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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, June 19</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.3296 down 0.0099</u></div>
<div><u>Chicago corn closed lower.</u></div>
<div><u><br>
</u></div>
<div><u> JUL19 HI 4.51 3/4 DEC19 HI 4.63 1/2</u></div>
<div><u> LOW 4.38 1/4 LOW 4.50</u></div>
<div><u> CLOSE4.41 Down 8 3/4 CLOSE 4.53 1/4 Down 9 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 +SEP19+SEP19+DEC19</u></div>
<div><u>CK Low 1.35 5.76 226.76 1.15 5.68 223.71</u></div>
<div><u>CK High 1.40 5.81 228.73 1.25 5.78 227.65</u></div>
<div><u>CK Avg 1.39 -0.05 5.80 228.40 1.23 -0.20 5.76 226.66</u></div>
<div><u>Essex Cty 1.40 5.81 228.73 1.25 5.78 227.65</u></div>
<div><u>Mdsx Low 1.40 5.81 228.73 1.20 5.73 225.68</u></div>
<div><u>Mdsx High 1.40 5.81 228.73 1.25 5.78 227.65</u></div>
<div><u>Mdsx Avg 1.40 -0.04 5.81 228.73 1.23 -0.20 5.76 226.66</u></div>
<div><u>Hensall 1.43 5.84 229.71 1.25 5.78 227.65</u></div>
<div><u>Bruce 1.40 5.81 228.73 1.25 5.78 227.65</u></div>
<div><u>Putnam 1.40 5.81 228.73 1.25 5.78 227.65</u></div>
<div><u>Burford 1.40 5.81 228.73 1.20 5.73 225.68</u></div>
<div><u>Port Perry 1.35 5.76 226.76 1.15 5.68 223.71</u></div>
<div><u>Norfolk 1.40 5.81 228.73 1.25 5.78 227.65</u></div>
<div><u>Palmerston 1.45 5.86 230.70 1.30 5.83 229.62</u></div>
<div><u>Varna 1.40 5.81 228.73 1.25 5.78 227.65</u></div>
<div><u>Trenton 1.35 5.76 226.76 1.15 5.68 223.71</u></div>
<div><u>Winchester 1.30 5.71 224.79 1.20 5.73 225.68</u></div>
<div><u>North Gower 1.25 5.66 222.82 1.20 5.73 225.68</u></div>
<div><u>Huron FOB 1.70 6.11 240.54 1.25 5.78 227.65</u></div>
<div><u>Kent FOB 1.65 6.06 238.57 1.25 5.78 227.65</u></div>
<div><u>Lamb FOB 1.60 6.01 236.60 1.35 5.88 231.58</u></div>
<div><u>Mdsx FOB 1.65N/A N/A N/A 6.06 238.57 1.20 5.73 225.68</u></div>
<div><u>FOB SW Que 2.05 6.46 254.32 1.35 5.88 231.58</u></div>
<div><u>Track 1.88 6.29 247.43N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A N/A N/A N/A</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 1.70 1.70N/A 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 1.90 1.95 1.30 5.83 229.62</u></div>
<div><u>Pt.Colb-Ing N/A N/A N/A N/A 1.35 5.88 231.58</u></div>
<div><u>Cardnl-Ing N/A N/A N/A N/A 1.35 5.88 231.58</u></div>
<div><u>W O Feed 2.02 6.43 253.30</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 2.15 6.56 258.26</u></div>
<div><u>Toledo El. 0.27 4.68 184.08 -0.07 4.47 175.82</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Port ColbornN/A 1.40 5.93233 5/9</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 1.20 5.73 1/4</u></div>
<div><u>HI SD CRN 1.25 5.78 1/4</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3296 down 0.0099</u></div>
<div><u>Chicago soybeans closed slightly to moderately lower.</u></div>
<div><u><br>
</u></div>
<div><u> JUL19 HI 9.13 1/2 NOV19 HI 9.40</u></div>
<div><u> LOW 9.01 1/2 LOW 9.27 1/2</u></div>
<div><u> CLOSE9.03 1/4 Down 10 1/4 CLOSE 9.28 3/4 Down 11 1/2</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+AUG1+NOV19</u></div>
<div><u>CK Low 2.28 11.31 415.662.15 11.44 420.26</u></div>
<div><u>CK High 2.35 11.38 418.242.25 11.54 423.93</u></div>
<div><u>CK Average 2.32 -0.5011.35 417.072.20 -0.6511.49 422.09</u></div>
<div><u>Essex Cty 2.35 11.38 418.242.25 11.54 423.93</u></div>
<div><u>Mdsx Low 2.23 11.26 413.832.15 11.44 420.26</u></div>
<div><u>Mdsx High 2.35 11.38 418.242.20 11.49 422.09</u></div>
<div><u>Mdsx Average 2.29 -0.5211.32 416.032.18 -0.6711.46 421.17</u></div>
<div><u>Hensall 2.33 11.36 417.322.20 11.49 422.09</u></div>
<div><u>Bruce 2.30 11.33 416.402.15 11.44 420.26</u></div>
<div><u>Putnam 2.35 11.38 418.242.20 11.49 422.09</u></div>
<div><u>Burford 2.28 11.31 415.662.20 11.49 422.09</u></div>
<div><u>Port Perry 2.25 11.28 414.562.17 11.46 420.99</u></div>
<div><u>Norfolk 2.35 11.38 418.242.25 11.54 423.93</u></div>
<div><u>Palmerston 2.25 11.28 414.562.20 11.49 422.09</u></div>
<div><u>Varna 2.30 11.33 416.402.20 11.49 422.09</u></div>
<div><u>Trenton 2.35 11.38 418.242.20 11.49 422.09</u></div>
<div><u>Winchester 2.25 11.28 414.562.25 11.54 423.93</u></div>
<div><u>North Gower 2.20 11.23 412.722.23 11.52 423.20</u></div>
