DTN Early Word Grains 07/06 05:54

DTN Early Word Grains 07/06 05:54 Tariffs Take Effect, Markets Yawn December corn was down 1/2 cent, November soybeans were up 3/4 cent, and September Kansas City (HRW) wheat was down 1 cent. By Todd Hultman DTN Analyst 6:00 a.m. CME Globex: December corn was down 1/2 cent, November soybeans were up 3/4 cent, and September Kansas City (HRW) wheat was down 1 cent. CME Globex Recap: As expected, new tariffs of $34 billion from each, the U.S. and China, went into effect early Friday and the overall market response has been mild, even as the U.S. threatens to impose more. Major global stock markets are mostly higher while Dow Jones' futures are a little lower. Commodities are steady to lower and November soybeans, the target of a new 25% tariff, is a little higher. OUTSIDE MARKETS: Previous closes on Thursday showed the Dow Jones Industrial Average up 181.92 points at 24,356.74 and the S&P 500 up 23.39 points at 2,713.22 while the 10-year Treasury yield ended at 2.84%. Early Friday, DJIA futures were down 33 points. Asian markets are higher with Japan's Nikkei 225 up 241.15 points (1.1%) and China's Shanghai Composite up 13.35 (0.5%). European markets are mostly higher with London's FTSE 100 down 2.58 points (-0.03%), Germany's DAX up 20.09 points (0.2%), and France's CAC 40 up 13.31 points (0.2%). The euro was up 0.0025 and the U.S. dollar index was down 0.07 at 94.33. September 30-year T-Bonds were up 1/32nd while August gold was down $3.50 at $1,255.30 and August crude oil was down $0.16 at $72.78. Soybeans on China's Dalian Exchange were mostly steady and Malaysian palm oil futures were down 0.5%.