FARM MARKET NEWS - CORN REPORT FOR Fri, May 9

Bank of Canada Noon exchange rate was 1.0061 down 0.0088.

Chicago corn closed mixed.

JUL08 HI 6.34 DEC08 HI 6.55

LO 6.23 1/4 LO 6.43 3/4

CLOSE 6.29 1/4 down 1 CLOSE 6.50 up 3 3/4

--------------+-----------------------------------+---------------------------

| OLD CROP BASIS | NEW CROP BASIS

Location | Spot 1mt 2mt 3mt Adj $/bu $/mt | Contract Adj $/bu $/mt

--------------+-----------------------------------+----------------------------

ELEVATORS | +JUL +SEP +SEP

CK Lo |- 0.95 5.34 210.33|- 0.97 5.53 217.71

CK High |- 0.95 5.34 210.33|- 0.85 5.65 222.43

CK Avg |- 0.95 -0.99 5.34 210.33| -0.91 -0.95 5.59 220.24

Mdsx Lo |- 0.95 5.34 210.33|- 0.97 5.53 217.71

Mdsx High |- 0.95 5.34 210.33|- 0.85 5.65 222.43

Mdsx Avg |- 0.95 -0.99 5.34 210.33| -0.91 -0.95 5.59 220.20

Hensall |- 0.95 5.34 210.33|- 0.96 5.54 218.10

Bruce |- 0.95 5.34 210.33|- 0.97 5.53 217.71

Princeton |- 0.95 5.34 210.33|- 0.85 5.65 222.43

Durham |- 0.95 5.34 210.33|- 0.90 5.60 220.46

Norfolk |- 0.95 5.34 210.33|- 0.90 5.60 220.46

Trenton |- 0.90 5.39 212.29|- 0.90 5.60 220.46

Winchester |- 0.85 5.44 214.26|- 0.90 5.60 220.46

Huron FOB |- 0.75 5.54 218.20|- 0.95 5.55 218.49

Kent FOB |- 0.85 5.44 214.26|- 0.90 5.60 220.46

Lambton FOB |- 0.85 5.44 214.26|- 0.90 5.60 220.46

Middlesex FOB |- 0.85 5.44 214.26|- 0.90 5.60 220.46

1 Mnth | -0.80 5.49 216.23|

2 Month Out | -0.80 5.61 220.86|

3 Month Out | -0.75 5.66 222.82|

FOB SW Que |- 0.65 5.64 222.14|- 0.80 5.70 224.40

Ontario Track |- 0.43 5.87 230.99| N/A

PROCESSORS | |

Chat-Eth | N/A |- 0.55 5.95 234.24

1 Month Out | N/A |

2 Month Out | N/A |

3 Month Out | -0.50 5.91 232.67|

Sarn-Eth | N/A | N/A

1 Month Out | -0.55 5.74 226.07|

2 Month Out | -0.55 5.86 230.70|

3 Month Out | -0.40 6.01 236.60|

London-Cas | N/A |- 0.40 6.10 240.15

1 Month Out | -0.65 5.64 222.14|

2 Month Out | -0.45 5.96 234.64|

3 Month Out | -0.40 6.01 236.60|

Pt.Colb-Cas |- 0.55 5.74 226.07|- 0.35 6.15 242.12

1 Month Out | -0.55 5.74 226.07|

2 Month Out | -0.40 6.01 236.60|

3 Month Out | -0.35 6.06 238.57|

Cardnl-Cas | N/A |- 0.45 6.05 238.18

1 Month Out | N/A |

2 Month Out | N/A |

3 Month Out | N/A |

W O Feed |- 0.42 -0.46 5.87 231.19|

US Rep Cost | 0.21 0.17 6.50 255.99|

TRANSFER | |

Sarnia |- 0.95 5.34 210.33|- 0.85 5.65 222.43

Pt.Stanley |- 0.95 5.34 210.33|- 0.95 5.55 218.49

Hamilton |- 0.75 5.54 218.20|- 0.75 5.75 226.37

Toledo | 6.01 US 6.05C 238.05C | 5.93 US 5.97C 234.88C

MID SEED CORN | |- 0.91 5.59

HIGH SEED CORN| |- 0.85 5.65

Chicago soybeans closed sharply higher.