<div><u>Huron FOB 2.45 11.48 421.912.30 11.59 425.77</u></div>
<div><u>Kent FOB 2.55 11.58 425.582.25 11.54 423.93</u></div>
<div><u>Lambton FOB 2.40 11.43 420.072.30 11.59 425.77</u></div>
<div><u>Middlesex FOB2.50 2.50 2.52 N/A 11.53 423.752.27 11.56 424.67</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Windsor 2.91 11.94 438.812.46 11.75 431.65</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton 2.90 11.93 438.442.75 12.04 442.30</u></div>
<div><u>Prescott N/A 2.45 11.74 431.28</u></div>
<div><u>Port Colborne N/A 2.66 11.95 439.00</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.33 8.70 319.67-0.66 8.62 316.83</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3296 down 0.0099</u></div>
<div><u>Chicago wheat closed moderately lower to lower.</u></div>
<div><u>JUL19 HI 5.31 JUL19 HI 5.31</u></div>
<div><u> LOW 5.14 1/4 LOW 5.14 1/4</u></div>
<div><u> CLOSE 5.22 1/4 Down 9 1/4 CLOSE 5.22 1/4 Down 9 1/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed moderately lower.</u></div>
<div><u>JUL19 HI 5.52 SEP19 HI 5.58 3/4</u></div>
<div><u> LOW 5.39 1/2 LOW 5.45 3/4</u></div>
<div><u> CLOSE 5.41 1/2 Down 10 3/4 CLOSE 5.48 1/2 Down 10 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 1.72 1.79 1.59 0.85</u></div>
<div><u>CAD $/bu 6.94 7.01 6.81 6.27</u></div>
<div><u>CAD $/tonne 255.14 257.59 250.26 230.35</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 1.65 N/A N/A N/A 1.65 N/A</u></div>
<div><u>London 1.68 2.08 1.62 N/A 1.73 2.06 1.60 N/A</u></div>
<div><u>Hensall 1.75 N/A 1.65 N/A 1.75 N/A 1.65 N/A</u></div>
<div><u>Trenton N/A N/A N/A N/A N/A N/A 1.60 N/A</u></div>
<div><u>Bruce 1.70 2.05 1.65 N/A 1.65 2.00 1.60 1.20</u></div>
<div><u>Essex N/A N/A 1.60 N/A N/A N/A 1.65 N/A</u></div>
<div><u>Norwich 1.75 N/A 1.65 N/A 1.75 N/A 1.65 N/A</u></div>
<div><u>Port Hope N/A N/A N/A N/A N/A 2.00 1.70 N/A</u></div>
<div><u>Kent Bridge 1.75 N/A 1.65 N/A 1.75 N/A 1.65 N/A</u></div>
<div><u>Chatham N/A N/A 1.60 N/A N/A N/A 1.65 N/A</u></div>
<div><u>Brigden N/A N/A 1.60 N/A N/A N/A 1.65 N/A</u></div>
<div><u>Palmerston N/A 2.05 1.65 1.40 N/A 2.09 1.64 1.20</u></div>
<div><u>Varna 1.85 2.05 1.65 N/A 1.70 2.00 1.60 N/A</u></div>
<div><u>Mitchell 1.75 2.00 1.65 N/A 1.75 2.00 1.65 N/A</u></div>
<div><u>Thornton N/A N/A N/A 1.91 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 1.70 1.60 0.85 N/A 2.09 1.69 1.15</u></div>
<div><u>W O Feed 2.27</u></div>
<div><u><br>
</u></div>
<div><u>TERMINAL</u></div>
<div><u>Port Colbor N/A N/A N/A N/A 2.08 2.42 1.95 N/A</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Toledo FM N/A N/A 1.92 N/A N/A N/A 1.85 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 5.42US 7.21CA 5.42US 7.21CA</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 1.85 2.19 1.72 1.14</u></div>
<div><u>CAD $/bu 7.08 7.41 6.94 6.63</u></div>
<div><u>CAD $/tonne 260.03 272.24 255.14 243.54</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 517.98</u></div>
<div><u>DDG's FOB Srn & Aylm 190.00</u></div>
<div><u><br>
</u></div>
<u></u>
<div style="text-decoration-line: underline;">Futures Prices as of close, June 19, 2019</div>
<div style="text-decoration-line: underline;">Commodity<span style="white-space:pre">
</span>Period<span style="white-space:pre"> </span>Price<span style="white-space:pre">
</span>Weekly Movement</div>
<div style="text-decoration-line: underline;">Corn CBOT<span style="white-space:pre">
</span>July<span style="white-space:pre"> </span>4.41<span style="white-space:pre">
</span>$B",(B 11 cents</div>
<div style="text-decoration-line: underline;">Soybeans CBOT<span style="white-space:pre">
</span>July<span style="white-space:pre"> </span>9.03<span style="white-space:pre">
</span>$B",(B 25 cents</div>
<div style="text-decoration-line: underline;">Wheat CBOT<span style="white-space:pre">
</span>July<span style="white-space:pre"> </span>5.22<span style="white-space:pre">
</span>$B"-(B 05 cents</div>
<div style="text-decoration-line: underline;">Wheat Minn.<span style="white-space:pre">
</span>Sep<span style="white-space:pre"> </span>5.48<span style="white-space:pre">
</span>$B"-(B 25 cents</div>
<div style="text-decoration-line: underline;">Wheat Kansas<span style="white-space:pre">
