DTN Early Word Grains         03/05 05:50
   Corn, Soybean Markets Underpinned by Surging Crude Oil Prices

   May corn is up 1 3/4 cents per bushel, May soybeans are up 4 1/2 cents, May
KC wheat is up 7 3/4 cents, May Chicago wheat is up 6 1/4 cents, and MIAX May
Minneapolis wheat is up 0.0475 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: May corn is up 1 3/4 cents per bushel, May
soybeans are up 4 1/2 cents, May KC wheat is up 7 3/4 cents, May Chicago wheat
is up 6 1/4 cents, and MIAX May Minneapolis wheat is up 0.0475 cents.

   CME GLOBEX RECAP: On Wednesday, May corn closed down 2 3/4 cents, May
soybeans closed down 1 cent, and May KC wheat closed down 5 3/4 cents. Soybean
and corn basis were steady on Wednesday, while soft red winter wheat, spring
wheat, and hard red winter wheat basis were stronger. The Iranian war and the
closing of the Strait of Hormuz were the featured drivers of crude oil moving
sharply higher before stalling out. As a result, that trimmed losses for corn
and soybeans. Soybean oil remains elevated, underpinning the soybean complex.
The U.S. dollar weakened on Wednesday for the first time this week. In general,
the farm markets had little fundamental news to trade. On Thursday, the USDA
releases its weekly Export Sales report at 7:30 a.m. CST. At the same time,
Statistics Canada is expected to drop spring acreage estimates in its Principal
Field Crop Area Report.

   OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones
Industrial Average up 238.14 at 48,739.41 and the S&P 500 up 52.87 at 6,869.50.
The 10-Year Treasury yield ended at 4.08%. Early Thursday, the March Dow Jones
Futures are down 117 points. European markets are higher, with the spot futures
of London's FTSE 100 trading up 0.42%, spot futures of Germany's DAX are
trading up 0.27%, and the spot futures of France's CAC 40 Index are up 0.3%.
Asian markets are higher, with Japan's Nikkei 225 Index up 1.9% and China's
Shanghai Composite Index up 0.64%.