Multiple horizons and information in USDA production forecasts

Dwight R. Sanders and Mark Manfredo
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Dwight R. Sanders: Department of Agribusiness Economics, Southern Illinois University, Mailcode 4410, Carbondale, Illinois, 62901, Postal: Department of Agribusiness Economics, Southern Illinois University, Mailcode 4410, Carbondale, Illinois, 62901

Agribusiness, 2008, vol. 24, issue 1, 55-66

Abstract: United States Department of Agriculture (USDA) livestock production forecasts are evaluated for their information content across multiple forecast horizons using the direct test developed by Vuchelen and Gutierrez (2005). Forecasts are explicitly tested for rationality (unbiased and efficient) as well as for incremental information out to three-quarters ahead. The results suggest that although the forecasts are often not rational, they typically do provide the forecast user with unique information at each horizon. Turkey and milk production forecasts are found to provide the most consistent performance, while beef production forecasts provide little information beyond the two-quarter horizon. [C53, Q13] © 2008 Wiley Periodicals, Inc.

Date: 2008
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Working Paper: Multiple Horizons and Information in USDA Production Forecasts (2006)
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Persistent link: https://EconPapers.repec.org/RePEc:wly:agribz:v:24:y:2008:i:1:p:55-66

DOI: 10.1002/agr.20146

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