Trump Questions Future of USMCA as Farm Groups Push for Renewal

President Donald Trump says he is not looking to renew the U.S.-Mexico-Canada Agreement, raising concerns among farm groups that rely on trade with the nation’s two largest agricultural export markets. Bloomberg said Trump criticized trade deficits with Canada and Mexico and suggested the U.S. does not need goods from either country. Under the agreement, the three nations must approve a renewal by July 1 or begin a lengthy review process that could eventually lead to changes or withdrawal. Agriculture organizations are urging the administration to keep the pact in place. More than 150 farm groups have signed a letter supporting renewal, citing the economic benefits of North American trade. During a House Agriculture Committee hearing, Minnesota farmer Jamie Beyer of the American Soybean Association warned that failing to renew the agreement would be “catastrophic.” The USMCA has helped support nearly $1.6 trillion in annual North American trade.

Beef Checkoff Releases New Screwworm Resources for Cattle Producers

As concerns grow over the spread of New World Screwworm, the beef checkoff has launched new resources to help cattle producers identify, prevent, and respond to potential infestations. The National Cattlemen's Beef Association's checkoff-funded Issues Management and Public Relations team has developed educational materials that producers can download free of charge. Resources include identification guides, treatment information, and on-farm posters available in both English and Spanish. Producers can access the materials at BQA.org/Screwworm/Producer. New World Screwworm is a destructive pest whose larvae feed on the living tissue of animals. Infestations begin when adult flies lay eggs in open wounds, potentially causing severe health problems in cattle and other livestock. Industry officials stress that screwworm is not a food safety concern and cannot be transmitted through beef or other food products. Producers are encouraged to familiarize themselves with the new resources and monitor livestock closely for signs of infestation.

Dairy Farmers Take Priorities to Capitol Hill During NMPF Fly-In

More than 80 dairy farmers and cooperative leaders traveled to Washington, D.C., this week to press lawmakers on issues ranging from agricultural labor and trade to animal health and milk labeling. The annual fly-in, organized by the National Milk Producers Federation's Young Cooperators program, included visits to roughly 100 congressional offices. Participants urged Congress to pass a new farm bill in 2026, maintain access to all types of milk in school meal programs, and approve the DAIRY PRIDE Act, which would establish stricter standards for labeling dairy alternatives. Dairy producers also called on lawmakers to support stronger dairy provisions as the United States, Mexico, and Canada prepare to review the USMCA trade agreement. Concerns over the recent detection of the New World Screwworm in the United States were also part of discussions on Capitol Hill. The fly-in followed NMPF's June board meeting, where members received updates on agricultural trade and the farm economy. 

Ethanol Production Holds Steady as Inventories Decline

U.S. ethanol production was unchanged last week while fuel inventories fell to their lowest level in nearly three weeks, according to new data from the Energy Information Administration. Ethanol plants produced an average of 1.108 million barrels per day during the week ending June 5, matching the previous week's output. Production in the Midwest, the nation's largest ethanol-producing region, edged higher to 1.049 million barrels per day from 1.047 million the week before, reaching its highest level in three weeks. Production declined along the Gulf Coast, falling to 25,000 barrels per day from 28,000 barrels a week earlier. Output on the East Coast increased to 13,000 barrels per day, while production in the Rocky Mountain and West Coast regions was unchanged. Meanwhile, ethanol inventories dropped to 24.45 million barrels, down from 24.61 million the previous week. The decline pushed stockpiles to their lowest level since mid-May, a sign of continued demand for the corn-based renewable fuel.

USDA Releases June WASDE Report

The USDA’s World Agricultural Supply and Demand Estimates Report showed little change from the previous month. The 2026-2027 U.S. corn outlook is virtually unchanged relative to last month. Fractionally higher beginning and ending stocks reflect mostly offsetting trade and domestic use changes from the previous year, with adjustments to imports, corn used for ethanol, and exports. The season-average farm price is unchanged at $4.40 per bushel. Soybean supply, use, and price projections are unchanged this month. The U.S. season-average soybean price is forecast at $11.40 per bushel. The U.S. wheat outlook projects smaller supplies and, with no other changes to the balance sheet, lower ending stocks. Supplies are reduced on decreased output as all-wheat production is projected at 1.543 billion bushels. The all-wheat yield dropped a half-bushel lower to 47 bushels. The season-average farm price dropped 50 cents to an even $6 a bushel. 

Wisconsin Dairy Farmers Challenge Federal Checkoff Program in Lawsuit

Three Wisconsin dairy farmers are challenging the federal dairy checkoff program, arguing it forces producers to fund promotional and research efforts such as the “Got Milk?” campaign. The Wisconsin Institute for Law & Liberty filed the lawsuit against Ag Secretary Brooke Rollins and the National Dairy Promotion and Research Board. The suit targets the long-running program that collects mandatory assessments from milk producers to finance national and state-level marketing, research, and promotion initiatives, including groups like Dairy Farmers of Wisconsin. Similar checkoff programs exist across agriculture, including beef, pork, eggs, and potatoes. The complaint describes the program as a “burdensome federal program” that harms small farms, and it criticizes checkoff-funded efforts like the Innovation Center for Dairy Research, which emphasizes environmental stewardship and sustainability. Wisconsin Public Radio says the suit was filed in federal court, and the case seeks to halt or restructure how dairy checkoff funds are collected and used nationwide.

Friday Watch List

Markets

On Friday, USDA will release a series of follow-ups to Thursday's WASDE, such as updating the wheat and feed grain datasets at 1 p.m. CDT. At 2:30 p.m. CDT, CFTC will close the week with the Commitments of Traders report, updating positions as of Tuesday, June 9.

Weather

A cold front is pushing into the Southern Plains, Southeast, and East on Friday. Some thunderstorms are currently found near the front, but additional development is likely throughout the day. The most intense storms appear most likely on the East Coast where the heat and humidity could fuel severe wind gusts. Cooler temperatures are settling in behind the front.