DTN Early Word Grains 01/08 05:57

DTN Early Word Grains 01/08 05:57 Turnaround Friday? March corn was fractionally higher, March soybeans were 2 cents higher, and March Chicago wheat was 2 cents higher. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: March corn was fractionally higher, March soybeans were 2 cents higher, and March Chicago wheat was 2 cents higher. CME Globex Recap: Global financial markets were trying to erase some of this week's carnage Friday, led by a recovery rally in China's Shanghai Composite stock index. DJIA futures were trying to erase a portion of Thursday's almost 400-point loss while the U.S. dollar index recouped a large part of nearly 1.000 break. Meanwhile, continued buying in soybeans sparked a rally in grains. OUTSIDE MARKETS: The Dow Jones Industrial Average rallied to close 392.41 lower at 16,514.10 Thursday while the NASDAQ Composite was down 146.33 points at 4,689.43. DJIA futures were 152 points higher overnight. Asian markets were mixed with the Nikkei down 69.38 points at 17,697.96 while China's Shanghai Composite rallied 61.41 points (2.0%) on government support. European markets were mostly higher. The U.S. dollar index was up 0.467 at 98.686 after closing 0.962 lower Thursday. Crude oil was $0.08 higher at $33.35 while Brent crude was $0.15 higher at $33.90. February gold was $10.10 lower at $1,097.70. Dalian soybean futures were mixed while Malaysian palm oil futures were higher.