Traders waiting for the September crop report will get more information about how Hurricane Katrina will impact 2005 yields, according to a statement issued today by USDA. The report from the national Agricultural Statistics Service will include crop yield and production forecasts including hurricane damage information along the Gulf Coast and drought conditions in the Midwest.
"This report will provide the first USDA assessment of the effects of Hurricane Katrina on our farmers and ranchers," says Agriculture Secretary Mike Johanns. "While it will take some time to determine the full impact of both the hurricane and drought, this report will give us some insight into the extent of the damage."
NASS's monthly crop production forecasts are based on results from the Agricultural Yield Survey, through which a sample of farmers report expected crop yields, and the Objective Yield Survey, through which NASS enumerators measure actual crop conditions in sampled fields.
Check out Monday morning's Morning Call after the report is issued to learn more about its potential impact on trade for the week.
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