August Report More Important Than Usual
Updated data from flooded areas will help ascertain situation for U.S. as well as the world.
Compiled by staff
Published: Aug 11, 2008
The USDA August Crop Report is a big one that has the first estimates from the National Agricultural Statistics Service of spring planted crops such as corn, soybeans and cotton. These numbers take on greater significance this year because of the efforts of NASS to do extra surveys of flooded areas to make the data in this report as accurate as possible.
Those numbers on spring crops will be incorporated into the Supply and Demand Report from the World Agricultural Outlook Board. Gerry Bange, the chair of the board, says that the extra work NASS has done to get accurate numbers is important not only to the United States, but also the world.
"Virtually all of the other markets in the world will in fact use our numbers on which to trade," Bange says. "These numbers are extremely important to world trade in terms of what prices are, what the trade flows likely will be, who does and does not have crops, where supplies are ample, where supplies are short; so these numbers are extremely important world-wide."
The report will be released at 7:30 a.m. CDT on Tuesday, Aug. 12 and complete analysis will be available one hour later at www.FarmFutures.com.
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