DTN Early Word Grains 04/04 05:55

DTN Early Word Grains 04/04 05:55 Soybeans: Know Tariff, Know Top May corn was 11 cents lower, May soybeans were 46 cents lower, and July Kansas City (HRW) wheat was 7 cents lower. By Darin Newsom DTN Senior Analyst 6:00 a.m. CME Globex: May corn was 11 cents lower, May soybeans were 46 cents lower, and July Kansas City (HRW) wheat was 7 cents lower. CME Globex Recap: It looks to be an interesting day in markets as an all-out trade war broke out overnight. In response to President Trump's new tariffs on China Tuesday, the Chinese government announced additional tariffs on U.S. imports planes, soybeans, and automobiles. DJIA futures have fallen more than 600 points, crude oil is down more than $1, soybeans immediately fell 50-plus cents, and gold is up $10. Computer algorithms could be set to sell throughout the day. OUTSIDE MARKETS: The Dow Jones Industrial Average closed 389.17 points (1.7%) higher at 24,033.36, the NASDAQ Composite gained 71.16 points (1.0%) to 6,941.28, and the S&P 500 rallied 32.57 points (1.2%) to 2,614.45 Tuesday. DJIA futures were 600 points lower early Wednesday morning. Asian markets closed mostly lower with Japan's Nikkei 225 up 27.26 points (0.1%), Hong Kong's Hang Seng down 661.41 points (2.1%), and China's Shanghai Composite off 5.52 points (0.2%). European markets were trading lower with London's FTSE 100 down 37.75 points (0.5%), Germany's DAX falling 174.58 points (1.5%), and France's CAC 40 losing 40.42 points (0.8%). The euro was 0.0010 higher at 1.2281 while the U.S. dollar index slipped 0.06 to 90.12. June 30-year T-Bonds were 15/32 higher at 146'11 while June gold added $10.00 to $1,347.30. Crude oil was $1.14 lower at $62.37 as Brent crude lost $1.16 to $66.96. China's Dalian soybean and Malaysian palm oil futures were both higher overnight.