Check our advice monitor on ProFarmer.com for updates to our marketing plan.
Soybeans, cotton react most to USDA’s reports... Soybean futures fell from sharp gains ahead of USDA’s Acreage and Grain Stocks Reports to a mixed close, with the August contract ending 3 1/2 cents lower. USDA’s June 1 soybean stocks estimate came in higher than anticipated, implying the 2024 crop was bigger than previously estimated. Cotton extended losses after acreage topped expectations. Corn had little reaction to the data, while wheat modestly extended its pre-report losses. Click here to view full report details.
Corn conditions unexpectedly improve... USDA rated the corn crop as 73% “good” to “excellent” as of Sunday, up three percentage points from last week. Analysts expected no change. The “poor” to “very poor” rating declined one point to 5%.
USDA reported the corn crop was 8% silking, two points ahead of the five-year average.
Soybean conditions unchanged... USDA rated the soybean crop at 66% “good” to “excellent,” unchanged from last week, though there was a one-point increase in the top category. Analysts expected a one-point uptick in the good/excellent rating. The “poor” to “very poor” rating held at 7%.
USDA reported soybeans were 94% emerged (95% average), 17% blooming (16%) and 3% setting pods (2%).
Spring wheat conditions decline... USDA rated the spring wheat crop as 53% “good” to “excellent,” down one point from last week. Analysts expected no change. The “poor” to “very poor” rating dropped one point to 14%.
USDA reported the spring wheat crop was 96% emerged (100% average) and 38% headed (37%).
Winter wheat harvest continues to lag... Winter wheat harvest nearly doubled to 37% as of Sunday, though that remained five points behind the five-year average. Harvest stood at 80% in Texas (85% average), 71% in Oklahoma (99%) and 53% in Kansas (56%).
Cotton conditions notably improve... USDA rated the cotton crop as 51% “good” to “excellent,” up four points from the previous week. The “poor” to “very poor” rating declined three points to 17%.
USDA reported cotton was 95% planted (98% average), 40% squaring (37%) and 9% setting bolls (9%).
Trump to meet with trade team on tariffs as July 9 deadline nears... President Donald Trump will meet with his trade team this week to finalize tariff rates for countries “that don’t come to the table to negotiate in good faith,” White House Press Secretary Karoline Leavitt said Monday. The pivotal July 9 deadline for higher tariffs on dozens of trading partners is quickly approaching.
Trump’s approach involves threatening written notifications to trading partners outlining new tariff rates, a tactic aimed at forcing “deals” and punishing those not negotiating in good faith.
- India: Leavitt told reporters the U.S. is “finalizing these agreements,” with announcements on trade talks with India expected “very soon.” She confirmed recent conversations with Commerce Secretary Howard Lutnick about the ongoing negotiations.
- EU: The European Union is prepared to accept a 10% universal tariff on many exports to the U.S., but is demanding lower rates for critical sectors such as pharmaceuticals, alcohol, semiconductors and commercial aircraft. EU negotiators are also pushing for quotas and exemptions to soften U.S. tariffs of 25% on automobiles and car parts and 50% on steel and aluminum, according to sources cited by Bloomberg.
- Japan: Trump threatened to impose new tariffs on Japan, criticizing the country’s refusal to accept U.S. rice exports despite an ongoing domestic shortage. Trump stated on social media, “They won’t take our RICE, and yet they have a massive rice shortage… we’ll just be sending them a letter.” The move escalates tensions as Japan seeks relief from 25% U.S. auto tariffs, which it says are damaging its industry. Trump has so far refused, noting Japan does not import significant numbers of U.S. vehicles.
Hassett: Senate tax bill nears finish line, promises ‘Main Street’ benefits... In a Fox Business News interview, National Economic Council Director Kevin Hassett said the Senate’s major tax reform bill is on the verge of final passage, touting the legislation as a historic and “big, beautiful” win for Main Street Americans.
Comparing the marathon process to running up “Heartbreak Hill,” Hassett told host Charles Payne that “it’s downhill from here” and that a final Senate vote is expected before midnight. “The vote-a-rama action is moving a little faster than expected,” Hassett said, expressing confidence the bill would clear the final hurdle.
Hassett emphasized the bill’s direct benefits for ordinary Americans, highlighting new provisions such as no taxes on tips and overtime pay, increased deductions for seniors and Social Security recipients, and renewed auto loan interest deductibility. “About 90 million people out there are hourly workers who are going to benefit from the no tax on overtime. Think about all the workers that count so much on their tips — we’re not going to tax the tips,” Hassett said. He also pointed to relief for seniors who work to supplement Social Security, saying they “don’t have to give up 50 cents on the dollar” from their benefits.
Responding to critics who argue the legislation only helps the wealthy, Hassett was direct: “It absolutely doesn’t benefit billionaires.” He said the biggest impacts would be felt by working families, estimating a typical family would see at least $10,000 in benefit if the bill is enacted.
USDA issues second tranche of MASC Payments, eligibility checks holding up remainder... USDA successfully executed the second tranche of Marketing Assistance for Specialty Crops (MASC) payments on June 26, with county FSA office staff starting to sign and certify payments on June 27.
Over 75% of the anticipated funding has already been processed. However, some payments are delayed due to eligibility checks, including Adjusted Gross Income (AGI) limits and the need for positive certification from the IRS. The precise share of delays tied specifically to AGI issues is not yet known.
The MASC program is a USDA–Farm Service Agency initiative launched in late 2024 to ease the commercial pressures on specialty crop producers. It helps offset elevated marketing costs — such as those associated with planting, packing, transporting and labor-intensive handling of perishable goods like fruits, vegetables, nuts, nursery products, herbs, floriculture and more.
Specialty crops often demand specialized infrastructure — cold storage, humidity-controlled transport, careful packaging — and intensive manual labor, making them financially vulnerable. MASC funding aims to bolster domestic market competitiveness and food system resilience.
SCOTUS seeks Trump administration’s input on Roundup cancer verdict... The U.S. Supreme Court is signaling potential interest in Bayer AG’s ongoing legal battle over Roundup weedkiller, asking the Trump administration for its view on whether to hear Bayer’s appeal of a $1.25 million Missouri verdict.
The case centers on whether state-court claims that Bayer failed to warn about Roundup’s cancer risks are preempted by federal law, given FDA has not required a cancer warning label.
Bayer contends that federal regulation of chemicals like glyphosate should block state-level “failure to warn” lawsuits, which have driven much of the $11 billion Bayer has already paid in settlements and verdicts. The company, which still faces 67,000 such suits, argues that a Supreme Court ruling in its favor would shield it from future claims.
The justices directed the request for input to Solicitor General D. John Sauer, President Trump’s top Supreme Court advocate. The case, Monsanto v. Durnell, 24-1068, could have broad implications for product liability and federal pre-emption.