September 2, 2022

USDA will not publish weekly export sales data until September 15

The US Department of Agriculture Department (USDA) announced that it would not publish weekly export sales data for crops like corn, soybeans, and wheat until at least September 15, resulting in grain traders left in the dark about global demand, Reuters reported.

The USDA is having difficulty introducing a new reporting system for the data, which is analysed by traders and farmers and has a week-long delay.

On August 25, the agency withdrew the weekly export data it had earlier that day after a glitch in the new system left traders scrambling and unease in the markets for agricultural futures.

In order to fully address the problems with the new system, the agency's Foreign Agricultural Service (FAS) announced that it will switch back to the "legacy system."

FAS Administrator Daniel Whitley said in a statement that FAS recognises the impacts of the problems that arose from this rollout, and the need for additional action to ensure credible and accurate data reporting, even though measures taken over many months to transition to the new system have been taken.

The USDA said the data, which is typically released every Thursday, serves as a warning of the potential effects that export sales may have on US supplies and prices.

Congress enacted legislation requiring the export sales reporting programme in 1973, a year after the former Soviet Union made significant, unforeseen purchases of American wheat and corn that reduced American supplies and increased food prices, according to the agency.

-      Reuters