Good morning and back to normal....for now.
Yesterday was a rather uneventful USDA report day as far as those days are concerned. I really don't feel like we had any thunder and lightning as far as the data was concerned. However, it was a record setting day to some degree as we opened up at 7:20 am so that we could be ready for the 7:30 release.
I do believe it makes sense to have the market open for these reports. Most other markets are open for their major reports all over the world. The reason some are against is that there are a lot of facts and figures to get to and those things take time. There are a lot of things in ALL reports that take time to get through and dissect and the rest of the world seems able to do just that.
There were a lot of reporters and bloggists looking for a story on the floor yesterday about the 'early opening' in ag room. Ultimately the story was 'there was no story' except for a longer trading day.
I am sure that all the farmers and commercial grain operators would agree that making traders work from 7:20 to 1:15 is hardly in violation of any labor laws. Let's see if the change sticks.