USDA Export Sales Report: Is It News?

Paul M. Patterson and B Brorsen

Review of Agricultural Economics, 1993, vol. 15, issue 2, 367-378

Abstract: This article seeks to determine whether the U.S. Export Sales report provides new information to the market. Event study methodology is used to evaluate the movement of futures prices on days around the release of the report. Recognizing that the variance of futures prices changes through time, GARCH models are used in evaluating the price movements. The results reveal that the information provided in the report is anticipated by traders. Little evidence was found to suggest that the report provides new information to the market.

Date: 1993
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Working Paper: USDA EXPORT SALES REPORT: IS IT NEWS? (1991)
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