WASDE gives production, use, exports and, most importantly, ending stocks for corn, wheat, soybeans, cotton, rice, sugar and livestock, domestically and globally. The stocks-to-use ratio it implies is the market's core scarcity measure.
Because the report replaces guesswork with an official number, prices routinely gap on release and lock-limit moves are possible. The January report, which finalises the previous year's harvest, is historically the most volatile.
Example: the trade expects corn ending stocks of 1.85 billion bushels and WASDE prints 1.54 billion. That 17% tightening can move December corn 25 cents, a limit move worth $1,250 per contract, in the first minutes.
Related: corn-futures, soybean-futures, wheat-futures, prospective-plantings, lock-limit