Sometimes USDA reports send the markets flying or reeling, like the recent acreage report that killed corn by finding four million extra acres seeded this year in the U.S.
Sometimes they inspire yawns.
The latter phenomenon is likely to occur following today’s USDA reports on stocks, some analysts say. There are extra stocks of things like corn out there, due to slumping feeding and ethanol demand, but the market was pretty much expecting what the USDA gave it.
What kind of an impact is it going to have? Here’s what Darin Newsom of DTN said earlier today: “We’re going to trade this report for the first five, ten minutes” of the trading day.
Wow. Five or ten minutes of impact.
Bigger factors today are going to be currency moves (stronger U.S. dollar) and other commodity actions (energy and metals lower) Newsom said.
