Federal Court Blocks Trump’s Tariffs

A federal court blocked President Donald Trump’s plan to impose tariffs on imports from almost every country in the world. Yahoo says a three-judge panel of the U.S. Court of International Trade ruled that Trump overstepped his authority when he invoked the 1977 International Emergency Economic Powers Act to declare a national emergency and justify the sweeping tariffs. The tariffs overturned decades of U.S. trade policy, disrupted global commerce, destabilized financial markets, and heightened the risk of rising prices and a domestic and international recession. The court’s decision blocks the tariffs Trump put in place during April on almost all of America’s trading partners and levies he imposed before that on China, Mexico, and Canada. The Court of International Trade has jurisdiction over civil cases involving trade. Its decisions can be appealed to the Federal Circuit Court of Appeals, where the legal challenges to the tariffs will likely end up.

Rural Mainstreet Index Stays Below Growth Neutral

The May Rural Mainstreet Index fell below the growth-neutral reading of 50.0 for the 19th time in the past 20 months. The ten-state region covered by the Index came in at 44 during May, up from 40 in April. The index ranges between 0 and 100, with 50 representing growth neutral. “According to the bank CEOs in our survey, the economic outlook for 2025 farm income remains weak,” said Ernie Goss of Creighton University. “Almost one in four bankers rate tariff retaliation from trading partners as the top risk facing farmers this year.” Sixty-eight percent say lower commodity prices are the major risk for farmers. For the 12th time in 13 months, farmland prices sank below growth neutral. Farm equipment sales also dropped below growth neutral for the 21st straight month. Regarding the tax deliberations in Congress, 54 percent of the rural bank CEOs argue for extending the 2017 tax cuts.

USDA to Provide One Billion Dollars to Livestock Producers

Ag Secretary Brooke Rollins announced the release of congressionally mandated Emergency Livestock Relief Program payments to cover grazing losses due to drought or wildfire events in 2023 and-or 2024. The USDA’s Farm Service Agency is leveraging existing Livestock Forage Disaster Program data to streamline the payment calculations and expedite relief. Emergency relief payments are automatically issued for producers who have an approved LFP application on file for 2023 and-or 2024 and do not have to contact USDA to receive payments. “The Ag Department is stepping up to support livestock producers by expediting disaster payments when drought and wildfires strike,” said Rollins. “USDA has the backs of farmers and ranchers, and that is why we are delivering much-needed emergency relief.” The American Relief Act of 2025 provided funds for emergency relief payments. FSA will announce additional ELRP assistance for other losses authorized by the Act, including losses from flooding, later this summer. 

New Campaign Against Prop 12 Begins

The Center for Environment and Welfare launched a new educational campaign urging Congress to stop the far-reaching consequences of California’s Proposition 12. The Center calls it an “overreaching law” that’s driving up U.S. grocery prices. The “Food Price Fix” campaign has a website, educational video, and a letter-writing initiative asking voters to contact their lawmakers and urge them to pass a federal fix. “Consumers who have never been in California are paying the price for its overreaching, inflationary law,” said Will Coggin, research director for the CEW. “Legislators must nullify Prop 12 and bring down grocery prices for hard-hit American families.” The campaign comes at a time when most Americans are worried about affording groceries, with low-income households reporting the most prevalent stress. Prop 12 banned the sale of most eggs and pork in California, only allowing the sale of specialty, higher-cost products like free-range eggs and pasture-raised pork.

Competitive Markets Groups Take to Capitol Hill

Competitive Markets Action and the Organization for Competitive Markets are issuing a call for the public and lawmakers to oppose the “Food Security and Farm Protection Act.” The groups held their sixth farm bill summit and Washington fly-in since 2023 focused on defeating the legislation formerly known as the EATS Act. Marty Irby, president of Competitive Markets Action, says as Congress focuses on reconciliation, it’s important not to lose sight of the urgent threat to farmers and state sovereignty now waiting for action in the Senate Ag Committee. “This assault on American family farmers would overturn and nullify countless agriculture laws enacted by voters and legislatures in all states,” Irby said. Taylor Haynes, president of the Organization for Competitive Markets, said Senate Bill 1326 is a “naked effort” by America’s largest agricultural producers to do an end-run around the U.S. Supreme Court and give foreign adversaries a bigger choke hold on U.S. agriculture. 

MAHA Report Could Hurt Farmers and Consumers

The National Corn Growers Association responded to the Making America Healthy Again Committee report which raised unfounded questions about the safety of pesticides. The NCGA released a report speaking to the economic impact of widely-used technologies like atrazine and glyphosate. “U.S. farmers consistently raise abundant crops that provide consumers with reliable, low-cost access to food,” said NCGA Chief Economist and Illinois farmer Krista Swanson, who authored the report. “One of the central tenets to producing crops is controlling pests that when left unchecked can reduce corn yields by up to 70 percent.” She also says the safety and efficacy of pesticides have been repeatedly tested and documented for decades. The report says farmers would face at least a 60 percent cost increase if they were to switch from glyphosate and atrazine to alternative herbicides. Glyphosate and atrazine have been registered as U.S. pesticides since 1974 and 1958, respectively. 

Friday Watch List

Markets

Export Sales at 7:30 a.m. CDT

Personal Consumption Expenditure at 7:30 a.m. CDT

Advanced April U.S. trade balance at 7:30 a.m. CDT

EIA Monthly Biofuel Feedstocks Use and Capacity report at 9:30 a.m. CDT

CFTC Commitment of Traders report at 2:30 p.m. CDT

Weather

An upper-level low is finally making a push eastward on Friday, after bringing widespread showers to much of the country this week and heavy rain across the South. A small disturbance rotating around that low is bringing a batch of heavy rain along the Ohio River that will push into the East Coast later in the day. Thunderstorms are sparking along its front to the southwest through Texas, but will push eastward throughout the day, bringing potential severe weather and additional heavy rain to the Southeast Coast.

Update on the Fight Against New World Screwworm

Ag Secretary Brooke Rollins provided an update on the USDA’s ongoing partnership with Mexico to combat the New World Screwworm. Rollins held a call with her Mexican counterpart and discussed the ongoing threat of NWS and actions being taken by both countries to contain the threat south of the U.S. border. Rollins said the USDA is investing $21 million to renovate an existing fruit fly production facility in Mexico. This facility will produce 60-100 million additional sterile screwworm flies weekly to push the population further south in Mexico. “The investment I’m announcing is one of the many efforts my team is making around the clock to protect our animals, our farm economy, and the security of our nation’s food supply,” Rollins said. “We’re continuing to work closely with Mexico to push screwworm away from the U.S. and out of Mexico.” Current U.S. restrictions on live animal imports from Mexico remain in place. 

Taiwan to Buy 32 Percent More U.S. Goods

The President of Taiwan pledged to buy more American goods, including natural gas and oil, as the self-governing island looks for closer relations with the U.S. The country, a self-governing island, seeks closer ties with the U.S. while the administration threatens to implement a 32 percent tariff. Other purchases from the U.S. could include weapons and agricultural goods. Taiwan says its goal is to create more balanced bilateral trade with the U.S. and also boost its energy autonomy and resilience. Representative Bruce Westerman is chair of the House Natural Resources Committee and told Taiwanese officials that the U.S. produces a lot of food and fiber and is always looking for more friends to share that with. But the AP says America buys far more from Taiwan and had a trade deficit of $116.3 billion in 2024. The 32 percent tariff is on hold except for a ten percent baseline duty. 

Trade Uncertainty Affecting Corn, Soybean Prices

Uncertainty about the direction of international trade policy is clouding the outlook for grain elevators and merchandisers. The lack of clarity surrounding tariffs with key U.S. trading partners like China has pulled new-crop sales well below historical averages. A new report from CoBank’s Knowledge Exchange says the longer the uncertainty continues to drag on sales of new-crop exports, export-dependent grain elevators, and merchandisers risk entering the 2025-2026 marketing year with greater reliance on local demand that may be scarce in some regions. “Elevators and grain merchandisers with exposure to high-risk export markets, especially China, may have to widen the new-crop basis to attract local demand,” said Tanner Ehmke, grains and oilseeds economist for CoBank. As of May 1, U.S. new-crop export sales were well below their five-year averages, with soybeans falling 88.2 percent and corn dropping 26.9 percent. China is conspicuously absent, with no purchases of U.S. soybeans, corn, or wheat.

Intense Heat Wave This Week in the Western U.S

A strong dome of high pressure will send Western U.S. temperatures surging to record-challenging or record-shattering territory Thursday through Saturday. “This will be the first heat wave of the season in the West that’s outside southern California,” said AccuWeather Meteorologist Heather Zehr. Strong high pressure in the upper levels of the atmosphere will bring plenty of warmth.” She also says a general offshore flow, where the wind travels from the land to the water, will enhance the heat. “This prevents any cooling by the lower ocean water temperatures along the coast,” she added. The most intense heat will be centered across interior California, Nevada, and western Utah. AccuWeather is forecasting a record of 107 degrees in Redding, California, and another high of 103 degrees in Sacramento, California. The high will hit 107 in Las Vegas, Nevada, on Friday. Zehr says the feels-like temperatures could skyrocket to 110 degrees or higher. 

Microsoft and FFA Partner to Teach Students About Precision Ag

Microsoft and the National FFA Organization announced the national expansion of FarmBeats for Students, a cutting-edge educational program. It integrates smart sensors, data science, and artificial intelligence to teach precision agriculture in classrooms. Starting this week, FFA teachers and students throughout the U.S., including FFA chapters in 185 middle and high schools, will receive a classroom set of FarmBeats for Students kits free of charge. The kits include ready-to-use sensor systems along with a curriculum for teachers and are designed for classrooms of all kinds. No prior technical experience is required. Using the FarmBeats for Students kits and free curriculum, students build environmental sensor systems and use AI to monitor soil moisture and detect nutritional deficiencies, allowing them to understand what’s happening with their plants and make data-driven decisions in real-time. National FFA says supporting agricultural education and leadership development is critical for shaping the next generation of innovators and problem-solvers.

