DTN Early Word Grains 05/13 06:00

DTN Early Word Grains 05/13 06:00 Grains Weaker from WASDE, Trade War Implications July corn is down 2 1/2 cents per bushel, July soybeans are down 7 cents, and July K.C. wheat is down 3 1/2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: July corn is down 2 1/2 cents per bushel, July soybeans are down 7 cents, and July K.C. wheat is down 3 1/2 cents. CME Globex Recap: Weaker equity markets overnight as fallout from the trade talks Friday reverberates throughout the global economy. Investors are also trying to position for President Trump to follow through on his claim of being willing to raise tariffs to 25% on about $300 billion worth of Chinese goods within 30-days. Grain markets continue to trade weakly as traders price in an extended trade row with China, ignoring the lack of planting pace and incoming rains at the end of this week. Beginning balances for 2019/20 ending stocks are bearish across the board and will drag on any price strength created from yield concerns. 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 Monday, the June DJIA futures are down 288 points. Asian markets are lower with Japan's Nikkei 225 down 153.64 (-0.72%) and China's Shanghai Composite down 35.5 points (-1.21%). European markets are lower with London's FTSE 100 down 1.14 points (-0.02%), Germany's DAX down 99.14 points (-0.82%) and France's CAC 40 down 30.61 points (-0.57%). The June Euro is up 0.000 at 1.130 and the June U.S. dollar index is down 0.035 at 97.090. The June 30-Year T-Bond is up 12/32nds, while June gold is down $3.70 at $1,283.70 and June crude oil is up $0.89 at $62.55. Soybeans on China's Dalian Exchange were unchanged while soybean meal was up 0.5%.