Associate Professor/Crop Markets Specialist Crop Market Outlook Oct. 4, 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 94.1 Yield (bu./acre) 123.1 158.1 171.0 168.4 174.4 Production (mil. bu.) 10,755 13,829 14,216 13,601 15,093 Beg. Stocks 989 821 1,232 1,731 1,738 Imports 160 36 32 65 50 Total Supply 11,904 14,686 15,479 15,397 16,881 Feed & Residual 4,315 5,040 5,324 5,178 5,650 Ethanol 4,641 5,124 5,200 5,275 Food, Seed, & Other 1,397 1,369 1,360 1,367 1,375 Exports 730 1,920 1,864 1,915 2,175 Total Use 11,083 13,454 13,748 13,660 14,475 Ending Stocks 2,406 Season-Average Price ($/bu.) 6.89 4.46 3.70 3.60 3.20 Source: USDA-WAOB, modified 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 83.7 Yield (bu./acre) 40.0 44.0 47.5 48.0 50.6 Production (mil. bu.) 3,042 3,358 3,927 3,926 4,201 Beg. Stocks 169 141 92 191 197 Imports 41 72 33 25 30 Total Supply 3,252 3,570 4,052 4,142 4,428 Crush 1,689 1,734 1,873 1,900 1,950 Seed & Residual 105 107 146 126 Exports 1,317 1,638 1,842 1,940 1,985 Total Use 3,111 3,478 3,862 3,945 4,061 Ending Stocks 367 Season-Average Price ($/bu.) 14.40 13.00 10.10 8.95 9.05 Source: USDA-WAOB, modified 3 3

World Corn Production Source: USDA-WAOB 4 4

World Soybean Production Source: USDA-WAOB 5 5

U.S. Meat Production & Prices Source: USDA-WAOB 6 6

Corn Export Sales Source: USDA-FAS

Soybean Export Sales Source: USDA-FAS

Corn Grind for Ethanol

Current Corn Futures Source: CME Group, 10/4/2016

Current Soybean Futures Source: CME Group, 10/4/2016

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/