By Ty Higgins, Ohio Ag Net
As announced back in September, USDA’s crop reports due on Friday will have a bit of a different twist to them. These reports will be the first major reports released at their new time of noon, which will take place while the markets are in an open outcry session. Previously the release time was 8:30 a.m. Eastern. This change comes with the markets being open 24 hours a day. So why is the new release time noon?
“Apparently that is a time that has fairly good liquidity in the market where many people are active in trading,” said Gerald Bange, USDA Chief Economist.
Bange’s staff certainly likes the change as before they had to get to work at midnight to get the 8:30 a.m. reports put together and released. The later release time means a little more sleep, but not much.
“We’re still going to have to get in here at a fairly early hour,” Bange said. “Instead of starting at midnight we may start at 3 or 3:30 a.m.”
Bange emphasizes that these changes were industry driven. The USDA’s first and foremost concern is that whatever they put together and whenever they put it out fits the needs of the public.
Analysts say changing release times won’t make a huge difference in the markets, except for more rested traders who will now have a bit more to chew on during the course of report release days.