10.55 387.55</u></div>
<div><u>Lambton FOB 2.15 10.51 385.992.05 10.65 391.23</u></div>
<div><u>Middlesex FOB2.16 2.16 2.23 N/A 10.52 386.362.01 10.61 389.76</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Windsor 2.40 10.76 395.182.28 10.88 399.68</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton 2.45 10.81 397.022.40 11.00 404.09</u></div>
<div><u>Prescott N/A 2.30 10.90 400.41</u></div>
<div><u>Port Colborne N/A 2.38 10.98 403.35</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.60 7.75 284.80-0.74 7.86 288.77</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3425 down 0.0024</u></div>
<div><u>Chicago wheat closed narrowly mixed.</u></div>
<div><u>JUL19 HI 4.64 JUL19 HI 4.64</u></div>
<div><u> LOW 4.47 LOW 4.47</u></div>
<div><u> CLOSE 4.48 3/4 Up 1/4 CLOSE 4.48 3/4 Up 1/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed moderately lower.</u></div>
<div><u>JUL19 HI 5.35 1/2 SEP19 HI 5.44</u></div>
<div><u> LOW 5.15 LOW 5.24 1/4</u></div>
<div><u> CLOSE 5.15 1/4 Down 8 CLOSE 5.24 1/2 Down 7 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 1.54 1.60 1.40 0.82</u></div>
<div><u>CAD $/bu 6.02 6.09 5.89 5.98</u></div>
<div><u>CAD $/tonne 221.36 223.82 216.42 219.63</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 1.30 N/A N/A N/A 1.30 N/A</u></div>
<div><u>London 1.32 1.72 1.25 N/A 1.38 1.71 1.31 N/A</u></div>
<div><u>Hensall 1.60 N/A 1.30 N/A 1.60 N/A 1.30 N/A</u></div>
<div><u>Trenton N/A N/A N/A N/A N/A N/A 1.30 N/A</u></div>
<div><u>Bruce 1.60 1.75 1.25 N/A 1.60 1.70 1.30 1.00</u></div>
<div><u>Essex N/A N/A 1.25 N/A N/A N/A 1.30 N/A</u></div>
<div><u>Norwich 1.60 N/A 1.30 N/A 1.60 N/A 1.30 N/A</u></div>
<div><u>Port Hope N/A N/A N/A N/A N/A 1.60 1.30 N/A</u></div>
<div><u>Kent Bridge 1.60 N/A 1.30 N/A 1.60 N/A 1.30 N/A</u></div>
<div><u>Chatham N/A N/A 1.25 N/A N/A N/A 1.30 N/A</u></div>
<div><u>Brigden N/A N/A 1.25 N/A N/A N/A 1.30 N/A</u></div>
<div><u>Palmerston N/A 1.80 1.40 1.10 N/A 1.78 1.38 1.00</u></div>
<div><u>Varna 1.50 1.75 1.30 N/A 1.50 1.70 1.30 N/A</u></div>
<div><u>Mitchell 1.60 1.60 1.30 N/A 1.60 1.60 1.30 N/A</u></div>
<div><u>Thornton N/A N/A N/A 1.20 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 1.42 1.20 0.70 N/A 1.83 1.38 0.85</u></div>
<div><u>W O Feed 1.89</u></div>
<div><u><br>
</u></div>
<div><u>TERMINAL</u></div>
<div><u>Port Colbor N/A N/A N/A N/A 1.72 2.06 1.58 N/A</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Toledo FM N/A N/A 1.54 N/A N/A N/A 1.54 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.37US 5.86CA 4.37US 5.86CA</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 1.60 1.94 1.47 1.06</u></div>
<div><u>CAD $/bu 6.09 6.43 5.96 6.30</u></div>
<div><u>CAD $/tonne 223.82 236.15 218.89 231.59</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 461.66</u></div>
<div><u>DDG's FOB Srn & Aylm 205.00</u></div>
<div><u><br>
</u></div>
<div>--- </div>
<div>Ontario Grain Market Commentary for May 15, 2019</div>
<div>By Marty Hibbs, Grain Farmers of Ontario</div>
<div><br>
</div>
<div>
<div>Futures Prices as of close, May 15, 2019</div>
<div>Commodity<span style="white-space:pre"> </span>Period<span style="white-space:pre">
</span>Price<span style="white-space:pre"> </span>Weekly Movement</div>
<div>Corn CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>3.69<span style="white-space:pre"> </span>$B",(B 05 cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>8.35<span style="white-space:pre"> </span>$B",(B 07 cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>4.48<span style="white-space:pre"> </span>$B",(B 11 cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>5.15<span style="white-space:pre"> </span>$B"-(B 05 cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>4.02<span style="white-space:pre"> </span>$B"-(B 01 cents</div>
<div>Oats CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>2.88<span style="white-space:pre"> </span>$B",(B 10 cents</div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Jun<span style="white-space:pre">
</span>0.7450<span style="white-space:pre"> </span>$B",(B 0.25 points</div>
<div><br>
</div>
<div>Corn:</div>
<div>The May futures expired on May 14 and this allowed the pressure cooker to be released. Prices quickly bounced on the July contract hitting the intermediate downtrend line at the $3.80 level. Much of this was fund covering, which basically means profit
taking and short covering. From here, we should track sideways for the next few weeks between the $3.40 lows and $3.80 resistance level. The markets did gap higher on May 15 and we should visit that gap of $3.57 - $3.60 in the coming days. Support was tested
and passed with flying colours. Last week, we suggested we would see significant volatility this week, and the markets did not disappoint. </div>
