DTN Early Word Grains         03/09 05:48
   Row-Crop Traders Eye Iran's War, $100 Crude Oil, and USDA Data

   May corn is up 7 1/4 cents per bushel, May soybeans are up 15 1/4 cents, May
KC wheat is up 6 1/4 cents, May Chicago wheat is up 4 1/2 cents, and MIAX May
Minneapolis wheat is up 0.0675 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: May corn is up 7 1/4 cents per bushel, May
soybeans are up 15 1/4 cents, May KC wheat is up 6 1/4 cents, May Chicago wheat
is up 4 1/2 cents, and MIAX May Minneapolis wheat is up 0.0675 cents.

   CME GLOBEX RECAP: On Friday, May corn increased by 7 cents, May soybeans
rose 21 1/4 cents, and May KC wheat gained 31 cents. Basis for soybean, corn,
soft red winter wheat, hard red winter wheat, and spring wheat weakened on
Friday. Fund-buying pushed wheat to a nearly two-year high. Additionally, the
Iranian war premium was added to the row-crop markets. Crude oil and fertilizer
supplies, disrupted by the closing of the Strait of Hormuz and Gulf producers
reducing output, caused prices to rise. On Sunday night, crude oil surged 30%
before trimming gains, surpassing $100 per barrel. On Monday, the USDA releases
its Weekly Export Inspection Report. Traders are watching Tuesday's USDA WASDE
report, which is expected to be bearish for the grain markets. A projected
decline in Brazil's soybean production could be neutral to bullish.

   OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial
Average down 453.19 at 47,501.55 and the S&P 500 down 90.69 at 6,740.02. The
10-Year Treasury yield ended at 4.133%. Early Monday, the March Dow Jones
Futures are down 465 points. European markets are lower, with spot futures of
London's FTSE 100 down 0.99%, spot futures of Germany's DAX down 1.26%, and the
spot futures of France's CAC 40 Index are down 1.75%. Asian markets are lower,
with Japan's Nikkei 225 Index down 5.2% and China's Shanghai Composite Index
down 0.67%.