WASDE Report (WASDE)

Published by the US Department of Agriculture (USDA) on a fixed schedule — usually the second week of each month — the WASDE report is one of the most closely watched scheduled events in commodity markets. It covers the major grains (corn, wheat, soybeans, rice, and others) as well as cotton and some livestock products. Because it is the official US government estimate of global supply and demand balances, the report can move grain prices sharply within minutes of release.

The core figure traders focus on is ending stocks — the amount of a crop estimated to be left over at the end of a marketing year after all demand has been met. A lower-than-expected ending-stocks number historically implies tighter supply, and markets often react accordingly. The report also includes a stocks-to-use ratio, which expresses ending stocks as a percentage of total annual consumption, giving a normalized measure of how comfortable supply looks relative to demand.

A common confusion is thinking the WASDE is a US-only report. It covers worldwide supply and demand, including production estimates for Brazil, Argentina, the European Union, and other major agricultural regions. Another key date to watch alongside the WASDE is the quarterly Grain Stocks report, which counts physical inventories. Both releases appear on the economic events calendar. For broader context on what drives these price swings, see what moves commodity prices.