The market’s reaction to Thursday’s USDA crop production and stocks report left some analysts scratching their heads.
But for analyst Darin Newsom, it was a cause for celebration.
“It was actually a great day. It was a great reaction to the foolishness of USDA,” Newsom says. “It was actually a lot of fun to watch.”
Newsom, a long-time critic of USDA reports, says the fact that large investment groups are now relying on their own private research, and ignoring USDA data, is a good thing.