DTN Early Word Grains 03/04 05:55

DTN Early Word Grains 03/04 05:55 Grain, Soy Meltdown Extends another Day on Tariffs, Weather and Fund Selling May corn is down 7 cents per bushel, May soybeans are down 13 cents, May KC wheat is down 6 cents, May Chicago wheat is down 6 cents and May Minneapolis wheat is down 3 3/4 cents. Dana Mantini Senior Market Analyst EARLY MORNING GLOBEX NET CHANGES: May corn is down 7 cents per bushel, May soybeans are down 13 cents, May KC wheat is down 6 cents, May Chicago wheat is down 6 cents and May Minneapolis wheat is down 3 3/4 cents. CME GLOBEX RECAP: Grain and soy markets are extending the losses early Tuesday as traders fear the impact of tariffs on Mexico, Canada and China that went into effect Tuesday. Retaliatory tariffs are likely, and China was the first to step up with an additional 15% to be levied on imports of U.S. farm products according to an AP article. Adding to the bearish tone of the past week is large-scale fund liquidation and new selling, the advancing Brazilian soy harvest and improving Argentine weather. Outside market influences are also playing into the hands of the bears with the equity and energy markets falling hard for the second straight day. The weakness comes despite the plunging U.S. Dollar Index. OUTSIDE MARKETS: Previous closes Monday showed the Dow Jones Industrial Average down 649.67 at 43,191.24 and the S&P 500 down 104.78 at 5,849.72. The 10-Year Treasury yield ended at 4.18%. Early Tuesday, the March Dow Jones Futures are down 12 points. European markets are lower with the spot futures of London's FTSE 100 trading down 0.32%, spot futures of Germany's DAX is trading down 2.08% and the spot futures of France's CAC 40 Index down 1.16%. Asian markets are mixed with Japan's Nikkei 225 Index down 1.2% and China's Shanghai Composite Index up 0.22%.