DTN Early Word Grains 02/17 06:00

DTN Early Word Grains 02/17 06:00 When Wednesday is Tuesday March corn was fractionally lower, March soybeans were 2 cents lower, and March Chicago wheat was 1 cent lower. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: March corn was fractionally lower, March soybeans were 2 cents lower, and March Chicago wheat was 1 cent lower. CME Globex Recap: A U.S. holiday on Monday almost always means Wednesday is going to act like a Tuesday, reversing some of the previous day's move. This was seen in grains overnight with all three markets posting quiet losses. However outside markets are ignoring this theory with DJIA futures and the U.S. dollar index continuing to rally while gold remains under pressure. Crude oil is trying to move higher while global headlines debate the true effects of a Saudi/Russian production freeze at record high levels. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 225.57 points higher at 16,196.41, the NASDAQ Composite was up 98.45 points at 4,435.96, and the S&P 500 rallied 30.80 points to close at 1,895.58 Tuesday. DJIA futures were 104 points higher overnight. Asian markets were mixed with the Nikkei down 218.07 points (1.4%) and China's Shanghai Composite gaining 30.77 points (1.1%). European markets were higher with London's FTSE 100 up 91.22 points (1.6%). The U.S. dollar index was 0.034 higher at 96.902. Crude oil was up $0.61 at $29.66 while Brent crude rallied $0.76 to $32.94. April gold was $4.00 lower at $1,204.20. China's Dalian soybean futures were mixed while Malaysian palm oil futures were higher.