DTN Early Word Grains 01/15 06:04

DTN Early Word Grains 01/15 06:04 Mixed Grain Trade as "Phase-One" Looms March corn is up 1/4 cent per bushel, March soybeans are down 2 1/4 cents, and March KC wheat is up 2 1/2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: March corn is up 1/4 cent per bushel, March soybeans are down 2 1/4 cents, and March KC wheat is up 2 1/2 cents. CME Globex Recap: Quiet financial markets as investors around the globe await the "phase-one" signing later Wednesday morning. More important will be the details of the agreement which are expected to be released shortly after. If the signing results in an immediate purchase of U.S. goods by China, then the bullishness will be warranted. If, however, the signing prompts more behavior like the last several months, ag markets are likely to react in a negative manner. Wheat continues to lead floor strength with most winter wheat contracts rallying to multi-month highs this week. It is hard to believe, but Chicago wheat is not too far away from $6.00 futures while its hard wheat brethren are nowhere near that level. Producers are starting to pay more attention to new crop prices as the February insurance pricing period draws closer. OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average up 32.62 at 28,939.67 and the S&P 500 down 4.98 at 3,288.13 while the 10-Year Treasury yield ended at 1.818%. Early Wednesday, the March DJIA futures are down 37 points. Asian markets are lower with Japan's Nikkei 225 down 108.59 (-0.45%) and China's Shanghai Composite down 16.78 points (-0.54%). European markets are lower with London's FTSE 100 up 14.13 points (0.19%), Germany's DAX down 8.3 points (-0.06%) and France's CAC 40 down 2.93 points (-0.05%). The March Euro is up 0.001 at 1.120 and the March U.S. dollar index is up 0.051 at 97.145. The March 30-Year T-Bond is up 15/32nds, while February gold is up $7.60 at $1,552.20 and February crude oil is down $0.13 at $58.10. Soybeans on China's Dalian Exchange were up 0.1% while soybean meal was up 0.68%.