DTN Early Word Grains 03/02 05:53

DTN Early Word Grains 03/02 05:53 Wheat Hits Expanded Limit Up as Rally Continues May corn is up 16 3/4 cents per bushel, May soybeans are down 4 3/4 cents, and May KC wheat is up 75 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: May corn is up 16 3/4 cents per bushel, May soybeans are down 4 3/4 cents, and May KC wheat is up 75 cents. CME Globex Recap: A commodity sector explosion to the upside will be the focus on Wednesday with crude oil futures making new seven-year highs above $110.00 per barrel while heating oil rallies more than 6% and grain futures rally sharply. The energy sector strength seems to be in reaction to Exxon Mobil ceasing operations in Russia, joining Shell and BP in recent days. The lack of support in Russia by the world's largest oil companies could have long-lasting effects, supporting energy prices indefinitely, especially as many countries attempt to move away from fossil fuels. The U.S. Dollar Index remains bid as a safe haven, trading to the highest level since July 2020. Metals are mixed with copper higher while gold and silver trade lower. Grains are sharply higher overnight with wheat posting another expanded limit up move. The soy complex is trading lower which is noteworthy given the surging prices elsewhere in the commodity space. OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial Average down 597.65 at 33,294.95 and the S&P 500 down 67.68 at 4,373.94 while the 10-Year Treasury yield ended at 1.707%. Early Wednesday, the March DJIA futures are up 225 points. Asian markets are lower with Japan's Nikkei 225 down 451.69 (-1.68%) and China's Shanghai Composite down 4.64 points (-0.13%). European markets are higher with London's FTSE 100 up 49.27 points (0.67%), Germany's DAX up 51.16 points (0.37%) and France's CAC 40 up 26.42 points (0.41%). The March Euro is down 0.003 at 1.110 and the March U.S. dollar index is up 0.284 at 97.690. The June 30-Year T-Bond is down 19/32nds, while April gold is down $15.50 at $1,928.30 and April crude oil is up $5.24 at $108.65. Soybeans on China's Dalian Exchange were up 2.26% while soybean meal was up 0.72%.