Row-Crop Yields the Focus of August WASDE Report08/09/2018
With U.S. corn in dough stage and soybeans setting pods, USDA will reveal the findings of its first farm surveys of 2018 and post new yield estimates for row crops. Traders will also be interested in changes in the world wheat crop estimates after dry weather concerns increased over the past month.
USDA will release its August Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports at 11 a.m. CDT Friday, Aug. 10.
NO MORE REPORT LOCKUPS
As DTN has reported over the past few weeks, USDA has changed the way it releases crop and livestock reports. Reporters, including those at DTN, no longer have access to report information to prepare our headlines and tables ahead of when USDA releases that information to the public. Instead, everyone will have access to the data seconds after noon EDT, when USDA posts to their website.
DTN is committed to providing the headlines, tables and analysis you have come to expect as quickly as possible, provided there are no delays at USDA. We have processes in place to capture the data from the USDA website and publish. We expect to send multiple updates, adding information and analysis each time. DTN will send this series of updates as quickly as possible. Instead of the one report you are used to getting, it will be a series of updates with each update including more and more information.
DTN also will have a reporter on site in Washington, D.C., to receive hard copies of the USDA report as a backup, in case the agency has website issues.
After the Aug. 10 USDA report day, the first with this change, DTN will be assessing our process and adjusting as necessary. Our goal, as always, is to provide the reports as quickly as possible!
Traditionally, the August WASDE report is not necessarily known for its predictive accuracy, as U.S. row crops are still developing. But the report is known for waking up traders from bad guesses after months of analyzing weekly crop ratings data. It seems there is just no good substitute for getting in the fields with a consistent survey procedure, and that is what USDA provides in August. Margins of error will still be high for corn and soybean crop estimates in this report, but August estimates often narrow the scope of where estimates go after Friday.
Source: Todd Hultman, DTN