DTN Early Word Grains 12/13 05:49

DTN Early Word Grains 12/13 05:49 Higher Grain Markets Ahead of Inflation Data March corn is up 2 1/4 cents per bushel, January soybeans are up 5 cents, and March KC wheat is up 10 cents. Tregg Cronin DTN Contributing Analyst PRE-6 AM GLOBEX PRICES: March corn is up 2 1/4 cents per bushel, January soybeans are up 5 cents, and March KC wheat is up 10 cents. CME GLOBEX RECAP: The next two days will be incredibly important for financial markets as the U.S. receives the latest inflation data just as the Federal Reserve begins their two-day FOMC meeting. The data later Tuesday morning could directly influence the central bank's rate decision to be released Wednesday afternoon. The trade is expecting year/year (y/y) inflation as measured by the Consumer Price Index to be up 7.3% vs. 7.7% in October. Energy markets are firmer overnight with crude oil and products up 1.2-1.6% while natural gas is up 3.3%. The U.S. Dollar Index is lower overnight but mainly inside its recent trading range with an overall downtrend still in place. Metals are higher, led by silver, up 1.08%. Grain markets are higher across the board with wheat leading gains. OUTSIDE MARKETS: Previous closes Monday showed the Dow Jones Industrial Average up 528.58 at 34,005.04 and the S&P 500 up 56.18 at 3,934.38 while the 10-Year Treasury yield ended at 3.611%. Early Tuesday, the December DJIA futures are up 142 points. Asian markets are mixed with Japan's Nikkei 225 up 112.52 (0.4%) and China's Shanghai Composite down 2.72 points (-0.09%). European markets are higher with London's FTSE 100 up 18.8 points (0.25%), Germany's DAX up 110.74 points (0.77%) and France's CAC 40 up 39.62 points (0.6%). The December Euro is up 0.001 at 1.050 and the December U.S. Dollar Index is down 0.109 at 104.995. The March 30-Year T-Bond is up 4/32nds, while February gold is up $5.30 at $1,797.60 and January crude oil is up $0.92 at $74.09. Corn on China's Dalian Exchange was down 0.07% while soybeans were down 1.17% and soybean meal was down 1.29%.