DTN Early Word Grains 03/09 06:01

DTN Early Word Grains 03/09 06:01 Volatile Wheat Markets Plunge, Pressuring Corn; Soy Remains Strong May corn is down 10 1/4 cents, May soybeans are up 17 cents, and July KC wheat is down 68 cents. Dana Mantini Senior Market Analyst Pre-6 a.m. Globex Prices: May corn is down 10 1/4 cents, May soybeans are up 17 cents, and July KC wheat is down 68 cents. CME Globex Recap: Early Wednesday, Dow Jones futures are up with European markets mixed to mostly lower and Asian markets lower. The bond market is higher. The big news early Wednesday is that both the U.S. and UK have chosen to ban imports of Russian oil, with other EU nations considering the same, in an effort to eliminate major Russian funding for the ongoing war with Ukraine. South American weather remains mostly neutral to bearish this week, with good rains expected to fall in southern Brazil and Argentina. Traders await the Wednesday release of the March WASDE Wednesday at 11:00 a.m. CST, expected to show a decline in South American bean and corn production, and modest declines in U.S. ending stocks for corn, wheat and soybeans. OUTSIDE MARKETS: Previous closes Tuesday showed the Dow Jones Industrial Average down 184.74 at 32,632.64 and the S&P 500 down 30.39 at 4,170.70 while the 10-Year Treasury yield ended higher at 1.872%. Early Wednesday, the June DJIA futures are up 513 points. Asian markets are lower with Japan's Nikkei down 73.42(-0.30%) and China's Shanghai Composite down 37.14 points (+2.14%). European markets are mixed, with London's FTSE 100 up 150.18 points (-0.33%), Germany's DAX up 647.24 points (+5.04%) and France's CAC 40 down 123.28 points (-1.93%). The March Euro is at 1.10, and the March U.S. Dollar Index is down .0560 at 98.52. The June 30-Year T-Bond is down 21/32nds, while June gold is down 22.50 at $2024.20 and April crude oil is down 2.88 at $120.83. Soybeans on China's Dalian Exchange are higher and soybean meal is higher as well.