DTN Early Word Grains 12/05 05:54

DTN Early Word Grains 12/05 05:54 No Island in Sight March corn was fractionally higher, January soybeans were 1 cent higher, and March Chicago (SRW) was 1 cent lower. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: March corn was fractionally higher, January soybeans were 1 cent higher, and March Chicago (SRW) was 1 cent lower. CME Globex Recap: Monday's action in soybeans left open the possibility of an Island Top formation on its daily chart. However, with contracts fractionally mixed overnight no such patter was established. Corn was fractionally higher after posting less than a 1-cent trading range while wheat contracts were lower again. Most outside commodities were also under pressure as the U.S. dollar index posted a small gain. DJIA futures were higher, but nothing like the triple-digit gains seen early Monday morning. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 58.46 points (0.2%) higher at 24,290.05, the NASDAQ Composite lost 72.22 points (1.0%) to 6,775.37, and the S&P 500 fell 2.78 points (0.1%) to 2,639.44 Monday. DJIA futures were 29 points higher early Tuesday morning. Asian markets closed mostly lower with Japan's Nikkei 225 down 84.78 points (0.4%), Hong Kong's Hang Seng off 295.48 points (1.0%), and China's Shanghai Composite losing 5.94 points (0.2%). European markets were trading lower with London's FTSE 100 off 0.87 point, Germany's DAX losing 91.23 points (0.7%), and France's CAC 40 off 37.66 points (0.77%). The euro added 0.0002 to 1.1866 as the U.S. dollar index gained 0.03 to 93.12. March 30-year T-Bonds were 1/32 lower at 153'00 while February gold rallied $1.40 to $1,279.10. Crude oil was $0.27 lower at $57.20 while Brent crude slipped $0.13 to $62.32. China's Dalian soybean and Malaysian palm oil futures were both lower overnight.