Economics of Crop Production Ag Credit School Ames, Iowa June 12, 2017 Chad Hart Associate Professor/Crop Markets Specialist chart@iastate.edu 515-294-9911 1 1

Iowa Crop Shifts Source: USDA-NASS

Iowa Farms and Farmland Source: USDA-Census of Ag.

Productivity Source: USDA-ERS

Change in Input Structure Source: USDA-ERS

Iowa Yields Source: USDA-NASS

Iowa Corn Costs Source: AgDM A1-21

Iowa Soybean Costs Source: AgDM A1-21

Iowa Corn Costs Overall 13% increase 21% 16% 8% 8% Source: AgDM A1-21

Iowa Soybean Costs Overall 24% increase 21% 6% 27% 39% Source: AgDM A1-21

Iowa Corn Prices vs. Costs

Iowa Soybean Prices vs. Costs

U.S. Corn Supply and Use Supply Demand Source: USDA-WAOB 13 13

Arable Land

Corn Use for the Next Decade Source: USDA-OCE

Soybean Use for the Next Decade Source: USDA-OCE

U.S. Meat Production Source: USDA-OCE

GDP Growth Source: USDA-OCE

U.S. Crude Oil Prices Source: USDA-ERS

World Corn Markets Source: USDA 20 20

Crop Prices for the Next Decade Source: USDA-OCE

Farm Incomes Source: USDA-ERS

Revenues vs. Costs Source: USDA-OCE

Revenue Mix Source: USDA-ERS

Crop Price Seasonal Patterns Source: USDA, NASS, Monthly Price Data 1980-2016

Seasonal Patterns: Prices vs. Marketings

Seasonal Patterns: Prices vs. Marketings

A Multi-dimensional Issue Source: Takle et. al., 2013

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/