1. Extension and Outreach/Department of Economics Corn, Ethanol, and DDG Outlook Iowa Beef Center Professional Development Ames, Iowa Oct. 29, 2014 Chad Hart Associate Professor/Grain Markets Specialist chart@iastate.edu 515-294-9911

2. Extension and Outreach/Department of Economics U.S. Corn Supply and Use 20102011201220132014 Area Planted(mil. acres)88.291.997.295.490.9 Yield(bu./acre)152.8147.2123.4158.8174.2 Production(mil. bu.)12,44712,36010,78013,92514,475 Beg. Stocks(mil. bu.)1,7081,1289898211,236 Imports(mil. bu.)28291623625 Total Supply(mil. bu.)14,18213,51711,93214,78215,736 Feed & Residual(mil. bu.)4,7954,5574,3295,1255,375 Ethanol(mil. bu.)5,0195,0004,6485,1305,125 Food, Seed, & Other(mil. bu.)1,4071,4281,4031,3741,405 Exports(mil. bu.)1,8341,5437311,9171,750 Total Use(mil. bu.)13,05512,52811,11113,54613,655 Ending Stocks(mil. bu.)1,1289898211,2362,081 Season-Average Price($/bu.)5.186.226.894.463.40 Source: USDA-WAOB, with adjustments for stocks

3. Extension and Outreach/Department of Economics U.S. DDG Supply and Use 20102011201220132014 Production(mil. metric tons)38.738.635.939.5 Imports(mil. metric tons)0.4 0.5 Total Supply(mil. metric tons)39.139.036.340.0 Domestic(mil. metric tons)30.931.428.127.5 Exports(mil. metric tons)8.37.58.212.5 Total Use(mil. metric tons)39.238.936.340.0 Average Price($/ton)188222257205161 My estimates, so take with a grain (or pound) of salt

4. Extension and Outreach/Department of Economics Projected Corn Yields Source: USDA-NASS Top: 2014 Yield Bottom: Change from last month Units: Bu/acre

5. Extension and Outreach/Department of Economics Corn Objective Yield Data Source: USDA-NASS

6. Extension and Outreach/Department of Economics Corn Stocks Source: USDA-NASS

7. Extension and Outreach/Department of Economics World Corn Production Source: USDA-WAOB

8. Extension and Outreach/Department of Economics Corn Grind for Ethanol

9. Extension and Outreach/Department of Economics Renewable Fuels Standard

10. Extension and Outreach/Department of Economics U.S. Meat Production & Prices Source: USDA-WAOB

11. Extension and Outreach/Department of Economics Corn Export Shifts Source: USDA-FAS

12. Extension and Outreach/Department of Economics Corn Export Sales Source: USDA-FAS

13. Extension and Outreach/Department of Economics DDG Exports Source: USDA

14. Extension and Outreach/Department of Economics Current Corn Futures Source: CME Group, 10/24/2014 3.47 3.81

15. Extension and Outreach/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/