Culvers Giving Farmers Free Custard in June

June is National Dairy Month, and Culver’s is celebrating the nation’s hardworking dairy farmers in a way only the small-town Wisconsin-born brand can: by giving farmers free Fresh Frozen Custard. Throughout the month, Culver’s will offer dairy farmers a free scoop of Fresh Frozen Custard with their online order. Farmers redeeming the offer can use the code “DAIRYGOOD” at checkout to get their free scoop. Culver’s has long had a heart for agriculture as a part of its “Thank You Farmers Project,” a guest-fueled initiative that supports local agricultural efforts along with national organizations working to advance the industry on a broader scale, such as the National FFA Organization and U.S. Farmers and Ranchers in Action. The brand is proud to shine a special spotlight on dairy farmers through June as it encourages guests and Americans everywhere to show appreciation for the farmers feeding our population by enjoying dairy foods in June.

Thursday Watch List

Markets

Initial Jobless Claims at 7:30 a.m. CDT

Q1 GDP First Revision at 7:30 a.m. CDT

EIA Petroleum Status Report including weekly ethanol production at 9:30 a.m. CDT

Outlook for U.S. Ag Trade at 2 p.m. CDT

Weather

An upper-level cutoff low-pressure system that has been spinning around the Midwest all week continues on Thursday. Isolated showers will be found across the region. But an impulse rotating around it will produce more batches of heavier rain and thunderstorms across the South throughout the day and may clip the southern Midwest Thursday night into early Friday.

Fewer U.S. Cattle on Feed

The USDA’s Cattle on Feed Report showed on-feed numbers, placements, and marketings were all down two-to-three percent this month. U.S. cattle and calves on feed for the slaughter market for feedlots with a capacity of 1,000 or more head totaled 11.4 million head on May 1, 2025. April placements in feedlots totaled 1.61 million head, three percent below 2024. Net placements were 1.56 million head. April’s fed cattle marketings totaled 1.83 million head, three percent below 2024. Other disappearances totaled 50,000 head during April, 11 percent below 2024. USDA also released its Cold Storage Report on Friday, which showed total red meat supplies in freezers were up five percent from the previous month but down six percent from last year. Total pounds of beef in freezers were down two percent from the previous month and down two percent from last year. Frozen pork supplies were up 11 percent from the prior month. 

USDA Food Purchases to Help the Needy

The USDA will purchase up to $67 million in fresh seafood, fruits, and vegetables from domestic producers to distribute to food banks and nutrition assistance programs across the country. These purchases are being made through Section 32 of the Agriculture Act of 1935 and will assist producers and communities in need. Fiscal year to date, USDA has provided more than $600 million in purchases, all of which benefit the charitable feeding network. “These purchases deliver healthy and nutritious American commodities to individuals and families in need,” said Ag Secretary Brooke Rollins. “USDA is proud to support those in need by providing access to the safest and highest quality fresh fruits, vegetables, and seafood in the world.” USDA’s Agricultural Marketing Service will purchase $20 million in Atlantic Groundfish, $14 million in canned pears, $3 million in sweet cherries, $14 million worth of Great Northern Beans, and $16 million in Pacific Pink Shrimp. 

White House Gives EU a Trade Reprieve

The European Union won a pause from President Donald Trump’s threatened 50 percent tariffs.  However, Reuters said it’s not certain yet how the EU will push for a beneficial trade deal while Washington pushes for steeper EU concessions. After a conference call with the EU Commission President, Trump restored the July 9 deadline to allow talks between the U.S. and the 27-member nations to produce a trade agreement. The EU Commission oversees the trade policy for the bloc and said the call from Trump added new motivation to the negotiations that the two presidents agreed to put on a fast track. There wasn’t a lot of indication of what, if any, progress was made during the phone call toward clearing a path toward a negotiated solution. The EU wants a deal beneficial to both sides that could include moving to zero tariffs on industrial goods and the EU buying more U.S. soybeans.

Mass Honeybee Collapse May Compromise U.S. Agriculture

U.S. commercial beekeepers discovered their colonies of honeybees in near or total collapse earlier this year. There wasn’t a clear explanation for what the industry is calling the worst bee die-off in U.S. history, and over half the nation’s managed honey bee colonies appear to have experienced a mass die-off. These losses, combined with honey bee die-off events at other times of the year, mean many beekeepers have seen 70 to even 100 percent of their colonies collapse during the past 12 months. Those numbers come from a recent report by Project Apis m, a honeybee research organization. “The losses are severe, broad, and may impact food security through inadequate pollination services,” the report says. “Financial losses to the apiary industry are estimated to be well over $139 million.” Beekeepers learned of the die-off in January as they readied their hives for transportation to California for the annual almond pollination.   

Council of Farmer Cooperatives Picks New CEO

The National Council of Farmer Cooperatives selected Duane Simpson as its next President and CEO. Simpson will formally assume the role on July 14, 2025, coinciding with the opening of NCFC’s annual Washington Conference. “Duane’s enthusiasm about the future of agriculture is just what the NCFC needs in today’s climate of uncertainty and risks,” said Kevin Brinkley, Chair of NCFC and the CEO of the Plains Cotton Cooperative Association. “His leadership skills will help the Council navigate the ever-changing terrain of government and markets, ensuring that it continues as one of the country’s most relevant and respected agricultural organizations.” Simpson brings a wealth of experience in ag policy, industry relations, and organizational leadership. He spent the last 17 years at Bayer. “I am humbled and honored by the opportunity to lead NCFC and to work alongside the dedicated professionals throughout the cooperative family,” Simpson said. “NCFC’s mission has never been more vital.” 

Iowa Cash Rents Drop in 2025

The 2025 annual survey of cash rental rates for Iowa farmland shows that rates decreased, on average, by 2.9 percent in 2025 to $271 per acre. It’s the first decline in cash rents since 2019, after a peak of $279 per acre during the previous two years of the survey. Crop reporting districts saw different results in cash rents, ranging from a drop of 6.9 percent in South Central Iowa to an increase of 2.8 percent in Southeast Iowa. There was considerable variability across the counties in year-to-year changes, as is typical of survey data. A total of 68 of Iowa’s 99 counties reported decreases in average rents for corn and soybean acres. High-quality land experienced a decrease of 3.4 percent, from $328 an acre last year to $317 in 2025. Medium-quality land dropped 2.5 percent to $271 in 2025, while low-quality land experienced a three percent decrease to $225. 

Wednesday Watch List

Markets

Minutes from the May FOMC meeting at 1 p.m. CDT

Weather

An upper-level low continues to spin over the Midwest, bringing widespread showers and thunderstorms to areas east of the Rockies for Wednesday. Some heavier showers and thunderstorms will be possible in portions of the Plains for today, as well as the Mid-Atlantic. Lighter rain is generally expected elsewhere, though some pockets of heavier rain may be possible in the Midwest and Southeast.

Trump Calls for 50% Tariffs on EU Imports

President Donald Trump is recommending the implementation of a 50% tariff on imports from the European Union starting June 1, he announced Friday. The news comes days after Bloomberg reported that the EU sent new proposals to the United States in an effort to advance trade negotiations pertaining to currently paused reciprocal tariffs on the bloc. “Our discussions with them are going nowhere,” Trump said Friday, while calling out trade barriers like value-added taxes as a driver of a “totally unacceptable” trade deficit between the U.S. and the EU. In 2024, the U.S. had a trade deficit of $236 billion with the EU, per data from the United States International Trade Commission. The EU has been preparing its own countermeasures to U.S. duties but paused implementation until July 14 “to give negotiations a chance,” European Commission President Ursula von der Leyen announced in early April. The planned retaliatory measures would target imports worth roughly $107 billion.

Farm Groups React to MAHA Commission Report

On the heels of Thursday’s report released by the Make America Healthy Again Commission, industry organizations are calling for science-based agricultural policy. In a statement, the Modern Ag Alliance said the report raises the possibility that the federal government could take a position to restrict farmers’ access to crop protection tools, undermine existing science-based frameworks and ultimately jeopardize the affordability and security of the U.S. food supply. Farmers are already facing a host of challenges — uncertainty about their access to critical crop protection products shouldn’t be added to the list. Crop protection tools are not only safe, they are essential to food security, affordability and the survival of family farms all across this country. Losing access to these critical inputs would be a devastating setback to American agriculture.

Red Meat Production Falls 1% Year Over Year

Red meat output in April fell 1% from the same month in 2024, according to a report from the Ag Department. Production in the U.S. totaled 4.6 billion pounds last month, down from 4.64 billion a year earlier, the agency said in a monthly report. Beef output was reported at 2.24 billion pounds, up 3% year over year, as cattle slaughter dropped 6% to 2.57 million head. The average live weight was up 36 pounds to 1,431 pounds. Pork production, meanwhile, rose 1% from the previous year to 2.34 billion pounds in April, USDA said. Hog slaughter also rose 1%, reaching 10.8 million head, and average weight was up a pound to 291 pounds. Veal output plunged 39% to 2.1 million pounds, while lamb and mutton production jumped 13% to 12.8 million pounds. Commercial red meat output from Jan. 1 through the end of April totaled 18.1 billion pounds, down 1% from the same timeframe last year, the agency said. 

The Alliance to End Hunger calls ‘Big Beautiful Bill’ ‘Devastating’ to SNAP

The “Big Beautiful Bill,” the name of the reconciliation package passed along party lines by the House of Representatives on May 22, includes about $267 billion in spending cuts to the Supplemental Nutrition Assistance Program over a 10-year period. The legislation severely cuts and alters implementation of SNAP and other programs that meet people’s basic needs, including Medicaid, The Alliance to End Hunger said in a news release. SNAP is the largest federal nutrition program in the U.S., serving 42 million individuals in need of food assistance. The legislation, if passed in the Senate, would mark the largest cut to SNAP in the program’s history, according to The Alliance to End Hunger. The coalition said it is “deeply opposed to the legislation” and urges the Senate to reject the bill. The Senate is expected to make changes to the House plan, possibly on SNAP, Medicaid, and deficit savings.

Ethanol Industry Urges Reynolds to Veto Eminent Domain Bill

Iowa ethanol advocates and farmers are urging Gov. Kim Reynolds to veto a bill restricting carbon sequestration pipelines. The advocates said in a press conference Thursday the bill is “extremely problematic” to biofuels, farming, energy and Iowa economies. The bill, House File 639, which passed the Iowa Senate May 12 and is awaiting a signature from Reynolds, would change definitions of a common carrier and increase insurance requirements for pipelines transporting liquid carbon dioxide. It would also set requirements for the Iowa Utilities Commission and expand who can intervene on dockets with the commission. Advocates and lawmakers in favor of the bill oppose the use of eminent domain by the Summit Carbon Solutions pipeline, which would transport captured carbon dioxide from ethanol facilities in Iowa, and neighboring states, to underground storage in North Dakota. 

