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AFBF says confidence in USDA/markets shaken

The American Farm Bureau says it’s working on a program to help producers use futures and options contracts. Farm Bureau Chief economist says they’ll offer discounts on market intelligence and other services so producers are more comfortable using them.

John Newton says farmers’ confidence in USDA data and the market response has been shaken, “When you see the market go limit down two days a row in the cattle market, or you see the market go limit down after a USDA acreage report, or you see USDA announce export numbers for pork that are unrealistic and they have to go back and say, ‘well, those sales occurred over the last few weeks.’”

Newton, speaking at a recent Farm Foundation Forum, said Farm Bureau is working with the Commodity Futures Trading Commission and looks forward to rolling out the program soon.