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DTN Early Word Grains         01/12 05:57
   Another Report Day

   March corn was fractionally higher, March soybeans were fractionally higher,
and March Chicago (SRW) wheat was fractionally higher.

By Darin Newsom
DTN Senior Analyst

6:00 a.m. CME Globex:   March corn was fractionally higher, March soybeans were
fractionally higher, and March Chicago (SRW) wheat was fractionally higher.

CME Globex Recap:   Friday is USDA January report day, and grains were quietly
higher to start. Not that this is any indication of what's to come, but rather
a stalemate before the few minutes of excitement after the release of all the
numbers later in the session. The U.S. dollar index remains volatile, falling
sharply again as it approaches major (long-term) technical support. On the
other end of the spectrum, DJIA futures were posting a triple-digit gains
hinting at another explosive extension to equities when U.S. equities open at
8:30 (CT).

OUTSIDE MARKETS:   The Dow Jones Industrial Average closed 205.60 points (0.8%)
higher at 25,574.73, the NASDAQ Composite gained 58.21 points (0.8%) to
7,211.78, and the S&P 500 added 19.33 points (0.7%) to 2,767.56 Thursday. DJIA
futures were 110 points higher early Friday morning. Asian markets closed
mostly higher with Japan's Nikkei 225 off 56.61 points (0.2%), Hong Kong's Hang
Seng up 292.15 points (0.9%), and China's Shanghai Composite adding 3.60 points
(0.1%). European markets were trading mostly higher with London's FTSE 100 up
16.94 points (0.2%), Germany's DAX gaining 32.86 points (0.2%), and France's
CAC 40 up 18.67 points (0.3%). The euro gained 0.0093 to 1.2126 as the U.S.
dollar index fell another 0.57 to 91.33. March 30-year T-Bonds were 4/32 lower
at 151'10 while February gold rallied $9.70 to $1,332.20. Crude oil was $0.40
lower at $63.40 while Brent crude lost $0.18 to $69.08. China's Dalian soybean
and Malaysian palm oil futures were both lower again overnight.
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