The most common and most likely answer to this crossword clue is the 5 letter word GUANO
I've seen this crossword clue in The Times
G
U
A
N
O
More clues leading to the result GUANO
- Waste from gulls usually, also numerous other sources
- Nicaragua not blessed with mineral-rich deposits
- Fertiliser made from moa dung, with original character of each dropping?
- Waste killer having stolen a ring
- Some ragù: a nourishing substance with distinctive smell
- Working month taken up with fertiliser
- Starting late, China’s ready to cut energy waste
- Dropping of wingers may improve performance on field
- How South American promotes growth in Nicaraguan oil
- Fertiliser put on with summer month coming up
Buddy explains!

The straight part
We know that "Waste" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case waste = guano.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does GUANO mean?
GUANO noun- Dung from a sea bird or from a bat.
- A variety of seabird.