文章基本信息

标题：The Value of USDA Crop Progress and Condition Information: Reactions of Corn and Soybean Futures Markets
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作者：Georg V. Lehecka
期刊名称：Journal of Agricultural and Resource Economics
印刷版ISSN：1068-5502
出版年度：2014
卷号：39
期号：1
页码：88-105
出版社：WAEA
摘要：This paper investigates the informational value of USDA crop progress and condition informationby analyzing reactions of corn and soybean futures markets from 1986 to 2012. Results showsignificant differences between close-to-open return variabilities on report-release trading daysand pre- and postreport days. Additionally, market prices tend to react rapidly and rationally tonew crop-condition information. Strongest reactions are found for July and August, when weatherconditions are most critical for the crop, and reactions have increased over time. Overall, theseresults suggest that reports have substantial informational value.
关键词：condition; corn; futures markets; market efficiency; market reactions; progress; public;information; soybeans