FARM MARKET NEWS - SOYBEAN AND WHEAT REPORT FOR Wed, March 17
Bank of Canada Noon exchange rate was 1.013 down 0.0018
Chicago soybeans closed moderately higher.

       MAY10   HI 9.62  1/4           NOV10    HI 9.43  1/4
              LOW 9.42                        LOW 9.22
             CLOSE9.59   Up 14              CLOSE 9.40  1/2  Up 14 1/2

             OLD CROP                             NEW CROP
Location     Basis 1mt  2mt  3mt Adj.  $/bu  $/mt BasisAdj.  $/bu  $/mt
ELEVATORS         +MAY1+MAY1+JUL10
CK Low       -0.46                     9.13 335.47-0.81      8.60 315.81
CK High      -0.40                     9.19 337.67-0.70      8.71 319.85
CK Average   -0.42               -0.51 9.17 336.94-0.76-0.86 8.64 317.58
Essex Cty    -0.42                     9.17 336.94-0.81      8.60 315.81
Mdsx Low     -0.41                     9.18 337.31-0.83      8.58 315.08
Mdsx High    -0.38                     9.21 338.41-0.75      8.66 318.02
Mdsx Average -0.40               -0.48 9.19 337.80-0.80-0.90 8.60 316.06
Hensall      -0.40                     9.19 337.67-0.75      8.66 318.02
Bruce        -0.40                     9.19 337.67-0.75      8.66 318.02
Putnam       -0.40                     9.19 337.67-0.75      8.66 318.02
Princeton    -0.34                     9.25 339.88-0.87      8.54 313.61
Durham       -0.45                     9.14 335.84-0.87      8.54 313.61
Norfolk      -0.34                     9.25 339.88-0.70      8.71 319.85
Trenton      -0.50                     9.09 334.00-0.80      8.61 316.18
Winchester   -0.62                     8.97 329.59-0.70      8.71 319.85
North Gower  -0.55                     9.04 332.16-0.70      8.71 319.85
Huron FOB    -0.30                     9.29 341.35-0.65      8.76 321.69
Kent FOB     -0.29                     9.30 341.72-0.75      8.66 318.02
Lambton FOB  -0.29                     9.30 341.72-0.75      8.66 318.02
Middlesex FOB-0.25-0.29 N/A  N/A       9.34 343.19-0.70      8.71 319.85

PROCESSORS
Hamilton     0.12 0.07  N/A  N/A       9.71 356.78-0.32      9.09 333.82
Windsor      -0.02-0.17-0.27 N/A       9.57 351.64-0.41      9.00 330.51
Winchester   -0.48                     9.11 334.74-0.57      8.84 324.63

TRANSFER
Hamilton     0.00 0.00  N/A  N/A       9.59 352.37-0.45      8.96 329.04
Pt. Stanley   N/A                                 -0.90      8.51 312.51
Sarnia       -0.50                     9.09 334.00-0.54      8.87 325.73
Owen Sound   -0.45                     9.14 335.84-0.80      8.61 316.18
Sorel QC     -0.13                     9.46 347.60-0.18      9.23 338.96

Toledo       -0.15                     9.44 346.81-0.49      8.92 327.75


Bank of Canada Noon exchange rate was 1.013 down 0.0018
Chicago wheat closed slightly higher.
     MAY10     HI 4.98  1/4               JUL10      HI 5.11
              LOW 4.85  1/4                         LOW 4.98  1/2
            CLOSE 4.96   Up 9                     CLOSE 5.08  3/4  Up 9

Minni wheat closed slightly higher.
     MAY10     HI 5.22                    SEP10      HI 5.44
              LOW 5.12  1/2                         LOW 5.35  1/4
            CLOSE 5.20  1/4  Up 6 3/4             CLOSE 5.42  3/4  Up 6 3/4

Wheat Board Contract Prices - DEL Terminal
Current Crop 09   Soft White(C)  Hard Red(C)    Soft Red(C)    Red Spring(M)
Basis                -0.64         -0.33           -0.85         -0.58
CAD $/bu              4.32          4.63            4.11          4.62
CAD $/tonne         158.66        170.15          150.87        169.87


Direct MarkHarvest 2009                 Harvest 2010
           DELIVERED BASIS              DELIVERED BASIS
Location   SWW(C)  HRW(C) SRW(C) HRS(M)  SWW(C)  HRW(C) SRW(C) HRS(M)
ELEVATORS
Brgssvll     N/A   -0.80   -0.95   N/A    N/A    -0.60   -0.80   N/A
London      -0.65  -0.70   -1.01   N/A   -0.45   -0.65   -0.85   N/A
Hensall     -0.50   N/A    -1.00   N/A    0.05    N/A    -0.85   N/A
Trenton      N/A    N/A     N/A    N/A    N/A     N/A    -0.60   N/A
Winchester   N/A    N/A     N/A    N/A    N/A     N/A     N/A   -0.46
Essex        N/A    N/A    -1.02   N/A    N/A     N/A    -0.91   N/A
Norwich     -0.80   N/A    -1.00   N/A    0.20    N/A    -0.85   N/A
Mt. Elgin    N/A    N/A     N/A    N/A    N/A     N/A     N/A    N/A
Kent Bridge -0.40   N/A    -1.00   N/A    0.20    N/A    -0.85   N/A
Chatham      N/A   -1.02   -1.01   N/A    N/A    -0.99   -0.98   N/A
Brigden      N/A   -1.02   -1.01   N/A   -0.91   -0.99   -0.98   N/A
Palmerston   N/A   -0.63   -1.03  -0.25   N/A    -0.49   -0.85  -0.30
Mitchell    -0.80  -0.70   -1.00   N/A    0.05   -0.25   -0.85   N/A
Thornton     N/A    N/A     N/A   -0.49   N/A     N/A     N/A   -0.99
North Gower  N/A    N/A     N/A    N/A    N/A     N/A     N/A   -0.35

