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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, May 29</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.3509 up 0.0030</u></div>
<div><u>Chicago corn closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> JUL19 HI 4.38 DEC19 HI 4.54</u></div>
<div><u> LOW 4.12 1/4 LOW 4.30</u></div>
<div><u> CLOSE4.18 3/4 Down 1 1/2 CLOSE 4.35 3/4 Down 1 1/4</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 1.20 5.39 212.10 1.00 5.36 210.92</u></div>
<div><u>CK High 1.25 5.44 214.06 1.00 5.36 210.92</u></div>
<div><u>CK Avg 1.23 -0.18 5.41 213.08 1.00 -0.39 5.36 210.92</u></div>
<div><u>Essex Cty 1.25 5.44 214.06 1.00 5.36 210.92</u></div>
<div><u>Mdsx Low 1.20 5.39 212.10 1.00 5.36 210.92</u></div>
<div><u>Mdsx High 1.20 5.39 212.10 1.00 5.36 210.92</u></div>
<div><u>Mdsx Avg 1.20 -0.20 5.39 212.10 1.00 -0.39 5.36 210.92</u></div>
<div><u>Hensall 1.23 5.41 213.08 1.03 5.38 211.90</u></div>
<div><u>Bruce 1.20 5.39 212.10 1.00 5.36 210.92</u></div>
<div><u>Putnam 1.20 5.39 212.10 1.00 5.36 210.92</u></div>
<div><u>Burford 1.20 5.39 212.10 1.00 5.36 210.92</u></div>
<div><u>Port Perry 1.15 5.34 210.13 1.00 5.36 210.92</u></div>
<div><u>Norfolk 1.25 5.44 214.06 1.00 5.36 210.92</u></div>
<div><u>Palmerston 1.15 5.34 210.13 1.10 5.46 214.85</u></div>
<div><u>Varna 1.20 5.39 212.10 1.00 5.36 210.92</u></div>
<div><u>Trenton 1.10 5.29 208.16 1.00 5.36 210.92</u></div>
<div><u>Winchester 1.19 5.38 211.70 1.19 5.55 218.40</u></div>
<div><u>North Gower 1.15 5.34 210.13 1.18 5.54 218.00</u></div>
<div><u>Huron FOB 1.65 5.84 229.81 1.15 5.51 216.82</u></div>
<div><u>Kent FOB 1.50 5.69 223.91 1.00 5.36 210.92</u></div>
<div><u>Lamb FOB 1.60 5.79 227.84 1.05 5.41 212.88</u></div>
<div><u>Mdsx FOB 1.40 1.40N/A N/A 5.59 219.97 1.00 5.36 210.92</u></div>
<div><u>FOB SW Que 1.83 6.02 236.90 1.34 5.70 224.30</u></div>
<div><u>Track 1.68 5.86 230.80N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A N/A 1.74 1.15 5.51 216.82</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 1.85 1.25 5.61 220.76</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 5.71 224.69</u></div>
<div><u>W O Feed 1.85 6.04 237.59</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 2.16 6.35 249.89</u></div>
<div><u>Toledo El. 0.03 4.21 165.92 -0.27 4.09 160.91</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Port ColbornN/A 1.15 5.51216 5/6</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 1.00 5.35 3/4</u></div>
<div><u>HI SD CRN 1.00 5.35 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 1.3509 up 0.0030</u></div>
<div><u>Chicago soybeans closed slightly to moderately higher.</u></div>
<div><u><br>
</u></div>
<div><u> JUL19 HI 8.92 3/4 NOV19 HI 9.18 1/2</u></div>
<div><u> LOW 8.63 1/2 LOW 8.89 3/4</u></div>
<div><u> CLOSE8.72 Up 16 CLOSE 8.98 1/2 Up 16</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 2.10 10.82 397.572.10 11.09 407.30</u></div>
<div><u>CK High 2.25 10.97 403.082.20 11.19 410.98</u></div>
<div><u>CK Average 2.19 -0.6410.91 400.872.15 -0.7411.13 409.08</u></div>
<div><u>Essex Cty 2.30 11.02 404.922.15 11.14 409.14</u></div>
<div><u>Mdsx Low 2.14 10.86 399.042.09 11.08 406.94</u></div>
<div><u>Mdsx High 2.20 10.92 401.242.15 11.14 409.14</u></div>
<div><u>Mdsx Average 2.17 -0.6610.89 400.142.12 -0.7611.11 408.04</u></div>
<div><u>Hensall 2.20 10.92 401.242.15 11.14 409.14</u></div>
<div><u>Bruce 2.15 10.87 399.402.10 11.09 407.30</u></div>
<div><u>Putnam 2.20 10.92 401.242.15 11.14 409.14</u></div>
<div><u>Burford 2.19 10.91 400.872.14 11.13 408.77</u></div>
<div><u>Port Perry 2.16 10.88 399.772.11 11.10 407.67</u></div>
<div><u>Norfolk 2.25 10.97 403.082.15 11.14 409.14</u></div>
<div><u>Palmerston 2.10 10.82 397.572.05 11.04 405.47</u></div>
<div><u>Varna 2.20 10.92 401.242.15 11.14 409.14</u></div>
<div><u>Trenton 2.10 10.82 397.572.15 11.14 409.14</u></div>