NOV08 HI 13.04 1/2 NOV08 HI 13.04 1/2

LO 12.76 LO 12.76

CLOSE 13.03 3/4 up 58 CLOSE 13.03 3/4 up 58

--------------+-------------------------------+-------------------------------

| OLD CROP | NEW CROP

Location | Basis Adj.Bas $/bu $/mt | Basis Adj.Bas $/bu $/mt

--------------+-------------------------------+-------------------------------

ELEVATORS | |

CK Lo |- 0.35 12.69 466.19 |- 1.70 11.34 416.58

CK High |- 0.18 12.86 472.43 |- 1.43 11.61 426.50

CK Average |- 0.28 -0.36 12.76 468.82 | -1.60 -1.68 11.43 420.13

Mdsx Lo |- 0.30 12.74 468.02 |- 1.70 11.34 416.58

Mdsx High |- 0.14 12.90 473.90 |- 1.46 11.58 425.40

Mdsx Average |- 0.22 -0.30 12.81 470.84 | -1.58 -1.66 11.46 420.99

Hensall |- 0.30 12.74 468.02 |- 1.70 11.34 416.58

Bruce |- 0.30 12.74 468.02 |- 1.70 11.34 416.58

Princeton |- 0.10 12.94 475.37 |- 1.53 11.51 422.83

Durham |- 0.30 12.74 468.02 |- 1.61 11.43 419.89

Norfolk |- 0.25 12.79 469.86 |- 1.64 11.40 418.79

Trenton |- 0.20 12.84 471.70 |- 1.50 11.54 423.93

Winchester |- 0.40 12.64 464.35 |- 1.30 11.74 431.28

Huron FOB |- 0.10 12.94 475.37 |- 1.60 11.44 420.26

Kent FOB |- 0.20 12.84 471.70 |- 1.69 11.35 416.95

Lambton FOB |- 0.20 12.84 471.70 |- 1.69 11.35 416.95

Middlesex FOB |- 1.00 12.04 442.30 |- 1.41 11.63 427.24

| |

PROCESSORS | |

Hamilton | 0.35 13.39 491.91 |- 1.05 11.99 440.47

Windsor | 0.10 13.14 482.72 |- 1.32 11.72 430.54

| |

TRANSFER | |

Hamilton | N/A |- 0.90 12.14 445.98

Pt. Stanley | N/A |- 1.30 11.74 431.28

Sarnia | N/A |- 1.08 11.96 439.36

Owen Sound | N/A |- 0.95 12.09 444.14

Sorel QC | 0.43 13.47 494.85 |- 0.35 12.69 466.19

| |

Toledo | 13.15 US 13.23CA 486.13CA | 11.68 US Fall Del 11.75CA

Chicago wheat closed sharply lower.

JUL08 HI 8.28 JUL08 HI 8.28

LO 7.91 LO 7.91

CLOSE 8.04 1/2 down 17 1/2 CLOSE 8.04 1/2 down 17 1/2

the Wheat Board is out of the market.

----------------+------------+-----------------+-----------------+------------

Current Crop 07 | Soft White | Hard Red Winter | Soft Red Winter | Red Spring

----------------+------------+-----------------+-----------------+------------

Basis | N/A | N/A | N/A | N/A

CDN $/bu | N/A | N/A | N/A | N/A

CDN $/tonne | N/A | N/A | N/A | N/A

----------------+------------------------------+-------------------------------

Direct Mkt | Harvest 2007 | Harvest 2008

| DELIVERED BASIS | DELIVERED BASIS

Location | SWW HRW SRW HRS | SWW HRW SRW HRS

-----------+-------------------------------+----------------------------------

ELEVATORS | |

Brgssvll | N/A N/A N/A N/A | N/A -2.10 -2.20 N/A

London | N/A N/A N/A N/A |- 2.11 -2.11 -2.21 N/A

Hensall |- 0.65 N/A -0.80 N/A |- 2.10 N/A -2.10 N/A

Trenton | N/A N/A N/A N/A | N/A N/A -2.10 N/A

Winchester | N/A N/A N/A N/A | N/A N/A N/A -0.89

Essex | N/A N/A -1.05 N/A | N/A N/A -2.10 N/A

Norwich |- 0.65 N/A -0.80 N/A |- 2.00 N/A -2.10 N/A

Mt Elgin | N/A N/A N/A N/A | N/A N/A N/A N/A

Kent Brdg |- 0.65 N/A -0.80 N/A |- 2.10 N/A -2.10 N/A

Chatham | N/A N/A N/A N/A |- 2.10 -2.10 -2.10 N/A

Brigden | N/A N/A N/A N/A |- 2.10 -2.10 -2.10 N/A

Palmerston | N/A N/A N/A N/A | N/A -2.01 -2.15 -0.84

Mitchell |- 0.65 N/A -0.80 N/A |- 2.10 -2.10 -2.10 N/A

Thornton | N/A N/A N/A N/A | N/A N/A N/A -2.01

Ottawa | N/A N/A N/A N/A | N/A N/A N/A N/A

TERMINAL | |

Sarnia |- 0.76 -0.76 -0.96 N/A |- 2.11 -1.80 -1.96 N/A

Hamilton | N/A N/A -0.15 N/A | N/A N/A -2.05 N/A

Pt. Stanley| N/A N/A N/A N/A | N/A N/A -2.40 N/A

PROCESSORS | |

Woodbridge | N/A N/A N/A N/A | N/A N/A N/A N/A

Tldo(Rail) | N/A N/A -1.26 N/A |- 1.38 N/A -1.17 N/A

Wheat Board Contract Prices - DEL Terminal

----------------+------------+-----------------+-----------------+------------

Harvest 2008 | | | |

| Soft White | Hard Red Winter | Soft Red Winter | Red Spring

----------------+------------+-----------------+-----------------+------------

Basis | N/A | N/A | N/A | N/A

CDN $/bu | N/A | N/A | N/A | N/A

CDN $/tonne | N/A | N/A | N/A | N/A

----------------+------------+-----------------+-----------------+------------

Toledo Spot| 7.27 US 7.31 CDN Harvest 08 | 6.97 US Fall Del 7.01 CDN

FEED GRAINS | $/mt $/mt |

--------------+-------------------------------+-------------------------------

Bayport Wheat | 340.00 - 365.00 |

Bayport Oats | 325.00

Bayport Barley| 285.00

FOB Hm Soymeal| 400.70 - 405.11 |

DDG's FOB Chat| 200.00