<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">Ontario Grain Market Commentary for May 22, 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><br>
</div>
<div>Futures Prices as of close, May 22, 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>3.94<span style="white-space:pre"> </span>$B",(B 25 cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>8.28<span style="white-space:pre"> </span>$B"-(B 07 cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>4.72<span style="white-space:pre"> </span>$B",(B 25 cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>5.43<span style="white-space:pre"> </span>$B",(B 23 cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>4.32<span style="white-space:pre"> </span>$B",(B 31 cents</div>
<div>Oats CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>3.10<span style="white-space:pre"> </span>$B",(B 20 cents</div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Jun<span style="white-space:pre">
</span>0.7452<span style="white-space:pre"> </span>$B",(B 0.05 points</div>
<div><br>
</div>
<div><br>
</div>
<div>Corn:</div>
<div>The July futures catapulted on short covering after the expiry of the May futures. We immediately headed toward the overhead resistance mentioned in our last commentary at the $3.80 - $4 level. We hit a high of $3.96 before settling back to the $3.94 on
July. We did, however, receive a red buy signal last week, but I feel we will rest before we try the $4 resistance again. The markets have taken on a bullish tone although most of it can be contributed to fund buying to lock in their profits. </div>
<div>Good support is now seen at $3.60 and our overhead resistance is now $4 - $4.20 on the July futures. However, I expect a move back to the $3.60 range in the coming week before we challenge the $4.20 trend line. All indicators are mixed with both short
and intermediate trends seeing red buy signals. The primary trend is still down.</div>
<div><br>
</div>
<div>Soybeans:</div>
<div>Soybeans did not fare as well as the other grains and continue to be pressured. We are still eyeing the $7.80 - $8 levels on July for support. This overhead 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>Support is still at the $7.80 - $8 level on July while the overhead resistance stands at the $8.50 level.</div>
<div>All indicators are still negative and the primary trend is still down.</div>
<div><br>
</div>
<div>Wheat:</div>
<div>Wheat behaved well this week and as expected rebounded nicely on short covering after the May contract expired. The explosive move took us to our upside target of $.80 and beyond before settling back to close below the resistance. This indicates to me
that we may be in for a pullback and consolidation before we attempt the all-important $5 handle on the July contract. We did receive a red buy signal this week which is very encouraging going into the month of June and early harvest. We tested the $4.20 level
on the July futures once again before confirming its support with an 80 cent rally. </div>
<div>I am expecting a little more weakness in the coming week and a possible test of the $4.50 level on the July futures. </div>
<div>Good support is still seen at the $4.20 level on the July futures and our overhead challenge is now at the $5 level on the July futures. Indicators are mixed with a primary trend being neutral.</div>
<div><br>
</div>
<div>Cash Grain prices as of the close, May 22, 2019 are as follows:</div>
<div>SWW @ $235.75/MT ($6.42/bu), HRW @ $248.09/MT ($6.75/bu), </div>
<div> HRS @ $245.12/MT ($6.67/bu), SRW @ $230.83/MT ($6.28/bu). </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;">
<div><span style="font-family:"Courier New",monospace; font-size:10pt"></span></div>
<br>
<p></p>
<p><span id="ms-rterangepaste-start"></span></p>
<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="LPlnk429784" 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="LPlnk335512" 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>
<span id="ms-rterangepaste-end"></span><br>
<p></p>
</div>
</div>
</div>
<p></p>
</div>
<p></p>
</div>
</body>
</html>