🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

U.S. says no weekly agriculture export sales data until Sept. 15

Published 08/31/2022, 06:31 PM
Updated 08/31/2022, 06:38 PM
© Reuters. FILE PHOTO: Corn grows in a field outside Wyanet, Illinois, U.S., July 6, 2018.  REUTERS/Daniel Acker/File Photo

(Reuters) - The U.S. Agriculture Department (USDA) on Wednesday said it would not publish weekly export sales data for crops like corn, soybeans and wheat until Sept. 15 at the earliest, leaving grain traders in the dark about overseas demand.

The USDA is struggling to launch a new reporting system for the data, which has a week-long delay and is analyzed by traders and farmers.

The agency on Aug. 25 retracted weekly export data it had released earlier in the day after a technical misstep with the new system left traders scrambling and caused uncertainty in agricultural futures markets.

The agency's Foreign Agricultural Service (FAS) said it will revert to the "legacy system while we work to fully resolve the issues with the new system."

"FAS recognizes the impacts of the problems that arose from this rollout," FAS Administrator Daniel Whitley said in a statement. "Despite the measures taken over many months to transition to the new system, we understand that further action is necessary to ensure credible and accurate data reporting."

© Reuters. FILE PHOTO: Corn grows in a field outside Wyanet, Illinois, U.S., July 6, 2018.  REUTERS/Daniel Acker/File Photo

The data, normally issued each Thursday, serves as an alert of the possible impact that export sales may have on U.S. supplies and prices, according to the USDA.

Congress mandated the export sales reporting program in 1973, a year after the former Soviet Union made large, unanticipated purchases of U.S. wheat and corn that depleted U.S. reserves and pushed up food prices, the agency said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.