<div><u>Winchester N/A 2.18 11.17 410.24</u></div>
<div><u>North Gower 1.99 10.71 393.532.10 11.09 407.30</u></div>
<div><u>Huron FOB 2.35 11.07 406.752.25 11.24 412.82</u></div>
<div><u>Kent FOB 2.50 11.22 412.262.15 11.14 409.14</u></div>
<div><u>Lambton FOB 2.55 11.27 414.102.30 11.29 414.65</u></div>
<div><u>Middlesex FOB2.37 2.44 2.50 N/A 11.09 407.492.21 11.20 411.35</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Windsor 2.79 11.51 422.922.48 11.47 421.27</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton 2.80 11.52 423.292.60 11.59 425.68</u></div>
<div><u>Prescott N/A 2.55 11.54 423.84</u></div>
<div><u>Port Colborne N/A 2.62 11.61 426.41</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.54 8.18 300.55-0.74 8.24 302.84</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3509 up 0.0030</u></div>
<div><u>Chicago wheat closed moderately lower to lower.</u></div>
<div><u>JUL19 HI 5.21 3/4 JUL19 HI 5.21 3/4</u></div>
<div><u> LOW 4.87 1/2 LOW 4.87 1/2</u></div>
<div><u> CLOSE 4.90 1/2 Down 14 1/4 CLOSE 4.90 1/2 Down 14 1/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed moderately lower.</u></div>
<div><u>JUL19 HI 5.68 SEP19 HI 5.75 1/2</u></div>
<div><u> LOW 5.43 LOW 5.51</u></div>
<div><u> CLOSE 5.48 3/4 Down 8 3/4 CLOSE 5.56 3/4 Down 8</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 1.72 1.79 1.59 0.98</u></div>
<div><u>CAD $/bu 6.63 6.69 6.49 6.47</u></div>
<div><u>CAD $/tonne 243.47 245.95 238.51 237.64</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 1.50 N/A N/A N/A 1.45 N/A</u></div>
<div><u>London 1.62 2.02 1.55 N/A 1.67 2.00 1.60 N/A</u></div>
<div><u>Hensall 1.65 N/A 1.45 N/A 1.65 N/A 1.45 N/A</u></div>
<div><u>Trenton N/A N/A N/A N/A N/A N/A 1.50 N/A</u></div>
<div><u>Bruce 1.60 1.95 1.50 N/A 1.60 1.90 1.50 1.10</u></div>
<div><u>Essex N/A N/A 1.50 N/A N/A N/A 1.50 N/A</u></div>
<div><u>Norwich 1.65 N/A 1.45 N/A 1.65 N/A 1.45 N/A</u></div>
<div><u>Port Hope N/A N/A N/A N/A N/A 1.75 1.50 N/A</u></div>
<div><u>Kent Bridge 1.65 N/A 1.45 N/A 1.65 N/A 1.45 N/A</u></div>
<div><u>Chatham N/A N/A 1.50 N/A N/A N/A 1.50 N/A</u></div>
<div><u>Brigden N/A N/A 1.50 N/A N/A N/A 1.50 N/A</u></div>
<div><u>Palmerston N/A 1.95 1.55 1.10 N/A 1.98 1.58 1.00</u></div>
<div><u>Varna 1.75 1.95 1.55 N/A 1.60 1.90 1.50 N/A</u></div>
<div><u>Mitchell 1.65 1.80 1.45 N/A 1.65 1.80 1.45 N/A</u></div>
<div><u>Thornton N/A N/A N/A 1.59 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 1.60 1.35 0.75 N/A 1.93 1.58 0.99</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 2.02 2.36 1.89 N/A</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Toledo FM N/A N/A 1.79 N/A N/A N/A 1.79 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.83US 6.52CA 4.83US 6.52CA</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 1.79 2.13 1.65 1.21</u></div>
<div><u>CAD $/bu 6.69 7.03 6.56 6.78</u></div>
<div><u>CAD $/tonne 245.95 258.36 240.99 249.05</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 497.15</u></div>
<div><u>DDG's FOB Srn & Aylm 205.00</u></div>
<div><br>
</div>
<div>---</div>
<div><br>
</div>
<div>Ontario Grain Market Commentary for May 29, 2019</div>
<div>By Marty Hibbs, Grain Farmers of Ontario</div>
<div><br>
</div>
<div>
<div>Futures Prices as of close, May 29, 2019</div>
<div>Commodity<span style="white-space:pre"> </span>Period<span style="white-space:pre">
</span>Price<span style="white-space:pre"> </span>Weekly Movement</div>
<div>Corn CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>4.19<span style="white-space:pre"> </span>$B",(B 25 cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>8.72<span style="white-space:pre"> </span>$B",(B 70 cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>5.47<span style="white-space:pre"> </span>$B",(B 57 cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>5.47<span style="white-space:pre"> </span>$B",(B 23 cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>4.53<span style="white-space:pre"> </span>$B",(B 21 cents</div>
