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‘Very little confidence’ in today’s crop numbers

Today’s crop report from USDA was called slightly negative for corn and slightly positive for soybeans.

But market analyst Don Roose with Iowa-based U.S. Commodities says there’s not a lot of confidence in those numbers.

“I think it was a report that, with the immaturity of the crop, the trade had very little confidence in what the government is putting out right now,” Roose says.

The next report, in October, will be more important, he says.

“You’re going to have a chance to have some better looks at what the real ear weights are. You’re going to have a better look at what the pod counts and pod weights are going to be. We also may have a little bit of an adjustment in harvested acres.”

Roose says the lower estimate for soybean ending stocks, combined with some positive news on China, prompted today’s rally in soybean prices.