DTN Early Word Grains 03/07 06:03

DTN Early Word Grains 03/07 06:03 Grains See Carryover Strength May corn was 3 cents higher, May soybeans were 4 cents higher, and July Kansas City wheat was 6 cents higher. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: May corn was 3 cents higher, May soybeans were 4 cents higher, and July Kansas City wheat was 6 cents higher. CME Globex Recap: Grains were able to rally on carryover buying from last week, though contracts hit session highs shortly after the open of overnight trade. Winter wheat continues to find support in unseasonably warm, dry weather across much of its growing area while soybeans continue to find commercial buying based on Brazil's presidential problems. Corn is happy to ride the coattails of the others for now. Energies were mostly higher with only natural gas under pressure again. Not surprising given the early spring much of the United States is seeing. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 62.87 points higher at 17,006.77, the NASDAQ Composite was up 9.60 points at 4,717.02, and the S&P 500 rallied 6.59 points to close at 1,999.99 Friday. DJIA futures were 47 points lower overnight. Asian markets were mixed with the Nikkei down 103.46 points (0.6%) while China's Shanghai Composite gained 23.19 points (0.8%). European markets were lower with London's FTSE 100 down 53.64 points (0.9%). The U.S. dollar index erased an early loss to rally 0.300 overnight, putting it at 97.640 early Monday. Crude oil was up $0.46 at $36.38 while Brent crude gained $0.34 to $39.06. April gold was $0.20 higher at $1,271.00. China's Dalian soybean futures and Malaysian palm oil futures were both higher.