The USDA released its latest crop ratings for corn and soybeans, and David Maloni, ArrowStream's commodities expert, stated the news was underwhelming.
"Just 57 percent of the crop was rated in either good or excellent condition, while only 53 percent of soybeans fell into those categories," said Maloni. "These are the worst crop ratings for the first week of July in seven years and the fifth worst going back to 1990. Not what these crops need, when it is extremely likely that not all of the USDA acreage numbers were planted. The markets will look for improvement in these crop ratings in the coming weeks. But we remain concerned about the 2019-2020 domestic feed supply."
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