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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, July 24</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.3132 up 0.0010</u></div>
<div><u>Chicago corn closed slightly lower.</u></div>
<div><u><br>
</u></div>
<div><u> SEP19 HI 4.30 1/2 DEC19 HI 4.36 3/4</u></div>
<div><u> LOW 4.21 1/2 LOW 4.27 3/4</u></div>
<div><u> CLOSE4.24 Down 1 1/2 CLOSE 4.30 3/4 Down 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+DEC19+DEC19</u></div>
<div><u>CK Low 1.80 6.04 237.78 1.25 5.56 218.79</u></div>
<div><u>CK High 1.95 6.19 243.69 1.25 5.56 218.79</u></div>
<div><u>CK Avg 1.84 0.39 6.08 239.42 1.25 -0.06 5.56 218.79</u></div>
<div><u>Essex Cty 1.95 6.19 243.69 1.25 5.56 218.79</u></div>
<div><u>Mdsx Low 1.80 6.04 237.78 1.25 5.56 218.79</u></div>
<div><u>Mdsx High 1.80 6.04 237.78 1.25 5.56 218.79</u></div>
<div><u>Mdsx Avg 1.80 0.36 6.04 237.78 1.25 -0.06 5.56 218.79</u></div>
<div><u>Hensall 1.83 6.07 238.77 1.28 5.58 219.77</u></div>
<div><u>Bruce 1.80 6.04 237.78 1.25 5.56 218.79</u></div>
<div><u>Putnam 1.80 6.04 237.78 1.25 5.56 218.79</u></div>
<div><u>Burford 1.80 6.04 237.78 1.25 5.56 218.79</u></div>
<div><u>Port Perry 1.80 6.04 237.78 1.20 5.51 216.82</u></div>
<div><u>Norfolk 1.95 6.19 243.69 1.25 5.56 218.79</u></div>
<div><u>Palmerston 1.70 5.94 233.85 1.30 5.61 220.76</u></div>
<div><u>Varna 1.80 6.04 237.78 1.25 5.56 218.79</u></div>
<div><u>Trenton 1.80 6.04 237.78 1.25 5.56 218.79</u></div>
<div><u>Winchester N/A 2.15 6.46 254.22</u></div>
<div><u>North Gower 1.40 5.64 222.04 1.40 5.71 224.69</u></div>
<div><u>Huron FOB 1.98 6.22 244.87 1.37 5.68 223.51</u></div>
<div><u>Kent FOB 2.10 6.34 249.59 1.30 5.61 220.76</u></div>
<div><u>Lamb FOB 2.00 6.24 245.66 1.30 5.61 220.76</u></div>
<div><u>Mdsx FOB 2.05 2.05N/A N/A 6.29 247.63 1.30 5.61 220.76</u></div>
<div><u>FOB SW Que 2.57 6.81 268.10 1.43 5.74 225.88</u></div>
<div><u>Track 2.15 6.39 251.56N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A 2.36 2.38 2.37 1.55 5.86 230.60</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A N/A N/A</u></div>
<div><u>Aylmer-Eth N/A 2.30 2.30 2.30 1.50 5.81 228.63</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 N/A 2.40 N/A</u></div>
<div><u>Pt.Colb-Ing N/A N/A N/A N/A 1.60 5.91 232.57</u></div>
<div><u>Cardnl-Ing N/A N/A N/A 1.55 1.50 5.81 228.63</u></div>
<div><u>W O Feed 2.30 6.54 257.63</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 2.54 6.78 266.92</u></div>
<div><u>Toledo El. 0.50 4.74 186.57 0.20 4.50 177.30</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 5.55 3/4</u></div>
<div><u>HI SD CRN 1.25 5.55 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 1.3132 up 0.0010</u></div>
<div><u>Chicago soybeans closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> AUG19 HI 8.95 NOV19 HI 9.12 3/4</u></div>
<div><u> LOW 8.83 3/4 LOW 9.01 1/2</u></div>
<div><u> CLOSE8.91 Up 5 1/4 CLOSE 9.08 1/4 Up 4 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 2.20 11.11 408.222.00 11.08 407.21</u></div>
<div><u>CK High 2.25 11.16 410.062.00 11.08 407.21</u></div>
<div><u>CK Average 2.23 -0.4211.14 409.452.00 -0.6111.08 407.21</u></div>
<div><u>Essex Cty 2.35 11.26 413.732.00 11.08 407.21</u></div>
<div><u>Mdsx Low 2.15 11.06 406.391.95 11.03 405.37</u></div>
<div><u>Mdsx High 2.25 11.16 410.062.00 11.08 407.21</u></div>
<div><u>Mdsx Average 2.20 -0.4511.11 408.221.98 -0.6311.06 406.29</u></div>
