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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, July 10</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.3057 down 0.0059</u></div>
<div><u>Chicago corn closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> SEP19 HI 4.36 1/2 DEC19 HI 4.41</u></div>
<div><u> LOW 4.27 LOW 4.31 1/2</u></div>
<div><u> CLOSE4.35 Up 2 1/2 CLOSE 4.39 1/2 Up 2 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 +SEP19+DEC19+DEC19</u></div>
<div><u>CK Low 1.55 5.90 232.27 1.25 5.65 222.23</u></div>
<div><u>CK High 1.60 5.95 234.24 1.25 5.65 222.23</u></div>
<div><u>CK Avg 1.58 0.19 5.93 233.59 1.25 -0.08 5.65 222.23</u></div>
<div><u>Essex Cty 1.60 5.95 234.24 1.25 5.65 222.23</u></div>
<div><u>Mdsx Low 1.55 5.90 232.27 1.25 5.65 222.23</u></div>
<div><u>Mdsx High 1.60 5.95 234.24 1.25 5.65 222.23</u></div>
<div><u>Mdsx Avg 1.58 0.19 5.93 233.26 1.25 -0.08 5.65 222.23</u></div>
<div><u>Hensall 1.58 5.93 233.26 1.28 5.67 223.22</u></div>
<div><u>Bruce 1.55 5.90 232.27 1.25 5.65 222.23</u></div>
<div><u>Putnam 1.55 5.90 232.27 1.25 5.65 222.23</u></div>
<div><u>Burford 1.60 5.95 234.24 1.25 5.65 222.23</u></div>
<div><u>Port Perry 1.50 5.85 230.30 1.20 5.60 220.27</u></div>
<div><u>Norfolk 1.60 5.95 234.24 1.25 5.65 222.23</u></div>
<div><u>Palmerston 1.45 5.80 228.34 1.25 5.65 222.23</u></div>
<div><u>Varna 1.55 5.90 232.27 1.25 5.65 222.23</u></div>
<div><u>Trenton 1.55 5.90 232.27 1.25 5.65 222.23</u></div>
<div><u>Winchester N/A 1.40 5.80 228.14</u></div>
<div><u>North Gower 1.20 5.55 218.49 1.30 5.70 224.20</u></div>
<div><u>Huron FOB 1.87 6.22 244.87 1.38 5.78 227.35</u></div>
<div><u>Kent FOB 1.85 6.20 244.08 1.30 5.70 224.20</u></div>
<div><u>Lamb FOB 1.95 6.30 248.02 1.30 5.70 224.20</u></div>
<div><u>Mdsx FOB 1.95 1.95N/A N/A 6.30 248.02 1.30 5.70 224.20</u></div>
<div><u>FOB SW Que 2.10 6.45 253.93 1.30 5.70 224.20</u></div>
<div><u>Track 2.05 6.40 251.96N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A 2.26 2.27 2.14 1.55 5.95 234.04</u></div>
<div><u>Jhnstwn-Eth N/A N/A 1.81N/A N/A</u></div>
<div><u>Aylmer-Eth 2.15 2.15 2.25 2.25 6.50 255.89 1.50 5.90 232.08</u></div>
<div><u>Sarn-Eth N/A N/A 2.00 2.00 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 2.30 2.25 N/A</u></div>
<div><u>Pt.Colb-Ing N/A N/A N/A N/A 1.50 5.90 232.08</u></div>
<div><u>Cardnl-Ing N/A N/A N/A 1.55 1.50 5.90 232.08</u></div>
<div><u>W O Feed 2.29 6.64 261.33</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 2.60 6.95 273.61</u></div>
<div><u>Toledo El. 0.50 4.85 190.79 0.20 4.59 180.75</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Port ColbornN/A N/A</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 1.25 5.64 1/2</u></div>
<div><u>HI SD CRN 1.25 5.64 1/2</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3057 down 0.0059</u></div>
<div><u>Chicago soybeans closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> AUG19 HI 8.95 1/4 NOV19 HI 9.13 1/2</u></div>
<div><u> LOW 8.81 1/4 LOW 8.99 1/4</u></div>
<div><u> CLOSE8.94 1/2 Up 8 1/2 CLOSE 9.12 3/4 Up 8 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 +AUG1+NOV1+NOV19</u></div>
<div><u>CK Low 2.10 11.05 405.831.95 11.08 407.03</u></div>
<div><u>CK High 2.15 11.10 407.672.00 11.13 408.87</u></div>
<div><u>CK Average 2.13 -0.4611.08 407.061.96 -0.6511.09 407.33</u></div>
<div><u>Essex Cty 2.20 11.15 409.511.95 11.08 407.03</u></div>
<div><u>Mdsx Low 2.05 11.00 404.001.90 11.03 405.19</u></div>
<div><u>Mdsx High 2.15 11.10 407.671.95 11.08 407.03</u></div>
<div><u>Mdsx Average 2.10 -0.4911.05 405.831.93 -0.6811.05 406.11</u></div>
<div><u>Hensall 2.13 11.07 406.751.93 11.05 406.11</u></div>