<div>Good support is now seen at $3.40 and our overhead resistance is now pegged at $3.80 - $4 on the July futures. I expect a confined range in the coming week.</div>
<div>All indicators are still negative, and the primary trend is still down.</div>
<div><br>
</div>
<div>Soybeans:</div>
<div>Soybeans challenged the all-important $8 level again on the July futures, and with the May contract expiring quickly, bounced off the support. As mentioned in our last commentary, we were expecting a rebound in prices once the support was proven. This
should mark the bottom for the next few weeks as we will now probe the upside with obvious resistance at the $9 ledge from where we fell. This resistance should prove to be significant and unless we get convincingly through the $9 level on a close, the chances
of us visiting the $8 level once again is compelling. </div>
<div><br>
</div>
<div>Support is still at the $8 level on July while the overhead struggle will be at the $8.80 - $9 level heading into June. I expect sideways movement in the next week.</div>
<div>A break below the lows of May could still propel this market much lower, but I feel that would happen into the late summer if it transpires. </div>
<div>All indicators are still negative and the primary trend is still down.</div>
<div><br>
</div>
<div><span style="font-size: 10pt;">Wheat:</span><br>
</div>
<div>Wheat behaved well through the May 13 report. We tested the $4.20 level on the July futures once again and once the May futures expired the wheat like the other grains had a nice bounce. For the short term, the downside pressure has been tempered and I
expect sideways movement for the next week or two. </div>
<div><br>
</div>
<div>Good support is still seen at the $4.20 level on the July futures and our overhead challenge is now pegged at the $4.80 level on the July futures. Failure to clear the $4.80 level in the coming weeks will suggest another test of the support at $4.20.
Indicators are mixed with a primary trend being neutral.</div>
<div><br>
</div>
<div><span style="font-size: 10pt;">Cash Grain prices as of the close, May 15, 2019 are as follows:</span><br>
</div>
<div>SWW @ $221.50/MT ($6.03/bu), HRW @ $223.97/MT ($6.10/bu), </div>
<div> HRS @ $215.93/MT ($5.97/bu), SRW @ $216.57/MT ($5.89/bu). </div>
<div><br>
</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="LPlnk320342" class="OWAAutoLink" previewremoved="true"><span style="font-size:10.0pt;line-height:115%;
font-family:"Courier New";color:#336699;text-decoration:none;text-underline:
none">519-674-1500</span></a><span class="apple-converted-space"><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333;
background:#FDFDFD"> </span></span><span style="font-size:10.0pt;
line-height:115%;font-family:"Courier New";color:#333333;background:#FDFDFD">x
63577<span class="apple-converted-space"> </span></span><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333"><br>
<span style="background:#FDFDFD">Fax.<span class="apple-converted-space"> </span></span></span><a href="callto:519-674-1530" id="LPlnk892654" class="OWAAutoLink" previewremoved="true"><span style="font-size:10.0pt;line-height:115%;
font-family:"Courier New";color:#336699;text-decoration:none;text-underline:
none">519-674-1530</span></a><span class="apple-converted-space"><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333;
background:#FDFDFD"> </span></span><span style="font-size:10.0pt;
line-height:115%;font-family:"Courier New";color:#333333"><br>
<br>
<span style="background:#FDFDFD">Click on this link:<span class="apple-converted-space"> </span></span></span><span class="object"><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#336699">farmmarketnews-unsubscribe@list.gfo.ca</span></span><span class="apple-converted-space"><span style="font-size:10.0pt;line-height:115%;
font-family:"Courier New";color:#333333;background:#FDFDFD"> </span></span><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333;
background:#FDFDFD"> to
unsubscribe from this report.</span><span style="font-size:10.0pt;line-height:115%;font-family:"Courier New";color:#333333"><br>
<span style="background:#FDFDFD">This Farm Market News product is sponsored by:</span><br>
<span style="background:#FDFDFD">Grain Farmers of Ontario<o:p></o:p></span></span></p>
<br>
</div>
<br>
</div>
<div><br>
</div>
<div><br>
</div>
<p></p>
<div id="Signature">
<div id="divtagdefaultwrapper" style="font-size: 12pt; color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: Calibri, Arial, Helvetica, sans-serif, EmojiFont, "Apple Color Emoji", "Segoe UI Emoji", NotoColorEmoji, "Segoe UI Symbol", "Android Emoji", EmojiSymbols;">
<u><br>
</u>
<p></p>
<p><br>
</p>
</div>
</div>
</div>
<p></p>
</div>
<p></p>
</div>
<p></p>
</div>
<p></p>
</div>
</body>
</html>