What You Need to Know Today:

Energy markets are sharply higher after President Trump rejected a weekend Iranian counter proposal that did not include limits on the country’s nuclear program. The ceasefire looks increasingly fragile, with energy markets unlikely to return to normal soon. President Trump and President Xi will meet in Beijing later this week for trade discussions that will likely include ag. Markets are hopeful for expanded soybean purchase commitments from the Chinese, but WPI doubts old crop positions will benefit materially. Ag futures are looking ahead to the USDA’s May WASDE on Tuesday, which will create the first full look at 2026/27 U.S. and world supply and demand dynamics. Cattle futures are lower after P...