Corn and Distillers Grain Market Outlook June 10

Corn and Distillers Grain Market Outlook June 10, 2020 Chad Hart Associate Professor/Crop Marketing Specialist chart@iastate. edu 515 -294 -9911 Extension and Outreach/Department of Economics

July 2020 Corn Futures Source: CME Group Extension and Outreach/Department of Economics

U. S. Corn Supply and Use 2016 2017 2018 2019 2020 94. 0 90. 2 88. 9 89. 7 97. 0 Area Planted (mil. acres) Yield (bu. /acre) 174. 6 176. 4 167. 8 178. 5 Production (mil. bu. ) 15, 148 14, 609 14, 340 13, 663 15, 995 Beg. Stocks (mil. bu. ) 1, 737 2, 293 2, 140 2, 221 2, 098 Imports (mil. bu. ) 57 36 28 45 25 Total Supply (mil. bu. ) 16, 942 16, 939 16, 509 15, 928 18, 118 Feed & Residual (mil. bu. ) 5, 470 5, 304 5, 432 5, 700 6, 050 Ethanol (mil. bu. ) 5, 432 5, 605 5, 376 4, 950 5, 200 Food, Seed, & Other (mil. bu. ) 1, 453 1, 451 1, 425 1, 400 Exports (mil. bu. ) 2, 294 2, 438 2, 065 1, 775 2, 150 Total Use (mil. bu. ) 14, 649 14, 799 14, 288 13, 830 14, 800 Ending Stocks (mil. bu. ) 2, 293 2, 140 2, 221 2, 098 3, 318 Season-Average Price ($/bu. ) 3. 36 3. 61 3. 60 3. 20 Source: USDA-WAOB Extension and Outreach/Department of Economics

Source: USDA-NASS Extension and Outreach/Department of Economics

U. S. Corn Planting Progress Source: USDA-NASS Extension and Outreach/Department of Economics

Monthly Weather Outlook Source: NOAA-CPC Extension and Outreach/Department of Economics

World Corn Production Source: USDA-WAOB Extension and Outreach/Department of Economics

Corn Export Sales Source: USDA-FAS Extension and Outreach/Department of Economics

U. S. Meat Production & Prices Source: USDA-WAOB Extension and Outreach/Department of Economics

Corn Grind for Ethanol Extension and Outreach/Department of Economics

Ethanol Stocks Source: EIA Extension and Outreach/Department of Economics

U. S. DDG Supply and Use 2015 2016 2017 2018 2019 Production (mil. metric tons) 36. 7 38. 1 39. 6 38. 2 35. 9 Imports (mil. metric tons) 0. 3 0. 3 Total Supply (mil. metric tons) 37. 0 38. 4 39. 9 38. 5 35. 9 Domestic (mil. metric tons) 25. 4 27. 1 28. 2 27. 2 26. 0 Exports (mil. metric tons) 11. 6 11. 3 11. 7 11. 3 10. 2 Total Use (mil. metric tons) 37. 0 38. 4 39. 9 38. 5 36. 2 Price ($ per ton) 137. 20 106. 40 146. 82 145. 89 161. 16 Source: USDA-ERS Extension and Outreach/Department of Economics

DDG Exports Source: USDA-FAS Extension and Outreach/Department of Economics

DDG Export Shifts Source: USDA-FAS Extension and Outreach/Department of Economics

Current Corn Futures 3. 56 3. 36 Source: CME Group, 6/4/2020 Extension and Outreach/Department of Economics

2020/21 Crop Price Projections Based on futures prices Extension and Outreach/Department of Economics

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Thank you for your time! Any questions? My web site: http: //www 2. econ. iastate. edu/faculty/hart/ Iowa Farm Outlook: http: //www 2. econ. iastate. edu/ifo/ Ag Decision Maker: http: //www. extension. iastate. edu/agdm/ Extension and Outreach/Department of Economics

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