DTN Early Word Grains 12/04 05:56

DTN Early Word Grains 12/04 05:56 Grains Take a Back Seat to Outside Markets March corn was fractionally lower, January soybeans were 3 cents lower, and March Chicago wheat was 1 cent higher. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: March corn was fractionally lower, January soybeans were 3 cents lower, and March Chicago wheat was 1 cent higher. CME Globex Recap: Most of the trade interest overnight was in the U.S. dollar index (USDX) following its sharp 2.370 sell-off Thursday. Early Friday sees the USDX gaining back 0.700. High volatility is expected again after the release of the November jobs data at 7:30 am (CT). Crude oil was also higher as OPEC meets in Vienna to discuss potential crude oil output levels. The general consensus of analysts is that the meeting will result in no production cuts. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 252.01 points lower Thursday at 17,477.67. The NASDAQ Composite was down 85.69 points at 5,037.53. DJIA futures were 77 points higher overnight. Asian markets were lower with the Nikkei down 435.42 points at 19,504.48 and China's Shanghai Composite off 59.83 points (1.7%). European markets were also lower. The U.S. dollar index was up 0.714 at 98.335. Crude oil was $0.74 higher at $41.82 while Brent crude was $0.75 higher at $44.59. February gold was $1.10 higher at $1,062.30. Dalian soybean futures and Malaysian palm oil futures were both higher.