Diseases Continue to Cross Species Barrier as Global Bird Flu Cases Double

Outbreaks of bird flu in mammals doubled in 2024 with other diseases spreading and putting more humans at risk, says a new report on animal health. The first assessment published by the World Organization for Animal Health revealed animal diseases were migrating into unaffected areas. Half (47 percent) of these have animal-to-human potential. In 2023, there were 459 outbreaks of bird flu recorded in mammals, but that number climbed to 1,022 across 55 countries a year later. The expanding animal trade and a five percent reduction in livestock vaccinations between 2020 and 2022 contributed to the rise. The spread, prevalence and impact of infectious animal diseases is changing, bringing new challenges for agriculture and food security, human health and development, and natural ecosystems. More than 630 million birds have been culled across two decades during bird flu outbreaks. While the risk to humans remains low, more mammalian species that become infected - such as cattle, cats and dogs - the greater the risk of transmission to humans.

Tuesday Watch List

Markets

Durable goods orders at 7:30 a.m. CDT

Consumer Confidence at 9 a.m. CDT

Export Inspections at 10 a.m. CDT

Crop Progress at 3 p.m. CDT

Weather

A system is diffuse and spiraling through the Central U.S. for Tuesday. That should produce widespread showers east of the Rockies throughout the day. An old front across the south will be a focal point for increasing rainfall amounts and producing some areas of severe weather.

MAHA Commission Releases Report

President Trump’s Make America Healthy Again Commission released an expected report on Thursday, blaming several factors for causing chronic illnesses, especially in children. Axios said the highly anticipated report included bad diets, chemical exposure, and unnecessary medication for causing chronic illnesses in kids. The commission said popular snacks and beverages save time and money but cites research showing ultra-processed foods are linked to chronic diseases. A big concern for U.S. agriculture going into the day was pesticides. The report says potential toxins in the environment are a big concern, but the administration is treading lightly. “American farmers rely on these products, and actions that further regulate or restrict crop protection tools must involve thoughtful consideration of what’s necessary for adequate protection, alternatives, and cost of production,” the report added. “Understanding links between chemical exposure and chronic illness cannot happen through a European regulatory system that stifles growth.” 

Soybean Farmers Respond to MAHA Report

The American Soybean Association strongly rebukes the May 22 Make America Healthy Again Commission Report for being “brazenly unscientific” and damaging to Americans’ confidence in the safe, reliable food system. Should the administration act on the report that was drafted entirely behind closed doors, it will harm U.S. farmers, increase food costs for consumers, and worsen health outcomes for all Americans. Farmers represented by the ASA are disturbed that the MAHA report contains recommendations that aren’t grounded in science and seem to advance the agenda of food elites and activist groups that have long sought to undermine U.S. agriculture. Even more troubling is Health and Human Services Secretary Robert F Kennedy, Jr’s reassuring Congress earlier in the week that the report doesn’t contain a single word that should worry the American farmer. The report suggests that glyphosate, atrazine, and other pesticides farmers need are potential contributors to health ailments.

House Passes Reconciliation Bill

U.S. agriculture organizations reacted to the House of Representatives passing its reconciliation bill. “Farm Bureau applauds the legislation, which modernizes farm bill programs and extends and improves critical tax provisions that benefit farmers and ranchers,” said AFBF President Zippy Duvall. “Updated reference prices will also create some certainty for farmers struggling through tough economic times.” National Cattlemen’s Beef Association President Buck Wehrbein (WHERE-byne) says, “Cattle farmers and ranchers received needed support from Congress’s investing in cattle health, strengthening our resources against foreign animal disease, and supporting producers recovering from disasters and depredation.” Growth Energy says it’s grateful to champions on Capitol Hill who’ve worked hard to preserve and extend rural priorities like the 45Z clean fuel production tax credit. “The budget reconciliation package gives farmers and ethanol producers the freedom and flexibility to deliver for the American people,” says CEO Emily Skor. “It’s good for our rural communities and producers.”

Democrats Respond to Reconciliation Bill Passage

Senator Amy Klobuchar (D-MN), the Ranking Member of the Senate Ag Committee, responded to House Republicans passing its reconciliation bill that takes food assistance away from at least three million Americans by cutting $290 billion from SNAP funding. “Instead of working to lower grocery costs as they promised the American people they would, House Republicans are pulling the rug out from under millions of families by taking away federal assistance to put food on the table,” Klobuchar said. “They’re doing that even as President Trump’s tariff taxes raise food prices by more than $200 for the average family, all to fund more tax breaks for the wealthy.” She calls it “very wrong” and says they will fight against it in the Senate. “This Republican bill will mean more seniors, children, veterans, and people with disabilities will go to bed hungry,” she added. “It also means farmers will see billions in lost revenue.” 

Food Inflation Rate Cools in April

The recent Consumer Price Index data for April shows a welcome moderation in overall inflation, cooling to its slowest annual rate since early 2021. Despite that, many families continue to feel the pinch at the grocery store and dining out. In April, consumer prices rose 0.2 percent from the previous month, slowing the annual inflation rate from 2.4 to 2.3 percent. The data from the Bureau of Labor Statistics was surprising as many expected ongoing trade disputes and tariffs to push prices higher. Farmdoc Daily from the University of Illinois says food prices have risen 29.5 percent since December 2019, leading to nationwide consumer frustration with prices and affordability. Food prices in April decreased 0.1 percent from the previous month but are 2.7 percent higher than a year ago. Food away from home prices rose 0.4 percent last month, and prices for food at home declined by 0.4 percent.

Rabobank Issues Pork Demand Forecast

A new RaboResearch report says pork prices have rebounded and remain strong despite shifting trade flows and growing economic and consumer uncertainties. Rising geopolitical tensions have had a limited impact on global pork markets, but they are likely to redirect global trade volumes in the coming months. Despite the agreement between the U.S. and China to reduce tariffs for 90 days, the added tariffs on U.S. pork could still curtail trade. “Given the uncertainty surrounding future U.S. trade policy, investment in U.S. pork sector expansion is expected to slow, while other regions may see slightly faster growth,” said Christine McCracken, senior analyst of animal protein at RaboResearch. Pork prices have rebounded, driven by tighter hog supplies due to limited growth in the sow herd and ongoing health and productivity challenges. “We expect limited demand improvement for the rest of the year,” McCracken said. “Higher beef and poultry prices may offer some support.”

Friday Watch List

Markets

Cattle On Feed report at 2 p.m. CDT

Chickens and Eggs report at 2 p.m. CDT

CFTC Commitment of Traders report at 2:30 p.m. CDT

Weather

A system continues to spin over the Northeast with showers on Friday, but it is a new system entering the Plains that will be the focus. Scattered showers and thunderstorms are expected throughout the day and some severe weather will be possible, mostly as a wind and hail threat.

Poll Shows Consumers Back Pesticide Use in Protecting Food

A new national survey commissioned by CropLife America reveals strong trust in American farmers and public recognition of the benefits pesticides provide in making food more affordable and accessible. The poll found that two-thirds of Americans approve of the job American farmers are doing, underscoring their vital role in feeding the nation. An overwhelming majority of voters agree that when farmers use tools like pesticides to control weeds, crop diseases, and insect pests, it leads to greater food choices and lower costs for families. “The poll confirms what America’s farmers have known for generations: the public trusts them and understands that pesticides are an essential tool for growing the food that we rely on,” said CLA President and CEO Alexandra Dunn. “When we protect American crops, we protect American families by keeping grocery store prices down and helping ensure an affordable and abundant supply of fruits, vegetables, and grains.”

Preparation for Peak Wildfire Season

Ag Secretary Brooke Rollins and Interior Secretary Doug Burgum signed a joint memo on wildfire preparedness, ensuring the two departments will work closely during the fire season. USDA will work with the President’s cabinet members and trusted state, local, and tribal partners to ensure the nation’s firefighting system is highly coordinated and focused on fighting wildfires quickly and effectively. “Now more than ever, Secretary Burgum and I are working in lockstep alongside our federal partners to effectively combat wildfires,” said Rollins. “At USDA, we’re ensuring the entire Department is geared to respond to what is already an above-normal fire season.” After signing the joint memo, Secretary Burgum said, “Our mission is clear: protect lives, defend critical infrastructure, and preserve the natural landscapes that sustain our way of life.” Separately, Rollins signed a Secretarial Memorandum on improving USDA’s approach to fighting wildfires and set clear future expectations on the right procedures.

Rural Broadband Battle Heating Up?

A new report from CoBank’s Knowledge Exchange says the competitive landscape for rural broadband operators is rapidly evolving as improved technologies have made wireless broadband more viable and scalable, even in hard-to-serve public areas. Combined with changing consumer preferences and an influx of public and private investment, technological advances are reshaping the nature of rural connectivity. “The smartphone-broadband service bundle is proving to be a powerful competitive force,” said Jeff Johnston, digital infrastructure economist with CoBank. “It will become even more popular as technology improves, and consumer expectations continue evolving.” He also says the smaller broadband operators serving rural areas need to seriously evaluate whether offering mobile phone service may be necessary to defend their market share and position their operations for long-term growth. Satellite broadband is also evolving. SpaceX’s Starlink has set the pace, but Amazon’s Project Kuiper (KYE-pehr) will likely come to market much more aggressively this year. 

USDA Issues May Cotton and Wool Outlook

The USDA’s cotton projections for 2025-2026 indicate a decrease in global production when compared to the previous marketing year. World cotton production is projected at 117.8 million bales in 2025-2026, nearly three percent, or 3.3 million bales, below 2024-2025, but among the largest crops of the last several years. Projections for the biggest cotton-producing countries are mixed. China, Australia, and India are expected to see declines in production that will be partially offset by gains in Brazil, Pakistan, and the U.S. American cotton production is expected to marginally rise to 14.5 million bales in 2025-2026. Global cotton mill use is forecast to increase by one percent or 1.4 million bales in 2025-2026 to 118.1 million bales. Mill use is projected to rise in most major cotton spinning countries in 2025-2026, except for China and Pakistan. China and India will account for more than half the world’s mill use total once again in 2025-2026. 

