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<u>FARM MARKET NEWS - ONTARIO COMMODITY REPORT FOR Mon, January 31</u></div>
<div style="font-family: "Courier New", monospace; font-size: 10pt; color: rgb(0, 0, 0);">
<div><u>(All Bases in CAD)</u></div>
<div><u>Exchange rate was 1.2698 down 0.0086</u></div>
<div><u>Chicago corn closed mixed.</u></div>
<div><u><br>
</u></div>
<div><u> MAR22 HI 6.42 1/2 DEC22 HI 5.77</u></div>
<div><u> LOW 6.22 1/2 LOW 5.68</u></div>
<div><u> CLOSE6.26 Down 10 CLOSE 5.73 1/2 Up 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 +MAY22+MAY22+JUL22</u></div>
<div><u>CK Low 1.25 7.51 295.66 1.05 6.79 267.11</u></div>
<div><u>CK High 1.30 7.56 297.62 1.10 6.84 269.08</u></div>
<div><u>CK Avg 1.26 -0.33 7.52 296.22 1.07 -0.38 6.81 267.96</u></div>
<div><u>Essex Cty 1.30 7.56 297.62 1.10 6.84 269.08</u></div>
<div><u>Mdsx Low 1.25 7.51 295.66 1.05 6.79 267.11</u></div>
<div><u>Mdsx High 1.30 7.56 297.62 1.10 6.84 269.08</u></div>
<div><u>Mdsx Avg 1.27 -0.33 7.53 296.31 1.08 -0.37 6.82 268.43</u></div>
<div><u>Hensall 1.27 7.53 296.31 1.10 6.84 269.08</u></div>
<div><u>Bruce 1.25 7.51 295.66 1.10 6.84 269.08</u></div>
<div><u>Putnam 1.25 7.51 295.66 1.05 6.79 267.11</u></div>
<div><u>Burford 1.25 7.51 295.66 1.10 6.84 269.08</u></div>
<div><u>Port Perry 1.20 7.46 293.69 1.10 6.84 269.08</u></div>
<div><u>Norfolk 1.30 7.56 297.62 1.10 6.84 269.08</u></div>
<div><u>Palmerston 1.18 7.44 292.90 1.05 6.79 267.11</u></div>
<div><u>Varna 1.25 7.51 295.66 1.10 6.84 269.08</u></div>
<div><u>Belmore 1.25 7.51 295.66 1.10 6.84 269.08</u></div>
<div><u>Trenton 1.30 7.56 297.62 1.10 6.84 269.08</u></div>
<div><u>Winchester 1.55 7.81 307.47 1.40 7.14 280.89</u></div>
<div><u>North Gower 1.45 7.71 303.53 1.30 7.04 276.96</u></div>
<div><u>Vankleek Hil 1.62 7.88 310.22 1.68 7.42 291.92</u></div>
<div><u>Huron FOB 1.29 1.36 1.40 1.53 7.55 297.23N/A</u></div>
<div><u>Kent FOB 1.45 7.71 303.53 1.20 6.94 273.02</u></div>
<div><u>Lamb FOB 1.50 7.76 305.50 1.30 7.04 276.96</u></div>
<div><u>Mdsx FOB N/A N/A 1.80N/A 1.15 6.89 271.05</u></div>
<div><u>FOB SW Que 2.25 8.51 335.02N/A</u></div>
<div><u>Track 1.87 8.13 319.87N/A</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Chat-Eth N/A N/A N/A N/A 1.42 7.16 281.68</u></div>
<div><u>Jhnstwn-Eth N/A N/A N/A N/A 1.84 7.58 298.21</u></div>
<div><u>Aylmer-Eth N/A N/A N/A N/A N/A</u></div>
<div><u>Sarn-Eth N/A N/A N/A N/A N/A</u></div>
<div><u>London-Ing N/A N/A N/A N/A 1.40 7.14 280.89</u></div>
<div><u>Cardnl-Ing N/A N/A N/A N/A 1.65 7.39 290.73</u></div>
<div><u>W O Feed 1.93 8.19 322.27</u></div>
<div><u><br>
</u></div>
<div><u>US Rep 1.88 8.14 320.46</u></div>
