1. University Extension/Department of Economics Crop Pressures ISU ANR Extension Conference Ames, Iowa Mar. 23, 2011 Chad Hart Assistant Professor/Grain Markets Specialist chart@iastate.edu 515-294-9911

2. University Extension/Department of Economics U.S. Corn Supply and Use Source: USDA 2007200820092010 Area Planted(mil. acres)93.586.086.488.2 Yield(bu./acre)150.7153.9164.7152.8 Production(mil. bu.)13,03812,09213,09212,447 Beg. Stocks(mil. bu.)1,3041,6241,6731,708 Imports(mil. bu.)2014820 Total Supply(mil. bu.)14,36213,72914,77414,175 Feed & Residual(mil. bu.)5,9135,1825,1405,200 Ethanol(mil. bu.)3,0493,7094,5684,950 Food, Seed, & Other(mil. bu.)1,3381,3161,3711,400 Exports(mil. bu.)2,4371,8491,9871,950 Total Use(mil. bu.)12,73712,05613,06613,500 Ending Stocks(mil. bu.)1,6241,6731,708675 Season-Average Price($/bu.)4.204.063.555.40 Supply Demand Feed Fuel Food

3. University Extension/Department of Economics Factors Leading to Higher Commodity Prices Source: USDA-ERS, Trostle, July 2008

4. University Extension/Department of Economics Corn

5. University Extension/Department of Economics Iowa Corn Prices vs. Costs

6. University Extension/Department of Economics Price Movements

7. University Extension/Department of Economics World Corn Markets Source: USDA

8. University Extension/Department of Economics Thank you for your time! Any questions? My web site: http://www.econ.iastate.edu/~chart/ Iowa Farm Outlook: http://www.econ.iastate.edu/ifo/ Ag Decision Maker: http://www.extension.iastate.edu/agdm/