March Corn closed unchanged at 3.49 1/4.

March corn closed unchanged on Wednesday as it consolidates below the 62% retracement level of the December-January rally crossing at 3.52 3/4. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If March extends this year's decline, the 75% retracement level of the December-January rally crossing at 3.36 1/2 is the next downside target. Closes above last Monday's high crossing at

3.83 are needed to confirm that a short-term low has been posted. First resistance is Tuesday's gap crossing at 3.63. Second resistance is the 10-day moving average crossing at 365 3/4. First support is today's low crossing at 3.46 1/2. Second support is the 75% retracement level of the December-January rally crossing at 3.36 1/2.

March wheat closed down 4 3/4-cents at 5.10 3/4.

March wheat closed lower on Wednesday and below the 75% retracement level of the December-January rally crossing at 5.14 1/2. The low-range close sets the stage for a steady to lower opening on Thursday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 87% retracement level crossing at 4.92 3/4 is the next downside target. Closes above last Monday's high crossing at 5.77 are needed confirm that a short-term low has been posted.

March Kansas City Wheat closed down 4 1/4-cent at 5.46 1/2.

Kansas City Wheat closed lower on Wednesday as it extended yesterday's breakout below the 62% retracement level of the December-January rally crossing at 5.65 1/2. The low-range close sets the stage for a steady to lower opening on Thursday.

Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 75% retracement level of the December-January rally crossing at 5.43 1/4 is the next downside target. Closes above the 20-day moving average crossing at 5.90 1/2 are needed to confirm that a short-term low has been posted.

March Minneapolis wheat closed down a 1/2-cent at 6.20.

March Minneapolis wheat closed fractionally lower on Wednesday and tested the 50% retracement level of the December- January rally crossing at 6.17 1/2. The mid-range close sets the stage for a steady opening on Thursday. Stochastics and the RSI are oversold but remain bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, the 62% retracement level crossing at 6.01 1/4 is the next downside target. Closes above the 20-day moving average crossing at 6.48 3/4 are needed to confirm that a short-term low has been posted.

SOYBEAN COMPLEX

March soybeans closed down 15 1/2-cents at 8.87 1/2.

March soybeans closed lower on Wednesday as it extended yesterday's breakout below the 50% retracement level of the December-January rally crossing at 9.10 1/4. The low-range close sets the stage for a steady to lower opening on Thursday.

Stochastics and the RSI are bearish signaling that sideways to lower prices are possible near-term. If March extends this week's decline, gap support crossing at 8.73 is the next downside target. Closes above Tuesday's gap crossing at 9.55 would temper the near-term bearish outlook. Closes above the 20-day moving average crossing at 9.74 1/4 would confirm that a short-term low has been posted.