<div><u>Toledo El. -0.27 5.99 235.95 -0.32 5.42 213.28</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Pt. Colb N/A 1.15 6.89 271.05</u></div>
<div><u>Prescott 2.13 8.39 330.30 1.80 7.54 296.64</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>HI SD CRN 1.30 7.56</u></div>
<div><u>*Wet Bid</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2698 down 0.0086</u></div>
<div><u>Chicago soybeans closed slightly to moderately higher.</u></div>
<div><u><br>
</u></div>
<div><u> MAR22 HI 14.96 3/4 NOV22 HI 13.69 1/4</u></div>
<div><u> LOW 14.73 1/2 LOW 13.51 1/2</u></div>
<div><u> CLOSE14.90 1/2 Up 20 1/2 CLOSE 13.67 Up 15 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 Basis U.S. $/bu $/mt</u></div>
<div><u>ELEVATORS +MAR22+MAY22+MAY22</u></div>
<div><u>CK Low 3.60 18.51 679.94 2.95 16.62 610.68</u></div>
<div><u>CK High 3.70 18.61 683.62 3.10 16.77 616.19</u></div>
<div><u>CK Average 3.65 -0.30 18.55 681.67 3.02 -0.53 16.69 613.20</u></div>
<div><u>Essex Cty 3.65 18.56 681.78 2.95 16.62 610.68</u></div>
<div><u>Mdsx Low 3.60 18.51 679.94 3.00 16.67 612.52</u></div>
<div><u>Mdsx High 3.65 18.56 681.78 3.02 16.69 613.25</u></div>
<div><u>Mdsx Average3.62 -0.31 18.53 680.80 3.01 -0.54 16.68 612.76</u></div>
<div><u>Hensall 3.62 18.52 680.55 3.00 16.67 612.52</u></div>
<div><u>Bruce 3.70 18.61 683.62 3.05 16.72 614.35</u></div>
<div><u>Putnam 3.60 18.51 679.94 3.00 16.67 612.52</u></div>
<div><u>Burford 3.69 18.60 683.25 3.09 16.76 615.82</u></div>
<div><u>Port Perry 3.58 18.49 679.21 2.98 16.65 611.78</u></div>
<div><u>Norfolk 3.65 18.56 681.78 3.00 16.67 612.52</u></div>
<div><u>Palmerston 3.51 18.42 676.64 2.94 16.61 610.31</u></div>
<div><u>Varna 3.60 18.51 679.94 3.00 16.67 612.52</u></div>
<div><u>Trenton 3.60 18.51 679.94 3.00 16.67 612.52</u></div>
<div><u>Winchester 3.72 18.63 684.35 3.10 16.77 616.19</u></div>
<div><u>North Gower 3.30 18.21 668.92 2.90 16.57 608.84</u></div>
<div><u>Vankleek Hil4.20 19.11 701.99 3.38 17.05 626.48</u></div>
<div><u>Huron FOB 3.81 3.94 3.96 4.20 18.72 687.66 N/A</u></div>
<div><u>Kent FOB 3.90 18.81 690.97 3.05 16.72 614.35</u></div>
<div><u>Lambton FOB 3.80 18.71 687.29 3.15 16.82 618.03</u></div>
<div><u>Mdsx FOB 3.94 4.06 4.01 N/A 18.85 692.44 3.27 16.94 622.44</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Windsor 4.27 19.18 704.56 3.28 16.95 622.81</u></div>
<div><u><br>
</u></div>
<div><u>TRANSFER</u></div>
<div><u>Hamilton 4.15 19.06 700.15 3.50 17.17 630.89</u></div>
<div><u>Prescott N/A 3.60 17.27 634.56</u></div>
<div><u>Port Colborn4.09 19.00 697.95 3.56 17.23 633.09</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. -0.25 14.65 538.33 -0.51 13.16 483.62</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Exchange rate was 1.2698 down 0.0086</u></div>
