1. Current Feed Situation and Outlook
Iowa Egg Industry Symposium
Ames, Iowa
Nov. 5, 2014
Chad Hart
Associate Professor/Grain Markets Specialist 1 1

2. U.S. Corn Supply and Use 2010 2011 2012 2013 2014 Area Planted
(mil. acres)
88.2
91.9
97.2
95.4
90.9
Yield
(bu./acre)
152.8
147.2
123.4
158.8
174.2
Production
(mil. bu.)
12,447
12,360
10,780
13,925
14,475
Beg. Stocks
1,708
1,128
989
821
1,236
Imports 28 29
162 36 25
Total Supply
14,182
13,517
11,932
14,782
15,736
Feed & Residual
4,795
4,557
4,329
5,125
5,375
Ethanol
5,019
5,000
4,648
5,130
Food, Seed, & Other
1,407
1,428
1,403
1,374
1,405
Exports
1,834
1,543
731
1,917
1,750
Total Use
13,055
12,528
11,111
13,546
13,655
Ending Stocks
2,081
Season-Average Price
($/bu.)
5.18
6.22
6.89
4.46
3.40
Source: USDA-WAOB, with adjustments for stocks 2 2

3. U.S. Soybean Supply and Use
2010
2011
2012
2013
2014
Area Planted
(mil. acres)
77.4
75.0
77.2
76.8
84.2
Yield
(bu./acre)
43.5
41.9
39.8
44.0
47.1
Production
(mil. bu.)
3,329
3,094
3,034
3,358
3,927
Beg. Stocks
151
215
169
141 92
Imports 14 16 36 72 15
Total Supply
3,495
3,325
3,239
3,570
4,034
Crush
1,648
1,703
1,689
1,734
1,770
Seed & Residual
130 88 90 98
113
Exports
1,501
1,365
1,320
1,647
1,700
Total Use
3,280
3,155
3,099
3,478
3,583
Ending Stocks
450
Season-Average Price
($/bu.)
11.30
12.50
14.40
13.00
10.00
Source: USDA-WAOB, with adjustments for stocks 3 3

4. U.S. Soybean Meal Supply and Use
2011
2012
2013
2014
Production
(thou. short tons)
41,025
39,875
40,975
42,035
Beg. Stocks
350
300
275
Imports
216
245
165
Total Supply
41,591
40,420
41,600
42,500
Domestic
31,550
28,969
29,700
30,200
Exports
9,741
11,176
11,600
12,000
Total Use
41,291
40,145
41,300
42,200
Ending Stocks
Season-Average Price
($/short ton)
393.53
468.11
490.00
350.00
Source: USDA-WAOB 4 4

5. U.S. DDG Supply and Use
2010
2011
2012
2013
2014
Production
(mil. metric tons)
38.7
38.6
35.9
39.5
Imports
0.4
0.5
Total Supply
39.1
39.0
36.3
40.0
Domestic
30.9
31.4
28.1
27.5
Exports
8.3
7.5
8.2
12.5
Total Use
39.2
38.9
Average Price
($/ton)
188
222
257
205
161
My estimates, so take with a grain (or pound) of salt 5 5

6. Projected Corn Yields Top: 2014 Yield Bottom: Change from last month
Units: Bu/acre
Source: USDA-NASS

7. Projected Soybean Yields
Top: 2014 Yield
Bottom: Change from last month
Units: Bu/acre
Source: USDA-NASS

8. World Corn Production
Source: USDA-WAOB 8 8

9. World Soybean Production
Source: USDA-WAOB 9 9

10. U.S. Meat Production & Prices
Source: USDA-WAOB 10 10

11. Corn Export Shifts
Source: USDA-FAS

12. Corn Export Sales
Source: USDA-FAS

13. Soybean Export Sales
Source: USDA-FAS

14. Soy Export Shifts
Source: USDA-FAS

15. Soy Meal Export Shifts
Source: USDA-FAS

16. DDG Exports
Source: USDA

17. Corn Grind for Ethanol

18. Current Corn Futures
3.80
3.47
Source: CME Group, 10/22/2014

19. Current Soybean Futures
9.51
9.41
Source: CME Group, 10/22/2014

20. Current Soybean Meal Futures
Source: CME Group, 10/22/2014

21. Thank you for your time. Any questions. My web site: http://www. econ
Thank you for your time! Any questions? My web site: Iowa Farm Outlook: Ag Decision Maker: