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<div><u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Wed, August 28</u></div>
<div><u>(All Bases in CAD)</u></div>
<div><u>Bank of Canada Noon exchange rate was 1.3297 up 0.0016</u></div>
<div><u>Chicago corn closed moderately higher.</u></div>
<div><u><br>
</u></div>
<div><u> SEP19 HI 3.65 1/2 DEC19 HI 3.73 3/4</u></div>
<div><u> LOW 3.55 1/4 LOW 3.64 1/4</u></div>
<div><u> CLOSE3.62 3/4 Up 5 3/4 CLOSE 3.71 Up 4 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 +DEC19+DEC19+DEC19</u></div>
<div><u>CK Low 1.95 5.58 219.58 1.30 5.01 197.23</u></div>
<div><u>CK High 2.00 5.63 221.54 1.30 5.01 197.23</u></div>
<div><u>CK Avg 1.97 0.58 5.59 220.23 1.30 0.07 5.01 197.23</u></div>
<div><u>Essex Cty 2.00 5.63 221.54 1.30 5.01 197.23</u></div>
<div><u>Mdsx Low 1.95 5.58 219.58 1.30 5.01 197.23</u></div>
<div><u>Mdsx High 1.95 5.58 219.58 1.30 5.01 197.23</u></div>
<div><u>Mdsx Avg 1.95 0.57 5.58 219.58 1.30 0.07 5.01 197.23</u></div>
<div><u>Hensall 1.98 5.60 220.56 1.33 5.04 198.22</u></div>
<div><u>Bruce 2.05 5.68 223.51 1.30 5.01 197.23</u></div>
<div><u>Putnam 1.95 5.58 219.58 1.30 5.01 197.23</u></div>
<div><u>Burford 1.95 5.58 219.58 1.30 5.01 197.23</u></div>
<div><u>Port Perry 1.95 5.58 219.58 1.30 5.01 197.23</u></div>
<div><u>Norfolk 2.00 5.63 221.54 1.30 5.01 197.23</u></div>
<div><u>Palmerston 1.80 5.43 213.67 1.30 5.01 197.23</u></div>
<div><u>Varna 1.95 5.58 219.58 1.30 5.01 197.23</u></div>
<div><u>Trenton 1.95 5.58 219.58 1.30 5.01 197.23</u></div>
<div><u>Winchester N/A 1.40 5.11 201.17</u></div>
<div><u>North Gower 1.60 5.23 205.80 1.40 5.11 201.17</u></div>
<div><u>Huron FOB 2.03 5.66 222.73 1.30 5.01 197.23</u></div>
<div><u>Kent FOB 2.15 5.78 227.45 1.35 5.06 199.20</u></div>
<div><u>Lamb FOB 2.00 5.63 221.54 1.40 5.11 201.17</u></div>
<div><u>Mdsx FOB 2.15N/A N/A N/A 5.78 227.45 1.30 5.01 197.23</u></div>
<div><u>FOB SW Que 2.64 6.27 246.74N/A</u></div>
<div><u>Track 2.33 5.95 234.34N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A N/A N/A N/A</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A N/A N/A</u></div>
<div><u>Aylmer-Eth N/A N/A 2.25N/A N/A</u></div>
<div><u>Sarn-Eth N/A N/A N/A N/A 1.40 5.11 201.17</u></div>
<div><u>London-Ing N/A N/A 1.95N/A N/A</u></div>
<div><u>Pt.Colb-Ing N/A N/A N/A N/A N/A*</u></div>
<div><u>Cardnl-Ing N/A N/A 1.55 1.50 1.50 5.21 205.11</u></div>
<div><u>W O Feed 2.55 6.18 243.28</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 2.49 6.12 240.84</u></div>
<div><u>Toledo El. 0.51 4.13 162.70 0.20 3.91 153.88</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Pt. Colb N/A 1.65 5.36 211.01</u></div>
<div><u>Prescott 2.04 5.67 223.12 1.40 5.11201 1/6</u></div>
<div><u><br>
</u></div>
<div><u>MID SD CRN 1.30 5.01</u></div>
<div><u>HI SD CRN 1.30 5.01</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3297 up 0.0016</u></div>
<div><u>Chicago soybeans closed slightly higher.</u></div>
<div><u><br>
</u></div>
<div><u> NOV19 HI 8.67 3/4 NOV19 HI 8.67 3/4</u></div>
<div><u> LOW 8.52 1/2 LOW 8.52 1/2</u></div>
<div><u> CLOSE8.65 3/4 Up 6 1/2 CLOSE 8.65 3/4 Up 6 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 +NOV1+NOV1+NOV19</u></div>
<div><u>CK Low 2.15 10.81 397.111.95 10.61 389.76</u></div>
<div><u>CK High 2.17 10.83 397.842.07 10.73 394.17</u></div>
<div><u>CK Average 2.15 -0.5310.81 397.232.00 -0.6110.66 391.72</u></div>
<div><u>Essex Cty 2.15 10.81 397.112.00 10.66 391.60</u></div>
<div><u>Mdsx Low 2.10 10.76 395.271.95 10.61 389.76</u></div>
<div><u>Mdsx High 2.15 10.81 397.112.00 10.66 391.60</u></div>
<div><u>Mdsx Average 2.13 -0.5510.78 396.191.98 -0.6310.63 390.68</u></div>
<div><u>Hensall 2.18 10.83 398.031.98 10.63 390.68</u></div>
<div><u>Bruce 2.10 10.76 395.271.90 10.56 387.92</u></div>
<div><u>Putnam 2.15 10.81 397.111.95 10.61 389.76</u></div>
<div><u>Burford 2.15 10.81 397.112.05 10.71 393.43</u></div>
<div><u>Port Perry 2.12 10.78 396.012.02 10.68 392.33</u></div>
<div><u>Norfolk 2.15 10.81 397.112.00 10.66 391.60</u></div>
