Market Matters Blog

(Markets editor Katie Micik is out this week, apparently basking in the sun, toes in the sand and beer in her hand in the Caribbean somewhere right now. She did, however, want me to remind readers that the report time has changed for Friday.) -- Chris Clayton, DTN policy editor.

Farmers, grain merchandisers, market analysts, market observers and outright speculators need to keep the following information tucked away for Friday: Noon Eastern and 11 a.m. Central.

There will be nothing new to report, at least statistically, before noon Eastern Standard Time/11 a.m. Central Standard Time because USDA reports by the National Agricultural Statistics Service and World Agricultural Outlook Board for crop production and grain stocks now will be released at that time.

People wanting to post information on social media sites about the crop reports will have to wait until noon Eastern/11 a.m. Central.

Following last year's shift in electronic trading by CME Group and other commodity exchanges, USDA officials announced that release times for major statistical reports would move at the beginning of 2013 to noon Eastern/11 a.m. Central for reports such as the World Agricultural Supply and Demand Estimates, Acreage, Crop Production, Grain Stocks, Prospective Plantings and Small Grains Summary. The time for livestock reports currently released at 3 p.m. Eastern/2 p.m. Central will not change.

"The shift to a noon release allows for the greatest liquidity in the markets, provides the greatest access to the reports during working hours in the United States, and continues equal access to data among all parties," USDA Chief Economist Joe Glauber said last September when announcing the decision.

USDA made the decision after stakeholders submitted 147 comments through the NASS online response site and via letter and e-mail.

"With nearly round-the-clock commodities trading in the United States now under way, the agencies want to hear from all parties who use federal agricultural statistics so that we best meet their needs while upholding our responsibility to provide equal access to data," USDA stated in its initial Federal Register announcement.

Thus, USDA determined the Jan. 11 report would be released at noon Eastern/11 a.m. Central.

As DTN reported at the time of the announcement, "The word is liquidity." CME expanded its pit trade hours, including the options market, on report mornings shortly after the new hours were implemented. Options give the market liquidity, and CME's expansion of pit hours assuaged some concerns.

Chris Clayton can be reached at chris.clayton@telventdtn.com

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