DTN Early Word Grains 12/03 05:59

DTN Early Word Grains 12/03 05:59 Grains Rally as Harvest Drags March corn is up 1 cent per bushel, January soybeans are up 3 1/4 cents, and March KC wheat is up 5 1/4 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: March corn is up 1 cent per bushel, January soybeans are up 3 1/4 cents, and March KC wheat is up 5 1/4 cents. CME Globex Recap: Equity markets are mixed to weaker overnight after President Trump announced Monday the U.S. was going to restore tariffs on imported steel and aluminum from Brazil and Argentina for devaluing their currencies, hurting U.S. farmers. In addition, the U.S. Trade Representative proposed implementing $2.4 billion in retaliatory tariffs on French products in response to that country's 3% digital tax. Investors also remain cognizant of the December 15 deadline with China that could see additional tariffs enacted by the U.S. if no trade deal is agreed upon. The lack of progress with China as well as the additional trade skirmishes will keep financial markets wary into year-end. Ag markets are higher overnight as wheat contracts bounce back and row crops are supported by the never-ending harvest in the Upper Midwest. A significant amount of harvest remains north of Interstate-80 which should keep farm marketing limited, cash markets strong and production estimates uncertain for the foreseeable future. OUTSIDE MARKETS: Previous closes on Monday showed the Dow Jones Industrial Average down 268.37 at 27,783.04 and the S&P 500 down 27.11 at 3,140.98 while the 10-Year Treasury yield ended at 1.836%. Early Tuesday, the December DJIA futures are down 103 points. Asian markets are mixed with Japan's Nikkei 225 down 149.69 (-0.64%) and China's Shanghai Composite up 8.89 points (0.31%). European markets are mixed with London's FTSE 100 down 81.27 points (-1.12%), Germany's DAX up 36.22 points (0.29%) and France's CAC 40 down 30.93 points (-0.53%). The December Euro is down 0.001 at 1.110 and the December U.S. dollar index is down 0.016 at 97.775. The December 30-Year T-Bond is up 28/32nds, while February gold is up $6.30 at $1,475.50 and January crude oil is up $0.08 at $56.04. Soybeans on China's Dalian Exchange were up 0.92% while soybean meal was down 0.11%.