<div><u>Bruce 2.05 11.00 404.001.85 10.98 403.35</u></div>
<div><u>Putnam 2.15 11.10 407.671.95 11.08 407.03</u></div>
<div><u>Burford 2.10 11.05 405.831.95 11.08 407.03</u></div>
<div><u>Port Perry 2.07 11.02 404.731.92 11.05 405.93</u></div>
<div><u>Norfolk 2.15 11.10 407.671.95 11.08 407.03</u></div>
<div><u>Palmerston 2.05 11.00 404.001.90 11.03 405.19</u></div>
<div><u>Varna 2.10 11.05 405.831.90 11.03 405.19</u></div>
<div><u>Trenton 2.10 11.05 405.831.90 11.03 405.19</u></div>
<div><u>Winchester N/A 1.95 11.08 407.03</u></div>
<div><u>North Gower 2.05 11.00 404.002.00 11.13 408.87</u></div>
<div><u>Huron FOB 2.25 11.20 411.352.00 11.13 408.87</u></div>
<div><u>Kent FOB 2.40 11.35 416.861.95 11.08 407.03</u></div>
<div><u>Lambton FOB 2.35 11.30 415.021.95 11.08 407.03</u></div>
<div><u>Middlesex FOB2.21 2.27 2.13 N/A 11.16 409.881.98 11.11 408.13</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Windsor 2.81 11.76 431.922.28 11.41 419.15</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton 2.65 11.60 426.042.40 11.53 423.56</u></div>
<div><u>Prescott N/A 2.45 11.58 425.40</u></div>
<div><u>Port Colborne N/A 2.34 11.47 421.36</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.20 8.75 321.48-0.65 8.47 311.35</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3057 down 0.0059</u></div>
<div><u>Chicago wheat closed steady to slightly higher.</u></div>
<div><u>SEP19 HI 5.06 3/4 JUL10 HI 5.38</u></div>
<div><u> LOW 4.98 LOW 5.31 1/4</u></div>
<div><u> CLOSE 5.04 3/4 Up 2 CLOSE 5.36 3/4 Up 1 1/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly higher.</u></div>
<div><u>SEP19 HI 5.32 1/2 SEP10 HI 5.80</u></div>
<div><u> LOW 5.25 LOW 5.78 1/4</u></div>
<div><u> CLOSE 5.28 3/4 Up 2 1/4 CLOSE 5.78 1/4 Up 3/4</u></div>
<div><u><br>
</u></div>
<div><u>GFO Cash 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 1.80 2.07 1.67 1.09</u></div>
<div><u>CAD $/bu 6.85 7.11 6.72 6.38</u></div>
<div><u>CAD $/tonne 251.76 261.36 246.97 234.49</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Direct MarkHarvest 2019 Harvest 2020</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 1.55 N/A N/A N/A 1.15 N/A</u></div>
<div><u>London 1.52 1.85 1.52 N/A 0.78 1.30 0.97 N/A</u></div>
<div><u>Hensall 1.65 N/A 1.55 N/A 1.35 N/A 1.15 N/A</u></div>
<div><u>Trenton N/A N/A 1.60 N/A N/A N/A 1.15 N/A</u></div>
<div><u>Bruce 1.65 1.95 1.55 1.20 1.35 1.50 1.10 N/A</u></div>
<div><u>Essex N/A N/A 1.55 N/A N/A N/A 1.05 N/A</u></div>
<div><u>Norwich 1.65 N/A 1.55 N/A 1.35 N/A 1.15 N/A</u></div>
<div><u>Port Hope N/A 1.90 1.60 N/A N/A 1.50 1.15 N/A</u></div>
<div><u>Kent Bridge 1.65 N/A 1.55 N/A 1.35 N/A 1.15 N/A</u></div>
<div><u>Chatham N/A N/A 1.55 N/A N/A N/A 1.05 N/A</u></div>
<div><u>Brigden N/A N/A 1.55 N/A N/A N/A 1.05 N/A</u></div>
<div><u>Palmerston N/A 1.95 1.55 1.20 N/A 1.57 1.17 0.90</u></div>
<div><u>Varna 1.65 1.95 1.55 N/A 1.35 1.50 1.10 N/A</u></div>
<div><u>Mitchell 1.65 1.90 1.55 N/A 1.35 1.50 1.15 N/A</u></div>
<div><u>Thornton N/A N/A N/A 1.66 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 2.05 1.65 1.10 N/A 1.57 1.27 0.80</u></div>
<div><u>W O Feed 2.19</u></div>
<div><u><br>
</u></div>
<div><u>TERMINAL</u></div>
<div><u>Port Colbor 1.86 2.19 1.86 N/A N/A N/A N/A N/A</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Toledo FM N/A N/A 1.74 N/A N/A N/A N/A N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 5.30US 6.92CA 5.32US 6.95CA</u></div>
<div><u><br>
</u></div>
<div><u>GFO Contract Wheat Prices - DEL Terminal</u></div>
<div><u>Harvest 20 Soft White(C) Hard Red(C) Soft Red(C) Red Spring(M)</u></div>
<div><u>Basis 1.39 1.65 1.33 0.86</u></div>