<div><u>Palmerston 2.25 10.91 400.782.05 10.71 393.43</u></div>
<div><u>Varna 2.20 10.86 398.942.00 10.66 391.60</u></div>
<div><u>Trenton 2.15 10.81 397.112.05 10.71 393.43</u></div>
<div><u>Winchester N/A 2.10 10.76 395.27</u></div>
<div><u>North Gower 2.05 10.71 393.432.13 10.79 396.37</u></div>
<div><u>Huron FOB 2.35 11.01 404.462.00 10.66 391.60</u></div>
<div><u>Kent FOB 2.25 10.91 400.782.00 10.66 391.60</u></div>
<div><u>Lambton FOB 2.40 11.06 406.292.15 10.81 397.11</u></div>
<div><u>Middlesex FOB2.52 2.52 N/A N/A 11.18 410.702.16 10.82 397.48</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Windsor 2.58 11.24 412.912.38 11.04 405.56</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton 2.70 11.36 417.322.45 11.11 408.13</u></div>
<div><u>Prescott N/A 2.40 11.06 406.29</u></div>
<div><u>Port Colborne N/A N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.33 8.33 305.89-0.49 8.17 300.09</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.3297 up 0.0016</u></div>
<div><u>Chicago wheat closed narrowly mixed.</u></div>
<div><u>SEP19 HI 4.75 JUL20 HI 4.88 1/4</u></div>
<div><u> LOW 4.65 3/4 LOW 4.81 1/2</u></div>
<div><u> CLOSE 4.72 1/4 Down 1 1/2 CLOSE 4.86 1/4 Down 3/4</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed slightly to moderately lower.</u></div>
<div><u>SEP19 HI 4.96 1/4 SEP20 HI 5.52 1/2</u></div>
<div><u> LOW 4.86 1/2 LOW 5.48 1/2</u></div>
<div><u> CLOSE 4.87 1/2 Down 6 3/4 CLOSE 5.48 3/4 Down 4 1/4</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 2.29 1.96 1.21</u></div>
<div><u>CAD $/bu 6.74 7.01 6.68 6.08</u></div>
<div><u>CAD $/tonne 247.83 257.60 245.39 223.53</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 1.10 N/A</u></div>
<div><u>London 1.66 1.93 1.60 N/A 1.25 1.38 1.05 N/A</u></div>
<div><u>Hensall 1.70 N/A 1.60 N/A 1.30 N/A 1.10 N/A</u></div>
<div><u>Trenton N/A N/A 1.65 N/A N/A N/A 1.25 N/A</u></div>
<div><u>Bruce 1.70 2.00 1.60 1.30 1.30 1.50 1.10 0.95</u></div>
<div><u>Essex N/A N/A 1.55 N/A N/A N/A 1.10 N/A</u></div>
<div><u>Norwich 1.70 N/A 1.60 N/A 1.30 N/A 1.10 N/A</u></div>
<div><u>Port Hope N/A 1.85 1.70 N/A N/A 1.45 1.25 N/A</u></div>
<div><u>Kent Bridge 1.70 N/A 1.60 N/A 1.30 N/A 1.10 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 2.00 1.60 1.30 N/A 1.58 1.23 0.95</u></div>
<div><u>Varna 1.70 2.00 1.60 N/A 1.30 1.50 1.10 N/A</u></div>
<div><u>Mitchell 1.70 1.90 1.60 N/A 1.30 1.50 1.10 N/A</u></div>
<div><u>Thornton N/A N/A N/A 1.76 N/A N/A N/A N/A</u></div>
<div><u>North Gower N/A 2.15 1.88 1.23 N/A 1.78 1.46 0.90</u></div>
<div><u>W O Feed 2.24</u></div>
<div><u><br>
</u></div>
<div><u>TERMINAL</u></div>
<div><u>Port Colbor 2.01 2.28 1.95 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 1.93 N/A N/A N/A N/A N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 4.93US 6.56CA 4.81US 6.38CA</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 1.52 1.78 1.45 0.99</u></div>
<div><u>CAD $/bu 6.38 6.64 6.31 6.48</u></div>
<div><u>CAD $/tonne 234.35 244.09 231.92 238.00</u></div>
<div><u><br>
</u></div>
<div><u>(C)-Basis over the Chicago Board of Trade futures</u></div>
<div><u>(M)-Basis over the Minneapolis Grain Exchange</u></div>
<div><u><br>
</u></div>
<div><u>FEED GRAINS</u></div>
<div><u>FOB Hm Soymeal 460.88</u></div>
<div><u>DDG's FOB Srn & Aylm 190.00 - 195.00</u></div>
<div><u><br>
</u></div>
---
<p></p>
<p style="margin-top:0;margin-bottom:0">Ontario Grain Market Commentary for August 28, 2019</p>
<p style="margin-top:0;margin-bottom:0">By Marty Hibbs, Grain Farmers of Ontario</p>
<p style="margin-top:0;margin-bottom:0"><br>
</p>
<div>Futures Prices as of close, August 28, 2019</div>
<div>Commodity<span style="white-space:pre"> </span>Period<span style="white-space:pre">
</span>Price<span style="white-space:pre"> </span>Weekly Movement</div>
<div>Corn CBOT<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>3.71<span style="white-space:pre"> </span>$B",(B 01 cents</div>
<div>Soybeans CBOT<span style="white-space:pre"> </span>Nov<span style="white-space:pre">
</span>8.65<span style="white-space:pre"> </span>$B"-(B 02 cents</div>