Nations Turn Back Chicken Exports from Brazil

Countries like China will not accept chicken consignments in transit from Brazil following confirmation of the country’s first bird flu outbreak. Ricardo Santin (san-TEEN), president of the Brazilian meat lobby ABPA, said the rejection of cargoes already in transit may vary among countries, but that it will depend on the date of the shipments before the outbreak’s confirmation. The dates could range from 14 to 28 days at the discretion of the destination countries’ official veterinary services. ABPA, which represents the biggest meat processors in the country, says the situation puts those processors in a tight spot as they deal with additional logistics costs and uncertainty related to the extent of ongoing trade embargoes triggered by the health emergency. Mexico and Chile are among the countries that would also reject cargoes under existing health protocols. According to trade data, Brazil accounts for 39 percent of the global chicken trade.

Bayer Considering Bankruptcy for its Monsanto Unit

Bayer is continuing its push to resolve lawsuits linking Roundup, its popular weedkiller, to cancer. People familiar with the matter told the Wall Street Journal that the company is also exploring a bankruptcy filing for its Monsanto agriculture business in case the settlement plan fails. Bayer is drawing up plans to try and resolve some of its mass lawsuits over Roundup through proceedings in a Missouri state court, where a majority are still pending. Given its past difficulties in ending the Roundup litigation in civil courts, the German drug and agriculture conglomerate is preparing, as another option, a bankruptcy filing covering the weedkiller’s U.S. manufacturer, Monsanto. One possible option, the Texas Two Step, has yielded mixed results after court rulings curbed the use of Chapter 11 to protect solvent companies from litigation. Bayer is exploring the option of placing Monsanto’s U.S. business directly into Chapter 11.

Thursday Watch List

Markets

Initial Jobless Claims at 7:30 a.m. CDT

Weekly Export Sales Report at 7:30 a.m. CDT

Buenos Aires (Argentina) Grain Exchange Weekly Crop Report at 12 p.m. CDT

Weekly and Monthly Livestock Slaughter Reports at 2 p.m. CDT

Weather

A slow-moving system continues with showers in the northeast quadrant of the country on Thursday. Though that is leaving, the next system will be entering the Plains Thursday night, bringing scattered showers and thunderstorms during the day and evening out ahead of it.

Rollins Announces New Small Family Farms Policy

Ag Secretary Brooke Rollins released a set of policy proposals under her newly launched Make Agriculture Great Again Initiative. Her initial proposals are a comprehensive set of policy solutions aimed at improving the variability and longevity of smaller-scale family farms for generations to come. About 86 percent of all U.S. farms are small family farms. To ensure small family farms can start and stay in business, the USDA has outlined a toolkit of actions like streamlining application processes. The new policy agenda also includes solutions like ensuring simple, streamlined, and transparent tools and applications. It ensures reliable access to credit for small family farms. One of the key proposals is to ensure small farms can be passed on to the next generation for generations to come. Another proposal would enhance access to risk management and business planning tools. USDA also wants to ensure the farm size definitions reflect modern-day realities. 

Farm Groups Comment on Upcoming MAHA Report

The Make America Healthy Again Commission will release a report this week that may have a significant impact on America’s farmers, producers, and ranchers, and the public’s trust in the food system. Groups like the American Soybean Association, the National Corn Growers Association, the National Association of Wheat Growers, and the International Fresh Produce Association are asking the administration to consider the consequences of the report before it’s finalized. “American agriculture’s strong relationship with President Trump is based on his longstanding commitment to farmers and ranchers,” the groups said in a joint statement. “We’re hearing disturbing accounts that the report may suggest farmers are harming Americans through their practices and creating a chronic disease crisis. Nothing could be further from the truth.” The groups also say nutrition matters, health matters, and the confidence of American consumers in the food supply matters tremendously. Those groups represent hundreds of thousands of farmers across the country. 

Clean Fuels Applauds Letter on RFS Volumes

Clean Fuels Alliance America thanked 28 representatives who sent a letter to President Donald Trump, encouraging the administration to adopt a timely, robust Renewable Fuel Standard rule for 2026 and beyond. Representatives Ashley Hinson (R-IA) and Angie Craig (D-MN) led the effort. “A strong Set 2 will benefit our constituents by lowering prices at the pump, creating and maintaining U.S. biomanufacturing jobs, and driving economic growth,” the letter said. “A strong RVO will support market growth for farmers at a time when global markets are experiencing uncertainty.” The representatives said the domestic biofuels industry stands ready to increase the availability of affordable fuel options and support the administration’s goal of American energy dominance. The letter specifically supports a 2026 Biomass-Based Diesel volume of 5.25 billion gallons and increasing volumes for future years. Kurt Kovarik of Clean Fuels says biodiesel and renewable diesel production are essential markets for American farmers.

Vietnam and U.S. Begin Second Round of Trade Negotiations

The U.S. and Vietnam have begun their second round of trade negotiations in Washington. The Vietnamese government is working to establish a new trade agreement that will help it evade a possible 46 percent tariff, a move that could destabilize its export-oriented growth model. Vietnam, a crucial regional manufacturing hub for many Western firms, reported a trade surplus of over $123 billion with the U.S. in 2024. Investing Dot Com says to shrink the surplus, the Vietnamese government has taken multiple steps, such as limiting shipments of Chinese goods to the U.S. through its territory and increasing its purchases of American goods. The U.S. has postponed enforcement of the 46 percent tariff on Vietnam until July, replacing it with a ten percent tariff rate for now. If imposed, the larger tariff could hamper Vietnam’s growth, considering its significant dependency on exports to the United States, by far its largest market.

Broadband Data May Not Be Accurate

The U.S. Government Accountability Office released a study that raises questions about the accuracy of broadband availability data in the FCC’s National Broadband Map. The study says the Commission hasn’t documented or assessed the sufficiency of its processes for ensuring the map is as accurate as possible. That, in turn, could jeopardize agencies’ ability to make the most efficient and effective funding decisions. The GAO also recommends that the Commission, the National Telecommunications and Information Administration, and the Departments of Agriculture and the Treasury better coordinate on broadband policy and funding. This report comes three years after the GAO told federal agencies how to coordinate over 100 federal broadband programs administered by 15 agencies. The Government Accountability Office also noted that most of the work from the 2022 assessment remains undone. 

May 2025 Livestock, Dairy, and Poultry Outlook

The USDA’s May Livestock, Dairy, and Poultry Outlook calls for tighter anticipated supplies of beef cattle after the U.S. banned cattle imports from Mexico. Tighter supplies will reduce beef production in 2026 to 25.14 billion pounds. Also, the 2025 milk production forecasts have increased to 227.3 billion pounds. Wholesale dairy and milk prices are also revised upward, with the all-milk price forecast increased to $21.60 a hundredweight. U.S. pork production in 2026 is forecast at 28.4 billion pounds, up 1.3 percent from the expected 2025 production. In poultry, May broiler production for 2025 is adjusted lower from last month, but annual growth of one percent is expected in both 2025 and 2026. Projected broiler exports in 2025 are adjusted higher and expected to rebound in 2026, but remain below pre-2022 levels. In the lamb/sheep sector, actual production of lamb and mutton was higher than last month’s forecast, but imports were lower. 

Wednesday Watch List

Markets

EIA Petroleum Status Report including weekly ethanol production at 9:30 a.m. CDT

Weather

A big system that has been producing widespread heavy rain and severe weather this week continues east through the Midwest on Wednesday. Though showers will be waning, they still exist from the Canadian Prairies and across the Great Lakes into the Northeast while areas across the Southeast should also find showers. Some additional light showers may make it through the Central Plains into the Delta Wednesday and Wednesday night as well.

Mexican E85 Pilot Program Successful

Over the past six weeks, ten taxis in Monterrey, Mexico have converted to Flex Fuel technology and traveled over 43,000 miles, using over 1,500 gallons of E85. E85 cut overall operating costs by more than two Mexican pesos per mile and reduced between 4.9 and 6.4 tons of carbon dioxide-equivalent emissions annually per taxi. Projected savings during the lifespan of each vehicle reached over $19,000, with environmental benefits including a significant reduction in air pollutants. That’s according to data from the E85 Pilot Project, a study conducted under a Memorandum of Understanding between the Nuevo (noo-AY-voh) Leon (lee-OHN) State Ministry of the Environment and the U.S. Grains Council. “With U.S. agriculture already enjoying a close relationship with Mexico, its top export market, any increase in biofuel consumption translates to significant demand for U.S. producers to meet,” said Heidi Bringenberg, USGC director in Mexico. “This proves ethanol’s viability in Mexico.” 

Nine Percent of Households with Older Adults Faced Food Insecurity

In 2023, the USDA said 9.3 percent of U.S. households with an adult aged 65 and older were food insecure at some time, meaning they had difficulty providing enough food for their members due to inadequate resources. This prevalence of food insecurity in households with an adult 65 and over in 2023 was similar to 9.1 percent in 2022 but significantly higher than the 7.1 percent prevalence in 2021. USDA’s Economic Research Service monitors the food security status of households in the U.S. through an annual nationwide survey. In 2023, 11 percent of households with an adult 65 and older living alone were food insecure, similar to the 11.4 percent in 2022 and the prevalence in 2021 of 9.5 percent. The prevalence of very low food security for households with an adult 65 and older and households with an adult 65 and older living alone in 2023 was statistically similar to 2021 and 2022. 

Bird Flu Hits Brazil

Brazil, the world’s biggest chicken exporter, confirmed its first outbreak of bird flu last Friday. That triggered protocols for a country-wide trade ban from top buyer China and state-wide restrictions from other major chicken consumers. Reuters said the outbreak happened in southern Brazil at a farm supplying Vibra Foods, a Brazilian operation backed by Tyson Foods. The Vibra website says it has 15 processing plants in Brazil and exports to more than 60 countries. Brazil accounted for 35 percent of global trade in 2024 when it exported about $10 billion worth of chicken meat. China, Japan, Saudi Arabia, and the United Arab Emirates are among the top destinations for Brazil’s chicken shipments. Brazil’s Ag Minister Carlos Favaro said last week that under existing protocols, countries like China, the EU, and South Korea would ban Brazil’s poultry imports for 60 days. Neighboring Argentina is suspending imports of all Brazilian poultry products.

Fischer Reintroduces Precision Ag Package

Senator Deb Fischer (R-NE), a member of the Senate Ag Committee, reintroduced her Precision Ag Package, three pieces of legislation that will help America’s Producers harness the full potential of precision agriculture. “Precision agriculture equipment enables America’s farmers and ranchers to be stronger stewards of the land; however, high upfront costs and a lack of rural broadband connectivity create frustrating barriers to entry,” Fischer said. “My bipartisan Precision Ag Package would improve producers’ access to these exciting, innovative tools, making their operations more productive, efficient, and less resource-intensive.” The legislative package contains the Producing Responsible Energy and Conservation Incentives and Solutions for the Environment (PRECISE) Act, the Linking Access to Spur Technology for Agriculture Connectivity in Rural Environment (LAST ACRE) Act, and the Precision Agriculture Loan (PAL) Act. Package co-sponsor Amy Klobuchar (D-MN) said, “Precision agriculture tools like soil mapping and aerial imagery technologies help farmers improve productivity and benefit the environment.”

