DTN Early Word Grains 02/01 05:54

DTN Early Word Grains 02/01 05:54 Welcome to February March corn was 1 cent lower, March soybeans were 7 cents lower, and July Kansas City wheat was 4 cents lower. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: March corn was 1 cent lower, March soybeans were 7 cents lower, and July Kansas City wheat was 4 cents lower. CME Globex Recap: Grains were lower overnight with most contracts at or near session lows early Wednesday morning. Soybeans are showing the most pressure with old-crop March off 6 cents. Outside markets are mostly higher led by a small rally in crude oil. Gold followed up Tuesday's rally with a minor move of about a $1.00. The U.S. dollar index is slightly higher to start the second day of the FOMC meeting while DJIA futures have also rallied. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 107.04 points (0.5%) lower at 19,864.09. The NASDAQ Composite gained 1.07 points to 5,614.79 and the S&P 500 was off 2.03 points (0.1%) at 2,278.87 Tuesday. DJIA futures were 40 points higher early Wednesday morning. Asian markets were mostly higher with Japan's Nikkei up 106.74 points (0.6%), Hong Kong's Hang Seng lost 42.39 points (0.2%), and China's Shanghai Composite remained closed for holiday. European markets were also higher Wednesday with London's FTSE 100 up 53.35 points (0.8%), Germany's DAX rallying 111.98 points (1.0%), and France's CAC 40 gaining 55.84 points (1.2%). The U.S. dollar index was 0.08 higher at 99.63 while the euro dipped 0.0002 to 1.0796. March 30-year T-Bonds lost 13/32 to 150'14 while April gold rallied $1.00 to $1,212.40. Crude oil added $0.21 to $53.02 while Brent crude gained $0.24 to $55.82. Dalian soybean futures remain closed for holiday Malaysian palm oil futures were lower again overnight.