<div>Wheat CBOT<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>4.76<span style="white-space:pre"> </span>$B",(B 09 cents</div>
<div>Wheat Minn.<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>5.06<span style="white-space:pre"> </span>$B"-(B 08 cents</div>
<div>Wheat Kansas<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>4.01<span style="white-space:pre"> </span>$B",(B 08 cents</div>
<div>Oats CBOT<span style="white-space:pre"> </span>Dec<span style="white-space:pre">
</span>2.65<span style="white-space:pre"> </span>$B"-(B 06 cents</div>
<div><span style="white-space:pre"></span></div>
<div>Canadian $<span style="white-space:pre"> </span>Sep<span style="white-space:pre">
</span>0.7521<span style="white-space:pre"> </span>$B"-(B 0.02 points</div>
<div><br>
</div>
<div><br>
</div>
<div>I have switched to the December charts on all grains for analytics.</div>
<div><br>
</div>
<div>Corn: It is almost assured that we will see a re-test of the May lows around $3.50 on the September futures and possibly even the 2019 lows which were close to $3.30 on the weekly charts. This should be the worst-case situation and it is my belief that
if we do approach these lows that it will be the final blow-off that I have been expecting since I began writing my reports six years ago. </div>
<div>As depressing as it may seem, this is the traditional way that the market bottoms. It is known as capitulation or throwing in the towel. It is at this juncture in a long-term trend that the market finally gets rid of the baggage and looks forward to the
future. Of course, I could be completely wrong in my analysis but my 30+ years has shown me that it takes a watershed moment to finally change direction. Once this is complete, we should see a bullish market develop that will last for years. My only hope is
that the reason for the turn in sentiment and prices is positive for all our farmer-members. </div>
<div>Short term indicators for corn are bearish but the primary trend for corn is now neutral. </div>
<div><br>
</div>
<div>Soybeans:</div>
<div>Soybeans are following the same path as corn and coming into September, we should see more pressure ahead of the September monthly report. Meanwhile, the $9.25 price on the lead month is the key point to get excited about. Support remains at $8.25 - $8.40
on December futures while another support level is between $7.80 to $8 on the lead month futures. </div>
<div>All indicators remain negative and the primary trend is still down.</div>
<div><br>
</div>
<div>Wheat:</div>
<div>As we mentioned in our last commentary, the $4.70 support area on the September futures continues to hold. However, coming into the month of September we could see more pressure on prices as we enter the cash conversion later in the month. We could get
several surprises in the amount of downward pressure as we enter September. Based on the December futures, we could see support at the $4.60 level or a drop back to the recent bottom of $4.20 - $4.40. Either way, I expect to see a quick recovery if we drop
significantly after the September report is released. </div>
<div>Like the other grains, I am of the opinion that the wheat futures will find a bottom this fall. I base this solely on my technical analysis. </div>
<div>The primary trend is still neutral to bullish. </div>
<div><br>
</div>
<div><span style="font-size: 10pt;">Harvest 2019 prices as of the close, August 28, 2019 are as follows:</span><br>
</div>
<div>SWW @ $247.73/MT ($6.74/bu), HRW @ $257.50/MT ($7.01/bu), </div>
<div> HRS @ $223.30/MT ($6.08/bu), SRW @ $245.29/MT ($6.68/bu). </div>
<div><br>
</div>
<p></p>
<p style="margin-top:0;margin-bottom:0">---</p>
<p style="margin-top:0;margin-bottom:0"></p>
<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>
<br>
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unsubscribe from this report.</span><br>
<span style="background:#FDFDFD">This Farm Market News product is sponsored by:</span><br>
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