DTN Early Word Grains 01/03 05:56

DTN Early Word Grains 01/03 05:56 Happy New Year! March corn was unchanged, March soybeans were 4 cents lower, and March Chicago wheat was fractionally lower. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: March corn was unchanged, March soybeans were 4 cents lower, and March Chicago wheat was fractionally lower. CME Globex Recap: 2017 started off with a bang as soybeans rallied a quick 7 cents shortly after Monday evening's open. The other grains were also higher. However, Chicago soybeans couldn't hold gains as China's Dalian market traded lower. Crude oil posted a strong overnight rally through early Tuesday morning on news that Kuwait has actually cut its production. The U.S. dollar index was showing a strong rally, picking up in 2017 where it left off in 2016. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 57.18 points (0.3%) lower at 19,762.60. The NASDAQ Composite fell 48.97 points (0.9%) to 5,383.12 and the S&P 500 slipped 10.43 points (0.5%) to close at 2,238.83 Friday. DJIA futures were 126 points higher early Monday morning. Asian markets were mostly higher with Japan's Nikkei closed for holiday, Hong Kong's Hang Seng was up 149.84 points (0.7%), and China's Shanghai Composite rallied 32.28 points (1.0%). European markets were also mostly higher Monday with London's FTSE 100 gaining 23.31points (0.3%), Germany's DAX off 5.31 points, and France's CAC 40 adding 19.29 points (0.4%). The U.S. dollar index was 0.52 higher at 103.32. March 30-year T-Bonds were down 1 18/32 at 149'03 while February gold lost $3.50 to $1,148.20. Crude oil added $1.21 to $54.93 while Brent crude was $1.27 higher at $58.09. Dalian soybean futures were lower while Malaysian palm oil futures were higher overnight.