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Winter wheat conditions improve more than expected... USDA rated the winter wheat crop as 51% “good” to “excellent” as of Sunday, up two percentage points from last week and one point higher than analysts expected. The “poor” to “very poor” rating dropped one point to 18%.
Crop development remains advanced, with 39% headed, six points ahead of average. That included 78% in Texas (73% average), 60% in Oklahoma (63%) and 45% in Kansas (26%).
Corn planting remains ahead of average... Corn planting advanced 16 points to 40%, one point ahead of the five-year average but one point slower than analysts expected. Across the top 12 production states, planting stood at 32% in Illinois (44% average), 26% in Indiana (25%), 49% in Iowa (53%), 50% in Kansas (43%), 23% in Michigan (14%), 44% in Minnesota (43%), 54% in Missouri (57%), 50% in Nebraska (44%), 17% in North Dakota (7%), 22% in Ohio (15%), 39% in South Dakota (23%) and 16% in Wisconsin (21%).
Corn emergence increased six points to 11%, two points ahead of the five-year average.
Soybean planting remains well ahead of average... Soybean planting increased 12 points to 30%, seven points ahead of the five-year average, though one point slower than analysts expected. Across the top 13 production states, planting stood at 58% in Arkansas (42% average), 33% in Illinois (34%), 25% in Indiana (20%), 38% in Iowa (34%), 23% in Kansas (17%), 20% in Michigan (15%), 22% in Minnesota (20%), 28% in Missouri (20%), 34% in Nebraska (26%), 10% in North Dakota (2%), 23% in Ohio (13%), 25% in South Dakota (9%) and 17% in Wisconsin (14%).
The soybean crop was 7% emerged, two points ahead of normal for early May.
Spring wheat planting much above normal... Spring wheat planting increased 14 points to 44%, which was 10 points ahead of the five-year average for early May but two points slower than analysts expected. Planting in top producer North Dakota stood at 35% versus the 22% average. Only Minnesota (30% vs. 32%) was behind on planting.
Spring wheat emergence reached 13%, four points ahead of normal.
Cotton planting progressing rather normally... Cotton planting advanced six points to 21%, one point ahead of the five-year average. Planting stood at 25% in Texas (22% average) and 13% in Georgia (15%).
Big number of USDA employees take buyout in federal workforce overhaul... More than 15,000 employees — roughly 15% of USDA’s workforce — have accepted financial incentives to leave their positions under President Trump’s federal downsizing initiative, according to a USDA briefing obtained by Reuters. The departures stem from two rounds of the Deferred Resignation Program: 3,877 employees signed contracts in February, and another 11,305 in April. The number is expected to rise as older employees finalize decisions and paperwork.
Those leaving include 674 county employees of the Farm Service Agency and 2,408 staff of the Natural Resources Conservation Service.
USDA Secretary Brooke Rollins has said frontline staff, like those at FSA, will not be affected by any forthcoming reductions by the agency.
Also leaving are 555 employees of the Food Safety Inspection Service, which ensures the safety of the U.S. meat, poultry and egg supply. Some of the 1,377 staff departures from the Animal and Plant Health Inspection Service will affect the agency’s response to bird flu.
Bessent: Trump’s unified economic plan aims to power both Main Street and Wall Street... In a Wall Street Journal commentary (link), U.S. Treasury Secretary Scott Bessent outlines President Donald Trump’s three-pronged economic strategy — tariffs, tax reform and deregulation — as a coherent plan to rebalance the economy in favor of working Americans while maintaining strong capital markets. Bessent argues that Trump’s agenda is designed to correct decades of damage from globalization and “neoliberal excess,” especially the hollowing out of U.S. manufacturing from China’s entry into the World Trade Organization. He emphasizes that each policy lever — trade, taxes, and regulatory relief — reinforces the others:
- Tariffs: Aimed at reindustrialization and reducing dependency on foreign supply chains, especially China. Bessent links tariffs directly to national security and job creation.
- Tax cuts: The administration plans to make the 2017 tax cuts permanent, eliminate taxes on tips and overtime, and introduce deductions for U.S.-made auto loans.
- Deregulation: Focused on reviving industrial capacity and easing compliance for small lenders; also tied to achieving “energy dominance” by expanding fossil fuel development.
Economic outlook: Bessent claims early results are already visible: stronger-than-expected job growth, declining inflation, and a drop in consumer prices. He concludes: “This is just the cylinder firing... With all pistons moving, we’ll see more jobs, more manufacturing, more growth... and less dependence on China.”
Global economy already feeling drag from U.S. tariffs... President Donald Trump’s tariffs are increasingly clogging up the wheels of a world economy which for decades were greased by predictable and relatively free trade, Reuters reported. Big-name multinationals right down to niche e-commerce players last week cut sales targets, warned of job cuts and reviewed their business plans, while major economies revised down growth prospects amid bleak data read-outs.
“U.S. tariff policy is a serious negative shock for the world in the near term,” Isabelle Mateos y Lago, group chief economist at French bank BNP Paribas, told Reuters. “The U.S. tariffs end-game may be further away and at a higher level than previously thought,” she said of blanket U.S. tariffs currently set at a baseline of 10% alongside higher, sector-specific charges on products such as steel, aluminum and autos.
Last week’s removal of the “de minimis” duty-free treatment of e-commerce packages worth less than $800 for products from China is a hammer-blow for many smaller players.
“We’re going from zero to 145%, which is really untenable for companies and untenable for customers,” said Cindy Allen, CEO of Trade Force Multiplier, a global trade consultancy. “I’ve seen a lot of small to medium-sized businesses just choose to exit the market altogether.”
High beef prices hurt Tyson’s sales... Tyson Foods reported lower-than-expected quarterly sales amid weaker demand for beef. Demand for Tyson’s beef declined as average prices spiked 8.2% in the second quarter that ended on March 29. The beef business, Tyson’s largest unit, reported an adjusted operating loss of $181 million for the six months that ended in March.
“Beef is experiencing the most challenging market conditions we’ve ever seen,” CEO Donnie King told analysts on a call.
Tyson warned that tariffs could also trigger some sales disruptions, adding that exports account for less than 10% of its business. King said the company does not expect global meat consumption to decline due to tariffs.