Wednesday morning, my friend and MarketWatch Markets/Commodities report Myra Saefong sent me an email asking for my thoughts on the news USDA/NASS was cancelling some of its reports due to “appropriated budget levels”. At the top of the list was the July Cattle report, but also included the Cotton Objective Yield Survey and County Estimates for Crops and Livestock. I’ve worked with Myra for many years and she knows me well[i], so I’m sure she had fully anticipated my reply that began with, “I’m probably the wrong person to ask about this, as I think nearly all government reports should be cancelled”. I waited until the end of the day to put together my thoughts, I’d say coherently but we all know better than that, and sent them off to Myra. She responded immediately, as good reporters do, telling me she had to run with her story early. I worked in a newsroom long enough to know she was likely on a tight deadline, but then again, as my previous editors will confirm deadlines and I didn’t always see eye to eye.
Therefore, my comments did not make it into Myra’s piece, and understandably so. Given that, and with the next round of monthly USDA supply and demand tripe set for release at noon (ET) Thursday, I’ll share with you the answers I cobbled together for my friend but was too late sending off. Again, these will not surprise anyone who has read anything I’ve written over the past 30-odd years.
