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Community Manager
marketeye
Posts: 3,133
Registered: ‎05-03-2010
0

Will USDA change 7:30am Report time?

So, Friday this announcement came out:

Notice: CFTC approves CME Group's extended electronic trading hours Friday.The new hours start Sunday night.

 

Here are the details, according to the CME Group press release.

 

Hours will expand from the current 17 hours per day to 21 hours per day on CME Globex from 5:00 p.m. to 2:00 p.m. CT Sunday to Friday.
Products included in the expanded hours are CBOT Corn, Mini-Sized Corn, Soybeans, Mini-Sized Soybeans, Wheat, Mini-Sized Wheat, Soybean Meal, Soybean Oil, Rough Rice, Oats, and Ethanol futures and options plus all related calendar spread options and inter-commodity spread options.
Daily settlements will continue to be based on market activity at or around 1:15 p.m. CT each day. Additionally, open-outcry trading hours will continue to operate from 9:30 a.m. to 1:15 p.m. CT Monday to Friday.

 

Then I spoke to a person that is closer to the situation than you and I. That's code for somebody told me this stuff, but I can't quote them. The message I received was:

NASS, World Board (WASDE) and all other agencies involved are currently discussing implications of the extended trading day. There are some things to consider as to why there could be a delay in changing report times. First, the USDA Calendar, with all of the report dates and times, has been published. The obvious decision would be to change the report times from 7:30am Central to 3:00pm or 3:30pm Central time. One thing to keep in mind is that NASS or any USDA agency doesn't make changes very fast.

 

Now it's your turn. What's your perspective on this topic? Do you care? Do you have an opinion? If so, feel free to "jot" it down here. Thanks.

 

Mike

Senior Contributor
highyields
Posts: 790
Registered: ‎06-04-2010
0

Re: Will USDA change 7:30am Report time?

I would say move them to 8:30 am.  If they happen to come out on 3:00 p.m.  I'm not for sure if the report happened to be a big market mover can electronic market take the volume that a big move would take.   Say for instance the weather stays on the dry size and they would come out with a 92 million acre corn crop June 30th, would the trade take the volume assoicated with a huge move I would anticipate that would make.   I'm not for sure how the electronic trading really works, If it goes through one central system could that system crash in a huge volume market mover, at 5 oclock in the afternoon is there the right people there to handle something like this?    I've heard that the electronic trade has crashed in the past,,, just some thoughts.

 

 

8:30 in the morning gives everyone a little time to breath, and the pit trading would be open shortly after the report would be out.   Or just leave it at 7:30 in the morning.  

Contributor
halfbroke
Posts: 5
Registered: ‎05-11-2012
0

Re: Will USDA change 7:30am Report time?

i say leave it and adapt to the change. We constantly have to adapt to some change, we can do it. Keep moving i'm all in.

Veteran Advisor
roarintiger1
Posts: 1,575
Registered: ‎04-29-2011
0

Re: Will USDA change 7:30am Report time?

Leave the time alone and take all the time spent on deciding this to being more accurate at reporting the numbers.

"Failing to prepare is preparing to fail." "Success happens when preparation meets opportunity"
Veteran Advisor
Jim Meade / Iowa City
Posts: 2,439
Registered: ‎04-30-2010
0

Re: Will USDA change 7:30am Report time?

The poor traders are gong to have to get up at 0400 to pre-guess the report and have strategies on hand rather than at 0730 to polish their number for a couple of hours.  There won't be so much protection taken.

My immediate reponse is I don't know and I don't care. 

Esteemed Advisor
Hobbyfarmer
Posts: 3,965
Registered: ‎01-10-2012
0

Re: Will USDA change 7:30am Report time?

I'm with Jim.

 

I gamble enough with weather and growing a crop that I do not participate in "playing" the BOT.

60% of the time, it works every time.

"Political correctness is a doctrine, fostered by a delusional, illogical minority, and promoted by mainstream media, which holds forth the proposition that it is entirely possible to pick up a piece of dung by the clean end."
Advisor
giolucas
Posts: 1,101
Registered: ‎06-25-2010
0

Re: Will USDA change 7:30am Report time?

The time to me is irrelevant, whether it is at 7:30 , 8:30,.....etc.  I usually pick my position before the report.  Sometimes I call it right sometimes I call it wrong.   Some people call it gambling," I don't". Just because  I have a losing position doesn't necessarily mean my position is going to be a losing one.  I laugh at those experts.

Frequent Contributor
rusureofit
Posts: 64
Registered: ‎05-15-2011
0

Re: Will USDA change 7:30am Report time?

I say leave it the same.  Too bad so sad for the grain buyers.   The way it is now they have time to put on protection and screw the farmer when the numbers come out, The farmer doesn't get a chance to take protection when the numbers don't come out in his favor since the elevator has already lowered the price before the market even trades.

Community Manager
marketeye
Posts: 3,133
Registered: ‎05-03-2010
0

Re: Will USDA change 7:30am Report time?

rusureofit,

 

With the overnights not stopping in the morning, will this change the dynamics of Early Calls? Under the old trading hours, Early Calls would be generated knowing the overnight price pattern towards the end of trading at 7:15am Central. Now, trading just rolls on through the opening of the pit trading. Hmmmm......might be an interesting dynamic to watch. Maybe there will be no change in the affect of Early Calls.What's your blink reaction?

 

Mike