Associate Professor/Crop Marketing Specialist Corn Outlook Aug. 15, 2017 Chad Hart Associate Professor/Crop Marketing Specialist chart@iastate.edu 515-294-9911 1 1
U.S. Corn Supply and Use 2013 2014 2015 2016 2017 Area Planted (mil. acres) 95.4 90.6 88.0 94.0 90.9 Yield (bu./acre) 158.1 171.0 168.4 174.6 169.5 Production (mil. bu.) 13,829 14,216 13,602 15,148 14,153 Beg. Stocks 821 1,232 1,731 1,737 2,370 Imports 36 32 67 55 50 Total Supply 14,686 15,479 15,401 16,940 16,573 Feed & Residual 5,040 5,280 5,120 5,425 5,450 Ethanol 5,124 5,200 5,224 5,500 Food, Seed, & Other 1,369 1,401 1,422 1,470 1,500 Exports 1,920 1,867 1,898 2,225 1,850 Total Use 13,454 13,748 13,664 14,570 14,300 Ending Stocks 2,273 Season-Average Price ($/bu.) 4.46 3.70 3.61 3.35 3.30 Source: USDA-WAOB 2 2
National Corn Crop Ratings Source: USDA-NASS 3 3
Early Projection of Corn Yield 4 4
Projected Corn Yields Top: 2017 Yield Estimate Bottom: Change from last year Units: Bushels/acre Source: USDA-NASS 5 5
Corn Yield Data Source: USDA-NASS 6 6
World Corn Production Source: USDA-WAOB 7 7
U.S. Meat Production & Prices Source: USDA-WAOB 8 8
U.S. Meat Trade Million pounds Source: USDA-WAOB 9 9
Corn Export Sales Source: USDA-FAS
Advance Corn Export Sales Source: USDA-FAS
Corn Grind for Ethanol
Current Corn Futures 4.10 3.79 Source: CME Group, 8/14/2017
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/