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<p style="margin-top:0;margin-bottom:0">Ontario Grain Market Commentary for August 7, 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, August 7, 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>4.06<span style="white-space:pre"> </span>$B"-(B 04 cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>8.54<span style="white-space:pre"> </span>$B"-(B 15 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>$B"-(B 00 cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>5.21<span style="white-space:pre"> </span>$B",(B 01 cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>4.18<span style="white-space:pre"> </span>$B"-(B 05 cents</div>
<div>Oats CBOT<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>2.69<span style="white-space:pre"> </span>$B",(B 13 cents</div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>0.7511<span style="white-space:pre"> </span>$B"-(B 0.82 points</div>
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<div>Corn:</div>
<div>Corn is still finding support at the $4 level on the September futures. If this support fails, we have additional support at the $3.75 - $3.80 level. Over all, it$B!G(Bs been a quiet week in most of the grains as wheat harvest is well underway.</div>
<div>According to my time analysis we may see more upward movement on futures prices coming into September and the harvest. 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. We have red sell signals on all three of the soybean charts. This suggests that this bear market will end with a bang when it finally throws
in the towel. Keep an eye out for a dramatic drop followed by a quick recovery to signal a possible bottom. Currently, we have support at the $8.40 level but it would not surprise me to see prices into the $7.80 range again to check the strength of the support.
Our overhead resistance is substantial at the $9.25 - $9.50 level on the September futures. </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>
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<div>A second scenario is that prices continue to weaken and we retest the old lows of $4 - $4.20 before September goes off the board. This is not my personal preference, but the charts have a tendency to shake out the weak hands before a major reversal. Either
way, I still feel we are in the bottoming action of a multi-year bear market that will turn very bullish for the next several years. </div>
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<div>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. </div>
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<div>Indicators are positive with a primary trend that is neutral to bullish. </div>
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<div>Harvest 2019 prices as of the close, August 7, 2019 are as follows:</div>
<div>SWW @ $255.72/MT ($6.96/bu), HRW @ $265.50/MT ($7.23/bu), </div>
<div> HRS @ $240.07/MT ($6.53/bu), SRW @ $253.27/MT ($6.89/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
<o:p></o:p></span></p>
<p class="MsoNoSpacing"><span style="font-size:10.0pt;font-family:"Courier New"">University of Guelph, Ridgetown Campus<o:p></o:p></span></p>
<p class="MsoNoSpacing"><span style="font-size:10.0pt;font-family:"Courier New""><o:p> </o:p></span></p>
<p class="MsoNoSpacing"><span style="font-size:10.0pt;font-family:"Courier New"">Email:fmnc@uoguelph.ca<span style="mso-spacerun:yes">
</span><o:p></o:p></span></p>
<p class="MsoNoSpacing"><span style="font-size:10.0pt;font-family:"Courier New"">Tel. 519-674-1500 x 63577
<o:p></o:p></span></p>
<p class="MsoNoSpacing"><span style="font-size:10.0pt;font-family:"Courier New"">Fax. 519-674-1530<br>
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