<div><u>Hensall 2.25 11.16 410.062.00 11.08 407.21</u></div>
<div><u>Bruce 2.20 11.11 408.221.95 11.03 405.37</u></div>
<div><u>Putnam 2.25 11.16 410.062.00 11.08 407.21</u></div>
<div><u>Burford 2.20 11.11 408.222.00 11.08 407.21</u></div>
<div><u>Port Perry 2.17 11.08 407.121.97 11.05 406.11</u></div>
<div><u>Norfolk 2.25 11.16 410.062.00 11.08 407.21</u></div>
<div><u>Palmerston 2.20 11.11 408.222.05 11.13 409.05</u></div>
<div><u>Varna 2.25 11.16 410.062.00 11.08 407.21</u></div>
<div><u>Trenton 2.10 11.01 404.551.90 10.98 403.54</u></div>
<div><u>Winchester N/A 1.95 11.03 405.37</u></div>
<div><u>North Gower 2.00 10.91 400.872.05 11.13 409.05</u></div>
<div><u>Huron FOB 2.35 11.26 413.732.10 11.18 410.89</u></div>
<div><u>Kent FOB 2.45 11.36 417.412.00 11.08 407.21</u></div>
<div><u>Lambton FOB 2.30 11.21 411.902.10 11.18 410.89</u></div>
<div><u>Middlesex FOB2.45 2.45 2.35 N/A 11.36 417.412.09 11.17 410.52</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Windsor 2.80 11.71 430.272.40 11.48 421.91</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton 2.75 11.66 428.432.45 11.53 423.75</u></div>
<div><u>Prescott N/A 2.45 11.53 423.75</u></div>
<div><u>Port Colborne N/A 2.40 11.48 421.91</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.07 8.84 324.97-0.52 8.56 314.50</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3132 up 0.0010</u></div>
<div><u>Chicago wheat closed slightly to moderately higher.</u></div>
<div><u>SEP19 HI 4.98 3/4 JUL10 HI 5.27 1/2</u></div>
<div><u> LOW 4.87 1/4 LOW 5.20</u></div>
<div><u> CLOSE 4.97 3/4 Up 10 1/2 CLOSE 5.26 1/2 Up 6 3/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed narrowly mixed.</u></div>
<div><u>SEP19 HI 5.25 SEP10 HI 5.79 3/4</u></div>
<div><u> LOW 5.20 LOW 5.74 3/4</u></div>
<div><u> CLOSE 5.22 1/4 Up 1 3/4 CLOSE 5.74 3/4 Down 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 2.02 2.28 1.95 1.24</u></div>
<div><u>CAD $/bu 7.00 7.26 6.93 6.46</u></div>
<div><u>CAD $/tonne 257.06 266.71 254.65 237.52</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 1.60 N/A N/A N/A 1.15 N/A</u></div>
<div><u>London 1.66 1.92 1.53 N/A 1.31 1.44 1.11 N/A</u></div>
<div><u>Hensall 1.70 N/A 1.60 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 1.70 1.95 1.60 1.20 1.35 1.55 1.15 N/A</u></div>
<div><u>Essex N/A N/A 1.50 N/A N/A N/A 1.10 N/A</u></div>
<div><u>Norwich 1.70 N/A 1.60 N/A 1.35 N/A 1.15 N/A</u></div>
<div><u>Port Hope N/A 1.90 1.65 N/A N/A 1.50 1.15 N/A</u></div>
<div><u>Kent Bridge 1.70 N/A 1.60 N/A 1.35 N/A 1.15 N/A</u></div>
<div><u>Chatham N/A N/A 1.60 N/A N/A N/A 1.10 N/A</u></div>
<div><u>Brigden N/A N/A 1.60 N/A N/A N/A 1.10 N/A</u></div>
<div><u>Palmerston N/A 1.95 1.60 1.20 N/A 1.57 1.22 N/A</u></div>
<div><u>Varna 1.70 1.95 1.60 N/A 1.35 1.55 1.15 N/A</u></div>
<div><u>Mitchell 1.70 1.90 1.60 N/A 1.35 1.50 1.15 N/A</u></div>
<div><u>Thornton N/A N/A N/A 1.64 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 1.95 1.75 1.05 N/A 1.62 1.42 0.85</u></div>
<div><u>W O Feed 2.13</u></div>
<div><u><br>
</u></div>
<div><u>TERMINAL</u></div>
<div><u>Port Colbor 1.99 2.25 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 1.82 N/A N/A N/A N/A N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 5.18US 6.80CA 5.22US 6.82CA</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 1.56 1.82 1.49 0.98</u></div>
<div><u>CAD $/bu 6.82 7.08 6.76 6.73</u></div>
<div><u>CAD $/tonne 250.61 260.22 248.21 247.37</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 479.84</u></div>
