Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
ALLEMANG ARNOLD A
  2. Issuer Name and Ticker or Trading Symbol
DOW CHEMICAL CO /DE/ [DOW]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
2030 DOW CENTER
3. Date of Earliest Transaction (Month/Day/Year)
03/11/2005
(Street)

MIDLAND, MI 48674
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/11/2005   M   150,000 A $ 36.0208 153,270 D  
Common Stock 03/11/2005   F   97,873 D $ 55.205 55,397 D  
Common Stock 03/11/2005   F(1)   21,033 D $ 55.205 34,364 D  
Common Stock 03/11/2005   J(2)   31,094 D $ 0 3,270 D  
Common Stock 03/11/2005   M   53,400 A $ 33.94 56,670 D  
Common Stock 03/11/2005   F   32,830 D $ 55.205 23,840 D  
Common Stock 03/11/2005   F(1)   8,300 D $ 55.205 15,540 D  
Common Stock 03/11/2005   J(2)   12,270 D $ 0 3,270 D  
Common Stock               3,074.025 I by 401(k) Plan
Common Stock               1,339.911 I by 401(k) Plan ESOP
Common Stock               1,872 I by IRA
Common Stock 03/11/2005   J(2)   31,094 A $ 0 109,221 I by Trust 1 (3)
Common Stock 03/11/2005   J(2)   12,270 A $ 0 94,664 I by Trust 2 (4)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Non-Qualified Stock Option (right to buy) (5) $ 33.94 03/11/2005   M     53,400   (6) 03/02/2011 Common Stock 53,400 $ 0 0 D  
Non-Qualified Stock Option (right to buy) (5) $ 36.0208 03/11/2005   M     150,000   (7) 02/16/2010 Common Stock 150,000 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
ALLEMANG ARNOLD A
2030 DOW CENTER
MIDLAND, MI 48674
  X      

Signatures

 Tina S. Van Dam for Arnold A. Allemang, Senior Advisor   03/15/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Shares withheld pursuant to tax withholding rights under award and option plan in a transaction exempt under Rule 16b-3.
(2) Change in form of ownership.
(3) Arnold Avery Allemang and Teresa Sue Spangler Allemang, as Trustee of the Arnold Avery Allemang Revocable Trust U/A 07/28/94.
(4) Teresa Sue Spangler Allemang and Arnold Avery Allemang, as Trustee of the Teresa Sue Spangler Allemang Revocable Trust U/A 07/28/94.
(5) Granted under The Dow Chemical Company 1988 Award and Option Plan, a Rule 16b-3 plan. The plan pursuant to which the reported grant was made provides for tax withholding rights.
(6) The options vest in three equal annual installments beginning on March 2, 2002.
(7) The options vest in three equal annual installments beginning on February 16, 2001.

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