NASS is Looking for Producer Feedback

During the next several weeks, the National Agricultural Statistics Service will conduct the June Agricultural Survey. The agency will contact 92,000 producers across the nation to determine crop acreage and stock levels as of June 1, 2025. “The June Agricultural Survey is one of the most important and well-known surveys that NASS conducts,” said Joseph Parsons, USDA NASS Administrator. “It’s important to remind producers that NASS safeguards the privacy of respondents by keeping all individual information confidential and publishing the data in aggregate form only to ensure that no operation or producer can be identified.” He also said producer responses provide essential information used by farmers and ranchers, USDA, exporters, researchers, economists, policymakers, and others to inform a wide range of decisions. Producers can respond to the survey at agcounts.usda.gov, by phone, or by mail. NASS will publish the data in a series of USDA reports on June 30, 2025. 

NCGA Launches Annual Yield Contest

The National Corn Growers Association kicked off its 61st annual Yield Contest. For six decades, the event has celebrated the ingenuity, resilience, and drive of American corn growers who continuously push the limits of what’s possible. “What began as a modest competition has evolved into a cornerstone of the industry,” said NCGA President and Illinois corn grower Kenneth Hartman, Jr. “Each year, we honor not only the achievements of past participants but also the forward-looking spirit that defines today’s growers.” The 2025 contest is now open for entries through August 13, offering growers across the country a chance to compete, learn, and showcase their success. New this year, Class J: Nitrogen Management is now open to all growers following two successful years as a limited pilot class. As the competition enters its seventh decade, it’s a platform for discovery and a celebration of the progress that powers American agriculture. 

Tuesday Watch List

Markets

No major economic or USDA reports scheduled, but will watch at 8 a.m. CDT for potential flash export sales announcements from the USDA

Weather

A system is pushing out of the Plains and into the Midwest on Tuesday. It is bringing areas of heavy rain and thunderstorms to the middle of the country, curling some rain back through the Northern Plains, which may see a mix of snow Tuesday night. Severe weather is again expected with the system, mostly across the Ohio and Tennessee Valleys.

EPA Administrator Tells Senate He Supports Year-Round E-15

The administrator of the US Environmental Protection Agency says the most effective way to allow year-round E-15 sales is through Congressional action. Testifying before the Senate Appropriations Committee on Wednesday, Lee Zeldin told lawmakers, “That is the most durable and easiest solution to this issue.” Nebraska Senator Deb Fischer said her bill, the Nationwide Consumer and Fueler Retailer Choice Act, will eliminate the emergency waivers that EPA has issued the last six years. “We need to pass a permanent solution and not have your agency go through this product every single year.” Zeldin said a permanent solution will allow his agency to be more efficient and focus on other issues. 

Grocery Inflation Slows to Slowest Pace in Five Years

Food-at-home prices increased in April at a 2% annual pace, down from 2.4% in March, according to Consumer Price Index data released by the U.S. Bureau of Labor Statistics. Across-the-board inflation ticked down last month to 2.3%, its lowest rate since February 2021. It’s also the smallest month-over-month increase in inflation since 2020. The decline in grocery inflation in April represented the first monthly decline for the figure since October 2024. Egg prices continued to play an outsized role in the rate of grocery inflation in April, as a nearly 50% year-over-year increase in the cost of the commodity helped push the BLS index that also includes meats, poultry and fish up at a 7% annual clip. That dynamic could change in the coming weeks, as figures from the USDA released May 9 show that the national average retail price for conventional caged eggs was down by 17% compared with the prior week, to $3.30 per dozen.

Study Reveals Testing Capacity Shortfalls in Event of ASF Outbreak

A recent study shows sampling and laboratory capacity to be major areas of concern in the event of an African Swine Fever in the U.S. “The key to managing an ASFV outbreak is in testing and containing the infection,” says Jason Galvis, research scholar at North Carolina State University. “But in areas with dense farm populations, getting the tests done in a timely way may be difficult. We looked at the current protocols and modeled what might happen during an outbreak.” Laboratory capacity was also a concern, as only specific labs have the ability to process these samples. The model capped daily laboratory capacity in the study area at 1,000 samples per day. The median delay for processing without sample pooling was 92 days, which went up to a maximum of five years in the worst scenarios. ASFV is a highly contagious viral disease in pigs, with a mortality rate that can reach 100%.

New Canadian Ag Minister to Tackle Issues with U.S., China

Canada's new agriculture minister Heath MacDonald said in an interview last week that tackling trade issues with China and the United States are his most pressing priorities. The two-front trade war with the world's largest economies has stressed out farmers in Canada, a major canola, wheat and pork exporter, and impacted spring planting plans. Reuters reports MacDonald was sworn in on Tuesday and said trade issues are "center stage" after speaking with Canada's canola industry and provincial agriculture ministers. Canada faces tariffs from China on Canadian canola meal and oil, as well as peas, pork and seafood products. It is also bracing for an anti-dumping ruling from China on Canadian canola seed exports. About half of Canada's canola exports go to China. Canada's agriculture industry is also affected by tariffs on some products from the Trump administration, such as steel and aluminum used in agricultural machinery. 

Chobani Buys Plant-Based Food Maker Daily Harvest

Chobani is buying plant-based food maker Daily Harvest as the Greek yogurt giant expands its reach into ready-to-make meals. Terms of the deal were not disclosed. Daily Harvest was founded a decade ago, becoming one of the first businesses to ship clean, nutritious food directly to customers’ doorsteps. Since then, the company has expanded its portfolio to include meals and snacks that are available online and in retail. Chobani said it aims to use its “world-class manufacturing, distribution, and retail expertise” to get Daily Harvest into more U.S. homes. “These two purpose-led brands are united by a shared vision: to make high-quality, delicious food made with real ingredients more accessible,” Chobani and Daily Harvest said in a statement. The purchase also gives Chobani a presence for the first time in the multi-billion frozen section of the grocery store, moving the brand beyond its long-time home in the dairy aisle.

JBS Plant Fined Following Employee Death

A JBS meat-processing plant in Arizona has been fined for worker-safety violations after an employee died there last year. Police found a worker unresponsive next to a forklift on November 20 at JBS Tolleson. A report by the Arizona Division of Occupational Safety and Health (ADOSH) released Thursday said the worker stepped off his forklift to load a feed hopper when another driver on a tractor with a front-end loader reversed. A worker, Eduardo Reyes Hernandez, was caught between the two vehicles. The Maricopa County Medical Examiner said the 55-year-old Hernandez died of blunt-force injuries. His death was ruled accidental. According to police reports, company officials said he worked at JBS for more than 20 years. JBS Tolleson was issued serious safety violations for failing to have a workplace free from hazards and fined $43,786. The company the tractor driver worked for, Trumbull Trucking, was also cited and fined $16,131.

Monday Watch List

Markets

Export Inspections at 10 a.m. CDT

Crop Progress at 3 p.m. CDT

Canadian markets closed in observance of the Victoria Day Holiday

Weather

A storm system moved into the Plains on Sunday and is bringing more widespread showers and thunderstorms to the middle of the country on Monday. Another big severe weather event is forecast from this system, especially across the southeastern Plains into the Ozarks where long-track tornadoes and massive hail are forecast.

The EPA Sends RVO Proposal to the White House

The Environmental Protection Agency has sent a proposed rule setting the amount of biofuels that oil refiners must blend into their fuel starting next year. Reuters says the White House must sign off on the proposal from the EPA. The oil and biofuel lobbies have been waiting for this proposal since President Donald Trump took office in January. The past dynamic of big oil versus biofuels has changed in recent years as a coalition of oil and biofuel groups recommended the EPA propose federal mandates for biomass-based diesel blending at 5.25 billion gallons. That figure would be a significant increase from past mandates. Soybean oil futures dropped on Thursday due to rumors that the EPA’s proposed rule would set biomass-based diesel blending for 2026 at 4.65 billion gallons, but Reuters was unable to confirm that figure. The EPA is expected to propose a new rule that covers both 2026 and 2027. 

House Ag Committee Advances Budget Bill

The House Agriculture Committee voted along party lines 29-25 to advance legislation that would cut as much as $300 billion in food aid spending to pay for Republicans’ domestic policy megabill and some farm bill programs. Politico says the vote sends the measure to the House Budget Committee for consideration before a full floor vote on the bill in the chamber. “The GOP proposal would create the largest overhaul in decades to the Supplemental Nutrition Assistance Program by forcing states to share the cost of SNAP benefits,” Politico said. Republicans exceeded the Ways and Means Committee’s target of $230 billion in spending cuts to get enough room to include a $60 billion farm bill package in the megabill, a critical incentive for passing the legislation. Under the bill, the individual limit for commodity program payments would rise, as would funding for the Environmental Quality Incentives Program and the Conservation Stewardship Program. 

Democrats Push Back Against Budget Bill

Democrats responded negatively to House Republicans advancing their budget to slash Medicaid and food assistance through markup. Democratic National Committee Chair Ken Martin said Donald Trump’s Republican Party turned its back on working families to “suck up” to billionaire donors. “House Republicans voted to push forward Trump’s plan to rip away health care from 13.7 million Americans and slash $300 billion in food assistance benefits,” said Martin, ”just to fund handouts for the ultra-wealthy.” Democrats also issued a message to House Republicans, saying, “Start working for your constituents or lose your seat in the midterm elections.” The Hill said the committee voted along party lines after a marathon meeting lasting more than 26 hours with just two breaks for House votes. The Congressional Budget Office says at least 13.7 million Americans would lose health coverage and become uninsured because of the Medicaid cuts and ACA market restrictions in the legislation.

