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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, May 23</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.3475 up 0.0057</u></div>
<div><u>Chicago corn closed moderately lower.</u></div>
<div><u><br>
</u></div>
<div><u> JUL19 HI 3.99 DEC19 HI 4.16 3/4</u></div>
<div><u> LOW 3.87 LOW 4.05 1/4</u></div>
<div><u> CLOSE3.89 3/4 Down 4 3/4 CLOSE 4.08 Down 4 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+SEP19+SEP19</u></div>
<div><u>CK Low 1.10 5.00 196.74 0.90 4.98 196.05</u></div>
<div><u>CK High 1.15 5.05 198.71 0.95 5.03 198.02</u></div>
<div><u>CK Avg 1.13 -0.16 5.03 198.06 0.93 -0.37 5.01 197.04</u></div>
<div><u>Essex Cty 1.15 5.05 198.71 0.95 5.03 198.02</u></div>
<div><u>Mdsx Low 1.10 5.00 196.74 0.90 4.98 196.05</u></div>
<div><u>Mdsx High 1.15 5.05 198.71 1.00 5.08 199.99</u></div>
<div><u>Mdsx Avg 1.13 -0.17 5.02 197.73 0.95 -0.35 5.03 198.02</u></div>
<div><u>Hensall 1.18 5.07 199.70 1.03 5.11 200.97</u></div>
<div><u>Bruce 1.15 5.05 198.71 1.00 5.08 199.99</u></div>
<div><u>Putnam 1.15 5.05 198.71 1.00 5.08 199.99</u></div>
<div><u>Burford 1.10 5.00 196.74 0.90 4.98 196.05</u></div>
<div><u>Port Perry 1.05 4.95 194.77 0.90 4.98 196.05</u></div>
<div><u>Norfolk 1.15 5.05 198.71 0.95 5.03 198.02</u></div>
<div><u>Palmerston 1.10 5.00 196.74 0.95 5.03 198.02</u></div>
<div><u>Varna 1.15 5.05 198.71 1.00 5.08 199.99</u></div>
<div><u>Trenton 1.05 4.95 194.77 0.90 4.98 196.05</u></div>
<div><u>Winchester 1.10 5.00 196.74 1.20 5.28 207.86</u></div>
<div><u>North Gower 1.10 5.00 196.74 1.18 5.26 207.08</u></div>
<div><u>Huron FOB 1.58 5.48 215.64 1.00 5.08 199.99</u></div>
<div><u>Kent FOB 1.45 5.35 210.52 0.95 5.03 198.02</u></div>
<div><u>Lamb FOB 1.55 5.45 214.46 1.03 5.11 201.17</u></div>
<div><u>Mdsx FOB 1.40 1.35 1.45 1.45 5.30 208.55 0.95 5.03 198.02</u></div>
<div><u>FOB SW Que 1.82 5.72 225.09 1.35 5.43 213.77</u></div>
<div><u>Track 1.68 5.57 219.38N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A N/A 1.83 1.21 5.29 208.26</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A N/A N/A</u></div>
<div><u>Aylmer-Eth N/A N/A N/A N/A N/A</u></div>
<div><u>Sarn-Eth N/A N/A 1.50 1.60 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 1.76 1.20 5.28 207.86</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 5.43 213.77</u></div>
<div><u>W O Feed 1.82 5.71 224.89</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 2.03 5.93 233.36</u></div>
<div><u>Toledo El. -0.05 3.84 151.32 -0.27 3.81 150.01</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Port ColbornN/A 1.15 5.23205 8/9</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 0.92 1/2 5.00 1/2</u></div>
<div><u>HI SD CRN 0.95 5.03</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3475 up 0.0057</u></div>
<div><u>Chicago soybeans closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> JUL19 HI 8.34 NOV19 HI 8.60 1/2</u></div>
<div><u> LOW 8.17 LOW 8.43 3/4</u></div>
<div><u> CLOSE8.21 1/2 Down 7 CLOSE 8.48 1/4 Down 7</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 2.00 10.22 375.341.95 10.43 383.33</u></div>
<div><u>CK High 2.05 10.27 377.172.05 10.53 387.00</u></div>
<div><u>CK Average 2.02 -0.6210.23 375.952.00 -0.7110.48 384.98</u></div>
<div><u>Essex Cty 2.00 10.22 375.341.95 10.43 383.33</u></div>
<div><u>Mdsx Low 1.95 10.17 373.501.92 10.40 382.23</u></div>
<div><u>Mdsx High 2.00 10.22 375.341.95 10.43 383.33</u></div>
<div><u>Mdsx Average 1.98 -0.6510.19 374.421.94 -0.7510.42 382.78</u></div>
<div><u>Hensall 2.00 10.22 375.341.93 10.41 382.41</u></div>
<div><u>Bruce 2.00 10.22 375.341.90 10.38 381.49</u></div>
<div><u>Putnam 2.00 10.22 375.341.95 10.43 383.33</u></div>
<div><u>Burford 2.00 10.22 375.341.97 10.45 384.06</u></div>
