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<p style="margin-top:0;margin-bottom:0">Ontario Grain Market Commentary for July 31, 2019</p>
<p style="margin-top:0;margin-bottom:0">By Marty Hibbs, Grain Farmers of Ontario</p>
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<div>Futures Prices as of close, July 31, 2019</div>
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<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>4.00<span style="white-space:pre"> </span>$B"-(B 22 cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>8.69<span style="white-space:pre"> </span>$B"-(B 27 cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>4.87<span style="white-space:pre"> </span>$B"-(B 10 cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>5.19<span style="white-space:pre"> </span>$B"-(B 03 cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>4.23<span style="white-space:pre"> </span>$B"-(B 17 cents</div>
<div>Oats CBOT<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>2.56<span style="white-space:pre"> </span>$B"-(B 08 cents</div>
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<div>Canadian $<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>0.7601<span style="white-space:pre"> </span>$B"-(B 0.20 points</div>
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<div>Corn:</div>
<div>Corn has reached our initial support level at $4 as suggested in our last few commentaries. This is not a buy level but rather a temporary support which may see more downside before we start our next leg upwards. Next support level we see is around the
$3.80 level on the September futures contract.</div>
<div>The weekly September futures charts show a flag formation that projects upward towards the $5 - $5.20 price target if the $4 support level holds. </div>
<div>Good support is seen at $3.80 - $4 on the September futures. </div>
<div>The primary trend for corn is neutral to bullish. </div>
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<div>Soybeans:</div>
<div>Soybeans continue to be range-bound and continue to trade between $8.40 and $9.25 levels on the September futures. </div>
<div>Overhead resistance is still pegged at the $9.35 - $9.50 level on the front month contract, while support is seen at the $8.40 level. </div>
<div>A close above the $9.50 level is required to alter the technical on our charts. Such a move would ignite an extended move to the upside. </div>
<div>Indicators are still mixed, and the primary trend is still down.</div>
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<div>Wheat:</div>
<div>We continue our corrective phase on the September wheat futures since our June 27 highs, as we mentioned in the last several commentaries. I continue to see good support at the $4.70 level on the daily chart and there is a very good chance we will see
it tested before we get a reversal in the short-term indicators and a resulting bounce in prices. </div>
<div><span style="font-size: 10pt;">Overhead resistance on September remains at the recent highs of $5.50 - $5.60, while support is pegged at $4.70 - $4.80 on the September futures. </span><br>
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<div><span style="font-size: 10pt;">Indicators are positive with a primary trend that is neutral to bullish. </span><br>
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<div><span style="font-size: 10pt;">Harvest 2019 prices as of the close, July 31, 2019 are as follows:</span><br>
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<div>SWW @ $252.28/MT ($6.87/bu), HRW @ $261.94/MT ($7.13/bu), </div>
<div> HRS @ $236.33/MT ($6.43/bu), SRW @ $249.86/MT ($6.80/bu). </div>
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<p class="MsoNoSpacing"><span style="font-size:10.0pt;font-family:"Courier New"">Blair Andrews<o:p></o:p></span></p>
<p class="MsoNoSpacing"><span style="font-size:10.0pt;font-family:"Courier New"">Editor, AgriLink and Farm Market News
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