When does USDA information have the most impact on crop and livestock markets?

This study compares the impact of Prospective Plantings, Acreage, Crop Production, Crop Production Annual Summary, Grain Stocks, WASDE, Cattle on Feed, and Hogs and Pigs reports on corn, soybean, wheat, cotton, live cattle, and lean hogs markets over 1985-2018. Simultaneous releases of several reports are handled by evaluating the impact of report clusters. Our approach allows us to demonstrate the relative impact of various information releases and shows when the markets tend to be affected the most. The findings of this study provide evidence and guidance for future policy decision regarding the role of USDA information in modern agricultural markets.