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Ontario Grain Market Commentary for September 11, 2019</div>
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By Marty Hibbs, Grain Farmers of Ontario</div>
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<span>Futures Prices as of close, September 11, 2019</span></div>
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<div>Commodity Period Price Weekly Movement<br>
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<div>Corn CBOT Dec 3.60 $B"-(B 01 cents<br>
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<div>Soybeans CBOT Nov 8.66 $B"-(B 09 cents<br>
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<div>Wheat CBOT Dec 4.77 $B",(B 15 cents<br>
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<div>Wheat Minn. Dec 5.02 $B",(B 09 cents<br>
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<div>Wheat Kansas Dec 3.98 $B",(B 13 cents<br>
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<div>Oats CBOT Dec 2.80 $B",(B 13 cents<br>
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<div>Canadian $ Sep 0.7575 $B",(B 0.12 points<br>
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<div>Corn: <br>
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<div>The $3.50 support we mentioned in our last commentary held once again as we head into the United States Department of Agriculture (USDA) report on September 12 (USDA). The results could be anyone$B!G(Bs guess but if we get a knee jerk sell-off, it could be
the catalyst for the bottom or we could see September (cash) corn futures challenge the $3.30 - $3.40 price on our charts. Only time will tell.
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<div>Short term indicators for corn are bearish but there is a better than average chance that September 2019 will prove to be a major bottom in the years to come. <br>
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<div>Soybeans:<br>
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<div>The November soybeans continue to be stuck in a no-trade zone between $8.50 and $9.25 on the November futures. With the USDA report release September 12 at noon, we may have some direction in the market. Until then, there is no clear direction. Support
remains at $8.40 - $8.50 on November futures with critical support at the $7.80 - $8 level on November futures and overhead resistance at the $9.25 level. <br>
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<div>All indicators remain negative and the primary trend is still down.<br>
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<div>Wheat:<br>
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<div>The December wheat futures had a positive week as they closed out the day at $4.77. I received a red buy signal this week but this does not mean we won$B!G(Bt get a drop after the release of the report. The charts look supportive and I still feel we will over
higher over the fall months. Either way, I expect to see a quick recovery if we drop significantly after the September report is released. </div>
<div>I am still 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. <br>
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<div>Harvest 2019 prices as of the close, September 11, 2019 are as follows:<br>
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<div>SWW @ $248.20/MT ($6.75/bu), HRW @ $257.89/MT ($7.02/bu), <br>
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<div> HRS @ $228.81/MT ($6.23/bu), SRW @ $245.77/MT ($6.69/bu). <br>
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<span style="font-size:10.0pt;font-family:"Courier New"">Blair Andrews</span></p>
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<span style="font-size:10.0pt;font-family:"Courier New"">Editor, AgriLink and Farm Market News
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<span style="font-size:10.0pt;font-family:"Courier New"">University of Guelph, Ridgetown Campus</span></p>
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<span style="font-size:10.0pt;font-family:"Courier New"">Email:fmnc@uoguelph.ca<span style="mso-spacerun:yes">
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<span style="font-size:10.0pt;font-family:"Courier New"">Tel. 519-674-1500 x 63577
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