ECON 339 X Agricultural Marketing Chad Hart Assistant

ECON 339 X: Agricultural Marketing Chad Hart Assistant Professor chart@iastate. edu 515 -294 -9911 Econ 339 X, Spring 2011 John Lawrence Professor jdlaw@iastate. edu 515 -294 -7801

Planting Progress Econ 339 X, Spring 2011 Source: USDA - NASS

Planting Progress Econ 339 X, Spring 2011 Source: USDA - NASS

Econ 339 X, Spring 2011 Source: USDA - NASS

Crop Conditions Econ 339 X, Spring 2011 Source: USDA - NASS

Corn vs. Wheat (CME July 2011 futures) Econ 339 X, Spring 2011

U. S. Corn Supply and Use 2008 2009 2010 2011 86. 0 86. 4 88. 2 92. 2 Area Planted (mil. acres) Yield (bu. /acre) 153. 9 164. 7 152. 8 161. 7 Production (mil. bu. ) 12, 092 13, 092 12, 447 13, 537 Beg. Stocks (mil. bu. ) 1, 624 1, 673 1, 708 675 Imports (mil. bu. ) 14 8 20 20 Total Supply (mil. bu. ) 13, 729 14, 774 14, 175 14, 232 Feed & Residual (mil. bu. ) 5, 182 5, 140 5, 150 5, 120 Ethanol (mil. bu. ) 3, 709 4, 568 5, 000 Food, Seed, & Other (mil. bu. ) 1, 316 1, 371 1, 400 1, 440 Exports (mil. bu. ) 1, 849 1, 987 1, 950 2, 000 Total Use (mil. bu. ) 12, 056 13, 066 13, 500 13, 560 Ending Stocks (mil. bu. ) 1, 673 1, 708 675 672 4. 06 3. 55 5. 40 ? . ? ? Season-Average Price ($/bu. ) Econ 339 X, Spring 2011

U. S. Soybean Supply and Use 2008 2009 2010 2011 Area Planted (mil. acres) 75. 7 77. 5 77. 4 76. 6 Yield (bu. /acre) 39. 7 44. 0 43. 5 43. 4 Production (mil. bu. ) 2, 967 3, 359 3, 329 3, 268 Beg. Stocks (mil. bu. ) 205 138 151 140 Imports (mil. bu. ) 13 15 15 15 Total Supply (mil. bu. ) 3, 185 3, 512 3, 495 3, 423 Crush (mil. bu. ) 1, 662 1, 752 1, 650 Seed & Residual (mil. bu. ) 106 108 125 115 Exports (mil. bu. ) 1, 279 1, 501 1, 580 1, 575 Total Use (mil. bu. ) 3, 047 3, 361 3, 355 3, 340 Ending Stocks (mil. bu. ) 138 151 140 83 9. 97 9. 59 11. 50 ? ? Season-Average Price ($/bu. ) Econ 339 X, Spring 2011

Thoughts for 2011 and Beyond ØGeneral economic conditions ØContinued worldwide economic recovery is a major key for crop prices ØSupply/demand concerns ØPlanting intentions vs. realizations ØBiofuel growth and energy demand ØWill supply be able to keep pace with demand? Corn Soybeans Wheat Econ 339 X, Spring 2011 2010/11 USDA $5. 40 $11. 50 $5. 60 2011/12 Futures (4/25/11) $6. 65 $13. 40 $9. 38

Corn Futures During Class Econ 339 X, Spring 2011

Soy Futures During Class Econ 339 X, Spring 2011

Class web site: http: //www. econ. iastate. edu/~chart/Classes/econ 339/ Spring 2011/ Econ 339 X, Spring 2011