NASS Releases 2024 County Corn and Soybean Yields

The National Agricultural Statistics Service released the 2024 county yield estimates for corn and soybeans. Following typical patterns, corn and soybean yields were highest in the Midwest Corn Belt region and south into the Mississippi Delta. Counties with yields above the U.S. average occurred in the typical regions. Most counties in Iowa, Illinois, and Indiana had yields higher than the U.S. average, as did eastern Nebraska, southeast Minnesota, and several other states. Corn yields below the national average occurred in the western Dakotas, northern portions of the Lake states, Texas, Oklahoma, and most states in the east and southeastern U.S. Similar to corn, soybean yields above the U.S. average yield occurred in most counties throughout the main Corn Belt region, including Iowa, Illinois, Indiana, and bordering regions of the surrounding states, and in the Mississippi Delta. Yields below the U.S. average were reported in the other soybean production regions for 2024. 

NACD President Testifies on Conservation

The National Association of Conservation Districts President Gary Blair testified at the Senate Ag Committee hearing regarding Perspectives from the Field, Part 4: Conservation. “Getting funding to local communities to assist producers with conservation plans and implement beneficial practices remains a mutual priority,” says President Blair. “NACD’s historic partnership is a prime example of ‘Farmers First’ – local leadership, local priorities, and local decision-making are at the heart of our conservation delivery system.” Producer demand for technical assistance and conservation programs is at an all-time high. In his testimony, Blair emphasized the importance of maintaining adequate staffing levels in local offices. “A lack of capacity can become a bottleneck in administering important financial assistance contracts to producers,” he said. NACD’s top farm bill priority is to integrate Inflation Reduction Act investments into the farm bill’s conservation programs. “Financial assistance is an investment in our nation’s lands,” said NACD CEO Jeremy Peters.

U.S. Sugar Producers Pushing for Stronger Farm Bill

Across rural America, farmers of all kinds of commodities are sending a clear message to Congress: pass a five-year farm bill now, before it’s too late. Congress hasn’t updated the farm bill since 2018. Instead, it’s patched together two year-long extensions that do not address the current economic realities of farming in the U.S. Fourth-generation Minnesota farmer and sugarbeet grower Tim Deal stressed the urgent need for a farm bill during Congressional testimony. “As things stand, the extended 2018 Farm Bill safety net is woefully out of sync with today’s economic realities,” he said. “If Congress doesn’t pass a farm bill that provides meaningful updates to these policies, including sugar policy, many farmers will struggle to find financing for our operations.” He also said the closure of sugar processing facilities in northeastern Montana and Texas should be an urgent wakeup call that we can’t allow U.S. sugar policy to be weakened. 

Friday Watch List

Markets

Housing Starts and Building Permits.7:30 a.m. CDT

Consumer Sentiment 9:00 a.m. CDT

CFTC's Commitment of Traders report 2:30 p.m. CDT

Weather

A strong low-pressure system continues to wrap up in the Upper Midwest on Friday, producing scattered showers up there. Its cold front has moved to a familiar spot, from Texas to the Ohio Valley. An early round of thunderstorms could be strong in spots, but are expected to ignite Friday afternoon and evening across the region. A very good chance for widespread severe weather is forecast with this system and includes all hazards.

Egg Prices Down 12.7 Percent in April

U.S. retail egg prices dropped from the record-high prices they hit earlier this year. Government data released on Tuesday showed the average price of a dozen Grade A eggs declined to $5.12 last month after reaching a record $6.23 in March. According to the Bureau of Labor Statistics, it was the first month-to-month drop in egg prices since October 2024. The Associated Press said the average price of eggs dropped 12.7 percent, the steepest drop since the monthly decline in March 1994. The April average price for a dozen large eggs was 79 percent higher than during the same month last year, when the price averaged $2.86 a dozen. Experts say the price of eggs should continue to fall for various reasons, including a drop in consumer demand that typically happens after Easter. Fewer outbreaks of H5N1 at commercial poultry operations have also helped to stabilize the country’s egg supply. 

Production Expenses Forecast Above 20-Year Average

Farm sector production expenses are the costs of all inputs used to produce farm commodities, which directly affect farm profitability. In total, these expenses, including those associated with operator dwellings, are forecast to decrease by $13.4 billion, or 2.9 percent, from $463.8 billion in 2024 to $450.4 billion in 2025 inflation-adjusted dollars. This follows a projected decline of $20.9 billion, or 4.3 percent, from 2023 to 2024. Lower spending on feed is forecast to account for more than half the decrease in total expenses over the years. However, the forecast declines in expenses in 2024 and 2025 are expected to be less than the increases in 2022 and 2023. That will keep production expenses above the average from 2004 through 2023. Total cash expenses are also forecast to fall in 2024 and 2025, yet will remain above average. In 2025, they’re projected to be seven percent above the 2004-2023 average.

ASA President Testifies on Supply Chain Concerns for U.S. Soy

American Soybean Association President Caleb Ragland testified before the Senate Finance Committee during a hearing on trade and supply chains. “Our industry has been developing the Chinese market since 1982, when the U.S. soy industry opened an international marketing office in Beijing,” Ragland said during testimony. “To put that in perspective, that’s four years before I was born.” He also said the farm economy is in a much different place than it was during the first trade war, and farmers are very concerned that a prolonged trade war with global trading partners will cause U.S. farmers to be forced out of business. The recent 90-day pause on the 155 percent tariff rate on goods to China and a temporary drop to 34 percent don’t alleviate soy farmers’ concerns. They’re hoping further negotiations will quickly clear tariff and non-tariff barriers. “There’s no offset for a drop in Chinese soy demand,” he added.

Push for a Fly Facility to Eradicate Screwworm

As the threat posed by the New World screwworm rises, the National Cattlemen’s Beef Association joined its state affiliates in urging Congress to pass the “Stop Screwworms Act.” The legislation would fund a new sterile fly facility in the U.S. that would help protect both livestock and human health from the New World screwworm. Under the sterile insect eradication technique, millions of sterile flies are released into the environment where they breed with wild flies, ultimately creating no new offspring. “To protect American agriculture, NCBA strongly supports the creation of a new sterile fly facility within the U.S.,” said NCBA Senior Vice President of Government Affairs Ethan Lane. Due to the New World screwworm’s continued push north through Mexico, the urgency to create a new sterile fly facility in the U.S. has increased dramatically. NCBA also supported the USDA’s recent decision to close the southern border to Mexican livestock shipments.

Growth Energy Applauds Conclusion of 45Z Credit in Tax Proposal

The House Ways and Means Committee’s inclusion of an extension of the 45Z clean fuel production credit is drawing appreciation from U.S. ag groups. The Sustainable Aviation Fuel Coalition is one of those groups favoring the move and responded to the news of the credit’s possible extension. “Sustainable aviation fuel is a key solution for strengthening U.S. energy dominance, driving investment in rural economies, and positioning the United States as a global leader in SAF production,” said SAF Coalition Executive Director Allison Graab. “The SAF Coalition is grateful to the Ways and Means Committee for supporting the extension of the 45Z Clean Fuel Production Credit through 2031.” The Coalition urges Congress to pass the extension to reinforce U.S. energy dominance and unleash the full economic potential of America’s heartland. “This critical legislation provides long-term certainty for SAF producers, incentivizes private sector investment, and builds out a robust domestic supply chain,” Graab added.

USDA’s Summer Grilling Food Safety Guidelines

As people kick off the summer by firing up the grill and serving food at a cookout, the USDA’s Food Safety and Inspection Service shares some tips to keep their celebrations safe. “Food safety is a year-round priority, but it’s especially important during summer months when we are cooking outdoors and handling food in warmer temperatures,’ says Dr. Denise Eblen. Some of the key recommendations include cleaning grill surfaces with soap and water and making sure old residue is scraped off. Preventing cross-contamination is another key recommendation that includes using separate plates, cutting boards, and utensils for raw and cooked foods. Never place cooked food on plates that held any raw meat, poultry, or seafood. It’s important to cook food to a safe temperature. APHIS reminds you that color is not a reliable indication of doneness. Use a food thermometer to ensure food reaches a safe minimum internal temperature. 

Thursday Watch List

Markets

Grain export sales 7:30 a.m. CDT

Initial Jobless Claims 7:30 a.m. CDT

U.S. Retail Sales and Producer Price Index. 7:30 a.m. CDT

Fed Chairman Powell speech at 7:40 a.m. CDT

Weather

A strong storm system is wrapping up quickly in the Northern Plains on Thursday, which is causing areas of heavy rain and thunderstorms. This will also increase winds across the region and bring potential for severe storms to the Midwest, especially the western Great Lakes Thursday afternoon and evening. Significantly cooler air will follow behind the system across the north into the weekend.

House Ag Plans To Tighten SNAP, Expand Safety Net

House Republicans are proposing a $290 billion cut from the Supplemental Nutrition Assistance Program over the next decade. The GOP plan uses some of the money saved to increase spending on commodity programs, crop insurance, and other farm bill programs. The draft text released on Monday shows the bill’s agriculture provisions would increase the PLC reference prices by ten percent to 20 percent, in line with the farm bill the committee approved last year. Politico says the $230 billion instructed savings target will be reached by forcing states to pay for part of the SNAP program using a sliding scale based on their payment error rates, beginning in fiscal 2028, and would pay between five and 25 percent of the benefits costs. The individual limit for commodity program payments would be increased from $125,000 to $155,000 and indexed for inflation. Funding for EQIP and CSP would rise to $3.26 billion and $1.38 billion, respectively.

U.S. Ag Tractor Sales Drop as Canadian Sales Rise

Data from the Association of Equipment Manufacturers shows Canadian sales of agricultural tractors grew 3.4 percent in April year-to-date, while sales of four-wheel-drive tractors jumped 46.3 percent during the same period. U.S. sales dropped in all categories in April 2025, with total agricultural tractor sales down 13.3 percent and combines falling 48.3 percent year-to-date. “The April report of slow tractor and combine sales is reflective of the overall softness in the ag economy,” says Curt Blades, the senior vice president of AEM. “Increased input prices, high interest rates, and global trade concerns are leading to farmers taking a more cautious approach to their capital investments.” He also said that with planting season underway, AEM remains optimistic that the ag economy will improve, leading to a strengthening of the ag equipment market. The 100-plus horsepower tractor segment saw the sharpest drop from last year, down 28 percent in April 2025 compared to April 2024. 

