Associate Professor/Crop Markets Specialist Iowa Agriculture Washington Rotary Washington, Iowa Mar. 17, 2016 Chad Hart Associate Professor/Crop Markets Specialist chart@iastate.edu 515-294-9911 1 1

U.S. Corn Supply and Use 2012 2013 2014 2015 2016 Area Planted (mil. acres) 97.3 95.4 90.6 88.0 90.0 Yield (bu./acre) 123.1 158.1 171.0 168.4 168.0 Production (mil. bu.) 10,755 13,829 14,216 13,601 13,825 Beg. Stocks 989 821 1,232 1,731 1,837 Imports 160 36 32 50 40 Total Supply 11,904 14,686 15,479 15,382 15,702 Feed & Residual 4,315 5,040 5,324 5,300 5,425 Ethanol 4,641 5,124 5,200 5,225 Food, Seed, & Other 1,397 1,369 1,360 1,370 1,375 Exports 730 1,920 1,864 1,650 1,700 Total Use 11,083 13,454 13,748 13,545 13,725 Ending Stocks 1,977 Season-Average Price ($/bu.) 6.89 4.46 3.70 3.60 3.45 Source: USDA-WAOB 2 2

U.S. Soybean Supply and Use 2012 2013 2014 2015 2016 Area Planted (mil. acres) 77.2 76.8 83.3 82.7 82.5 Yield (bu./acre) 40.0 44.0 47.5 48.0 46.7 Production (mil. bu.) 3,042 3,358 3,927 3,929 3,810 Beg. Stocks 169 141 92 191 460 Imports 41 72 33 30 Total Supply 3,252 3,570 4,052 4,150 4,299 Crush 1,689 1,734 1,873 1,870 1,900 Seed & Residual 105 107 145 130 125 Exports 1,317 1,638 1,843 1,690 1,825 Total Use 3,111 3,478 3,862 3,690 3,850 Ending Stocks 450 Season-Average Price ($/bu.) 14.40 13.00 10.10 8.75 8.50 Source: USDA-WAOB 3 3

Iowa Corn Prices vs. Costs

Net Farm Income

Corn Production Costs

2015 Iowa Land Values

2015 Iowa Land Values - % Change

Iowa’s top 10 manufactured exports, 2014 1. Tractors $966 million 2. Herbicides 374 million 3. Aircraft engines/parts 284 million 4. Aluminum alloy plates 245 million 5. Front-end loaders 222 million 6. Special purpose vehicles 149 million 7. Harvesting machinery 144 million 8. Refrigerator-freezers 135 million 9. Misc. ag machinery 133 million 10. Excavators 127 million Source: http://www.census.gov/foreign-trade/statistics/state/data/ia.html

Iowa’s state export rankings, 2014 # 2 Soybeans $3.089 billion # 1 Pork $2.325 billion # 2 Corn $1.662 billion # 2 Feeds $1.354 billion # 2 Soybean meal $710 million # 4 Beef $410 million # 2 Vegetable oils $394 million # 2 Hides $377 million # 12 Dairy $164 million Source: USDA Economic Research Service, “State Export Data”

Iowa’s Economy

Iowa’s Economy Farm Machinery

Iowa’s Economy Dept. of Ag.

Iowa’s Economy Farm Leases

Iowa’s Economy Crop Insurance

Iowa’s Economy

Arable Land

Thank you for your time. Any questions. My web site: http://www2. econ Thank you for your time! Any questions? My web site: http://www2.econ.iastate.edu/faculty/hart/ Iowa Farm Outlook: http://www2.econ.iastate.edu/ifo/ Ag Decision Maker: http://www.extension.iastate.edu/agdm/