1. Associate Professor/Crop Marketing Specialist
Ag Market Outlook
Aug. 1, 2019
Chad Hart
Associate Professor/Crop Marketing Specialist 1 1

2. U.S. Corn Supply and Use 2015 2016 2017 2018 2019 Area Planted
(mil. acres)
88.0
94.0
90.2
89.1
91.7
Yield
(bu./acre)
168.4
174.6
176.6
176.4
166.0
Production
(mil. bu.)
13,602
15,148
14,609
14,420
13,875
Beg. Stocks
1,731
1,737
2,293
2,140
2,340
Imports 67 57 36 35 50
Total Supply
15,401
16,942
16,939
16,595
16,265
Feed & Residual
5,120
5,470
5,304
5,275
5,175
Ethanol
5,224
5,432
5,605
5,450
5,500
Food, Seed, & Other
1,422
1,453
1,451
1,430
Exports
1,898
2,294
2,438
2,100
2,150
Total Use
13,664
14,649
14,799
14,255
Ending Stocks
2,010
Season-Average Price
($/bu.)
3.61
3.36
3.60
3.70
Source: USDA-WAOB 2 2

3. U.S. Soybean Supply and Use
2015
2016
2017
2018
2019
Area Planted
(mil. acres)
82.7
83.4
90.2
89.2
80.0
Yield
(bu./acre)
48.0
52.0
49.3
51.6
48.5
Production
(mil. bu.)
3,926
4,296
4,412
4,544
3,845
Beg. Stocks
191
197
302
438
1,050
Imports 24 22 17 20
Total Supply
4,140
4,515
4,735
4,999
4,915
Crush
1,886
1,901
2,055
2,085
2,115
Seed & Residual
122
146
113
165
130
Exports
1,936
2,166
2,129
1,700
1,875
Total Use
3,944
4,214
4,297
3,949
4,120
Ending Stocks
795
Season-Average Price
($/bu.)
8.95
9.47
9.33
8.50
8.40
Source: USDA-WAOB 3 3

4. U.S. Corn Condition
Source: USDA-NASS 4 4

5. U.S. Soybean Condition
Source: USDA-NASS 5 5

6. Weather Outlook
Source: NOAA-CPC 6 6

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

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

9. Soybean Export Shifts
Source: USDA-FAS

10. Corn Export Shifts
Source: USDA-FAS

11. Ethanol Exports
Source: EIA

13. Global Shares
Source: USDA

14. Beef Export Shifts
Source: USDA-FAS

15. Pork Export Shifts
Source: USDA-FAS

16. U.S. Meat Production & Prices
Source: USDA-WAOB 16 16

17. Corn Grind for Ethanol

18. Ethanol Stocks
Source: EIA

19. Current Corn Futures
4.06
Source: CME Group, 7/31/2019

20. Current Soybean Futures
8.76
Source: CME Group, 7/31/2019

21. 2018/19 Crop Margins
Based on futures prices

22. 2019/20 Crop Margins
Based on futures prices

23. Iowa Corn Prices vs. Costs
Based on USDA prices and ISU costs

24. Iowa Soybean Prices vs. Costs
Based on USDA prices and ISU costs

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

26. 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: