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Winter wheat conditions unexpectedly decline... USDA rated the winter wheat crop as 52% “good” to “excellent,” down two percentage points from the previous week. Analysts expected ratings to be unchanged. The “poor” to “very poor” rating held at 18%.
USDA reported the winter wheat crop was 64% headed, six points ahead of average. The crop was 95% headed in Texas (92% average), 90% in Oklahoma (92%) and 84% in Kansas (71%).
Corn planting passes three-quarters mark... Corn planting advanced 16 points to 78%, five points ahead of the five-year average. That was one point less than analysts expected.
In the top 12 production states, planting stood at 74% in Illinois (77% average), 64% in Indiana (62%), 91% in Iowa (85%), 73% in Kansas (70%), 63% in Michigan (55%), 92% in Minnesota (77%), 87% in Missouri (83%), 86% in Nebraska (82%), 69% in North Dakota (34%), 34% in Ohio (48%), 85% in South Dakota (66%) and 73% in Wisconsin (65%).
USDA reported half of the corn crop had emerged, 10 points ahead of average.
Soybean planting two-thirds done... Soybean planting advanced 18 points to 66%, three points more advanced than analysts expected and 13 points ahead of the five-year average.
In the top 13 production states, planting stood at 76% in Arkansas (67%), 67% in Illinois (64%), 59% in Indiana (52%), 84% in Iowa (71%), 57% in Kansas (43%), 53% in Michigan (50%), 81% in Minnesota (55%), 59% in Missouri (41%), 80% in Nebraska (68%), 46% in North Dakota (23%), 40% in Ohio (39%), 71% in South Dakota (43%) and 66% in Wisconsin (53%).
USDA reported 34% of the soybean crop had emerged, 11 points ahead of normal.
Spring wheat planting remains well ahead of average... Spring wheat planting advanced 16 points to 82%, 17 points ahead of average. Planting in top producer North Dakota stood at 78%, 27 points ahead of normal.
USDA reported the spring wheat crop was 45% emerged, 11 points ahead of average.
Cotton planting continues to lag... Cotton planting advanced 12 points to 40%, though that was three points behind average. Planting stood at 35% in Texas (38% average) and 41% in Georgia (45%).
Argentine soybean crop could suffer ‘significant losses’ from flooding... Argentina’s soybean crop could suffer “significant losses” in northwestern Buenos Aires province due recent storms and flooding, the Buenos Aires Grain Exchange said. The exchange is maintaining its production soybean forecast at 50 MMT for now but noted the excessive moisture could further delay harvest and cause crop damage. Some 730,000 hectares of soybeans remain unharvested in the impacted area, which was between 100 and 400 millimeters (3.9 to 15.7 inches) of rain from last Thursday to Saturday.
Brazil investigating more HPAI cases... Brazil is investigating six potential outbreaks of highly pathogenic avian influenza (HPAI), according to updated data on the ag ministry’s website, following the first confirmation on a commercial poultry farm in Rio Grande do Sul late last week. Two of the ongoing investigations concern poultry raised on commercial farms and four are from backyard flocks.
One of the cases is on a commercial farm in the state of Tocantins and the other a commercial farm in Santa Catarina. The ministry didn’t specify where the backyard flock cases are located.
Trump says Russia and Ukraine to start ceasefire talks... President Donald Trump said Moscow and Kyiv would begin talks “immediately” on ending the war in Ukraine after a phone call with Russian President Vladimir Putin on Monday.
“Russia and Ukraine will immediately start negotiations toward a Ceasefire and, more importantly, an END to the War,” Trump posted on Truth Social. “The conditions for that will be negotiated between the two parties, as it can only be, because they know details of a negotiation that nobody else would be aware of.”
Trump said, “I have so informed President Volodymyr Zelenskyy, of Ukraine, Ursula von der Leyen, President of the European Commission, President Emmanuel Macron, of France, Prime Minister Giorgia Meloni, of Italy, Chancellor Friedrich Merz, of Germany, and President Alexander Stubb, of Finland, during a call with me, immediately after the call with President Putin. The Vatican, as represented by the Pope, has stated that it would be very interested in hosting the negotiations. Let the process begin!”
Trump also noted, “Russia wants to do largescale TRADE with the United States when this catastrophic ‘bloodbath’ is over.”
After the call with Trump, Putin said efforts to end the war were “generally on the right track” and that Moscow was ready to work with Ukraine on a potential peace deal. “We have agreed with the president of the United States that Russia will propose and is ready to work with the Ukrainian side on a memorandum on a possible future peace accord,” Putin told reporters.
Meetings on EPA RFS plan set to accelerate... EPA is moving forward with its next phase of the Renewable Fuel Standard (RFS) program, having recently submitted its “Set 2” proposed rule to the Office of Management and Budget (OMB). This proposed rule is expected to establish Renewable Volume Obligations (RVOs) for the years 2026 and 2027, a move that EPA Administrator Lee Zeldin says will bring the agency back into compliance with legislative deadlines. Notably, EPA was originally required to finalize the 2026 RVOs by November 2024.
A series of meetings to discuss the proposed RFS levels is already on the calendar, with more expected to be added as interest grows across the energy and agriculture sectors. The initial round of meetings kicks off this week with the National Oilseed Processors Association. Next week, sessions are planned with Fuels America and the American Biogas Council. However, the list of stakeholders is expected to expand significantly. Upcoming meetings will likely include: fuel refiners and oil industry representatives, truck stop and convenience store operators and U.S. ethanol and biodiesel industry groups.
These sessions are critical, as they provide a forum for feedback and negotiation on the proposed RVOs, which directly impact the production, blending and use of renewable fuels in the U.S. transportation sector.
As the EPA works to meet its legislative obligations and finalize the RVOs for 2026 and 2027, the outcome of these meetings will be closely watched. The decisions made in the coming weeks and months will help shape the future of America’s renewable fuels landscape, with implications for energy policy, environmental goals and the broader economy.
Moody’s reduces ratings at five large U.S. banks... Moody’s Ratings cut its ratings for deposits at some of the America’s biggest banks, citing Friday’s sovereign downgrade of the U.S. and the government’s weakened ability to support the firms.
Long-term deposit ratings at units of Bank of America, JPMorgan and Wells Fargo & Co., were lowered by one step to Aa2. The rating agency also downgraded the senior unsecured debt ratings for some units of Bank of America and Bank of New York Mellon Corp, cutting them to Aa2 from Aa1.