1. Agricultural Economic Outlook
Supervisors’ Club Meeting
Waterloo, Iowa
Sept. 23, 2013
Chad Hart
Associate Professor/Crop Markets Specialist 1 1

2. Iowa Corn Prices vs. Costs

3. Iowa Soybean Prices vs. Costs

5. Crop Prices for the Next Decade
Source: USDA-ERS

6. GDP Growth
Source: USDA-ERS

7. GDP Growth
Source: USDA-ERS

8. Iowa Crop Shifts
Source: USDA-NASS

9. Corn Grind for Ethanol

10. Source: DOE-EIA, Annual Energy Outlook

11. (Million Barrels Oil Equivalent per Day)
Liquid Fuel Usage
2007
2015
2020
2025
2030
2035
(Million Barrels Oil Equivalent per Day)
(Percent of 2007 Value)
United States
20.6
98%
100%
102%
104%
107%
Canada
2.3
96%
Mexico
2.1
105%
110%
114%
129%
138%
Europe
15.3
92%
88%
89%
90%
Japan
5.0
84%
86%
82%
China
7.6
132%
153%
178%
201%
222%
India
2.8
139%
154%
168%
Africa
3.1
113%
116%
126%
135%
148%
Central and South America
6.0
112%
117%
125%
133%
World
86.1
103%
121%
128%
Source: DOE-EIA

12. Population 2013 2020 2050 (billion) World 7.095 7.628 9.383 China
2020
2050
(billion)
World
7.095
7.628
9.383
China
1.350
1.385
India
1.657
1.221
1.326
1.304
U.S.
0.317
0.337
0.423
Indonesia
0.251
0.267
Nigeria
0.402
Brazil
0.201
Pakistan
0.214
0.300
0.193
0.212
0.291
0.175
0.208
Bangladesh
0.250
0.164
0.183
0.232
Russia
0.143
0.142
Ethiopia
0.228
Japan
0.127
0.126
Philippines
0.172
Source: U.S. Bureau of the Census

13. World Corn Markets
Source: USDA 13 13

14. Arable Land

15. Thank you for your time. Any questions. My web site: http://www. econ
Thank you for your time! Any questions? My web site: Iowa Farm Outlook: Ag Decision Maker: