Row Crops Today — June 3, 2026
The 5-minute 5 AM brief for row crop producers and ag professionals
Headline Stack
🌍 White House cuts farm equipment tariffs from 25% to 15% effective June 8
📊 Purdue/CME Ag Barometer falls to 119 as 51% of farmers cite input costs as top concern
🌽 NCGA: USMCA underpins 1.8 billion bushels of corn exports ahead of July 1 review
📋 Reynolds signs $166.7M Iowa ag appropriations bill and Iowa Farm Act
🏭 CHS closes three southeast Minnesota elevators after 2026 harvest
Top Story
🌍 White House cuts tariffs on farm equipment to 15% starting June 8. — LINK
A presidential proclamation issued late Monday drops tariffs on imported farm and construction equipment — including combines, harvesters, and forklifts — from 25% to 15%, with foreign manufacturers qualifying for a lower 10% rate if their capital equipment contains at least 85% U.S. steel or aluminum. The new rates take effect June 8 and run through December 31, 2027. The White House fact sheet said the temporary relief is intended to "spur near-term investments that will rebuild the Nation's industrial base." "At a time when our nation's farmers are under increasing pressure, this action represents an important step towards lowering input costs, strengthening supply chains, and supporting American farmers and manufacturers," said Kip Eideberg, senior vice president of government and industry relations for the Association of Equipment Manufacturers. Shares of Deere & Co. rose as much as 5.7% on the news, while CNH Industrial jumped as much as 10% and AGCO climbed 6.6%; Bloomberg Intelligence analyst Christopher Ciolino noted Deere could qualify for the reduced 10% duty on some products because roughly 90% of its raw materials are sourced domestically.
More This Week
📊 Purdue/CME barometer slips to 119 as input cost concerns hit record high. — LINK
The Purdue/CME Ag Economy Barometer fell to 119 in May from 121 in April, with 51% of farmers citing input costs as their top concern — a record high — and the Farm Capital Investment Index dropping 3 points to 41, its lowest level since September 2024.
"The persistence of high input costs is especially challenging in an environment where many producers are already operating with tighter margins," said Michael Langemeier, the barometer's principal investigator and director of Purdue's Center for Commercial Agriculture.
Roughly two-thirds of respondents expect lower net farm income in 2026; among farmers who planted corn in 2025, nearly half expect corn break-even prices to rise by as much as 6%, and 30% expect break-evens to climb 10% or more.
🌽 NCGA: USMCA represents 1.8 billion bushels of corn demand ahead of July 1 review. — LINK
The National Corn Growers Association says USMCA underpins 1.8 billion bushels of U.S. corn demand and contributes $20 billion to the U.S. economy, with the first comprehensive review of the agreement scheduled to begin July 1.
"This is an unprecedented review, we've never had this review before. We have data to show and stories to back it up about how beneficial USMCA has been for the U.S. corn industry," said Nancy Martinez, NCGA director of public policy for trade and biotechnology.
Mexico is the largest single importer of U.S. corn, and Canada is the largest customer of U.S. ethanol exports, Martinez told Brownfield.
📋 Reynolds signs $166.7M ag funding bill and Iowa Farm Act. — LINK
Gov. Kim Reynolds signed HF 2771 on Monday, directing $166.7 million to agriculture and natural resources for fiscal year 2027, including a Farm-to-Faucet package projected to drive nearly $320 million over 12 years for water quality monitoring, infrastructure and conservation practices; the package includes an estimated $52 million in new IDALS conservation funding for the 22-county Greater Des Moines watershed and $25 million for Central Iowa Water Works nitrate removal upgrades.
"It follows through on a promise we made to the people of Iowa earlier this year, shifting water quality resources to the most effective programs and urgent needs," Reynolds said Monday.
The companion Iowa Farm Act (SF 2465) passed unanimously in the Senate and 81-4 in the House; it amends the state grain indemnity program, makes the Choose Iowa School Purchasing Pilot permanent, and removes the cap on the Renewable Fuel Infrastructure Program.
🏭 CHS to close three southeast Minnesota elevators after 2026 harvest. — LINK
CHS will shutter three grain elevators in southeast Minnesota after the 2026 harvest, removing roughly 6.2 million bushels of local storage capacity from the region.
Minnesota Corn Council chair John Mages has warned that reduced local competition is already pushing area cash bids further below CBOT benchmarks, deepening basis concerns for growers in the affected counties.
The closures are the latest sign of consolidation across the upper Midwest grain handling network, where independent and cooperative elevators have steadily exited smaller markets over the past decade.
Basis Watch
Kansas Northwest old-crop corn basis firmed 14 cents on Tuesday, the largest corn move of the session. South Dakota East Central weakened 12 cents on the low end, running counter to the broader pattern. A cluster of locations including Iowa Southeast, Illinois Southwest, Nebraska Northwest, Kansas South Central, Missouri North Central, Missouri Northwest, and Minnesota South all firmed 5 cents on old-crop corn bids.
On the soybean side, Missouri North Central old-crop basis improved 25 cents — well clear of anything else on the board. North Dakota North Central firmed 15 cents and Iowa North Central improved 9 cents, while Iowa Southeast weakened 9 cents. Illinois West new-crop soybean basis firmed 4 cents on the November contract.ent across old-crop corn locations. Colorado North Central old-crop corn also strengthened 5 cents at the top end, while Iowa Southeast and Nebraska Central added 4 and 3 cents respectively.
Source: USDA AMS
Canada buys 100% of U.S. ethanol exports, making it the single largest customer as USMCA enters its first comprehensive review on July 1.
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