DTN Early Word Grains 12/17 05:58

DTN Early Word Grains 12/17 05:58 Dollar Rolling Early Thursday March corn was fractionally higher, January soybeans were 5 cents lower, and March Chicago wheat was 2 cents lower. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: March corn was fractionally higher, January soybeans were 5 cents lower, and March Chicago wheat was 2 cents lower. CME Globex Recap: It took a while, but the U.S. dollar index (USDX) finally reacted to the Federal Reserve's rate hike overnight. The USDX posted a full 1.000 rally, putting pressure on most commodity markets. Gold followed Wednesday strong rally with a $10 sell-off while crude oil remained under pressure. Corn was posting a small gain early Thursday though soybeans were lower on ideas Wednesday's devaluation of the Argentine peso will lead to farmer selling of part of their massive soybean stocks. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 224.18 points higher Wednesday at 17,749.09. The NASDAQ Composite was up 75.77 points at 5,071.13. DJIA futures were 43 points higher overnight. Asian markets were higher with the Nikkei up 303.65 points at 19,353.56 and China's Shanghai Composite rallying 63.81 points (1.81%). European markets were also higher. The U.S. dollar index was up 0.880 at 98.751. Crude oil was $0.36 lower at $37.03 while Brent crude was $0.32 lower at $37.07. February gold was $10.10 lower at $1,066.70. Dalian soybean futures were higher and Malaysian palm oil futures were lower.