<div><u>Port Perry 1.97 10.19 374.231.94 10.42 382.96</u></div>
<div><u>Norfolk 2.00 10.22 375.341.95 10.43 383.33</u></div>
<div><u>Palmerston 1.90 10.12 371.661.85 10.33 379.65</u></div>
<div><u>Varna 2.00 10.22 375.341.90 10.38 381.49</u></div>
<div><u>Trenton 2.00 10.22 375.342.00 10.48 385.17</u></div>
<div><u>Winchester N/A 2.09 10.57 388.47</u></div>
<div><u>North Gower 1.99 10.21 374.971.99 10.47 384.80</u></div>
<div><u>Huron FOB 2.10 10.32 379.012.00 10.48 385.17</u></div>
<div><u>Kent FOB 2.25 10.47 384.521.95 10.43 383.33</u></div>
<div><u>Lambton FOB 2.20 10.42 382.692.10 10.58 388.84</u></div>
<div><u>Middlesex FOB2.14 2.20 2.27 N/A 10.36 380.481.98 10.46 384.43</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Windsor 2.59 10.81 397.022.28 10.76 395.45</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton 2.55 10.77 395.552.40 10.88 399.86</u></div>
<div><u>Prescott N/A 2.25 10.73 394.35</u></div>
<div><u>Port Colborne N/A 2.35 10.83 398.03</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.61 7.61 279.57-0.74 7.74 284.45</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3475 up 0.0057</u></div>
<div><u>Chicago wheat closed narrowly mixed.</u></div>
<div><u>JUL19 HI 4.85 1/2 JUL19 HI 4.85 1/2</u></div>
<div><u> LOW 4.66 1/4 LOW 4.66 1/4</u></div>
<div><u> CLOSE 4.70 1/4 Down 2 1/2 CLOSE 4.70 1/4 Down 2 1/2</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed moderately lower.</u></div>
<div><u>JUL19 HI 5.49 1/2 SEP19 HI 5.57</u></div>
<div><u> LOW 5.32 LOW 5.40 1/2</u></div>
<div><u> CLOSE 5.34 1/4 Down 9 1/2 CLOSE 5.42 1/4 Down 9 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 1.63 1.70 1.50 0.91</u></div>
<div><u>CAD $/bu 6.34 6.40 6.20 6.26</u></div>
<div><u>CAD $/tonne 232.84 235.31 227.88 229.86</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 1.40 N/A N/A N/A 1.40 N/A</u></div>
<div><u>London 1.46 1.86 1.39 N/A 1.52 1.85 1.45 N/A</u></div>
<div><u>Hensall 1.60 N/A 1.40 N/A 1.60 N/A 1.35 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 1.80 1.35 N/A 1.60 1.75 1.35 1.10</u></div>
<div><u>Essex N/A N/A 1.40 N/A N/A N/A 1.40 N/A</u></div>
<div><u>Norwich 1.60 N/A 1.40 N/A 1.60 N/A 1.35 N/A</u></div>
<div><u>Port Hope N/A N/A N/A N/A N/A 1.75 1.40 N/A</u></div>
<div><u>Kent Bridge 1.60 N/A 1.40 N/A 1.60 N/A 1.35 N/A</u></div>
<div><u>Chatham N/A N/A 1.40 N/A N/A N/A 1.40 N/A</u></div>
<div><u>Brigden N/A N/A 1.40 N/A N/A N/A 1.40 N/A</u></div>
<div><u>Palmerston N/A 1.85 1.45 1.10 N/A 1.83 1.43 1.00</u></div>
<div><u>Varna 1.60 1.80 1.40 N/A 1.55 1.75 1.35 N/A</u></div>
<div><u>Mitchell 1.60 1.80 1.40 N/A 1.60 1.75 1.35 N/A</u></div>
<div><u>Thornton N/A N/A N/A 1.38 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 1.98</u></div>
<div><u><br>
</u></div>
<div><u>TERMINAL</u></div>
<div><u>Port Colbor N/A N/A N/A N/A 1.86 2.20 1.73 N/A</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Toledo FM N/A N/A 1.63 N/A N/A N/A 1.63 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.60US 6.20CA 4.60US 6.20CA</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 1.70 2.04 1.57 1.14</u></div>
<div><u>CAD $/bu 6.40 6.74 6.27 6.57</u></div>
<div><u>CAD $/tonne 235.31 247.69 230.36 241.25</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 468.71</u></div>
<div><u>DDG's FOB Srn & Aylm 205.00</u></div>
<div><u><br>
</u></div>
<u><br>
</u>
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<u></u><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 51, 51); background: rgb(253, 253, 253);">Blair Andrews</span><span style="font-size: 10pt; line-height: 115%; font-family: "Courier New"; color: rgb(51, 51, 51);"><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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