<div><u>CAD $/bu 6.76 7.02 6.69 6.65</u></div>
<div><u>CAD $/tonne 248.31 257.92 245.91 244.23</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 494.62</u></div>
<div><u>DDG's FOB Srn & Aylm 190.00</u></div>
<div><u><br>
</u></div>
---
<p></p>
<p style="margin-top:0;margin-bottom:0">Ontario Grain Market Commentary for July 10, 2019</p>
<p style="margin-top:0;margin-bottom:0">By Marty Hibbs, Grain Farmers of Ontario</p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<p style="margin-top:0;margin-bottom:0"></p>
<div>Futures Prices as of close, July 10, 2019</div>
<div>Commodity<span style="white-space:pre"> </span>Period<span style="white-space:pre">
</span>Price<span style="white-space:pre"> </span>Weekly Movement</div>
<div>Corn CBOT<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>4.34<span style="white-space:pre"> </span>$B"-(B 02 cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>9.00<span style="white-space:pre"> </span>$B",(B 04 cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>5.05<span style="white-space:pre"> </span>$B"-(B 10 cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>5.28<span style="white-space:pre"> </span>$B"-(B 12 cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>4.42<span style="white-space:pre"> </span>$B"-(B 02 cents</div>
<div>Oats CBOT<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>2.75<span style="white-space:pre"> </span>$B"-(B 10 cents</div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>0.7660<span style="white-space:pre"> </span>$B",(B 0.00 points</div>
<div><br>
</div>
<div><br>
</div>
<div>Corn:</div>
<div>Corn traded sideways this week, but short-term it is still under pressure and should see more downside in the coming weeks. We have slipped back towards the $4.30 level from a high of $4.46 on the September futures earlier this week. </div>
<div>Good support is seen at $4 on the September futures. </div>
<div>The primary trend is now neutral to bullish. Once this current correction is complete, I expect a re-test of the recent highs of $4.69 on the September futures and later this summer a shot towards our next target of $5 per bushel. </div>
<div><br>
</div>
<div>Soybeans:</div>
<div>September soybeans had a quiet week as we hovered around the $9 range. The charts suggest more downward pressure and consolidation barring any unforeseen weather or political issues. </div>
<div>Overhead resistance is still pegged at the $9.35 to $9.50 level on the front month contract, while support is seen at the $8.50 level. </div>
<div>Indicators are still mixed, and the primary trend is still down.</div>
<div><br>
</div>
<div>Wheat:</div>
<div>Our red sell signal on the daily chart last week suggests more downside probing. I am looking for support at the $4.70 - $4.80 level on September before we resume a move higher. </div>
<div>I am expecting more downside in the coming weeks, providing there are no surprises in the news. We have a United States Department of Agriculture (USDA) report due on July 11 which could also impact prices. </div>
<div>Indicators are positive with a primary trend neutral to bullish. Solid support is now at $4.70 on the September futures while overhead resistance remains at the recent highs of $5.50 - $5.60 also on September. </div>
<div><br>
</div>
<div><span style="font-size: 10pt;">Harvest 2019 prices as of the close, July 10, 2019 are as follows:</span><br>
</div>
<div>SWW @ $251.90/MT ($6.86/bu), HRW @ $261.49/MT ($7.12/bu), </div>
<div> HRS @ $234.14/MT ($6.37/bu), SRW @ $247.10/MT ($6.72/bu). </div>
<div><br>
</div>
<div>---</div>
<br>
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