WASDE Report Provides Global Markets With Commodity Supply, Use Outlook

Following September’s World Agricultural Supply and Demand Estimates (WASDE) report release, U.S. Grains Council (USGC) Manager of Global Trade Reece Cannady presented its findings to customers in several of the markets in which the Council operates to help them understand the new information and the impact of events like Brazil’s crop challenges on global markets.

Each month, the World Agricultural Outlook Board (WAOB) releases the WASDE report to provide an overview of supply and use of global commodities like coarse grains, wheat, oilseeds and meat, among other items.

Cannady began his presentations on Sept. 10 by working with the Council’s Mexico office, quickly reviewing the information before presenting to Group Consultores de Mercados Agrícolas just five hours after the report was released. Cannady also had the opportunity to discuss the report findings with GRUMA, one of the largest white corn buyers in the world and the world’s premier tortilla producers based in Monterrey, Mexico. The state-by-state breakdown provided by USDA’s National Agricultural Statistics Service (NASS) was reviewed as well, showing very strong U.S. corn yield in the eastern corn belt.

“The credibility of the Council among Mexico’s end users as an unbiased source of information is exceptional,” said Javier Chavez, USGC marketing specialist in Mexico. “Reece has earned the trust and respect of the buyers in our market.”

Shortly after the report in Mexico, Cannady moved on to the South Asia market in an event that saw a record number of attendees for such presentations over the last 18 months. Customers there were especially interested in the upcoming Chinese record-sized crop and what that may mean for U.S. exports to the country, as it could greatly affect pricing.

To close out the report presentations, Cannady met with groups in the Middle East/North Africa and Latin American regions, where he covered not only supply and demand, but also offered an update on the Port of New Orleans following Hurricane Ida. At the Middle East/North Africa session, attendees had the opportunity to hear more about the port from Tom Russell of Russell Marine Group. Russell’s real-time update on the port situation was highly valued by attendees, as it gave them information that was not easily accessible otherwise.

“Being as current as possible on the information we share with customers is essential,” Cannady said. “Everyone looks to the WASDE each month as a global benchmark for how they make their decisions. Giving them a breakdown can provide immense value to customers and helps us build long-term relationships for program execution and partnerships down the road.”

Check out other charts and analyses USGC has provided.