Commodity Markets
The World Agricultural Outlook Board (WAOB), within the office of the Chief Economist, serves as USDA’s focal point for economic intelligence and the commodity outlook for U.S. and world agriculture. It coordinates, reviews, and approves the monthly World Agricultural Supply and Demand Estimates (WASDE) report, as well as the Department’s annual, ten-year agricultural commodity market projections. The WAOB also releases annual projections covering agricultural commodities, trade, and aggregate indicators of the sector for the next decade. The monthly World Agricultural Supply and Demand Estimates Report and the long-run projections are available in the Agricultural Baseline Report. In addition, in February each year, USDA Chief Economist releases preliminary projections for domestic supply and demand of agricultural commodities at USDA’s Agricultural Outlook Forum.
RECENT NEWS & EVENTS
January 16, 2025: Michael McConnell Appointed Chair of USDA’s Interagency Commodity Estimates Committee (ICEC) for Livestock, Dairy and Poultry
The Office of the Chief Economist announced today the appointment of Michael McConnell as Chair of the Interagency Commodity Estimates Committee (ICEC) for livestock, poultry, and dairy. He will be responsible for the livestock, poultry, and dairy forecasts in the World Agricultural Supply and Demand Estimates (WASDE) report.
Prior to this position, Mr. McConnell served as a commodity analyst at USDA’s World Agricultural Outlook Board. Before that, he worked as an Agricultural Economist at USDA’s Economic Research Service (ERS), where he coordinated the Feed Outlook and Sugar and Sweeteners Outlook programs. He also played a significant role in the Livestock Outlook program. In addition to his experience at ERS, he has worked as a Senior Consultant at Informa Economics and as a Grains Industry Analyst at the U.S. International Trade Commission. Mr. McConnell holds a master’s degree in Economics and a bachelor’s degree in Economics and History, both from Lehigh University in Bethlehem, PA.
July 30, 2024 : World Agricultural Outlook Board analysts participated in a webinar titled “ Understanding USDA’s Supply and Demand Forecasting Methodology”. See recording.
