1. Crop Market Outlook Think Tank for Animal Agriculture Ames, Iowa
Oct. 31, 2016
Chad Hart
Associate Professor/Crop Markets Specialist 1 1

2. U.S. Corn Supply and Use 2012 2013 2014 2015 2016 Area Planted
(mil. acres)
97.3
95.4
90.6
88.0
94.5
Yield
(bu./acre)
123.1
158.1
171.0
168.4
173.4
Production
(mil. bu.)
10,755
13,829
14,216
13,601
15,057
Beg. Stocks
989
821
1,232
1,731
1,738
Imports
160 36 32 67 50
Total Supply
11,904
14,686
15,479
15,400
16,845
Feed & Residual
4,315
5,040
5,324
5,192
5,650
Ethanol
4,641
5,124
5,200
5,206
5,275
Food, Seed, & Other
1,397
1,369
1,360
1,367
1,375
Exports
730
1,920
1,864
1,898
2,225
Total Use
11,083
13,454
13,748
13,662
14,525
Ending Stocks
2,320
Season-Average Price
($/bu.)
6.89
4.46
3.70
3.61
3.25
Source: USDA-WAOB, modified 2 2

3. U.S. Soybean Supply and Use
2012
2013
2014
2015
2016
Area Planted
(mil. acres)
77.2
76.8
83.3
82.7
83.7
Yield
(bu./acre)
40.0
44.0
47.5
48.0
51.4
Production
(mil. bu.)
3,042
3,358
3,927
3,926
4,269
Beg. Stocks
169
141 92
191
197
Imports 41 72 33 24 30
Total Supply
3,252
3,570
4,052
4,140
4,496
Crush
1,689
1,734
1,873
1,886
1,950
Seed & Residual
105
107
146
121
126
Exports
1,317
1,638
1,842
1,936
2,025
Total Use
3,111
3,478
3,862
3,943
4,101
Ending Stocks
395
Season-Average Price
($/bu.)
14.40
13.00
10.10
8.95
9.05
Source: USDA-WAOB, modified 3 3

4. Corn Yield Estimates Top: 2016 Yield Bottom: Change from last month
Units: Bushels/acre
Source: USDA-NASS

5. Soy Yield Estimates Top: 2016 Yield Bottom: Change from last month
Units: Bushels/acre
Source: USDA-NASS

6. World Corn Production
Source: USDA-WAOB 6 6

7. World Soybean Production
Source: USDA-WAOB 7 7

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

9. Change in Corn Export Sales
Source: USDA-FAS

10. Change in Soybean Export Sales
Source: USDA-FAS

11. Corn Grind for Ethanol

12. Current Corn Futures
3.69
3.32
Source: CME Group, 10/28/2016

13. Current Soybean Futures
9.61
9.47
Source: CME Group, 10/28/2016

14. 2016/17 Crop Margins @ Trend Yields

15. 2016/17 Crop Margins @ Actual Yields

16. 2017/18 Crop Margins

17. 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: