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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Thu, June 27</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.3079 down 0.0017</u></div>
<div><u>Chicago corn closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> SEP19 HI 4.51 1/2 DEC19 HI 4.56 3/4</u></div>
<div><u> LOW 4.45 1/4 LOW 4.50 1/4</u></div>
<div><u> CLOSE4.45 3/4 Down 3 3/4 CLOSE 4.51 Down 3 1/2</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 1.40 5.86 230.60 1.25 5.76 226.76</u></div>
<div><u>CK High 1.45 5.91 232.57 1.25 5.76 226.76</u></div>
<div><u>CK Avg 1.43 0.04 5.88 231.58 1.25 -0.11 5.76 226.76</u></div>
<div><u>Essex Cty 1.45 5.91 232.57 1.25 5.76 226.76</u></div>
<div><u>Mdsx Low 1.40 5.86 230.60 1.25 5.76 226.76</u></div>
<div><u>Mdsx High 1.45 5.91 232.57 1.25 5.76 226.76</u></div>
<div><u>Mdsx Avg 1.43 0.04 5.88 231.58 1.25 -0.11 5.76 226.76</u></div>
<div><u>Hensall 1.48 5.93 233.55 1.28 5.79 227.75</u></div>
<div><u>Bruce 1.40 5.86 230.60 1.25 5.76 226.76</u></div>
<div><u>Putnam 1.45 5.91 232.57 1.25 5.76 226.76</u></div>
<div><u>Burford 1.40 5.86 230.60 1.25 5.76 226.76</u></div>
<div><u>Port Perry 1.35 5.81 228.63 1.20 5.71 224.79</u></div>
<div><u>Norfolk 1.45 5.91 232.57 1.25 5.76 226.76</u></div>
<div><u>Palmerston 1.34 5.80 228.24 1.25 5.76 226.76</u></div>
<div><u>Varna 1.45 5.91 232.57 1.25 5.76 226.76</u></div>
<div><u>Trenton 1.29 5.75 226.27 1.25 5.76 226.76</u></div>
<div><u>Winchester N/A 1.16 5.67 223.22</u></div>
<div><u>North Gower 1.20 5.66 222.73 1.20 5.71 224.79</u></div>
<div><u>Huron FOB 1.75 6.21 244.38 1.25 5.76 226.76</u></div>
<div><u>Kent FOB 1.70 6.16 242.41 1.25 5.76 226.76</u></div>
<div><u>Lamb FOB 1.75 6.21 244.38 1.35 5.86 230.70</u></div>
<div><u>Mdsx FOB 1.65 1.65N/A N/A 6.11 240.44 1.30 5.81 228.73</u></div>
<div><u>FOB SW Que 2.27 6.73 264.85 1.28 5.79 227.94</u></div>
<div><u>Track 1.85 6.31 248.32N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A N/A 2.32 1.73 6.24 245.66</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A 1.86 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 2.05 2.10 N/A</u></div>
<div><u>Pt.Colb-Ing N/A N/A N/A N/A 1.50 6.01 236.60</u></div>
<div><u>Cardnl-Ing N/A N/A 1.80 1.80 1.50 6.01 236.60</u></div>
<div><u>W O Feed 2.05 6.51 256.19</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 2.15 6.61 260.13</u></div>
<div><u>Toledo El. 0.34 4.80 188.87 0.07 4.58 180.13</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Port ColbornN/A 1.40 5.91232 2/3</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 1.25 5.76</u></div>
<div><u>HI SD CRN 1.25 5.76</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3079 down 0.0017</u></div>
<div><u>Chicago soybeans closed mixed.</u></div>
<div><u><br>
</u></div>
<div><u> AUG19 HI 9.04 NOV19 HI 9.22 3/4</u></div>
<div><u> LOW 8.89 1/2 LOW 9.07 3/4</u></div>
<div><u> CLOSE8.93 3/4 Down 6 CLOSE 9.12 1/4 Down 6</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 +AUG1+AUG1+NOV19</u></div>
<div><u>CK Low 2.10 11.04 405.562.00 11.12 408.68</u></div>
<div><u>CK High 2.19 11.13 408.872.10 11.22 412.36</u></div>
<div><u>CK Average 2.15 -0.4611.09 407.522.02 -0.6011.15 409.54</u></div>
<div><u>Essex Cty 2.15 11.09 407.402.00 11.12 408.68</u></div>
<div><u>Mdsx Low 2.13 11.07 406.661.99 11.11 408.31</u></div>
<div><u>Mdsx High 2.15 11.09 407.402.00 11.12 408.68</u></div>
<div><u>Mdsx Average 2.14 -0.4711.08 407.032.00 -0.6211.12 408.50</u></div>
<div><u>Hensall 2.18 11.11 408.312.00 11.12 408.68</u></div>
<div><u>Bruce 2.15 11.09 407.402.00 11.12 408.68</u></div>
<div><u>Putnam 2.15 11.09 407.402.00 11.12 408.68</u></div>
<div><u>Burford 2.18 11.12 408.502.04 11.16 410.15</u></div>
<div><u>Port Perry 2.15 11.09 407.402.01 11.13 409.05</u></div>
