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Your Pro Farmer newsletter is now available... Trade policy remained a market focus last week as President Trump doubled metals tariffs to 50%, while some countries scrambled to get deals done ahead of the July 9 deadline. India appears closest to a deal, with an interim agreement potentially announced soon. The relationship with China remains a roller coaster, with both sides accusing the other of failing to fulfill the mid-May agreement that led to a 90-day truce. But Trump and China’s Xi Jinping spoke via phone and agreed to hold lower-level meetings. Trump’s trade policies caused the Organization for Economic Co-operation and Development to cut its global growth forecast. The other focus for markets with the flip of the calendar to June is weather. There is a divide between too-wet and too-day areas in key production regions. The summer outlook suggests extreme weather will continue. We cover all of these items and much more in this week’s newsletter, which you can access here.
U.S., China to hold talks on Monday... President Donald Trump on Friday said three of his cabinet officials will meet with representatives of China in London on June 9 to discuss a trade deal. In a post on his Truth Social platform, Trump said Treasury Scott Bessent, Secretary of Commerce Howard Lutnick, and United States Trade Representative Jamieson Greer will represent the United States. “The meeting should go very well,” Trump wrote.
Scheduling of the meeting comes a day after Trump spoke to Chinese President Xi Jinping.
China issues rare earth licenses to suppliers of top 3 U.S. automakers... China has granted temporary export licenses to rare-earth suppliers of the top three U.S. automakers, two sources familiar with the matter told Reuters, as supply chain disruptions begin to surface from Beijing’s export curbs on those materials. At least some of the licenses are valid for six months, the sources said. It was not immediately clear what quantity or items are covered by the approval or whether the move signals China is preparing to ease the rare-earths licensing process, which industry groups say is cumbersome and has created a supply bottleneck.
U.S. suspends licenses to ship nuclear plant parts to China... The U.S. in recent days suspended licenses for nuclear equipment suppliers to sell to China’s power plants, four people familiar with the matter told Reuters. The suspensions were issued by the U.S. Department of Commerce, the people said, and affect export licenses for parts and equipment used with nuclear power plants.
Reuters could not determine whether the new restrictions were tied to the trade war, or if and how quickly they might be reinstated. Department of Commerce export licenses typically run for four years and include authorized quantities and values.
But many new restrictions on exports to China have been imposed in the last two weeks, according to sources, and include license requirements for a hydraulic fluids supplier for sales to China.
U.S. meat exports slump in April... The U.S. exported 582.9 million lbs. of pork in April, down 58.1 million lbs. from March and 73.0 million lbs. (11.1%) less than year-ago. Through the first four months of 2025, U.S. pork exports totaled 2.366 billion lbs., down 92.2 million lbs. (3.8%) from the same period last year. Of the top five export markets for U.S. pork, only China imported more product than year-ago through April.
U.S. beef exports totaled 237.2 million lbs. in April, down 18.5 million lbs. from March and 23.3 million lbs. (8.6%) from last year. For January through April, beef shipments totaled 950.5 million lbs., down 41.8 million lbs. (4.4%) from the same period last year. South Korea stood as the top market for U.S. beef through the first four months of this year and was the only country of the top five importers to see an increase in shipments.
Jobs growth slows slightly in May... The U.S. economy added 139,000 non-farm payrolls in May, down from the downwardly revised 147,000 for April but slightly higher than economists expected. The gradual moderation in the labor market fueled increased odds the Fed will stay in pause mode with interest rates deeper into the year.
Senate GOP eyes softer SNAP cuts amid budget talks... Republicans on the Senate Ag Committee are seeking to scale back the Supplemental Nutrition Assistance Program (SNAP) cuts proposed in the House’s sweeping budget reconciliation bill, according to Chair John Boozman (R-Ark.). Boozman said the ultimate figure remains a “moving target,” but acknowledged Senate Majority Whip John Thune (R-S.D.) is urging the panel to aim for a net reduction of approximately $150 billion — significantly below the House’s $238 billion proposed cut, which includes offsetting increases for farm programs.
Of note: GOP senators are still trying to include a $70 billion farm bill package.
The House proposal hinges on a controversial cost-sharing provision that would force states to cover a portion of SNAP benefits — an idea Boozman said is generating resistance among Senate Republicans. “I think they would like for us to be in that range,” he said of the $150 billion mark.
The Senate’s version is expected to include expanded work requirements for SNAP recipients and increased commodity program support, aligning more closely with agricultural policy goals. Boozman noted the committee is still waiting on Senate parliamentarian guidance regarding the inclusion of certain farm bill provisions, though he declined to provide further detail.
Brazil’s ag minister calls for HPAI vaccination debate... Brazilian Agriculture Minister Carlos Favaro welcomed the opportunity to debate vaccination of poultry against highly pathogenic avian influenza (HPAI) following the country’s first confirmed outbreak on a commercial chicken farm in mid-May.
Speaking in Paris at the World Organization for Animal Health, Favaro said Brazil would be prepared to host a global conference on animal health in 2026.
The potential use of vaccines against HPAI could restrict access to markets for Brazil, the world’s largest chicken exporter. But Favaro called for a discussion involving countries to waive any restrictions in case vaccination is adopted.
Favaro also defended a regionalization model under which trade bans would only apply to specific locations affected by outbreaks of highly contagious diseases such as bird flu or Newcastle disease.