<div><u>Chicago wheat closed lower.</u></div>
<div><u>MAR22 HI 7.98 1/2 JUL22 HI 7.94 1/4</u></div>
<div><u> LOW 7.56 3/4 LOW 7.55 3/4</u></div>
<div><u> CLOSE 7.61 1/4 Down 25 CLOSE 7.60 1/2 Down 21 1/2</u></div>
<div><u><br>
</u></div>
<div><u>Minni wheat closed moderately lower to lower.</u></div>
<div><u>MAR22 HI 9.34 3/4 SEP22 HI 9.03 1/2</u></div>
<div><u> LOW 8.95 1/2 LOW 8.70 1/2</u></div>
<div><u> CLOSE 9.06 1/2 Down 13 3/4 CLOSE 8.76 3/4 Down 15 1/4</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u><br>
</u></div>
<div><u>Direct MarkHarvest 2021 Harvest 2022</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 1.25 N/A N/A N/A 1.55 N/A</u></div>
<div><u>London 1.38 1.64 1.25 N/A 2.07 1.88 1.62 N/A</u></div>
<div><u>Hensall 1.25 N/A 1.25 N/A 2.35 N/A 1.55 N/A</u></div>
<div><u>Trenton N/A N/A N/A N/A N/A N/A 1.50 N/A</u></div>
<div><u>Bruce 1.25 1.75 1.25 N/A 2.25 1.75 1.55 1.50</u></div>
<div><u>Essex N/A N/A 1.15 N/A N/A N/A 1.50 N/A</u></div>
<div><u>Norwich 1.25 N/A 1.25 N/A 2.35 N/A 1.55 N/A</u></div>
<div><u>Port Hope N/A N/A 1.20 N/A N/A N/A 1.50 N/A</u></div>
<div><u>Kent Bridge 1.25 N/A 1.25 N/A 2.35 N/A 1.55 N/A</u></div>
<div><u>Chatham N/A N/A 1.15 N/A N/A N/A 1.50 N/A</u></div>
<div><u>Brigden N/A N/A 1.15 N/A N/A N/A 1.50 N/A</u></div>
<div><u>Palmerston N/A 2.05 1.22 1.80 N/A N/A 1.55 1.61</u></div>
<div><u>Varna 1.50 2.00 1.25 N/A 2.25 1.75 1.55 N/A</u></div>
<div><u>Mitchell 1.25 1.90 1.25 N/A 2.35 1.75 1.55 N/A</u></div>
<div><u>Thornton 1.38 1.64 1.25 2.03 2.07 1.88 1.69 N/A</u></div>
<div><u>North Gower N/A 1.05 1.40 1.12 N/A N/A 1.56 N/A</u></div>
<div><u>W O Feed 1.99</u></div>
<div><u><br>
</u></div>
<div><u>TERMINAL</u></div>
<div><u>Port Colbor N/A N/A 1.69 N/A N/A N/A 2.15 N/A</u></div>
<div><u><br>
</u></div>
<div><u>PROCESSORS</u></div>
<div><u>Toledo FM N/A N/A 2.44 N/A N/A N/A 2.18 N/A</u></div>
<div><u><br>
</u></div>
<div><u>Toledo El. 7.46US 9.48CA 7.56US 9.59CA</u></div>
<div><u><br>
</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 627.12</u></div>
<u><span>DDG's FOB Srn & Aylm 315.00</span><br>
</u></div>
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<p style="margin-top:0px; margin-bottom:0px"><span style="font-family: "Courier New"; font-size: 10pt;">Blair Andrews</span><o:p style="color: inherit; font-family: "Courier New"; font-size: 10pt; font-style: inherit; font-variant-ligatures: inherit; font-variant-caps: inherit; font-weight: inherit;"> </o:p><br>
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<span style="font-size:10.0pt;font-family:"Courier New"">University of Guelph, Ridgetown Campus<o:p> </o:p></span></p>
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