DTN Early Word Grains 03/07 05:57

DTN Early Word Grains 03/07 05:57 Chicago Wheat Again Limit Up, Corn and Soy Soar May corn is up 20 1/4 cents, May soybeans are up 33 1/4 cents, and May KC wheat is up 85 cents. Dana Mantini Senior Market Analyst Pre-6 a.m. Globex Prices: May corn is up 20 1/4 cents, May soybeans are up 33 1/4 cents, and May KC wheat is up 85 cents. CME Globex Recap: Early Monday, Dow Jones futures are sharply lower with European markets lower and Asian markets sharply lower. The bond market is higher. As the fighting rages on in Ukraine, and Russia advances on Kyiv and port city Odessa, grain and soy markets are again higher with Chicago and KC wheat leading the way up. Stock markets all over are down sharply, with gold and crude oil showing solid gains. Spot West Texas Intermediate soared to over $130 per barrel overnight and is currently near $123. Weather in South America featured good rains over the weekend, with the driest areas of Argentina expected to see good coverage over the next week. However, the market is focused on tightening world supplies of veg oil, wheat, and corn as Black Sea shipments remains shut down. OUTSIDE MARKETS: Previous closes Friday showed the Dow Jones Industrial Average down 179.86 at 33,614.80 and the S&P 500 down 34.62 at 4,328.87 while the 10-Year Treasury yield ended up at 1.724%. Early Monday, the March DJIA futures are down 509 points. Asian markets are lower with Japan's Nikkei down 764.06(-2.94%) and China's Shanghai Composite down 108.26 points (-3.11%). European markets are all lower with London's FTSE 100 down 118.20 points (-1.69%), Germany's DAX down 422.81 points (-3.23%) and France's CAC 40 down 511.28 points (-8.02%). The March Euro is at 1.08, and the March U.S. Dollar Index is up .674 at 99.345. The March 30-Year T-Bond is down 4/32nds, while April gold is up 39.40 at $2.006 and April crude oil is up 7.15 at $122.86. Soybeans on China's Dalian Exchange are higher and soybean meal is higher as well.