Mexico says U.S. Beef Import Suspension is “unfair”

Mexican President Claudia Sheinbaum isn’t happy with the Trump administration’s decision to suspend imports of Mexican beef cattle for 15 days because of detections of screwworm in shipments. Describing the suspension as “unfair,” Sheinbaum says she’s hopeful the suspension won’t result in another economic blow for her country. High Plains Dot Com says the U.S. restricted Mexican cattle shipments in November following the detection of the pest, but lifted the ban in February after protocols were put in place to evaluate the animals before entry into the U.S. “We do not agree with the measure,” Sheinbaum said. “The Mexican government has worked on all fronts from the very first moment we were alerted to the screwworm.” U.S. Ag Secretary Brooke Rollins pointed out that the last time the devastating pest invaded the U.S., it took the livestock industry 30 years to recover. “That can’t happen again,” she added. 

Democrats React to Proposed SNAP Cuts

Senator Amy Klobuchar, the Ranking Member of the Senate Ag Committee, reacted to the potential $290 billion in cuts to SNAP proposed by Republicans on the House Ag Committee. “Instead of working with Democrats to lower costs from President Trump’s across-the-board tariffs, House Republicans have decided to pull the rug out from under families by cutting the SNAP benefits that 42 million Americans rely on to put food on the table,” she said. “This means more seniors, veterans, people with disabilities, and children will go to bed hungry.” Klobuchar also said it will mean job losses and lost wages for everyone who is a part of the food system, from truck drivers to local grocers. “Ultimately, these cuts threaten the farm bill coalition that has delivered bipartisan support for farmers, families, and rural communities for decades, and will make it harder for Congress to pass a bipartisan farm bill,” Klobuchar added.

Growth Energy Applauds Conclusion of 45Z Credit in Tax Proposal

Growth Energy welcomed the news that the proposal released on Monday from the House Ways and Means Committee included an extension of the 45Z clean fuel production credit. It’s an incentive designed to spur innovation in American biofuels and unlock billions in new investments across rural America. “Pro-growth tax policy can unlock billions of dollars in new investments towards U.S. energy dominance while supporting stronger markets for America’s farmers,” said Growth Energy CEO Emily Skor. “The 45Z tax credit is a critical piece of this puzzle, and we’re glad to see that lawmakers on the House Ways and Means Committee recognized its importance.” The 45Z clean fuel production tax credit is intended to incentivize the production of low-carbon fuels in transportation on the ground and the air. Growth Energy’s research demonstrates that the credit would add 21.2 billion dollars to the U.S. economy and support more than 192,000 jobs.  

USDA Announced Several CRP Signups

The U.S. Department of Agriculture announced several Conservation Reserve Program enrollment opportunities for agricultural producers and landowners. USDA’s Farm Service Agency is accepting offers for both the General and Continuous CRP now through June 6, 2025. CRP has long been USDA’s flagship conservation program and celebrates its 40th anniversary this year. “With 1.8 million acres available for all CRP enrollment this fiscal year, we are very aware that we are bumping up against the statutory 27-million-acre cap,” says FSA Administrator Bill Beam. “Now more than ever, it’s important that the acres offered by landowners and those approved by USDA address our most critical natural resource concerns.” Beam also said that with the limited number of acres available, they’re not necessarily looking for the most acres offered but instead are prioritizing mindful conservation efforts to ensure that FSA maximizes the return on investment from both a conservation and an economic perspective. 

Wednesday Watch List

Markets

EIA Petroleum Status report including weekly ethanol production at 9:30 a.m. CDT

ERS Feed Grains Database update at 1 p.m. CDT

ERS Commodity Outlooks at 2 p.m. CDT

Weather

Isolated to scattered showers continue east of the Mississippi River on Wednesday as an upper-level low makes for more showers. But a pattern-changing low-pressure system is moving into the Northern Plains. It is already producing some heavier thunderstorms in the western Dakotas, which will spread east and north throughout the day. Temperatures will fall significantly behind this system.

U.S. and China Agree to Lower Tariffs

Over the weekend, the U.S. and China agreed to temporarily lower tariffs on each other’s products, which Bloomberg called a dramatic ratcheting down of trade tensions between the two largest economies in the world. For the next 90 days, the combined 145 percent levies on most Chinese imports will be dropped to 30 percent, including the rate tied to fentanyl by May 14. The 125 percent Chinese duties on U.S. goods will drop to ten percent. Treasury Secretary Scott Bessent said the two sides are in agreement that they don’t want to decouple from each other. “We’d love to see China more open to U.S. goods,” Bessent said. “We hope that there will be a purchase agreement that pulls what is our largest bilateral trade deficit back into balance.” The tariff pause with China could at least temporarily help calm some concerns from the U.S. agriculture industry about exports.

NCBA Supports Southern Border Closure

The National Cattlemen’s Beef Association announced support for the USDA’s decision to close the southern U.S. border to cattle, bison, and horse shipments. The move was made due to the continued northward spread of the New World screwworm in Mexico. “USDA’s border closure was avoidable,” said NCBA CEO Colin Woodall. “U.S. government officials, NCBA, and leaders from affiliated state cattle industry associations have been sounding the alarm for months.” He also said it’s unfortunate that the Mexican government created unnecessary bureaucratic hurdles that rendered prevention efforts ineffective and allowed the screwworm cases to spread unchecked beyond control points in southern Mexico. NCBA acknowledged that the border closure will create economic harm for U.S. farmers and ranchers, and create supply chain disruptions, but the costs will be far less than if the screwworm crosses into the United States and we are forced to fight the devastating pest on U.S. soil. 

NCBA Supports Southern Border Closure

The National Cattlemen’s Beef Association announced support for the USDA’s decision to close the southern U.S. border to cattle, bison, and horse shipments. The move was made due to the continued northward spread of the New World screwworm in Mexico. “USDA’s border closure was avoidable,” said NCBA CEO Colin Woodall. “U.S. government officials, NCBA, and leaders from affiliated state cattle industry associations have been sounding the alarm for months.” He also said it’s unfortunate that the Mexican government created unnecessary bureaucratic hurdles that rendered prevention efforts ineffective and allowed the screwworm cases to spread unchecked beyond control points in southern Mexico. NCBA acknowledged that the border closure will create economic harm for U.S. farmers and ranchers, and create supply chain disruptions, but the costs will be far less than if the screwworm crosses into the United States and we are forced to fight the devastating pest on U.S. soil. 

NFU Wraps up a Week of Action

The National Farmers Union concluded its Week of Action, which gathered more than 100 farmers from across the country to the halls of Congress and spurred local action from hundreds of farmers and ranchers in their home states. Farmers Union members shared one message: farmers across the country are facing the perfect storm of volatile markets, rising input costs, shrinking federal support, and mounting trade tensions, all with no new farm bill in sight. “We are so deeply indebted to over 100 farm families who have taken time from what is the busiest time of year for many farmers and ranchers to travel here, deliver the news themselves, and tell their stories about why action is so necessary right now,” said NFU President Rob Larew. NFU members strongly pushed for a farm bill that strengthens the farm safety net, builds upon voluntary conservation programs, and fosters fairness in the marketplace.”

USDA Releases May WASDE Report

The March World Agricultural Supply and Demand Estimates Report is calling for a 2025-2026 U.S. corn outlook with record supplies and total use, and higher ending stocks. The corn crop is projected at 15.8 billion bushels, up six percent from a year ago. With the total U.S. corn supply rising more than use, 2025-2026 ending stocks are up 385 million bushels from last year. The season-average farm price is projected at $4.20 a bushel, down 15 cents. The 2025-2026 outlook for U.S. soybeans calls for slightly lower supplies, higher crush, reduced exports, and lower ending stocks compared to the prior marketing year. The season-average soybean price is forecasted at $10.25 per bushel, compared with $9.95 per bushel during the previous year. The wheat outlook is for increased supplies, modestly higher domestic use, reduced exports, and higher stocks. The season-average farm price is $5.30 per bushel, down 20 cents from last year.

Groups Support Supreme Court Hearing on Glyphosate Case

Groups representing U.S. farmers have filed a brief encouraging the Supreme Court to hear a case on labeling for glyphosate and other pesticides. The groups, which represent a broad swath of agriculture and cover over 300 million acres, argue that glyphosate is a “once-in-a-century” herbicide given its effectiveness at controlling an array of damaging weeds, affordability, and low toxicity. However, uncertainty created by inaccurate interpretations of pesticide labeling requirements has risked farmers’ access to glyphosate and other indispensable tools. The question at the center of the case, Durnell v. Monsanto, is whether manufacturers of glyphosate or other pesticides are liable under state law for failure to warn of alleged cancer or other health risks when federal regulators have thoroughly evaluated the safety of the product and determined their uses are safe. The groups say the Federal Insecticide, Fungicide, and Rodenticide Act prevents states from imposing labeling requirements different from EPA findings.  

Tuesday Watch List

Markets

Consumer Price Index for April at 7:30 a.m. CDT

Weather

An upper-level cutoff low-pressure system is still found over the Southeast on Tuesday. It is spreading showers into the Midwest and Northeast as well. Some isolated showers will be possible in the Northern Plains. Otherwise, hot and largely dry conditions over much of the Western Corn Belt will continue the rapid planting pace ahead of a storm that enters the region on Wednesday.

More Reaction to U.S.-U.K. Trade Agreement

The National Corn Growers Association applauded the new bilateral trade agreement that increases access for American agricultural products to the United Kingdom, including ethanol. During the announcement, officials indicated tariffs on U.S. ethanol will drop to zero. “This is great news,” says NCGA President Kenneth Hartman Jr. “We hope they continue to include corn and ethanol in future bilateral agreements.” The deal will create an opportunity of up to $5 billion in new exports for U.S. farmers. “It is a huge win that will allow further expansion into our second-largest market for ethanol,” says U.S. Grains Council President and CEO Ryan LeGrand. “It’s a crucial step forward in the positive relationship between the two countries.” It’s especially great news for ethanol after recent record American ethanol exports to the U.K. “We could see another record that will benefit American farmers, biofuel producers, and U.K. consumers,” says Growth Energy CEO Emily Skor.

Tariffs Weighing on Exporter Profits

Global trading companies like Archer-Daniels-Midland and Bunge are reporting that tariff uncertainties and trade questions have taken a toll on first-quarter profits. Reuters says those companies also say continued tariff and trade uncertainty could affect their bottom lines through the rest of this year. ADM posted its weakest first-quarter profit in five years and warned of diminished returns due to President Donald Trump’s efforts to “redraw the global markets.” Grain trader and processor Bunge Global posted a smaller-than-expected first-quarter profit drop as anxiety over rising tariffs boosted export demand for its products. Bunge also reaffirmed its prior 2025 earnings guidance but said its outlook for agribusiness, its largest segment, would be weaker than previously expected. If realized, it would be Bunge’s worst annual profit since 2019. Crop handler Andersons Inc. saw tariffs and port fees upend trade and put pressure on its first-quarter results. 