<div><u>DDG's FOB Srn & Aylm 190.00</u></div>
<div><u><br>
</u></div>
---
<p></p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<p style="margin-top:0;margin-bottom:0">Ontario Grain Market Commentary for July 24, 2019</p>
<p style="margin-top:0;margin-bottom:0">By Marty Hibbs, Grain Farmers of Ontario</p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<p style="margin-top:0;margin-bottom:0"></p>
<div>Futures Prices as of close, July 24, 2019</div>
<div>Commodity<span style="white-space:pre"> </span>Period<span style="white-space:pre">
</span>Price<span style="white-space:pre"> </span>Weekly Movement</div>
<div>Corn CBOT<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>4.22<span style="white-space:pre"> </span>$B"-(B 12 cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>8.95<span style="white-space:pre"> </span>$B"-(B 07 cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>4.97<span style="white-space:pre"> </span>$B"-(B 07 cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>5.22<span style="white-space:pre"> </span>$B"-(B 08 cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>4.40<span style="white-space:pre"> </span>$B"-(B 02 cents</div>
<div>Oats CBOT<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>2.64<span style="white-space:pre"> </span>$B"-(B 14 cents</div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>0.7617<span style="white-space:pre"> </span>$B"-(B 0.50 points</div>
<div><br>
</div>
<div><br>
</div>
<div>Corn:</div>
<div>Corn traded sideways again this week, and we are still finding downward pressure as we move towards the $4 support level. We have slipped back towards the $4.20 level which is almost 50 cents off our recent highs on the September futures. Expect more
sideways-to-downward pressure in the coming weeks. If we manage to stay above the $4 level on the September contract I would expect an extended move higher as we get later in the season. 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>Good support is seen at $3.80-$4 on the September futures. </div>
<div>The primary trend for corn is now neutral to bullish. </div>
<div><br>
</div>
<div>Soybeans:</div>
<div>September soybeans have been range-bound for the last two weeks between the $8.80 and $9.25 levels on the September futures. </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. A close above the $9.50 level would ignite an extended move to the upside, but it will take an unexpected event at this
point to break that resistance. </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 did its job as we have fallen back below the $5 price target on the September futures since I went on vacation. There is good support at the $4.70 level on the daily chart and I expect it to be tested soon. </div>
<div>Indicators are positive with a primary trend that is neutral to bullish. Overhead resistance on September remains at the recent highs of $5.50 - $5.60. </div>
<div><br>
</div>
<div>---</div>
<div><br>
</div>
<div></div>
<div>
<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>
<span style="background:#FDFDFD">Tel.<span class="apple-converted-space"> </span></span></span><a href="callto:519-674-1500" id="LPlnk688112" class="OWAAutoLink" previewremoved="true"><span style="font-size:10.0pt;line-height:115%;
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background:#FDFDFD"> </span></span><span style="font-size:10.0pt;
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