1. Associate Professor/Crop Marketing Specialist
Ag Market Outlook
May 17, 2018
Chad Hart
Associate Professor/Crop Marketing Specialist 1 1

2. U.S. Corn Supply and Use 2014 2015 2016 2017 2018 Area Planted
(mil. acres)
90.6
88.0
94.0
90.2
Yield
(bu./acre)
171.0
168.4
174.6
176.6
174.0
Production
(mil. bu.)
14,216
13,602
15,148
14,604
14,040
Beg. Stocks
1,232
1,731
1,737
2,293
2,182
Imports 32 67 57 50
Total Supply
15,479
15,401
16,942
16,947
16,272
Feed & Residual
5,280
5,120
5,472
5,500
5,375
Ethanol
5,200
5,224
5,432
5,575
5,625
Food, Seed, & Other
1,401
1,422
1,451
1,465
1,490
Exports
1,867
1,898
2,225
2,100
Total Use
13,748
13,664
14,649
14,765
14,590
Ending Stocks
1,682
Season-Average Price
($/bu.)
3.70
3.61
3.36
3.40
3.80
Source: USDA-WAOB 2 2

3. U.S. Soybean Supply and Use
2014
2015
2016
2017
2018
Area Planted
(mil. acres)
83.3
82.7
83.4
90.1
89.0
Yield
(bu./acre)
47.5
48.0
52.0
49.1
48.5
Production
(mil. bu.)
3,927
3,926
4,296
4,392
4,280
Beg. Stocks 92
191
197
302
530
Imports 33 24 22 25
Total Supply
4,052
4,140
4,515
4,718
4,835
Crush
1,873
1,886
1,901
1,990
1,995
Seed & Residual
146
122
139
133
135
Exports
1,842
1,936
2,174
2,065
2,290
Total Use
3,862
3,944
4,213
4,188
4,420
Ending Stocks
415
Season-Average Price
($/bu.)
10.10
8.95
9.47
9.35
10.00
Source: USDA -WAOB 3 3

4. World Corn Production
Source: USDA-WAOB 4 4

5. World Soybean Production
Source: USDA-WAOB 5 5

6. Drought Monitor
Source: National Drought Mitigation Center 6 6

7. Projected Corn Acres Top: 2018 Acreage Estimate
Bottom: Change from last year
Units: 1,000 acres
Source: USDA-NASS 7 7

8. Corn Planting Progress
Source: USDA-NASS 8 8

9. Projected Soybean Acreage
Top: 2018 Acreage Estimate
Bottom: Change from last year
Units: 1,000 acres
Source: USDA-NASS 9 9

10. Soybean Planting Progress
Source: USDA-NASS 10 10

11. Acreage Shifts
Units: 1,000 acres
Source: USDA-NASS 11 11

14. U.S. Meat Production & Prices
Source: USDA-WAOB 14 14

15. Pork Export Shifts
Source: USDA-FAS

16. Beef Export Shifts
Source: USDA-FAS

17. Corn Export Sales
Source: USDA-FAS

18. Corn Export Shifts
Source: USDA-FAS

19. Soybean Export Sales
Source: USDA-FAS

20. Soybean Export Shifts
Source: USDA-FAS

21. Ethanol Production
Source: EIA

22. Ethanol Exports
Source: EIA

23. Current Corn Futures
4.17
4.16
Source: CME Group, 5/16/2018

24. Current Soybean Futures
9.86
9.60
Source: CME Group, 5/16/2018

25. 2017/18 Crop Margins

26. 2018/19 Crop Margins

27. Iowa Corn Revenues vs. Costs

28. Iowa Soybean Revenues vs. Costs

29. Want to provide feedback on my presentation. https://www. surveymonkey

30. 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: