wasde

As the COVID-19 virus continues to spread in the U.S., its impacts have reached every aspect of our lives and shook all sectors of the economy. Amid this crisis, there have been widespread worries that the disease could threaten the nation’s food production and supply systems and stoke inflation. Many began to wonder whether the food they need will continue to be available and affordable as we work our way out of the outbreak.

With May being World Trade Month, it is worth noting that the source of data to determine the U.S. supply of crops and livestock is America’s farmers and ranchers who fill out surveys from USDA’s National Agricultural Statistics Service (NASS). These statistics feed directly into the monthly World Supply and Demand Estimates report (WASDE), which shows how much food, feed, fuel, and fiber are available or expected to be available around the world throughout the year. These data are available free of charge to anyone who wants them and are widely regarded as the gold standard.

The World Agricultural Supply and Demand Estimates (WASDE) is a monthly report providing a global look at the markets for key agricultural products. The many users include agricultural commodity traders, agricultural producers, processors, retailers and consumers, input suppliers, livestock and dairy feeders, and researchers interested in global agricultural markets. The market uses the WASDE report as a common understanding of current conditions under which many take actions to position themselves or make future plans based on the current global supply and demand situation.

A new academic year is here for millions of students and teachers across the country, and in spirit of the many back to school nights and open houses taking place, I’m encouraging you to explore USDA’s International Year of Statistics Virtual Open House.

The International Year of Statistics, sponsored by more than 2,000 organizations – including the USDA - is a worldwide event to help teach everyone about the powerful and far-reaching effects of statistics. When people hear the word “statistics,” they often think of sports statistics or the course they took and struggled to pass. While you can think of statistics in these terms, there is more to the relationship between you and statistics than you may imagine.

USDA’s Chief Economist Joseph Glauber and his staff advise the Secretary on economic issues but are also charged with producing official USDA supply and demand projections and forecasts.  The Office of the Chief Economist’s (OCE’s) monthly World Agricultural Supply and Demand Estimates (WASDE) report that is  recognized globally as the benchmark report for world agricultural commodity markets.  The WASDE report provides valuable planning and decision-making information to U.S. farmers, commodity traders, the agricultural industry, and USDA policymakers.