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

被引：11

作者：

Isengildina-Massa, Olga ^{[1
]}

Cao, Xiang ^{[6
]}

Karali, Berna ^{[2
]}

Irwin, Scott H. ^{[3
]}

Adjemian, Michael ^{[4
]}

Johansson, Robert C. ^{[5
]}

机构：

[1] Virginia Tech Univ, Dept Agr & Appl Econ, Blacksburg, VA 24061 USA

[2] Univ Georgia, Dept Agr & Appl Econ, Athens, GA 30602 USA

[3] Univ Illinois, Dept Agr & Consumer Econ, J Norton Chair Agr Mkt, Champaign, IL USA

[4] USDA, Econ Res Serv, Washington, DC USA

[5] USDA, Washington, DC 20250 USA

[6] Sichuan Univ, Sch Econ, Chengdu, Peoples R China

来源：

JOURNAL OF COMMODITY MARKETS | 2021年 / 22卷

关键词：

Announcement effects; Crops; Futures; Livestock; Market impact; Price reaction; USDA reports; Value of information; FUTURES MARKET; EXPECTATIONS; CATTLE; HOG; FORECASTS; CORN; NEWS;

D O I：

10.1016/j.jcomm.2020.100137

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

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.

引用

页数：13

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