Making sense of USDA reports: Why WASDE deserves your attention

By Wm. Bruce Clevenger, Ohio State University Extension, Field Specialist, Farm Management

USDA’s National Agricultural Statistics Service (NASS) releases at least 38 official reports each month covering production, prices, stocks, processing, and crop progress. That pace is typical throughout the year. On top of that, the monthly World Agricultural Supply and Demand Estimates (WASDE) report pulls everything together into a global outlook. Taken as a whole, the United States offers some of the most complete and transparent agricultural data anywhere in the world.

WASDE is the big picture report. It combines supply and demand information from across the United States and around the globe into one place. Grain markets move every day based on many sources of information, but the WASDE report remains one of the most closely watched benchmarks. Still, at roughly 40 pages, it can be a heavy lift. That’s why many producers find USDA’s monthly “Secretary’s Briefing” video helpful — it walks through the report in about an hour, highlighting what matters most. You can find the briefings here: www.usda.gov/secretarys-briefing (and yes, watching at 1.5 speed works just fine).

The briefing goes beyond the numbers. It adds context, visuals, and expert interpretation from the NASS Agricultural Statistics Board. In recent months, the updates on Brazil have been especially useful — covering weather conditions and expectations for both first- and second-crop corn in the 2025 and 2026 growing seasons. For U.S. producers, understanding what’s happening in South America is critical for anticipating price direction.

Weather remains a key storyline worldwide. Drought conditions are affecting U.S. wheat production, and the WASDE helps put that into a global perspective by tracking conditions across North Africa and the Middle East. It’s a good reminder that wheat markets are influenced by weather far beyond our borders.

Looking at corn, the May WASDE estimates the United States will produce just more than 31% of global corn in the 2026/27 marketing year—about 406 million metric tons. China ranks second at 307 million tons, followed by Brazil at 139 million. For soybeans, Brazil continues to lead, accounting for about 42% of global production at 186 million tons. The United States is second, with roughly 121 million tons, and Argentina is third, with 50 million.

Of course, production is only half the story. WASDE also tracks how those crops are used — feed, food, seed, ethanol, exports, and more. One of the most important indicators in the report is the stocks-to-use ratio. This measures how tight supplies are relative to demand. When that ratio gets smaller, it typically signals tighter supplies and can support higher prices for the marketing year.

WASDE isn’t just about crops — it also includes livestock and dairy. Grain demand depends heavily on animal agriculture, so the report covers U.S. production and outlooks for beef, pork, broilers, and turkey, along with price expectations and trade flows. On the dairy side, it tracks production, use, exports, and prices for cheese, butter, nonfat dry milk, whey, and fluid milk.

The report also includes summaries for U.S. production, exports, and commodity prices, along with data on crops that may not be grown locally — such as rice, sorghum, barley, cotton, and sugar — but still influence broader markets.

Bottom line: If you want to stay ahead of the market, WASDE is worth your time. Pairing the report with the USDA Secretary’s briefing can make the information much easier to digest and more actionable. With a better understanding of both global supply and demand, you’ll be in a stronger position to make informed marketing and management decisions.

Consider enrolling in the OSU Extension Basics of Grain Marketing online course during the Summer session, with open enrollment beginning June 1st. Contact go.osu.edu/grainmarketing or email Wm. Bruce Clevenger clevenger.10@osu.edu.