DTN Early Word Grains 12/04 05:58

DTN Early Word Grains 12/04 05:58 Grains Higher as Late Harvest Persists March corn is up 1/4 cent per bushel, January soybeans are up 6 cents, and March KC wheat is up 2 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: March corn is up 1/4 cent per bushel, January soybeans are up 6 cents, and March KC wheat is up 2 cents. CME Globex Recap: Equity markets are mixed overnight with Asia closing weaker, Europe posting decent gains and U.S. futures pointed toward a solid open. Markets took issue with President Trump's comments Tuesday about waiting until after the 2020 election to strike a trade deal with China if necessary. However, headlines overnight from Bloomberg suggest the U.S. and China were moving closer to a deal that would agree on the amount of agriculture purchases and a specific amount of tariffs that would be rolled back as part of a "phase one" deal. There is still nothing concrete, and until proven otherwise, we will continue to assume no deal is being signed in the near future. Grain markets are firmer overnight as the concern over late harvest in the U.S. persists. Demand indicators for corn are finally improving with continued strength in ethanol production expected later Wednesday morning. South American weather remains mostly favorable although a drier stretch in Argentina needs to be monitored. OUTSIDE MARKETS: Previous closes on Tuesday showed the Dow Jones Industrial Average down 280.23 at 27,502.81 and the S&P 500 down 20.67 at 3,113.87 while the 10-Year Treasury yield ended at 1.709%. Early Wednesday, the December DJIA futures are up 124 points. Asian markets are lower with Japan's Nikkei 225 down 244.58 (-1.05%) and China's Shanghai Composite down 6.58 points (-0.23%). European markets are higher with London's FTSE 100 up 20.95 points (0.29%), Germany's DAX up 145.56 points (1.12%) and France's CAC 40 up 73.05 points (1.28%). The December Euro is down 0.001 at 1.110 and the December U.S. dollar index is up 0.009 at 97.690. The March 30-Year T-Bond is down 23/32nds, while February gold is down $2.60 at $1,481.80 and January crude oil is up $0.86 at $56.96. Soybeans on China's Dalian Exchange were up 1.47% while soybean meal was up 0.32%.