<div>Oats CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>3.15<span style="white-space:pre"> </span>$B",(B 05 cents</div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Jun<span style="white-space:pre">
</span>0.7402<span style="white-space:pre"> </span>$B"-(B 0.55 points</div>
<div><br>
</div>
<div><br>
</div>
<div>Corn:</div>
<div>The July futures saw a run of 65 cents this week before settling 40 cents higher at $4.19 on the July futures. This was on the back of the red buy signal which, as indicated, I received two weeks ago. The July futures show major resistance at the $4.40
level and we should settle back to at least $4.05 before we resume the run higher. If the $4 level is breached and we close below there in the next day or two, we could see a more prolonged correction down to the next support at $3.85. </div>
<div>Support is now seen at $3.75 - $3.85 and our overhead resistance is now $4.40 on the July futures. All indicators are now positive with both short and intermediate trends seeing red buy signals. The primary trend is now neutral. A close above the $4.50
level could turn this market bullish.</div>
<div><br>
</div>
<div>Soybeans:</div>
<div>Soybeans rallied along with its counterparts this week as it took aim at our major overhead resistance that we have mentioned many times before. This $8.80 - $9.25 level is major resistance and will take a bit of work and some positive news to penetrate
before the fall harvest. For the time being we should see the $8 - $9 trading range stay intact barring any surprises. We are still eyeing the $7.80 - $8 levels on July for major support. This $9.25 overhead resistance should prove to be significant and will
take an unexpected event to clear that level on the futures before harvest. </div>
<div>All indicators are still negative and the primary trend is still down.</div>
<div><br>
</div>
<div>Wheat:</div>
<div>Wheat gained 40 cents on the week as it blew through our $5-resistance level and gapped 20 cents higher on the July futures opening on May 29 before settling back to close below $5 at the $4.88 level on July. This explosive move took us to another upside
target of $5.20 which marks the beginning of the major resistance at $5.20 - $5.60. The strong outside day on May 29, suggests a short term top is in place. </div>
<div>We should see more corrective pressure in the coming days. The first support level is $4.50 - $4.70 on July. The charts suggest the stage is being set for what could be a banner year for wheat prices. There are many who are having issues with their crops,
but as far as price is concerned, we could see a strong year if the current issues continue into June. Our next upside target is $5.40 followed by a much bigger challenge of $6 on the lead futures price. Closing above the $6.10 pivot on the lead month futures,
would confirm to me as an analyst that we now have a bull market on our hands. Our red buy signal from May 1 is still very much intact and the primary trend is still neutral to bullish. </div>
<div>Indicators are positive with a primary trend neutral to bullish. </div>
<div>The solid support displayed at the $4.20 trend line on May 13 was another confirmation our long standing opinion that the August 2016 lows of $3.60 was the bottom of this 11-year cycle in wheat. </div>
<div><br>
</div>
<div><span style="font-size: 10pt;">Harvest 2019 prices as of the close, May 29, 2019 are as follows:</span><br>
</div>
<div>SWW @ $245.79/MT ($6.69/bu), HRW @ $258.21/MT ($7.03/bu), </div>
<div> HRS @ $249.27/MT ($6.78/bu), SRW @ $240.83/MT ($6.55/bu). </div>
<div>-----</div>
</div>
<div><br>
</div>
<p class="MsoNormal" style=""><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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