DTN Early Word Grains 01/13 06:00

DTN Early Word Grains 01/13 06:00 Corn Leads Grain Buying Effort Following USDA March corn is up 16 1/4 cents per bushel, March soybeans are up 1 cent, and March KC wheat is up 3 cents. Tregg Cronin DTN Contributing Analyst Pre-6 a.m. Globex Prices: March corn is up 16 1/4 cents per bushel, March soybeans are up 1 cent, and March KC wheat is up 3 cents. CME Globex Recap: Steady to mixed equity trade around the globe overnight with U.S. futures suggesting a slightly weaker open Wednesday morning. The big news Wednesday is a planned vote on impeachment of President Trump in the House of Representatives just days before he is set to leave office. It would appear financial markets are looking past these events and toward possible measures to come from the Biden Administration. Energy markets are higher overnight with spot crude oil holding the $53.00 per barrel mark. The U.S. Dollar Index continues to chop around the 90-handle level, remaining below major moving averages. Markets on the Dalian Commodity Exchange were sharply higher overnight while Paris milling wheat and Malaysian palm oil were both higher. Grain markets are mostly higher overnight, led by a surging corn market which produced a near-limit higher trade Tuesday evening before moderating slightly. It is now debatable whether corn or soybeans have the more constructive fundamentals. It is not debatable these two markets have a bullish outlook for the foreseeable future. OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average up 60.00 at 31,068.69 and the S&P 500 up 1.58 at 3,799.61 while the 10-Year Treasury yield ended at 1.138%. Early Wednesday, the March DJIA futures are down 30 points. Asian markets are mixed with Japan's Nikkei 225 up 292.25 (1.04%) and China's Shanghai Composite down 9.69 points (-0.27%). European markets are higher with London's FTSE 100 up 2.18 points (0.03%), Germany's DAX down 1.47 points (-0.01%) and France's CAC 40 up 16.96 points (0.3%). The March Euro is down 0.003 at 1.220 and the March U.S. dollar index is up 0.106 at 90.170. The March 30-Year T-Bond is up 8/32nds, while February gold is up $8.80 at $1,853.00 and February crude oil is up $0.02 at $53.23. Soybeans on China's Dalian Exchange were up 0.65% while soybean meal was up 2.87% and corn was up 1.69%.