DTN Early Word Grains 05/10 06:01

DTN Early Word Grains 05/10 06:01 Grains Firmer Ahead of WASDE, Conclusion of Trade Talks July corn is up 1 cent per bushel, July soybeans are up 1 3/4 cents, and July K.C. wheat is up 1 1/2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: July corn is up 1 cent per bushel, July soybeans are up 1 3/4 cents, and July K.C. wheat is up 1 1/2 cents. CME Globex Recap: Despite President Trump's move to raise tariffs on Chinese goods last night, equity markets around the globe are trading higher. The U.S. appears to have gone ahead with its decision to raise import tariffs, and in response, China's commerce ministry issues a statement shortly after midnight EDT that they "deeply regretted" the move and repeated its earlier vow to "take necessary countermeasures." The situation is fluid, but it would appear unlikely a deal will be hastily thrown together before the Chinese delegation is scheduled to leave later Friday. Grains are higher overnight ahead of the May WASDE due out later Friday morning. With the price performance this week, it would seem difficult for the USDA to elicit a negative price response with their data Friday, although truly bullish data points should be tough to manufacture. OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average down 138.97 at 25,828.36 and the S&P 500 down 8.70 at 2,879.42 while the 10-year Treasury yield ended at 2.457%. Early Friday, the June DJIA futures are up 10 points. Asian markets are mixed with Japan's Nikkei 225 down 57.21 (-0.27%) and China's Shanghai Composite up 88.26 points (3.1%). European markets are higher with London's FTSE 100 up 32.03 points (0.44%), Germany's DAX up 131.38 points (1.1%) and France's CAC 40 up 41.85 points (0.79%). The June euro is down 0.000 at 1.130 and the June U.S. dollar index is down 0.014 at 97.150. The June 30-year T-Bond is down 2/32nds, while June gold is up $0.80 at $1,286.00 and June crude oil is up $0.38 at $62.08. Soybeans on China's Dalian Exchange were up 1.5% while soybean meal was up 1.21%.