DTN Early Word Grains 02/06 05:59

DTN Early Word Grains 02/06 05:59 Grains Mixed as Tariff Cuts Fail to Spur Gains March corn is down 1 cent per bushel, March soybeans are up 2 1/4 cents, and March KC wheat is down 2 3/4 cents. By Tregg Cronin DTN Contributing Analyst 6:00 a.m. CME Globex: March corn is down 1 cent per bushel, March soybeans are up 2 1/4 cents, and March KC wheat is down 2 3/4 cents. CME Globex Recap: A strong reaction from equity markets around the globe as China announced it would cut tariffs in half on some U.S. imports as it moves to implement the "phase-one" agreement amid the economic fallout from the coronavirus. Washington also plans to cut tariffs on some Chinese goods on February 14 from 15% to 7.5% according to the U.S. Trade Representative. National media outlets were not specific on which tariffs would be cut specifically, and no mention of agriculture products in general was made. There has been a great deal of consternation in recent days over whether China would be able to implement its side of the "phase-one" deal amid the virus outbreak. As we've been doing since the beginning of the trade war, it will still come down to actual purchases made by China which have been lacking so far. Analysts are watching the February 15 date closely as that is the official start of the "phase-one" agreement. Ag markets are having a muted reaction overnight with weakness in grains and small gains in the soy complex. Export sales later Thursday morning should help set the day session tone. OUTSIDE MARKETS: Previous closes on Wednesday showed the Dow Jones Industrial Average up 483.22 at 29,290.85 and the S&P 500 up 37.10 at 3,297.59 while the 10-Year Treasury yield ended at 1.649%. Early Thursday, the March DJIA futures are up 95 points. Asian markets are higher with Japan's Nikkei 225 up 554.03 (2.38%) and China's Shanghai Composite up 48.42 points (1.72%). European markets are higher with London's FTSE 100 up 17.11 points (0.23%), Germany's DAX up 86.2 points (0.64%) and France's CAC 40 up 37.73 points (0.63%). The March Euro is down 0.000 at 1.100 and the March U.S. dollar index is down 0.003 at 98.155. The March 30-Year T-Bond is up 7/32nds, while April gold is up $6.90 at $1,569.70 and March crude oil is up $0.48 at $51.23. Soybeans on China's Dalian Exchange were up 0.37% while soybean meal was down 0.3%.