1. The 2017/18 Crop Market Outlook: The Search for Higher Prices
Northwest Iowa Research Farm Field Day
Sutherland, Iowa
July 12, 2017
Chad Hart
Associate Professor/Crop Marketing Specialist 1 1

2. U.S. Corn Supply and Use 2013 2014 2015 2016 2017 Area Planted
(mil. acres)
95.4
90.6
88.0
94.0
90.9
Yield
(bu./acre)
158.1
171.0
168.4
174.6
170.7
Production
(mil. bu.)
13,829
14,216
13,602
15,148
14,255
Beg. Stocks
821
1,232
1,731
1,737
2,370
Imports 36 32 67 55 50
Total Supply
14,686
15,479
15,401
16,940
16,675
Feed & Residual
5,040
5,280
5,120
5,425
5,475
Ethanol
5,124
5,200
5,224
5,450
5,500
Food, Seed, & Other
1,369
1,401
1,422
1,470
1,500
Exports
1,920
1,867
1,898
2,225
1,875
Total Use
13,454
13,748
13,664
14,570
14,350
Ending Stocks
2,325
Season-Average Price
($/bu.)
4.46
3.70
3.61
3.35
3.30
Source: USDA-WAOB 2 2

3. U.S. Soybean Supply and Use
2013
2014
2015
2016
2017
Area Planted
(mil. acres)
76.8
83.3
82.7
83.4
89.5
Yield
(bu./acre)
44.0
47.5
48.0
52.1
Production
(mil. bu.)
3,358
3,927
3,926
4,307
4,260
Beg. Stocks
141 92
191
197
410
Imports 72 33 24 25
Total Supply
3,570
4,052
4,140
4,528
4,695
Crush
1,734
1,873
1,886
1,900
1,950
Seed & Residual
107
146
122
118
135
Exports
1,638
1,842
1,936
2,100
2,150
Total Use
3,478
3,862
3,944
4,118
4,235
Ending Stocks
460
Season-Average Price
($/bu.)
13.00
10.10
8.95
9.50
9.40
Source: USDA-WAOB 3 3

4. National Corn Crop Ratings
Source: USDA-NASS 4 4

5. National Soybean Crop Ratings
Source: USDA-NASS 5 5

6. 2-week Temperature Outlook
Source: NOAA-CPC 6 6

7. 2-week Precipitation Outlook
Source: NOAA-CPC 7 7

8. U.S. Meat Production & Prices
Source: USDA-WAOB 8 8

9. U.S. Meat Trade
Million pounds
Source: USDA-WAOB 9 9

10. Corn Export Sales
Source: USDA-FAS

11. Soybean Export Sales
Source: USDA-FAS

12. Corn Grind for Ethanol

13. Current Corn Futures
4.26
4.14
Source: CME Group, 7/11/2017

14. Current Soybean Futures
10.28
10.05
Source: CME Group, 7/11/2017

15. 2017/18 Crop Margins

16. Iowa Corn Prices vs. Costs

17. Iowa Soybean Prices vs. Costs

18. Thank you for your time. Any questions. My web site: http://www2. econ
Thank you for your time! Any questions? My web site: Iowa Farm Outlook: Ag Decision Maker: