USDA To Change Release Time of Key Crop Reports Beginning in 2013

USDA Will Change Release Time of Key Crop Reports Beginning in 2013

I’m KayDee Gilkey with the Northwest Farm and Ranch Report.

This summer USDA sought public comment on release times for several major crop reports in response to the changes in market hours by major commodity exchanges.

USDA Chief Economist Joe Glauber explains how this day and age of virtual 24/7 agricultural commodity trading markets led to a recent decision to change USDA crop report release times.

Glauber: “These reports are released and as soon as they are released they are traded on, so the public is having to look at this information, absorb it and trade but that is just where we are in the world these day with 24-hour trading.”

Glauber shares which reports will have a new release time.

Glauber: ”Starting January 1st, we will change the release time for our morning related timed reports for World Agricultural Supply and Demand Estimates, Acreage Report, the Crop Production Report, Grain Stocks, Prospective Plantings and the Small Grains Summary.”

He says that those morning crop reports release times will be moved, come January to 9 a.m. Pacific Time. The afternoon livestock reports will continuing being released at the current time which is noon pacific time.

Glauber: “Two reasons we are doing it. One, we wanted to ensure when we released these numbers that we do it at a time when there is the greatest amount of liquidity in the markets. And the other big concern was to do it at a time when at least traders within the U.S. are in normal business hours.”

I’m KayDee Gilkey with the Northwest Farm and Ranch Report on the Northwest Ag Information Network.