10-23-2012 07:34 AM
What do you all make of these couple of brief stories this morning? Sounds like at a meeting in Chicago, there's speculation about the timing of the USDA reports the last few months and how they may be affecting the trade disproportionately compared to before CME changed trading hours. What do you think?
10-23-2012 01:47 PM
Jeff, you must feel lonely with no responses to your post, so here goes my thoughts.
First, I do not know why journalists should be allowed in the room where the reports are compiled. Let them receive the data with the rest of us and see how fast they can type. I can't think of any advantage to the normal guy from allowing this but someone else may come up with one.
In regards to the early harvested grain issue and the 9-1 stocks, this has been a thorn in all of our side for several year's now. In one report, I heard they adjusted for this in releasing their figures and in another, I heard the opposite. It may have been that one was the NASS press release and the other information from the WAOB.
Imagine the turmoil a later harvest next year on corn could cause. A 10.3-10.7 billion short crop this year needing to be spread over a 12.5 month period could get really interesting come 9-1-2013.
In regards to releasing the reports while trading is going on, I have been surprised at the lack of an immediate limit up or limit down move within 5 minutes of the report release.
No answers, just thoughts.