DTN Early Word Grains 01/04 05:56

DTN Early Word Grains 01/04 05:56 It's a Chinese New Year March corn was 3/4 cent lower, March 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 3/4 cent lower, March soybeans were 5 cents lower, and March Chicago wheat was 2 cents lower. CME Globex Recap: The overnight session was taken over by a collapse in China's stock markets, triggered by a bearish manufacturing number for the month of December. The Shanghai composite fell almost 7% before trade was halted. Soybeans bore the brunt of most of the selling, dropping from a gain of 2 cents to a loss of 5 cents. Corn and wheat contracts were showing smaller losses. Other global equity sectors are under pressure with DJIA futures pointing to a sharp sell-off to start 2016. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 178.84 points lower Thursday at 17,425.03. The NASDAQ Composite was down 58.44 points at 5,007.41. DJIA futures were 257 points lower overnight. Asian markets were lower with the Nikkei down 582.73 points (3.1%) at 18,450.98 and China's Shanghai Composite off 249.92 points (6.9%). European markets were also lower. The U.S. dollar index was down 0.380 at 98.251. Crude oil was $0.51 higher at $37.55 while Brent crude was $0.77 higher at $38.05. February gold was $12.30 higher at $1,072.50. Dalian soybean futures and Malaysian palm oil futures were both lower.