Rollins Leads Trade Delegation to Promote American Ag

Ag Secretary Brooke Rollins will visit the United Kingdom this week, just days after the U.S. and U.K. announced a trade agreement in principle was in place between the two countries. “I’m traveling to the U.K. on my first foreign mission to meet with my counterparts and discuss the commitments of this new deal,” Rollins said. “It’s our goal to achieve even closer relations with the U.K., and we are thankful for the agreement that gives our farmers, ranchers, and food processors increased market access in the United Kingdom.” Rollins will meet with U.K. government officials, visit facilities importing U.S. agricultural products, and talk with U.K. importers about how to best position U.S. products in that market. Following the visit to the U.K., Rollins will travel to Japan, Vietnam, Brazil, Peru, Italy, and India over the next five months. Other USDA trade missions include Hong Kong, the Dominican Republic, Taiwan, and Mexico.

NTCA Applauds Bill to Lower Broadband Costs

NTCA - The Rural Broadband Association applaud the introduction of the “Lowering Broadband Costs for Consumers Act.” The legislation directs the Federal Communications Commission to require broadband service providers to contribute to the Universal Service Fund. “NCTA applauds the introduction of the Lowering Broadband Costs for Consumers Act, which would promote more predictable and stable funding to preserve and advance the statutory mission of universal service,” says NTCA CEO Shirley Bloomfield.  “As traditional telecommunications revenues decline, the assessment on the remaining consumers of such services increases, resulting in a disproportionate burden on those consumers even though they are not the most significant users of services or beneficiaries of underlying networks.” She also says common-sense reforms like those directed by this legislation will shore up the foundation of universal service funding and will ultimately help low-income and rural consumers, schools, and other rural facilities that depend on critical universal service programs. 

NCBA Hiring Interns for Fall 2025

The National Cattlemen’s Beef Association announced that applications are open for three unique internship experiences in the fall 2025 semester. “NCBA represents cattle farming and ranching families nationwide, and interning for us is a great way to gain professional skills while serving American agriculture,” says NCBA President Buck Wehrbein (WHERE-byne), a Nebraska cattleman. “If you want to learn more about communications, public policy, or meetings and events, I encourage you to apply and use your skills to help NCBA fulfill our vision of being the trusted leader and definitive voice for the U.S. cattle and beef industry.” The opportunities include a new Organizational Communications Internship in Centennial, Colorado, supporting NCBA’s social media strategy, TV production, and producer communications. There’s a Public Policy Internship in Washington, D.C., that supports NCBA’s Government Affairs Team, and a Meetings and Events Internship in Centennial, Colorado, that will support the operations of large- and small-scale events.  

Coalition Advocates for More Conservation Funding

The National Association of Conservation Districts wrote to leaders of the House and Senate Appropriations Committees, urging robust support for USDA’s Natural Resources Conservation Service’s operations budget. With the support of more than 120 conservation and agriculture groups, NACD requested $1.2 billion in FY 2026 Conservation Operations Funding and urged Congress to reject any changes in mandatory spending for farm bill conservation programs. Conservation Operations funds Conservation Technical Assistance nationwide. It also funds important programs like soil surveys, snow surveys, water supply forecasting, and more. “With 60 percent of our nation’s lands in private ownership, our ability to achieve landscape-scale conservation goals requires the voluntary cooperation of millions of farmers, ranchers, and forest stewards who manage these lands,” says NACD President Gary Blair. “At a time when producers are facing extreme challenges from the farm economy and weather impacts, conservation helps increase the resilience of their lands and has economic benefits.” 

Monday Watch List

Markets

Export Inspections at 10 a.m. CDT

World Agricultural Supply and Demand Estimates (WASDE) report at 11 a.m. CDT

NASS Crop Production at 11 a.m. CDT

Crop Progress at 3 p.m. CDT

Weather

An upper-level cutoff low-pressure system that brought heavy rain into the Southeast over the weekend continues there for Monday. But the low will also spread showers north into the Midwest over the next several days before leaving. Additional showers will develop over the northwest.

U.S. and U.K. Reach Historic Trade Deal

The United States and the United Kingdom announced a historic trade deal. The White House says the agreement provides American companies with unprecedented access to U.K. markets while bolstering national security. President Donald Trump said, “The deal includes billions of dollars of increased market access for American exports, especially in agriculture, dramatically increasing access for American beef, ethanol, and virtually all the products produced by our great farmers.” The U.K. also agrees to reduce or eliminate non-tariff trade barriers that unfairly discriminate against U.S. goods. The deal creates a $5 billion opportunity for new exports for U.S. farmers, ranchers, and producers, including over $700 million in ethanol exports and $250 million in other agricultural products like beef. It also commits the countries to work together to enhance industrial and agricultural market access. Customs procedures for U.S. exports will be streamlined to ensure smooth entry into the U.K. marketplace. 

Beef Producers React to U.S.-U.K. Trade Deal

The National Cattlemen’s Beef Association announced its appreciation for President Donald Trump’s trade agreement in principle with the United Kingdom. Most importantly, the agreement includes market access for beef. This announcement followed years of NCBA’s hard work in building the foundation for a trade deal with the U.K., including numerous meetings with British industry stakeholders, Members of Parliament, the British Embassy, and other British authorities. “With this trade deal, President Trump has delivered a tremendous win for American family farmers and ranchers,” said NCBA President Buck Wehrbein (WHERE-byne). “For years, American cattle producers have seen the United Kingdom as an ideal partner for trade.” He also says between the countries’ shared history, culture, and their desire for high-quality American beef, securing a trade agreement is a natural step forward. When the United Kingdom left the European Union, it opened the door for securing international trade agreements with countries like the U.S. 

Rollins: Not Closing FSA Offices

Ag Secretary Brooke Rollins testified before a Senate Appropriations subcommittee this week and defended downsizing the USDA and potential cuts to international food programs. Reuters says the secretary added that the Agriculture Department doesn’t plan to close any of its 4,500 Farm Service Agency offices that serve America’s farmers. “It is not in our plans to close any FSA offices,” she said. “USDA is working to develop online technical assistance that may mean less reliance on in-person services in the future.” The president’s budget would cut $358 million from the FSA and suggested that some of its locations are underutilized, resulting in waste. Rollins also said her agency is recruiting to rehire staff to critical roles that were vacated, including for the FSA county offices, wildland firefighters in the U.S. Forest Service, and staff at the Animal and Plant Health Inspection Service, which handles animal disease outbreaks like bird flu. 

House Dems: SNAP Cuts Hurt Families and Farmers

At a press conference on Capitol Hill, House Ag Committee Democrats railed against GOP plans to cut spending on food aid in the Supplemental Nutrition Assistance Program. The Democrats emphasized that funding for SNAP supports hungry families as well as farmers, grocery workers, truckers, and food manufacturers. “SNAP doesn’t just give away money,” said Representative Nikki Budzinski of Illinois. “It powers our economy.” Kat Becker, a Wisconsin farmer, and Carah Ronan, a Montana producer, both spoke about how SNAP dollars support their farms. “Farms and nutrition go hand-in-hand,” Ronan said after detailing how the funds help her provide fresh local produce, eggs, and meat to her community. “Let’s keep it that way.” The event was one of many that Democrats and anti-hunger advocates organized in advance of the Agriculture Committee’s meeting to lay out the details of what they plan to cut from the program, which is scheduled for next week. 

Missouri River Runoff Forecast Lowered by Drought

The updated 2025 calendar year runoff forecast for the Missouri River Basin above Sioux City, Iowa, continues to be below average. April runoff in the Missouri River Basin above Sioux City was 1.4 million acre-feet, which is 48 percent of the average. “Runoff into the reservoir system was below average for the month of April, and runoff was below average in all reaches,” says John Remus of the U.S. Army Corps of Engineers. “Drought or abnormally dry conditions are currently present in 75 percent of the basin, and conditions have worsened in the Fort Peck reach and Garrison reach in the last month, which resulted in a forecast lowered by 1.9 million acre-feet from last month.” The 2025 calendar year forecast above Sioux City is 20 million acre-feet, 78 percent of the average. The runoff forecast is based on current soil moisture conditions, mountain snowpack, and long-term precipitation and temperature outlooks. 

More States Ban Lab-Grown Meat

Five U.S. states have now officially banned lab-grown meat. Last week, Governor Greg Gianforte (jee-an-FOR-tay) of Montana signed a bill prohibiting the manufacture, sale, and distribution of the product. Earlier this week, Indiana Governor Mike Braun signed a two-year ban into law, followed by strict labeling laws after the law expires. “The lab-grown meat sector will continue to face headwinds as consumers and lawmakers learn more about the use of ‘immortalized cells’ and the lack of long-term nutritional and health studies around the product,” said Jack Hubbard, executive director of the Center for Environment and Welfare, one of the leading critics of lab-grown meat. “We are seeing a bipartisan consumer movement against the experimental product that we believe will ultimately intensify as more people learn about how lab-grown meat is manufactured.” Florida, Alabama, and Mississippi have also enacted their own bans on lab-grown meat, and Nebraska is currently considering similar legislation. 

Friday Watch List

Markets

CFTC Commitments of Traders report at 2:30 p.m. CDT

Weather

An upper-level cutoff low-pressure center that has been bringing widespread precipitation to the southern tier of the country all week continues with showers near the Gulf Coast for Friday. Additional showers will form along the East Coast as well. Drier conditions are developing elsewhere and setting up a very nice planting window for much of the country.

Senators Urge USDA to Explain DOGE Review of Farm Loans

Democrats in the U.S. Senate have asked USDA to explain why the Department of Government Efficiency (DOGE) must approve certain government farm loans and loan guarantees before they are issued, according to a copy of a letter seen by Reuters. The lawmakers also told USDA they wanted details about how such reviews are being conducted and whether DOGE will be vetting other USDA farm assistance programs. The letter, led by U.S. Sen. Amy Klobuchar, was sent late Tuesday to Agriculture Secretary Brooke Rollins, according to an aide. It was signed by 16 senators, including Ron Wyden, Adam Schiff and others. The letter comes after Reuters reported on an April 29 memo outlining policy changes related to USDA FSA farm loan programs. According to the memo, the new policy requires that farm loans and loan guarantees over $500,000 must be reviewed and cleared by the agency's chief financial officer and DOGE employees.