May WASDE Preview: Grain Stocks Expected to Tighten Further

What’s normally a fairly quiet monthly World Agricultural Supply and Demand Estimates (WASDE) report from the USDA National Agricultural Statistics Service (NASS) could have greater implications for grain market prices this year given how tight grain supplies are around the world. The May report this year, slated for release late Wednesday morning, will provide an early look at projected crop output this year based on fieldwork progress since the March 31 Prospective Plantings report. The big numbers to watch will be world stocks levels compared to projected U.S. crop output; if usage has increased, supplies have dwindled and the report tells the story of a crop that likely won’t meet trending demand, it could be bullish and foreshadow some global market adjustments as end-users seek adequate supplies. The report will be released at 11:00 AM CDT Wednesday. See more of what to expect.