TERMINAL
Sarnia      -0.17  -0.37   -0.62   N/A    0.03   -0.08   -0.48   N/A
Hamilton     N/A    N/A    -0.60   N/A    N/A     N/A    -0.60   N/A
Pt. Stanley  N/A    N/A     N/A    N/A    N/A     N/A    -1.05   N/A

PROCESSORS
Toledo FM   0.80    N/A    -0.46   N/A    N/A     N/A    -0.40   N/A

Toledo Spot4.43US         4.47CA         4.51US         4.55CA

Wheat Board Contract Prices - DEL Terminal
Harvest 10        Soft White(C)  Hard Red(C)    Soft Red(C)    Red Spring(M)
Basis                -0.40         -0.05           -0.70         -0.50
CAD $/bu              4.69          5.04            4.38          4.93
CAD $/tonne         172.19        185.19          161.05        181.10

(C)-Basis over the Chicago Board of Trade futures
(M)-Basis over the Minneapolis Grain Exchange

FEED GRAINS
Bayport Wheat             208.00 - 215.00
Bayport Oats              238.00
Bayport Barley            182.00
FOB Hm Soymeal            305.57 - 309.98
FOB Winch SM
DDG's FOB Chatham/Sarnia  150

DTN Closing Grain Comments    03/17 14:35
   Grains Extend Tuesday's Gains

   Spill-over buying from the rally in energies and the DJIA along with a
weaker U.S. dollar index supported grains throughout the session, which led to
solid gains across the board.

By John Sanow
DTN Analyst

General Comments:

DTN Midday Grain Comments     03/17 10:39

   Corn, Wheat Higher, Soy Complex Mixed at Midday

   Outside markets have been supportive, and the grain trade is mixed at midday.

By David Fiala
DTN Contributing Analyst

MARKET SUMMARY:  

   The U.S. stock market indices are higher with the Dow futures up 25 points.
The interest rate products are higher. The dollar index is 44 lower. Energies
are higher with crude up $1.60. Cattle are mostly higher, feeders are lower and
hogs are mostly higher. Precious metals are higher with gold up $17.  

GENERAL COMMENTS

CORN

   Corn trade is 2 to 3 higher at midday due to a higher crude market and lower
dollar. The overnight trade saw a 2 cent range and now the range is around 4
cents with the trade near the highs at midday. The slow action is an
illustration the news is limited this week and the market is in waiting mode.
Waiting for the late March into April weather for field work and planting. Also
we may be waiting for a bigger move out of the outside markets. We cannot
afford a break in the energy market that may turn the ethanol margins negative,
if that would occur corn will likely slip proportionately. But for now the
energies are holding the uptrend with a firm midday tone. The chart trend is
negative with trade the past week below all major moving averages. Chart
support for today is just below the lows of this past week at $3.61 on May and
$3.91 on December. The fact we have held above these levels for the past few
sessions may bring in some profit-taking by recent market shorts.  

SOYBEANS

   Soybean trade has been mixed in directionless trade even though the outside
markets have maintained a firm tone. The midday market has the beans 2 to 3
lower, meal is down $1 and bean oil is up around 5 points. We have now seen
some good bounces with May beans up over 25 cents from the low printed on
Friday, meal bounced nearly $13 a ton and bean oil has been active with a
200-point drop in a few sessions into Monday's low following the big
400-plus-point rally in February into early March, but it has bounced nearly
100 points from Monday's/Sunday night's low. There are chart-buyers today and
this may give beans one upward surge before the day is over, but fundamental
traders are not in the camp of buying rallies right now due to big South
American crops. Also the trade is concerned the communication with China may
lead to more cancellations. Economically, moving some business to South America
may make sense as well in the coming weeks. Traders expect a mixed trade the
rest of the morning into this afternoon.

WHEAT

   Wheat trade has been mixed overnight into midday with trade 2 lower to
around 4 higher. Our midday markets are steady to 3 higher across the three
exchanges. It continues to be difficult to give bullish items in wheat much
weight due to the comfortable supply-side items. The only argument is a future
argument that wheat needs to stay supported versus feed grains and oil seeds to
not experience a significant acreage drop in the coming year. The lower winter
wheat acreage this past fall is an example of this, but for now the lower
acreage is not expected to be a situation that changes our big carryover. So a
friendly acreage argument may be a longer term item. On the chart wheat has
moved into more of a sideways pattern which is generating light profit taking
by market shorts. The May Chicago 10-day moving average is the lowest major
moving average at $4.88. We have moved above this level at midday making
important resistance at the 20-day, at $4.98, or at the psychological $5 level.


   David Fiala is a DTN contributing analyst and the President of FuturesOne
and a registered Commodity Trading Advisor.



(SK)

Copyright 2010 DTN/The Progressive Farmer, A Telvent Brand. All rights reserved.

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