At The End Of The First Quarter…

The USDA’s estimate that 73 million acres have been planted with soybeans this
year, lower than previous projections, spurred a modest early rally.
Market-watchers said investors remained cautious, however, amid suggestions U.S.
soybean acreage could increase by June as farmers re-evaluate loan rates and
weather conditions. May soybeans
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PowerRating) rose 4 1/4 cents to $4.77 a
bushel.

Wheat dropped lower in profit-taking after Wednesday’s big buying spree, when
prices soared to nearly two-month highs. In yesterday’s session wheat closed
right at its resistance of 294.22. Today wheat moved higher in earlier trade
then sold off and ended just above its support (284.78) at 285.00. The decline
came despite government projections of the lowest U.S. wheat plantings since
1972. The USDA pegged total wheat seedings at 59 million acres, down about
600,000 from last year. Wheat for May delivery
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PowerRating) plunged 10 1/4
cents or 3.84% to $2.84 a bushel.

Corn retreated after the Agriculture Department disclosed estimates on the
high end of expectations, which ultimately will add to the glut on the market.
Prospective plantings were put at 79 million acres, with quarterly stocks
already at 5.8 billion bushels as of March 1. May corn
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PowerRating) fell 4
cents to $2.02 1/4 a bushel.

In other commodities:

Stocks ended mixed Thursday, the last trading session of the first quarter,
as investors were torn between economic optimism and anxiety over corporate
earnings and interest rates.

The June Dow Jones Industrial Average futures
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PowerRating) finished at the
lows of the day at 10370 down 56.000 after trading in positive territory most of
the day. The June S&P 500 futures
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PowerRating) edged higher by 4.20 to
1149.20. The tech-heavy June Nasdaq 100 futures
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PowerRating) climbed
21.500, or 1.50%, to 1459.500. Most of the tech stocks were stronger today.

For the week, which was marked by light volume and back-and-forth trading, the
Dow industrials slipped 0.2% and the Nasdaq composite lost 0.3%. (U.S. bond and
stock markets will be closed Friday in observance of Good Friday.)

The market opened lower on selling by speculators and made the day’s low at
the open but commission house buying pushed the market and by half-session
coffee was trading on a positive note.