<div><u>Norfolk 2.15 11.09 407.402.00 11.12 408.68</u></div>
<div><u>Palmerston 2.09 11.03 405.192.05 11.17 410.52</u></div>
<div><u>Varna 2.20 11.14 409.232.00 11.12 408.68</u></div>
<div><u>Trenton 2.14 11.08 407.032.05 11.17 410.52</u></div>
<div><u>Winchester N/A 1.95 11.07 406.84</u></div>
<div><u>North Gower 2.05 10.99 403.722.00 11.12 408.68</u></div>
<div><u>Huron FOB 2.35 11.29 414.742.00 11.12 408.68</u></div>
<div><u>Kent FOB 2.30 11.24 412.912.00 11.12 408.68</u></div>
<div><u>Lambton FOB 2.40 11.34 416.582.15 11.27 414.19</u></div>
<div><u>Middlesex FOB2.25 2.25 2.33 N/A 11.19 411.072.12 11.24 413.09</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Windsor 2.64 11.58 425.402.24 11.36 417.50</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton 2.65 11.59 425.772.45 11.57 425.22</u></div>
<div><u>Prescott N/A 2.45 11.57 425.22</u></div>
<div><u>Port Colborne N/A 2.43 11.55 424.48</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.26 8.68 318.79-0.65 8.47 311.17</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3079 down 0.0017</u></div>
<div><u>Chicago wheat closed mixed.</u></div>
<div><u>JUL19 HI 5.55 1/4 JUL19 HI 5.55 1/4</u></div>
<div><u> LOW 5.41 1/4 LOW 5.41 1/4</u></div>
<div><u> CLOSE 5.47 1/2 Up 3 3/4 CLOSE 5.47 1/2 Up 3 3/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly higher.</u></div>
<div><u>JUL19 HI 5.57 1/4 SEP19 HI 5.68 1/4</u></div>
<div><u> LOW 5.47 LOW 5.58</u></div>
<div><u> CLOSE 5.51 1/2 Up 1 1/4 CLOSE 5.61 1/2 Up 2</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 1.69 1.75 1.55 0.78</u></div>
<div><u>CAD $/bu 7.16 7.23 7.03 6.30</u></div>
<div><u>CAD $/tonne 263.11 265.51 258.30 231.39</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 N/A N/A N/A N/A 1.55 N/A</u></div>
<div><u>London 1.65 2.04 1.58 N/A 1.71 2.03 1.58 N/A</u></div>
<div><u>Hensall 1.65 N/A 1.55 N/A 1.65 N/A 1.55 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 1.60 1.95 1.55 N/A 1.60 1.95 1.55 1.20</u></div>
<div><u>Essex N/A N/A 1.55 N/A N/A N/A 1.55 N/A</u></div>
<div><u>Norwich 1.65 N/A 1.55 N/A 1.65 N/A 1.55 N/A</u></div>
<div><u>Port Hope N/A N/A N/A N/A N/A 1.90 1.60 N/A</u></div>
<div><u>Kent Bridge 1.65 N/A 1.55 N/A 1.65 N/A 1.55 N/A</u></div>
<div><u>Chatham N/A N/A 1.55 N/A N/A N/A 1.55 N/A</u></div>
<div><u>Brigden N/A N/A 1.55 N/A N/A N/A 1.55 N/A</u></div>
<div><u>Palmerston N/A 1.90 1.50 1.40 N/A 1.85 1.50 1.20</u></div>
<div><u>Varna 1.75 1.95 1.55 N/A 1.65 1.90 1.55 N/A</u></div>
<div><u>Mitchell 1.65 1.90 1.55 N/A 1.65 1.90 1.55 N/A</u></div>
<div><u>Thornton N/A N/A N/A 2.00 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A N/A N/A N/A N/A 2.05 1.65 1.10</u></div>
<div><u>W O Feed 2.21</u></div>
<div><u><br>
</u></div>
<div><u>TERMINAL</u></div>
<div><u>Port Colbor N/A N/A N/A N/A 2.04 2.37 1.91 N/A</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Toledo FM N/A N/A 1.88 N/A N/A N/A 1.88 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 5.70US 7.45CA 5.70US 7.45CA</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 1.95 2.21 1.82 1.21</u></div>
<div><u>CAD $/bu 7.42 7.68 7.29 6.82</u></div>
<div><u>CAD $/tonne 272.72 282.33 267.91 250.61</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 506.19</u></div>
<div><u>DDG's FOB Srn & Aylm 190.00</u></div>
<div><br>
</div>
---
<p></p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<p style="margin-top:0;margin-bottom:0">Ontario Grain Market Commentary for June 27, 2019</p>
<p style="margin-top:0;margin-bottom:0">By Marty Hibbs, Grain Farmers of Ontario</p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<p style="margin-top:0;margin-bottom:0"></p>
<div>Futures Prices as of close, June 27, 2019</div>
