While producers are focused on harvest, the absence of key USDA reports on Friday will certainly turn heads, experts tell the U.S. Farm Report Market Roundtable.
Crop production and WASDE reports had been scheduled for release Friday, yet USDA announced today they will be delayed as the shutdown of the federal government enters its second week.
"It’s something that us as traders and farmers were kind of looking forward to, and we may not have the opportunity to see that," says Joe Vaclavik, Standard Grain. "I think that the longer this shutdown goes on, the bigger the impact is going to be."
Little market volatility occurred during the first week of the shutdown, but it’s feasible that the late release of these big reports coupled with other news down the road might create some instability. A number of private firms are publishing their own figures, but USDA’s numbers are different.
"That’s the objective number that you and I pay for in terms of our tax dollars obviously supporting USDA, and it will be missed," says Brian Basting, Advance Trading. "I think that’s going to be something that will catch their eye. Right now, their focus is on harvest."
Meanwhile the downturn of corn and wheat prices coupled with the relative stability of soybean prices might mean producers consider adjusting their crop mix to include more beans heading into 2014, Vaclavik says.
Click the play button to watch Segment 1 of the U.S. Farm Report Market Roundtable:
Click the play button to watch Segment 2 of the U.S. Farm Report Market Roundtable: