I did add an edit to leave reporting on customs and trade. Doesn't have to be USDA, but customs or import/export oversight is a legitimate function of the federal government, constitutionally. I am more against their balance sheets and yield projections. You know that, we had a trend line yield discussion last week.

A different interesting discussion point: Why didn't Basis and/or Spreads tell us about "The Great Grain Robbery"? It's often claimed that if the USDA were incorrect about yield or demand, we would notice it in the local market. Well why didn't it inform us all?

Here is the Spread Chart for Nov '72 to March '73. Flat as table, slight carry all the way. The Russian purchases started in July 1972.