DTN Early Word Grains 02/16 06:00

DTN Early Word Grains 02/16 06:00 Welcome Back! March corn was 3 cents higher, March soybeans were 7 cents higher, and March Chicago wheat was 5 cents higher. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: March corn was 3 cents higher, March soybeans were 7 cents higher, and March Chicago wheat was 5 cents higher. CME Globex Recap: China's weeklong New Year holiday came to an end Sunday, just in time for many U.S. markets to have the day off Monday. Now, though, everyone is back in the arena together and markets are responding. Grains posted solid gains overnight with soybeans reaching as much as 10 cents higher. Crude oil continued its rally on news major oil producing countries would freeze output at January levels while not cutting production, if other countries agreed to the same. Gold continued to give back last week's rally while the U.S. dollar index was strong again. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 313.66 points higher at 15,973.84, the NASDAQ Composite was up 70.67 points at 4,337.51, and the S&P 500 rallied 35.70 points to close at 1,864.78 Friday. DJIA futures were 182 points higher overnight. Asian markets were higher with the Nikkei up 31.85 points (0.2%) and China's Shanghai Composite gaining 90.37 points (3.3%). European markets were mostly lower though London's FTSE 100 was up 12.35 points (0.2%). The U.S. dollar index was 0.590 higher at 96.530. Crude oil was up $0.37 at $29.81 while Brent crude rallied $0.44 to $33.83. April gold was $26.10 lower at $1,213.30. China's Dalian soybean futures were higher while Malaysian palm oil futures were lower.