Associate Professor/Crop Markets Specialist Corn & Biofuels Ames, Iowa June 28, 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 93.6 Yield (bu./acre) 123.1 158.1 171.0 168.4 168.0 Production (mil. bu.) 10,755 13,829 14,216 13,601 14,430 Beg. Stocks 989 821 1,232 1,731 1,708 Imports 160 36 32 60 40 Total Supply 11,904 14,686 15,479 15,392 16,178 Feed & Residual 4,315 5,040 5,324 5,250 5,550 Ethanol 4,641 5,124 5,200 5,300 Food, Seed, & Other 1,397 1,369 1,360 1,370 Exports 730 1,920 1,864 1,825 1,950 Total Use 11,083 13,454 13,748 13,685 14,170 Ending Stocks 2,008 Season-Average Price ($/bu.) 6.89 4.46 3.70 3.50 Source: USDA-WAOB 2 2

World Corn Production Source: USDA-WAOB 3 3

Iowa Corn Prices vs. Costs

Strength of the U.S. Dollar Source: Federal Reserve

Crude Oil Prices Sources: EIA and CME

Corn Grind for Ethanol

Ethanol Stocks Source: EIA

Ethanol Exports Source: EIA

DDG Exports Source: USDA

Renewable Fuels Standard Source: EPA

Corn Use for the Next Decade Source: USDA-ERS

Top 10 Populations Source: CIA World Factbook

Population Growth 2016 to 2050 Source: U.S. Census Bureau, International Data Base

Economic Growth Rates Source: CIA World Factbook

Liquid Fuels Source: EIA

Other Liquid Fuels Source: EIA

Arable Land

World Corn Markets Source: USDA 19 19

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/