Reading USDA Supply-and-Demand Reports as Balance Sheets

This study examines how revisions in USDA World Agricultural Supply and Demand Estimates (WASDE) reports affect projected ending stocks for U.S. corn, soybeans, and rice from 2010 to 2025. The findings show that changes in production do not always lead to corresponding changes in ending stocks, highlighting the importance of beginning stocks and projected use in interpreting agricultural supply-and-demand forecasts.