Impacts of Crop Conditions Reports on National and Local Wheat Markets
2019
Bain, Ryan | Fortenbery, T. Randall
The USDA releases crop condition reports that contain crop progress and growing conditions estimates for various crops including corn, soybeans, and winter wheat. Previous work has investigated national market impacts from various USDA reports. However, this work is new because it investigates crop conditions report releases for price impacts on winter wheat at both the local and national level. The primary tools for analysis are parametric tests and the nonparametric Savage scores test. The results suggest that crop conditions reports may be anticipated by the futures markets prior to release, with similar though non-significant impacts felt in local cash markets. These results contrast significantly with those found in similar studies for corn and soybeans.
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