The USDA was unable to deliver its crop report, usually described as its premier product for 10 minutes due to the computer outage in the Kansas City, prompting suspicions of profiteering within the grain market during the delay on Friday. The USDA didn’t have a backup system to put the data on the internet on time. Corn costs closed larger on the Chicago futures market by following the USDA report. Concluding by a survey of 8,300 growers, the USDA mentioned the corn crop was slightly smaller than anticipated. A commodity trader tweeted that costs started shifting during the outage: “Corn up with the numbers delayed.
“USDA Government sites are temporarily down for maintenance,” stated a message on the USDA website for the crop report quickly after the official release time of noon ET on Friday. “We’re performing scheduled maintenance. We should be again on-line. The late was a black eye for the USDA, that has the aim of stable and even-handed releases of taxpayer-funded info. There were delays in the past by ranging from seconds to minutes, for the crop report to look on USDA web site after launch however they drew little consideration as a result of news agencies resembling Reuters, Bloomberg, and Dow Jones filed tales from a “lockup” room at USDA headquarters. These reports calculated the globe instantly. The USDA Government eliminated the lockup in August 2018, saying it will “level the playing field.”
Well-heeled trading homes with computerized trading might make thousands of dollars from the information experiences through the “roughly 2 seconds” between the launch of the crop report and its companion WASDE report and their look on government sites, stated USDA when it shut down the lockup.