DTN Early Word Grains 03/28 06:03

DTN Early Word Grains 03/28 06:03 Wheat Melts Down, Corn & Soy Weaker as China Covid Cases Surge May corn is down 11 cents, May soybeans are down 15 1/4 cents, and July KC May wheat is down 35 cents. Dana Mantini Senior Market Analyst Pre-6 a.m. Globex Prices: May corn is down 11 cents, May soybeans are down 15 1/4 cents, and July KC May wheat is down 35 cents. CME Globex Recap: Early Monday, Dow Jones futures are slightly lower with European markets all higher and Asian markets lower. The bond market is mostly higher. The news from Ukraine is that the Russian forces continued with missile strikes over the weekend into several Ukraine cities, but with little success in overtaking Kyiv, may have shifted their focus back to Eastern Ukraine. President Zelenskyy from Ukraine has suggested that he is ready to accept a neutral status as part of a peace settlement, but it would be done with a referendum with the Ukrainian people. The big news is China early Monday with its largest city, Shanghai, about to go on a weeklong lockdown due to a surge in Covid-19 cases, with 56,000 now in the country. Crude oil is under serious pressure, taking bean oil and soybeans with it. Russian and Ukraine officials will again meet in Turkey on Tuesday for more peace talks. OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average up 153.30 at 34,861.24 and the S&P 500 up 22.90 at 4,543.06 while the 10-Year Treasury yield ended higher at 2.49%. Early Monday, the June DJIA futures are down 13 points. Asian markets are lower with Japan's Nikkei down 205.95 (-0.73%) and China's Shanghai Composite down 45.36 points (+1.39%). European markets are up, with London's FTSE 100 up 28.42 points (+0.39%), Germany's DAX up 205.33 points (+1.43%) and France's CAC 40 up 75.85 points (+1.16%). The June Euro is at 1.10, and the June U.S. Dollar Index is up 0.022 at 98.82. The June 30-Year T-Bond is up 11/32nds, while June gold is down 21.60 at $1938.20 and May crude oil is down 4.63 at $109.30. Soybeans on China's Dalian Exchange are lower and soybean meal is lower as well.