DTN Early Word Grains 01/07 05:57

DTN Early Word Grains 01/07 05:57 Global Markets Short Circuiting March corn was 2 cents lower, March soybeans were 3 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 2 cents lower, March soybeans were 3 cents lower, and March Chicago wheat was 2 cents lower. CME Globex Recap: China's stock market was open for only a half-hour before circuit breakers brought trade to a halt with the Shanghai Composite showing a 7% loss. DJIA futures are off almost 400 points early Thursday while crude oil, both Brent and WTI, are nearing a break below $30. Despite Wednesday's bullish technical signals soybeans couldn't rally on the problems in China, with corn and soybeans also trading lower. OUTSIDE MARKETS: The Dow Jones Industrial Average rallied to close 252.15 lower at 16,905.51 Wednesday while the NASDAQ Composite was down 55.67 points at 4,835.76. DJIA futures were 388 points lower overnight indicating a possible 400-point lower open by the Dow. Asian markets were lower with the Nikkei down 423.98 points at 17,767.34 and China's Shanghai Composite fell 236.84 points (7.0%) after only 29 minutes of trade. European markets were lower on spillover pressure from Asia. The U.S. dollar index was down 0.391 at 98.790, a somewhat surprising move. Crude oil was $0.83 lower at $33.14 after posting a low of $32.10. Brent crude was $0.59 lower at $33.64 ($32.16). February gold was $5.50 higher at $1,097.40. Dalian soybean futures were higher while Malaysian palm oil futures were lower.