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| "USDAs National Agricultural Statistics Service (NASS) may release updated acreage, yield, production and stocks estimates for corn and soybeans in the March 10 Crop Production report. Previous estimates included in the Crop Production 2009 Summary released on January 12 were based on a sample of producers growing crops this past year.
When producers were surveyed in late November and early December, there was significant unharvested acreage of corn in Illinois, Michigan, Minnesota, North Dakota, South Dakota and Wisconsin; and significant unharvested acreage of soybeans in Georgia, North Carolina, South Carolina and Virginia. The unharvested area and expected production were included in the totals released on January 12.
NASS will re-contact respondents who previously reported acreage not yet harvested in these states. If the newly collected data justifies any changes, NASS will update the January 12 estimates in the March 10 report, except for South Dakota and North Dakota. Since the inclement weather has persisted in those two states, producers there will be re-interviewed at a later time.
Stocks estimates are also subject to review since unharvested production is included in the estimate of on-farm stocks."
Do you know how much corn was still in the fields in late November and early December? Most of it in the high producing parts of the I-states! That corn that was left was often corn that was frosted early and of very low test weight. If the USDA is not sure, why revise their last estimate at all until the numbers are more accurate? As I stated yesterday, if they are part of the government, they are corrupt. I'm sure this will open me up to bashing from the pessimists on this board, but let's call a spade is a spade.
The economy cannot handle a rally in commodities... hence the "overestimated" report. Pure market manipulation.
I guess I'll just let corn go back to $2, lay myself off, and file for some of our president's extended unemployment. | |
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Reporting Accuracy? - A Joke
