Corn Outlook Aug 15 2017 Chad Hart Associate

Corn Outlook Aug. 15, 2017 Chad Hart Associate Professor/Crop Marketing Specialist chart@iastate. edu 515 -294 -9911 Extension and Outreach/Department of Economics

U. S. Corn Supply and Use 2013 2014 2015 2016 2017 95. 4 90. 6 88. 0 94. 0 90. 9 Area Planted (mil. acres) 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 (mil. bu. ) 821 1, 232 1, 731 1, 737 2, 370 Imports (mil. bu. ) 36 32 67 55 50 Total Supply (mil. bu. ) 14, 686 15, 479 15, 401 16, 940 16, 573 Feed & Residual (mil. bu. ) 5, 040 5, 280 5, 120 5, 425 5, 450 Ethanol (mil. bu. ) 5, 124 5, 200 5, 224 5, 450 5, 500 Food, Seed, & Other (mil. bu. ) 1, 369 1, 401 1, 422 1, 470 1, 500 Exports (mil. bu. ) 1, 920 1, 867 1, 898 2, 225 1, 850 Total Use (mil. bu. ) 13, 454 13, 748 13, 664 14, 570 14, 300 Ending Stocks (mil. bu. ) 1, 232 1, 731 1, 737 2, 370 2, 273 4. 46 3. 70 3. 61 3. 35 3. 30 Season-Average Price ($/bu. ) Source: USDA-WAOB Extension and Outreach/Department of Economics

National Corn Crop Ratings Source: USDA-NASS Extension and Outreach/Department of Economics

Early Projection of Corn Yield Extension and Outreach/Department of Economics

Projected Corn Yields Top: 2017 Yield Estimate Bottom: Change from last year Units: Bushels/acre Source: USDA-NASS Extension and Outreach/Department of Economics

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

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

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

U. S. Meat Trade Million pounds Source: USDA-WAOB Extension and Outreach/Department of Economics

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

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

Corn Grind for Ethanol Extension and Outreach/Department of Economics

Current Corn Futures 4. 10 3. 79 Source: CME Group, 8/14/2017 Extension and Outreach/Department of Economics

2017/18 Crop Margins Extension and Outreach/Department of Economics

Iowa Corn Prices vs. Costs Extension and Outreach/Department of Economics

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