▣USDA REPORTS

·MAY WASDE IS THE INITIAL OUTLOOK OF THE YEAR

·August report will be based on satellite imagery and farmer survey and not objective yield samples.  Conditions are not directly factored in to the yield estimate. In September and October, the market will get a sense of what the objective yield plots look like.

·The World Agricultural Supply and Demand Estimates (WASDE) is a monthly report published by the United States Department of Agriculture (USDA) providing comprehensive forecast of supply and demand for major crops (global and United States) and livestock (U.S. only). The report provides an analysis of the fundamental condition of the agricultural commodity markets for the use of farmers, governments and other market participants.

·The first direct predecessor of the WASDE report was released on September 17, 1973, as the Agricultural Supply and Demand Estimates. It was originally focused on supply, demand and trade in the United States. On October 14, 1980, the report was released for the first time as the World Agricultural Supply and Demand Estimates and it was the first report to provide categorized estimates for the world, US, total foreign, major importers and major exporters. Estimates for individual countries were first included in the report released on January 11, 1985.