1. 2013/14 Crop Market Outlook
Iowa Institute for Cooperatives Annual Meeting
Ames, Iowa
Nov. 26, 2013
Chad Hart
Associate Professor/Crop Markets Specialist 1 1

2. U.S. Corn Supply and Use 2009 2010 2011 2012 2013 Area Planted
(mil. acres)
86.4
88.2
91.9
97.2
95.3
Yield
(bu./acre)
164.7
152.8
147.2
123.4
160.4
Production
(mil. bu.)
13,092
12,447
12,360
10,780
13,989
Beg. Stocks
1,673
1,708
1,128
989
824
Imports 8 28 29
162 25
Total Supply
14,774
14,182
13,517
11,932
14,837
Feed & Residual
5,125
4,795
4,557
4,333
5,200
Ethanol
4,591
5,019
5,000
4,648
4,900
Food, Seed, & Other
1,370
1,407
1,428
1,396
1,450
Exports
1,980
1,834
1,543
731
1,400
Total Use
13,066
13,055
12,528
11,108
12,950
Ending Stocks
1,887
Season-Average Price
($/bu.)
3.55
5.18
6.22
6.89
4.50
Source: USDA-WAOB 2 2

3. U.S. Soybean Supply and Use
2009
2010
2011
2012
2013
Area Planted
(mil. acres)
77.5
77.4
75.0
77.2
76.5
Yield
(bu./acre)
44.0
43.5
41.9
39.8
43.0
Production
(mil. bu.)
3,359
3,329
3,094
3,034
3,258
Beg. Stocks
138
151
215
169
141
Imports 15 14 16 36
Total Supply
3,512
3,495
3,325
3,239
3,413
Crush
1,752
1,648
1,703
1,689
1,685
Seed & Residual
110
130 88 90
109
Exports
1,499
1,501
1,365
1,320
1,450
Total Use
3,361
3,280
3,155
3,098
3,243
Ending Stocks
170
Season-Average Price
($/bu.)
9.59
11.30
12.50
14.40
12.15
Source: USDA-WAOB 3 3

4. Projected Corn Yields Top: 2013 Projected Yield
Bottom: Change from last month
Units: Bushels/acre
Source: USDA-NASS

5. Projected Soybean Yields
Top: 2013 Projected Yield
Bottom: Change from last month
Units: Bushels/acre
Source: USDA-NASS

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

7. Corn Export Shifts
Source: USDA-FAS

8. Soy Export Shifts
Source: USDA-FAS

9. Corn Grind for Ethanol

10. Current Corn Futures
4.32
4.21
4.06
Source: CME Group, 11/22/2013

11. Current Soybean Futures
12.39
11.03
10.85
Source: CME Group, 11/22/2013

12. Corn Prices vs. Costs
Per Bushel Cost calculated as Per Acre Cost from ISU Extension divided by Actual Yield per Acre
Sources: USDA-NASS for Prices, Duffy for Costs

13. Soybean Prices vs. Costs
Per Bushel Cost calculated as Per Acre Cost from ISU Extension divided by Actual Yield per Acre
Sources: USDA-NASS for Prices, Duffy for Costs

14. Crop Shifts
Source: USDA-NASS

15. Thoughts for 2014 and Beyond
Supply/demand concerns
Corn demand rebounding? Yes, so far, so good
Acreage allocation for 2014: Where do the extra corn acres go?
Markets favoring soybeans in the short term and corn longer term
2012/13
USDA
2013/14 USDA
2013/14
Futures
(11/22/13)
Corn
$6.89
$4.50
$4.06
Soybeans
$14.40
$12.15
$12.39

16. 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: