DTN Early Word Grains 10/31 05:51

DTN Early Word Grains 10/31 05:51 Wheat Leads Sharp Gains Overnight December corn is up 16 1/4 cents per bushel, January soybeans are up 9 1/4 cents, and December KC wheat is up 44 1/2 cents. Tregg Cronin DTN Contributing Analyst EARLY GLOBEX PRICES: December corn is up 16 1/4 cents per bushel, January soybeans are up 9 1/4 cents, and December KC wheat is up 44 1/2 cents. CME GLOBEX RECAP: Global equity markets are mixed overnight with U.S. futures soft to begin the week. Inflation remains top of mind with the eurozone annual inflation rate rising to 10.7% in October, increasing odds for a recession as the bloc struggles to slow down price increases. Transportation issues from the Black Sea to the Mississippi River will only exacerbate the inflation pressure. Energy markets are sharply lower overnight with crude off 1.5% while products fall 1.4-2.1%. The U.S. Dollar Index is higher overnight, clingingly tightly to its 50-day moving average and working on its third day of gains in a row. Metals are weaker overnight with copper leading losses, down 1.4%. Grain markets are one of the few bright spots with wheat surging in response to the collapse of the Ukraine export corridor. OUTSIDE MARKETS: Previous closes Friday showed the Dow Jones Industrial Average up 828.52 at 32,861.80 and the S&P 500 up 93.76 at 3,807.30 while the 10-Year Treasury yield ended at 4.01%. Early Monday, the December DJIA futures are down 160 points. Asian markets are mixed with Japan's Nikkei 225 up 482.26 (1.78%) and China's Shanghai Composite down 22.44 points (-0.77%). European markets are mixed with London's FTSE 100 up 10.35 points (0.15%), Germany's DAX up 13.52 points (0.1%) and France's CAC 40 down 8.65 points (-0.14%). The December Euro is down 0.002 at 1.000 and the December U.S. Dollar Index is up 0.359 at 110.965. The December 30-Year T-Bond is down 20/32nds, while December gold is down $2.80 at $1,642.00 and December crude oil is down $1.43 at $86.47. Corn on China's Dalian Exchange was up 0.31% while soybeans were down -2.57% and soybean meal was up 0.3%.