When does USDA information have the most impact on crop and livestock markets?

Olga Isengildina-Massa; Xiang Cao; Berna Karali; Scott H. Irwin; Michael Adjemian; Robert C. Johansson

doi:10.1016/j.jcomm.2020.100137

When does USDA information have the most impact on crop and livestock markets?

Olga Isengildina-Massa, Xiang Cao, Berna Karali, Scott H. Irwin, Michael Adjemian, Robert C. Johansson

Research output: Contribution to journal › Article › peer-review

Abstract

This study compares the impact of Prospective Plantings, Acreage, Crop Production, Crop Production Annual Summary, Grain Stocks, WASDE, Cattle on Feed, and Hogs and Pigs reports on corn, soybean, wheat, cotton, live cattle, and lean hogs markets over 1985–2018. Simultaneous releases of several reports are handled by evaluating the impact of report clusters. Our approach allows us to demonstrate the relative impact of various information releases and shows when the markets tend to be affected the most. The findings of this study provide evidence and guidance for future policy decision regarding the role of USDA information in modern agricultural markets.

Original language	English (US)
Article number	100137
Journal	Journal of Commodity Markets
Volume	22
DOIs	https://doi.org/10.1016/j.jcomm.2020.100137
State	Published - Jun 2021

Keywords

Announcement effects
Crops
Futures
Livestock
Market impact
Price reaction
USDA reports
Value of information

ASJC Scopus subject areas

Finance
Economics and Econometrics

Online availability

10.1016/j.jcomm.2020.100137

Library availability

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Cite this

@article{f06342cc93e248f79f605811280b36f8,

title = "When does USDA information have the most impact on crop and livestock markets?",

abstract = "This study compares the impact of Prospective Plantings, Acreage, Crop Production, Crop Production Annual Summary, Grain Stocks, WASDE, Cattle on Feed, and Hogs and Pigs reports on corn, soybean, wheat, cotton, live cattle, and lean hogs markets over 1985–2018. Simultaneous releases of several reports are handled by evaluating the impact of report clusters. Our approach allows us to demonstrate the relative impact of various information releases and shows when the markets tend to be affected the most. The findings of this study provide evidence and guidance for future policy decision regarding the role of USDA information in modern agricultural markets.",

keywords = "Announcement effects, Crops, Futures, Livestock, Market impact, Price reaction, USDA reports, Value of information",

author = "Olga Isengildina-Massa and Xiang Cao and Berna Karali and Irwin, {Scott H.} and Michael Adjemian and Johansson, {Robert C.}",

note = "Publisher Copyright: {\textcopyright} 2020 Elsevier B.V.",

year = "2021",

month = jun,

doi = "10.1016/j.jcomm.2020.100137",

language = "English (US)",

volume = "22",

journal = "Journal of Commodity Markets",