Corn Situation & Outlook Industry Outlook Conference Chicago, Illinois Oct. 19, 2016 Chad Hart Associate Professor/Crop Markets Specialist chart@iastate.edu 515-294-9911 1 1

U.S. Corn Supply and Use 2012 2013 2014 2015 2016 Area Planted (mil. acres) 97.3 95.4 90.6 88.0 94.5 Yield (bu./acre) 123.1 158.1 171.0 168.4 173.4 Production (mil. bu.) 10,755 13,829 14,216 13,601 15,057 Beg. Stocks 989 821 1,232 1,731 1,738 Imports 160 36 32 67 50 Total Supply 11,904 14,686 15,479 15,400 16,845 Feed & Residual 4,315 5,040 5,324 5,192 5,650 Ethanol 4,641 5,124 5,200 5,206 5,275 Food, Seed, & Other 1,397 1,369 1,360 1,367 1,375 Exports 730 1,920 1,864 1,898 2,225 Total Use 11,083 13,454 13,748 13,662 14,525 Ending Stocks 2,320 Season-Average Price ($/bu.) 6.89 4.46 3.70 3.61 3.25 Source: USDA-WAOB, modified 2 2

Corn Yield Estimates Top: 2016 Yield Bottom: Change from last month Units: Bushels/acre Source: USDA-NASS

Corn Yield Data Source: USDA-NASS

Corn Yield Data Source: USDA-NASS

World Corn Production Source: USDA-WAOB 6 6

U.S. Meat Production & Prices Source: USDA-WAOB 7 7

Corn Export Sales Source: USDA-FAS

Strength of the U.S. Dollar Source: Federal Reserve

Corn Grind for Ethanol

Current Corn Futures 3.69 3.32 Source: CME Group, 10/14/2016

2016/17 Crop Margins @ Trend Yields

2016/17 Crop Margins @ Actual Yields

2017/18 Crop Margins

Iowa Corn Prices vs. Costs

Thank you for your time. Any questions. My web site: http://www2. econ Thank you for your time! Any questions? My web site: http://www2.econ.iastate.edu/faculty/hart/ Iowa Farm Outlook: http://www2.econ.iastate.edu/ifo/ Ag Decision Maker: http://www.extension.iastate.edu/agdm/