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An Evaluation Of Crop Forecast Accuracy For Corn And Soybeans: Usda And Private Information Services

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Author Info
Egelkraut, T.M.
Garcia, P.
Irwin, S.H.
Good, D.L.

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Abstract

Using 1971-2000 data, we examine the accuracy of corn and soybean production forecasts provided by the USDA and two private services. All agencies improved their forecasts as the harvest progressed, and forecast errors across the agencies were highly correlated. Relative accuracy varied by crop and month. In corn, USDA 's forecasts ranked as most accurate in all periods except in August during recent times, and improved more markedly as harvest progressed. In soybeans, forecast errors were very similar with the private agencies ranking as most accurate in August and September and making largest relative improvements in August during recent times. The USDA provided the most accurate October and November forecasts.

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Publisher Info
Paper provided by NCR-134 Conference on Applied Commodity Price Analysis, Forecasting, and Market Risk Management in its series 2002 Conference, April 22-23, 2002, St. Louis, Missouri with number 19068.

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Date of creation: 2002
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Handle: RePEc:ags:ncrtwo:19068

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Web page: http://www.agebb.missouri.edu/ncrext/ncr134/

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Keywords: Crop Production/Industries;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Garcia, Philip & Irwin, Scott H. & Leuthold, Raymond M. & Yang, Li, 1997. "The value of public information in commodity futures markets," Journal of Economic Behavior & Organization, Elsevier, vol. 32(4), pages 559-570, April. [Downloadable!] (restricted)
  2. Harvey, David & Leybourne, Stephen & Newbold, Paul, 1997. "Testing the equality of prediction mean squared errors," International Journal of Forecasting, Elsevier, vol. 13(2), pages 281-291, June. [Downloadable!] (restricted)
  3. Bailey, Deevon & Brorsen, B. Wade, 1998. "Trends In The Accuracy Of Usda Production Forecasts For Beef And Pork," Journal of Agricultural and Resource Economics, Western Agricultural Economics Association, vol. 23(02), December. [Downloadable!]
  4. Harvey, David I & Leybourne, Stephen J & Newbold, Paul, 1998. "Tests for Forecast Encompassing," Journal of Business & Economic Statistics, American Statistical Association, vol. 16(2), pages 254-59, April.
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  1. Good, Darrel L. & Irwin, Scott H., 2005. "Understanding USDA Corn and Soybean Production Forecasts: Methods, Performance and Market Impacts over 1970 - 2004," AgMAS Project Research Reports 14785, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics. [Downloadable!]
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  2. Good, Darrel L. & Irwin, Scott H., 2003. "Understanding USDA Corn and Soybean Production Forecasts: An Overview of Methods, Performance and Market Impacts," AgMAS Project Research Reports 37496, University of Illinois at Urbana-Champaign, Department of Agricultural and Consumer Economics. [Downloadable!]
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This page was last updated on 2009-12-11.

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