DTN Early Word Grains         03/03 05:46
   Iran War Intensifies on Day 4, Row-Crop Prices March Higher

   May corn is up 5 1/2 cents per bushel, May soybeans are up 18 1/4 cents, May
KC wheat is up 8 1/2 cents, May Chicago wheat is up 7 1/4 cents, and MIAX May
Minneapolis wheat is up 0.0375 cents.

Mike McGinnis
DTN Contributing Analyst

   EARLY MORNING GLOBEX NET CHANGES: May corn is up 5 1/2 cents per bushel, May
soybeans are up 18 1/4 cents, May KC wheat is up 8 1/2 cents, May Chicago wheat
is up 7 1/4 cents, and MIAX May Minneapolis wheat is up 0.0375 cents.

   CME GLOBEX RECAP: On Monday, May corn closed down 2 cents, May soybeans
closed down 6 3/4 cents, and May KC wheat closed down 5 3/4 cents. Corn,
soybean, and hard red winter wheat basis were stronger on Monday, while soft
red winter basis and spring wheat basis were weaker. Monday's prices moved
higher in their initial reaction to the U.S.-Israeli strikes on Iran but turned
lower. Overnight into Tuesday, as the war intensified and crude oil prices
extended gains on worries of a prolonged conflict, farm markets moved higher.
On Monday, the USDA's weekly Export Inspections Report showed that corn and
soybean bookings beat expectations, and wheat inspections fell within
expectations.

   OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial
Average down 73.14 at 48,904.78, and the S&P 500 up 2.74 at 6,881.62. The
10-Year Treasury yield ended at 4.048%. Early Tuesday, the March Dow Jones
Futures are down 834 points. European markets are lower, with the spot futures
of London's FTSE 100 trading down 2.66%, spot futures of Germany's DAX are
trading down 3.84%, and the spot futures of France's CAC 40 Index are down
2.89%. Asian markets are lower, with Japan's Nikkei 225 Index down 3.06% and
China's Shanghai Composite Index down 1.43%.