DTN Early Word Grains 02/28 05:55

DTN Early Word Grains 02/28 05:55 Grains Markets Sharply Higher as Black Sea Volatility Continues May corn is up 24 3/4 cents per bushel, May soybeans are up 40 3/4 cents, and May KC wheat is up 46 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: May corn is up 24 3/4 cents per bushel, May soybeans are up 40 3/4 cents, and May KC wheat is up 46 cents. CME Globex Recap: Volatility continues with global equities sharply lower overnight in Europe while U.S. futures post 1.3-1.6% losses. Western countries ramped up sanctions against Russia for their invasion of Ukraine, pushing the country perilously close to expulsion from the global economy. In response to the sanctions, the Russian Ruble fell to record lows against the U.S. Dollar of 116:1 vs. trade at the beginning of the month around 77-78:1. The Russian central bank also more than doubled interest rates to 20% in an effort to stabilize the economy. The knock-on effects are being felt far and wide with energy prices surging and crude oil back near $100 per barrel. The U.S. Dollar Index is up 0.4% overnight. Metals are sharply higher overnight, led by silver which is up 1.2%. Grain markets are all sharply higher, led by wheat markets which are up 3.0-5.0%. Losing supply out of the Black Sea seems to be the most pressing concern, although any threat of nuclear war could change the largest perceived threat quickly. OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial Average up 834.92 at 34,058.75 and the S&P 500 up 95.95 at 4,288.70 while the 10-Year Treasury yield ended at 1.986%. Early Monday, the March DJIA futures are down 477 points. Asian markets are higher with Japan's Nikkei 225 up 50.32 (0.19%) and China's Shanghai Composite up 10.9 points (0.32%). European markets are lower with London's FTSE 100 down 88.69 points (-1.18%), Germany's DAX down 352.6 points (-2.42%) and France's CAC 40 down 195.36 points (-2.89%). The March Euro is down 0.008 at 1.120 and the March U.S. dollar index is up 0.451 at 97.070. The March 30-Year T-Bond is up 38/32nds, while April gold is up $16.40 at $1,904.00 and April crude oil is up $4.66 at $96.25. Soybeans on China's Dalian Exchange were down 3.21% while soybean meal was down 5.7%.