Economics of Crop Production Ag Credit School Ames, Iowa June 13, 2016 Chad Hart Associate Professor/Crop Markets Specialist chart@iastate.edu 515-294-9911 1 1

Iowa Crop Shifts Source: USDA-NASS

Iowa Farms and Farmland Source: USDA-Census of Ag.

Productivity Source: USDA-ERS

Change in Input Structure Source: USDA-ERS

Iowa Yields Source: USDA-NASS

Iowa Corn Costs Source: AgDM A1-21

Iowa Soybean Costs Source: AgDM A1-21

Iowa Corn Costs Overall 52% increase 72% 18% 54% 27% Source: AgDM A1-21

Iowa Soybean Costs Overall 59% increase 72% 9% 51% 61% Source: AgDM A1-21

Iowa Corn Prices vs. Costs

Iowa Soybean Prices vs. Costs

U.S. Corn Supply and Use Supply Demand Source: USDA-WAOB 13 13

Arable Land

Corn Use for the Next Decade Source: USDA-ERS

Soybean Use for the Next Decade Source: USDA-ERS

U.S. Meat Production Source: USDA-ERS

GDP Growth Source: USDA-ERS

U.S. Crude Oil Prices Source: USDA-ERS

World Corn Markets Source: USDA 20 20

Crop Prices for the Next Decade Source: USDA-ERS

Farm Incomes Source: USDA-ERS

Revenues vs. Costs Source: USDA-ERS

Revenue Mix Source: USDA-ERS

Crop Price Seasonal Patterns Source: USDA, NASS, Monthly Price Data 1980-2015

Seasonal Patterns: Prices vs. Marketings

Seasonal Patterns: Prices vs. Marketings

A Multi-dimensional Issue Source: Takle et. al., 2013

Thank you for your time. Any questions. My web site: http://www. econ Thank you for your time! Any questions? My web site: http://www.econ.iastate.edu/~chart/ Iowa Farm Outlook: http://www.econ.iastate.edu/ifo/ Ag Decision Maker: http://www.extension.iastate.edu/agdm/