Markets are mostly lower this morning with the trade giving back some of its earlier January rally.

Chinese markets will be closed for a week starting Friday as they celebrate the Chinese New Year. 

Fund rebalancing was done the first full week of January and a lot of money moved into commodities. Big index funds bet on crude, crops and livestock, with the investment in crops and livestock at the highest level in two years and the investment in crude at the highest level since 2014.