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Initial corn condition ratings lower than expected... USDA’s initial condition ratings of the season pegged the corn crop as 68% “good” to “excellent,” equal to the long-term average but five percentage points lower than analysts expected. The crop was rated 5% “poor” to “very poor.”
Corn planting advanced nine points to 87%, two points ahead of the five-year average. Of the top 18 production states, Illinois (82% vs. 87%), Indiana (76% vs. 79%), Kentucky (70% vs. 82%), North Carolina (96% vs. 98%), Ohio (54% vs. 73%), Pennsylvania (51% vs. 61%) and Tennessee (87% vs. 92%) were running behind average.
Corn emergence jumped 17 points to 67%, seven points ahead of normal for late May.
Soybean planting remains advanced though slower than expected... Soybean planting increased 10 points to 76%, eight points ahead of average but two points slower than analysts expected. Of the top 18 production states, only Mississippi (79% vs. 86%) and Ohio (52% vs. 62%) were running behind average.
The soybean crop was half emerged, 10 points ahead of normal for late May.
Spring wheat conditions much lower than anticipated... USDA’s initial condition ratings of the season pegged the spring wheat crop as only 45% “good” to “excellent,” 26 points lower than analysts expected. The “poor” to “very poor” rating stood at 18%.
Spring wheat plantings reached 87% and the crop was 60% emerged, both seven points ahead of average.
Winter wheat conditions unexpectedly decline again... USDA rated the winter wheat crop as 50% “good” to “excellent,” down two points from last week. Analysts expected a one-point increase. The “poor” to “very poor” rating increased one point to 19%.
Crop development remained advanced with 75% headed, five points ahead of average.
Cotton planting passes halfway point but still behind... Cotton planting increased 12 points to 52%, four points behind the five-year average. Planting stood at 47% in Texas (48% average) and 58% in Georgia (62%).
Cotton was 3% squaring, one point behind the five-year average.
Hassett signals imminent trade deals... National Economic Council Director Kevin Hassett told CNBC the U.S. is on the verge of finalizing several new trade deals, with announcements potentially coming as soon as this week.
India is among the countries reportedly closest to finalizing a deal. Hassett praised India’s progress, noting it is “close to the finish line” in ongoing negotiations. The Trump administration has prioritized talks with India and Switzerland, while discussions with China remain stalled due to broader geopolitical tensions.
While optimism is high for a U.S./India agreement, the path to completion has been complex. Both sides are reportedly engaged in “hard negotiations,” particularly over access to agricultural and technology markets. Although an initial deal was anticipated earlier, sources now suggest that a framework agreement could be reached in the coming weeks, likely serving as a basis for further detailed negotiations.
U.S. publishes AD, CVD duties on 2,4-D imports from India and China... The U.S. Department of Commerce and the International Trade Commission (ITC) have finalized and published antidumping (AD) and countervailing duty (CVD) orders on imports of 2,4-Dichlorophenoxyacetic Acid (2,4-D), a widely used herbicide, from India and China. Supplies from China and India accounted for 81% of total U.S. 2,4-D imports, making the duties particularly significant for the agricultural sector.
For China, the highest CVD rate (169.63%) was assigned to Shandong Rainbow Agrosciences due to adverse findings, while Jiangxi Tianyu Chemical and all other Chinese exporters received a 26.50% rate.
For India, CVD rates range from 5.29% to 6.32%, and AD rates range from 6.10% to 25.85%, depending on the exporter.
The duties require U.S. Customs and Border Protection to collect cash deposits at the specified rates and suspend liquidation of covered entries.
Farmers and industry groups fear the duties will exacerbate already high input costs and could lead to shortages, as Corteva is currently the sole U.S. producer of 2,4-D. They argue that generic imports are essential for affordable and reliable crop protection, especially as herbicide options become more limited.
Consumer confidence jumps in May but tariffs and inflation remain concerns... The five-month decline in consumer confidence was snapped amid a 90-day trade truce between the U.S. and China, though households continues to worry about tariff impacts on inflation.
The Conference Board consumer confidence index increase 12.3 points to 98.0. Consumers’ assessments of the present economic situation also improved, with the exception of their view on job availability, which weakened for the fifth straight month. However, less than 25% of respondents said they were worried about losing their jobs.
The survey showed tariffs are still consumers’ biggest concern. Inflation also remains a top concern.
The survey showed Americans’ plans to spend on homes, cars and vacations also increased from April, with significant gains coming after the May 12 China tariff pause.
Beijing eyes new ‘Made in China 2025’ push amid U.S./China tech rivalry... Beijing is reportedly preparing a revamped version of its landmark “Made in China 2025” strategy to accelerate technological self-sufficiency and secure leadership in critical industries. The plan, potentially branded “Made in China 2035,” emerges amid rising geopolitical tensions and a U.S. policy shift toward “strategic decoupling” under President Donald Trump.
The updated initiative will sharpen its focus on semiconductors and other advanced technologies, especially as U.S. export controls limit China’s access to cutting-edge chips and manufacturing tools. Chinese firms like Naura Technology and AMEC are rapidly expanding their footprint, with domestic suppliers expected to fulfill nearly 40% of global chip equipment demand by 2025.
The original plan aimed to dominate 10 strategic sectors but drew intense criticism abroad, particularly from Washington. While China fell short of achieving 70% chip self-sufficiency by 2025, state support — via tax breaks, procurement policies, and investment funds — significantly advanced local capabilities and market share.
The next-phase strategy is expected to:
- Deepen investments in chip-making and AI applications
- Expand China’s reach in green tech and next-gen IT
- Rebrand to soften foreign resistance while maintaining core goals
- Mobilize public-private collaboration for innovation
Of note: Beijing views advanced AI — driven by firms like DeepSeek — as a lever to challenge U.S. dominance in key economic technologies.
The Trump administration’s response includes up to 145% tariffs on Chinese tech exports and incentives for reshoring manufacturing. A 90-day tariff pause excludes China, prompting supply chain shifts to Vietnam, India and Mexico.
‘Chips, not shirts’: Trump’s tariff comments offer false hope to Asian textile exporters... Garment manufacturers in China and Vietnam welcomed President Donald Trump’s recent comment that America is “not looking to make sneakers and T-shirts,” but industry leaders remain deeply cautious. After enduring years of volatile U.S. tariff swings, exporters have little faith that Washington’s tone will remain steady, according to an article in the South China Morning Post.
Despite a temporary 90-day pause on tariffs — lowering U.S. duties on Vietnamese goods from 46% to 10%, and Chinese goods from 145% to 30% — exporters fear a rapid reversal if no deal is reached by early July.
Vietnam, where garments make up a $44 billion industry, has offered tariff concessions and cracked down on Chinese goods routed through its ports. Still, exporters are hedging by diversifying away from the U.S. market.
Even as Vietnam courts U.S. goodwill — expediting a $1.5 billion Trump golf project and seeing a 40% surge in FDI — exporters know words are cheap.