DTN Early Word Grains 03/01 05:55

DTN Early Word Grains 03/01 05:55 Grains Surge as Fighting Escalates in Ukraine May corn is up 22 1/2 cents per bushel, May soybeans are up 39 3/4 cents, and May KC wheat is up 44 1/4 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: May corn is up 22 1/2 cents per bushel, May soybeans are up 39 3/4 cents, and May KC wheat is up 44 1/4 cents. CME Globex Recap: Mixed equity trade overnight with Asia higher while Europe is lower and U.S. futures suggest a lower cash open Tuesday morning. Commodities on the other hand continue to surge as escalation continues in Ukraine. Media outlets reported a missile strike had begun in Ukraine's second largest city of Kharkiv while a 40-mile long convoy of Russian military vehicles headed toward Kyiv as the invasion is set to begin a more destructive phase. Brent crude futures are back over $100 pre barrel while WTI trades just below at $98.71. The U.S. Dollar Index is solidly higher overnight while the Russian Ruble trades at 106.60:1 against the USD. Metals are higher overnight with copper leading gains of 1.23%. Grains are sharply higher with wheat leading gains once again. The narrative seems to have shifted from if supplies would be impacted out of the region to how much and for how long. Risk premium needs to be added. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average down 166.15 at 33,892.60 and the S&P 500 down 10.71 at 4,384.65 while the 10-Year Treasury yield ended at 1.839%. Early Tuesday, the March DJIA futures are down 206 points. Asian markets are higher with Japan's Nikkei 225 up 317.9 (1.2%) and China's Shanghai Composite up 26.53 points (0.77%). European markets are lower with London's FTSE 100 down 40.48 points (-0.54%), Germany's DAX down 310.36 points (-2.44%) and France's CAC 40 down 174.94 points (2.63%). The March Euro is down 0.005 at 1.120 and the March U.S. dollar index is up 0.291 at 96.985. The June 30-Year T-Bond is up 44/32nds, while April gold is up $21.30 at $1,922.00 and April crude oil is up $3.02 at $98.74. Soybeans on China's Dalian Exchange were up 2.27% while soybean meal was up 1.65% and corn was up 0.74%.