DTN Early Word Grains 01/26 05:47

DTN Early Word Grains 01/26 05:47 Grain Markets Lower Friday Morning on Farmer Selling, Consolidating Recent Gains March corn is down 3 cents per bushel, March soybeans are down 1 3/4 cents, March KC wheat is down 3 3/4 cents, March Chicago wheat is down 6 cents and March Minneapolis wheat is down 4 1/2 cents. Kent Beadle, DTN Contributing Analyst EARLY MORNING GLOBEX NET CHANGES: March corn is down 3 cents per bushel, March soybeans are down 1 3/4 cents, March KC wheat is down 3 3/4 cents, March Chicago wheat is down 6 cents and March Minneapolis wheat is down 4 1/2 cents. CME GLOBEX RECAP: World equity markets are mostly higher Friday morning after Thursday's new high closes in both the S&P 500 and in the Dow Jones Industrial Average. Thursday's rally in U.S. markets was tied to better-than-expected 4th quarter GDP where the preliminary number was a 3.3% rise, above the trade estimate which was at 2%. New home sales were also higher than trade estimates. However, jobless claims were higher than expected and durable goods orders were lower than expected, which turned out to be a mix of both good and bad news that helped traders be comfortable in pushing equity prices to new highs. Friday we will get the PCE estimate, which the Fed watches closely in gaging inflation. OUTSIDE MARKETS: Previous closes Thursday showed the Dow Jones Industrial Average up 242.74 at 38,049.13 and the S&P 500 up 25.61 at 4,894.16, The 10-Year Treasury yield ended at 4.13%. Early Friday, the March Dow Jones Futures are down 49 points. European markets are higher with the spot futures of London's FTSE 100 trading up 1.18%, spot futures of Germany's DAX is trading up 0.06% and the spot futures of France's CAC 40 Index up 1.94%. Asian markets are mixed with Japan's Nikkei 225 Index down 1.34% and China's Shanghai Composite Index up 0.14%.