Reports

CHANGES IN THE MAY 11 SUPPLY AND DEMAND ESTIMATES REPORT

Posted on: May 07, 2007

OFFICE OF THE CHIEF ECONOMIST ANNOUNCEMENT

The WASDE report, which will provide USDA’s first assessment of supply, demand and prices for the new marketing year, is issued by the World Agricultural Outlook Board of USDA’s Office of the Chief Economist. The monthly report, issued at 8:30 a.m. EST, will present projections for 2007/08 U.S. grains, oilseeds, cotton, and sugar, as well as calendar-year 2008 projections for U.S. meat, poultry and dairy products. Individual country forecasts for grains will be shown. World totals will be forecast for 2007/08 grains, oilseeds and cotton. Individual country forecasts for oilseeds and products, and for cotton, will be issued in the June 11 WASDE report.

The May WASDE will incorporate the following changes:

• With the accession of Bulgaria and Romania into the European Union, EU-25 is changed to EU-27 throughout the report.

• The U.S. Soybeans and Products Supply and Use Table (page 15) will be expanded to include a line for use of soybean oil in the production of biodiesel. This use will be reported as a subcategory of Domestic Use. The category will be referred to as “used for methyl ester” following the convention used by the Census Bureau to report soybean oil used for biodiesel.

• The U.S. Domestic Sugar Table (page 16) will add a line for imports from Mexico under “Other” imports. These imports from Mexico will include only high-tier imports and not imports specified under the tariff rate quota.

* “Other Europe” is dropped from the World Coarse Grain Supply and Use Table (pages 20-21) and World Corn Supply and Use Table (pages 22-23). “Brazil” is added to the “Selected Other” category in the World Coarse Grain Supply and Use Table (pages 22-23).

• The term “consumption” is changed to “disappearance” in the U.S. Meats Supply and Use Table (page 32) and the U.S. Egg Supply & Use Table (page 33). This definitional change reflects the residual nature of disappearance in these supply and use balances. The manner of calculation is unchanged.

Please refer to the following sample tables with changes marked in boldface.

430 oce OCE-6-2007MayWASDE.pdf

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