USDA took a credibility hit earlier this year when it reset crop production data last October. Will history repeat itself today?
This afternoon USDA will release the grain and oilseed stocks revision that covers 2003 to 2008. Release once every five years, the data finalizations for other crops will also be released, including for rice and citrus crops.
The five-year report does allow statisticians to revisit annual stocks estimates using fresh data for the five-year agricultural census to confirm information already released. However, USDA officials are telling media that the report is not expected to contain any surprises in this round.
Traders wonder about this after USDA bumped up soybean acres by 2.2 million after the October 10 report.