DTN Early Word Grains 12/30 06:11

DTN Early Word Grains 12/30 06:11 Soy, Wheat Lead Gains as Corn Stalls March corn is down 1/4 cent per bushel, March soybeans are up 6 1/2 cents, and March KC wheat is up 3 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: March corn is down 1/4 cent per bushel, March soybeans are up 6 1/2 cents, and March KC wheat is up 3 cents. CME Globex Recap: Financial markets were quiet overnight with trade participation still light in front of the New Year holiday in most countries. Despite the holiday, this week will still be busy on the economic data front, and traders will be awaiting news on the U.S.-China "phase-one" agreement. Grain markets are mixed to higher with soybeans and wheat posting solid gains while corn hangs around unchanged. Another winter storm is slamming the upper Midwest with snow totals of 6 to 12 inches being reported across the Dakotas and Minnesota. This will hamper logistics further, which should support destination basis and suppress origin basis as trains and trucks come to a halt. Traders are looking ahead to the "phase-one" signing but remain cognizant of the beneficial weather occurring in South America. Without a drastic turn in weather, South America looks poised to deliver a record soybean crop and possibly a record corn crop as well. Regardless of where China is buying, there could be plenty of row crop available on the global balance sheet. OUTSIDE MARKETS: Previous closes on Friday showed the Dow Jones Industrial Average up 23.87 at 28,645.26 and the S&P 500 up 0.11 at 3,239.91 while the 10-year Treasury yield ended at 1.874%. Early Monday, the March DJIA futures are up 10 points. Asian markets are mixed with Japan's Nikkei 225 down 181.1 (0.76%) and China's Shanghai Composite up 34.99 points (1.16%). European markets are lower with London's FTSE 100 down 34.71 points (0.45%), Germany's DAX down 79.32 points (0.6%) and France's CAC 40 down 20.86 points (0.35%). The March euro is up 0.00020 at 1.124 and the March U.S. dollar index is down 0.081 at 96.465. The March 30-year T-Bond is down 0.68%, while February gold is down $4.30 at $1,513.80 and February crude oil is up $0.15 at $61.87. Soybeans on China's Dalian Exchange were up 0.3% while soybean meal was up 0.34%.