DTN Early Word Grains 01/20 05:41

DTN Early Word Grains 01/20 05:41 Crop Prices a Little Lower, Expecting Rain in Argentina March corn is down 3 cents, March soybeans are up 1 cent and March KC wheat is down 4 cents. Todd Hultman DTN Lead Analyst EARLY MORNING GLOBEX NET CHANGES: March corn is down 3 cents, March soybeans are up 1 cent and March KC wheat is down 4 cents. CME GLOBEX RECAP: Early Friday, stock futures in the U.S. were trading slightly lower, flanked by higher markets in both Europe and Asia. It has been a week of lower trading for U.S. stocks, partly due to weak economic data and some earnings disappointments. The Federal Reserve meets next at the end of January and is expected to increase the federal funds rate by 0.25% on February 1. USDA's weekly export sales report is due out at 7:30 a.m. CST, followed by U.S. existing home sales for December at 9 a.m. and USDA's cattle on-feed report for January 1 at 2 p.m. Friday's earnings reports include PPG Industries and several financial firms. China goes on holiday next week for its New Year celebration. OUTSIDE MARKETS: Previous closes Thursday showed the Dow Jones Industrial Average down 252.40 at 33,044.56 and the S&P 500 down 30.01 at 3,898.85, while the 10-Year Treasury yield ended at 3.40%, near the lowest in four months. Early Friday, March Dow Jones futures are down 23 points. Asian markets are higher with Japan's Nikkei 225 index up 0.56% and China's Shanghai Composite Index up 0.76%. European markets are higher with the spot futures of the London FTSE 100 trading up 0.25%, spot futures of Germany's DAX trading up 0.22% and spot futures of France's CAC Index trading up 0.51%. The March euro is down $0.0002 at $1.0867. The March U.S. Dollar Index is up 0.21 at 102.05. The March 30-year T-bond is down 15/32nds, while February gold is up $6.70 at $1,930.60 and March crude oil is up $0.29 at $80.62. On China's Dalian exchange, March corn was down 0.8%, March soybeans were down 0.6%, May soybean meal was down 1.0% and May soybean oil was up 0.5%. March Malaysian palm oil is trading up 0.1%.