DTN Early Word Grains 01/27 05:56

DTN Early Word Grains 01/27 05:56 Waiting on the Fed - Again March corn was fractionally lower, March soybeans were fractionally higher, and March Chicago wheat was 3 cents lower. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: March corn was fractionally lower, March soybeans were fractionally higher, and March Chicago wheat was 3 cents lower. CME Globex Recap: Markets were mixed overnight, continuing the week's back-and-forth activity ahead of Wednesday afternoon's Federal Reserve announcement on interest rates. Japan's Nikkei posted a strong 450 point rally, though this buying enthusiasm didn't gel into support for DJIA futures that were trading lower early Wednesday. In somewhat of a strange development; the U.S. dollar index, gold, and the energy complex were all lower with the USDX and crude oil seeing solid sell-offs. Grains were mixed corn near unchanged, soybeans fractionally higher, and wheat giving back a large part of Tuesday's rally. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 282.01 higher at 16,167.23, the NASDAQ Composite was up 49.18 points at 4,567.67, and the S&P 500 rallied 26.55 points to close at 1,903.63 Tuesday. DJIA futures were 67 points lower overnight. Asian markets were mostly higher with the Nikkei up 455.02 points (2.7%) while China's Shanghai Composite was off 14.23 points (0.5%). European markets were mostly lower with London's FTSE 100 down 27.87 points. The U.S. dollar index was 0.312 lower at 99.042. Crude oil was down $1.02 at $30.43 while Brent crude rallied $0.66 to $31.14. February gold was $3.60 lower at $1,116.60. Dalian soybean futures were mixed while Malaysian palm oil futures were higher.