کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
13459948 1844973 2019 11 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Are USDA reports still news to changing crop markets?
موضوعات مرتبط
علوم زیستی و بیوفناوری علوم کشاورزی و بیولوژیک دانش تغذیه
پیش نمایش صفحه اول مقاله
Are USDA reports still news to changing crop markets?
چکیده انگلیسی
This study investigates whether major USDA reports still provide important news to changing crop markets. The news component of each report, or market “surprise,” is measured as a difference between the USDA estimate and its private expectation in corn, soybeans, and wheat markets. Changes in the relevance of USDA information are assessed by examining changes in the magnitude of market surprises and shifts in the futures price reaction to these surprises, which isolates the impact of each report. The stable size of market surprises over time suggests that competition from alternative data sources has not reduced the news component of USDA crop reports. Increasing price reaction to most reports, including those facing competition from alternative information sources, suggests that value of public information may be enhanced in uncertain markets affected by structural changes.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Food Policy - Volume 84, April 2019, Pages 66-76
نویسندگان
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