</span>July<span style="white-space:pre"> </span>4.57<span style="white-space:pre">
</span>$B"-(B 05 cents</div>
<div style="text-decoration-line: underline;">Oats CBOT<span style="white-space:pre">
</span>July<span style="white-space:pre"> </span>2.85<span style="white-space:pre">
</span>$B"-(B 15 cents</div>
<div style="text-decoration-line: underline;"><span style="white-space:pre"></span></div>
<div style="text-decoration-line: underline;">Canadian $<span style="white-space:pre">
</span>Sep<span style="white-space:pre"> </span>0.7530<span style="white-space:pre">
</span>$B",(B 0.45 points</div>
<div style="text-decoration-line: underline;"><br>
</div>
<div style="text-decoration-line: underline;"><br>
</div>
<div style="">Corn:</div>
<div style="">Corn broke through our target of $4.40 and I am of the opinion that we have turned the corner on this trend. The downtrend started back in August 2012 when corn topped out at a record $8.43 per bushel on the September futures contract. Since that
date, we have ben sliding lower to the recent lows of $3.01 per bushel in September 2016. Markets tend to trend for several years and once a trend is reversed it will usually run for several years in the new direction. Just to clarify, this does not mean corn
will explode to the upside, but rather the hedge funds and professional traders will view corn as a bull market and buy the dips as opposed to selling the rallies as they would in a bear market. Even in a bull market, we need to expect market corrections and
sideways movement for prolonged periods.</div>
<div style="">Initial support is seen at $4.25 and while major support is now at the $.385 - $4 range on the July futures. The primary trend is now neutral to bullish. Once this current correction is complete, I expect a re-test of the recent highs of $4.64
on the July futures and later this summer a shot towards our next target of $5 per bushel. </div>
<div style=""><br>
</div>
<div style="">Soybeans:</div>
<div style="">Soybeans once again rallied to our overhead target zone of $9.25 and has pulled back. Soybeans are not as resilient as the other grains, however, there could still be surprises during the growing season. July futures show overhead resistance at
the $9.25 to $9.50 level on the front month contract, while support is seen at the $8.50 level. The charts are friendly at this point, but we need much higher prices before the technical indicators turn positive as we have seen with both wheat and corn. </div>
<div style="">Indicators are still mixed and support is seen at the $8.50 level on the July futures with major resistance at the $9.25 - $9.40 level. The primary trend is still down.</div>
<div style=""><br>
</div>
<div style="">Wheat:</div>
<div style="">Wheat rallied exactly to our $5.50 resistance level as indicated in our last commentary before reversing. I am very happy with the progress on our technical charts, however, I feel we need to have a good correction before resuming our bullish
momentum. My first support is back to the $5 level on the July futures and possibly we could see a move back to the $4.80 level. I feel very strongly that the weather issues that were responsible for most of this rally will return at a later date and it will
fuel this bullish move along with political uncertainties, possibly for the remainder of the year. The real test will come when we break through the $6 level on the futures. At that point we will be in a full-blown bull market which could last for years. </div>
<div style="">Indicators are positive with a primary trend neutral to bullish. </div>
<div style="">The solid support is now at $4.80 on the July futures. </div>
<div style=""><br>
</div>
<div style="">Marty Hibbs, Grain Farmers of Ontario</div>
<div style=""><br>
</div>
<div style=""><br>
</div>
<div style=""><br>
</div>
<div style="">Harvest 2019 prices as of the close, June 19, 2019 are as follows:</div>
<div style="">SWW @ $259.54/MT ($7.06/bu), HRW @ $271.73/MT ($7.40/bu), </div>
<div style=""> HRS @ $242.95/MT ($6.61/bu), SRW @ $254.66/MT ($6.93/bu). </div>
<div style="text-decoration-line: underline;"><br>
</div>
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