DTN Early Word Grains 02/16 06:26

DTN Early Word Grains 02/16 06:26 Grains Recover Overnight After Tuesday Rout March corn is up 4 1/2 cents per bushel, March soybeans are up 14 1/2 cents, and March KC wheat is up 2 1/4 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: March corn is up 4 1/2 cents per bushel, March soybeans are up 14 1/2 cents, and March KC wheat is up 2 1/4 cents. CME Globex Recap: Global equity trade was mostly quiet overnight with U.S. futures suggesting a slightly lower open later Wednesday. The Russia-Ukraine situation appears to have cooled for the moment, which helped U.S. stocks rally Tuesday. It is highly unlikely we've seen the last of that debacle, but markets should alert us to the next development. Crude oil wiped out hard Tuesday, but it is holding together nicely overnight above $92.00 per barrel. The White House has gasoline prices, and potentially gas taxes, squarely in the crosshairs. The U.S. Dollar Index is weaker overnight but mainly inside recent ranges. Metals are all higher overnight, led by copper, up 0.7%. Grains are higher overnight with strength stemming from the soy complex as markets recovery from Tuesday's washout. The Black Sea and South America are still driving daily price action. OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial Average up 422.67 at 34,988.84 and the S&P 500 up 69.40 at 4,401.67 while the 10-Year Treasury yield ended at 2.045%. Early Wednesday, the March DJIA futures are down 68 points. Asian markets are higher with Japan's Nikkei 225 up 595.21 (2.22%) and China's Shanghai Composite up 19.74 points (0.57%). European markets are higher with London's FTSE 100 down 16.69 points (-0.22%), Germany's DAX up 9.54 points (0.06%) and France's CAC 40 up 5.21 points (0.07%). The March Euro is up 0.002 at 1.140 and the March U.S. dollar index is down 0.143 at 95.850. The March 30-Year T-Bond is up 2/32nds, while April gold is up $0.30 at $1,856.50 and March crude oil is up $0.79 at $92.86. Soybeans on China's Dalian Exchange were down 0.81% while soybean meal was down 0.76% and corn was down 0.40%.