Washington Suspends Duties on Moroccan Phosphate — Farmers Could Save $1.82 Billion

The U.S. Drought Monitor shows 13% of the Midwest in moderate-to-extreme drought, with Minnesota carrying the largest share, now closer to 40% coverage. A historically dry May, paired with above-normal temperatures, expanded dryness across north-central Minnesota and into northern Iowa. But the state isn't dry wall-to-wall: that same stretch brought 4 to 8+ inches of rain overnight across Mower and Fillmore counties, flooding roads and closing I-90 between Austin and Dexter. The July outlook gives the Ohio Valley better odds of relief; northern Minnesota's odds skew toward staying dry.

China's fertilizer export quotas for the June–August shipping window are capped at roughly 1.5–1.6 million tonnes, with industry sources at a Shanghai conference saying broader restrictions are unlikely to lift before August. International urea prices are still running about 40% above pre-conflict levels. Domestically, UAN 28 is up 31% year-over-year, with urea, anhydrous, and UAN 32 each up roughly 23%.

Effective with the 2026 crop year, USDA's Farm Service Agency now treats eligible LLCs and S-Corporations as “pass-through entities” for payment limitation purposes — a change announced June 3, 2026. Previously, operations structured as an LLC or S-Corp were capped at a single payment limitation regardless of the number of members generating farm income.