<div>Commodity<span style="white-space:pre"> </span>Period<span style="white-space:pre">
</span>Price<span style="white-space:pre"> </span>Weekly Movement</div>
<div>Corn CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>4.40<span style="white-space:pre"> </span>$B",(B 00 cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>8.88<span style="white-space:pre"> </span>$B"-(B 15 cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>5.47<span style="white-space:pre"> </span>$B",(B 25 cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>5.58<span style="white-space:pre"> </span>$B",(B 10 cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>4.68<span style="white-space:pre"> </span>$B",(B 11 cents</div>
<div>Oats CBOT<span style="white-space:pre"> </span>July<span style="white-space:pre">
</span>2.80<span style="white-space:pre"> </span>$B"-(B 05 cents</div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>0.7440<span style="white-space:pre"> </span>$B",(B 1.15 points</div>
<div><br>
</div>
<div><br>
</div>
<div>Corn:</div>
<div>Corn broke through our target of $4.40 and as expected pulled back to the support of $4.40. Our weekly high was $4.64 on Chicago July futures. From this level, I expect consolidation and a pullback to lower prices for the short term. The key here is that
the back of the bear is broken but it does not mean we have to continue higher immediately. It is difficult to determine the amount of price reduction that we will see but there is good support at the $4 level if it heads lower. The trend change is more in
tune with the prices going forward and this chart suggests that we are beginning a march toward higher prices that will last for years. </div>
<div>Initial support is seen at $4.25 and while major support is now at the $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><br>
</div>
<div>Soybeans:</div>
<div>Soybeans once again rallied to our overhead target zone of $9.25 and have failed to penetrate the trend line. This will eventually lead to a large correction if the futures are unable to clear this area. We are now approaching the first notice day on the
July futures which is likely to add downward pressure on prices for the next couple of weeks. Overhead resistance is at the $9.25 to $9.50 level on the front month contract, while support is seen at the $8.50 level. </div>
<div>Indicators are still mixed, but the primary trend is still down.</div>
<div><br>
</div>
<div>Wheat:</div>
<div>Wheat is still finding trouble at our overhead resistance of $5.50 on the July futures. The United States Department of Agriculture (USDA) report issued on June 28 could cause some sparks. If we close through our $5.50 level, there is a good chance we
will see $6 very quickly. If the report is bearish, expect a prolonged pullback towards the $5 mark on the July futures. We are entering the first notice day on the July futures which could also impact prices to the upside. On the other side we have the June
28 stocks report, a long weekend coming up in the U.S., and the July 11 USDA report. Bottom line is we should see some fireworks appropriate for the July 4 celebrations.</div>
<div>Indicators are positive with a primary trend neutral to bullish. </div>
<div>The solid support is now at $4.80 on the July futures. </div>
<div><br>
</div>
<div><span style="font-size: 10pt;">Harvest 2019 prices as of the close, June 27, 2019 are as follows:</span><br>
</div>
<div>SWW @ $272.68/MT ($7.42/bu), HRW @ $282.28/MT ($7.68/bu), </div>
<div> HRS @ $250.58/MT ($6.82/bu), SRW @ $267.88/MT ($7.29/bu). </div>
<div><br>
</div>
<div>---</div>
<div><br>
</div>
<div><span id="ms-rterangepaste-start"></span>
<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>
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