The most reasonable inference about the relationship between wading bird reproductive success and water depth in the Everglades, given the information provided, is:
Water depth likely affects wading birds’ access to food and thus affects wading birds’ reproductive success.
This conclusion is drawn from the observation that fewer nests were observed in dry years (when water depth is lower) compared to wet years (when water depth is higher). Since wading birds primarily feed on fish, changes in water depth are likely to impact their ability to access food, which in turn can influence their reproductive success.