1. Econ 339X, Spring 2011 ECON 339X: Agricultural Marketing Chad Hart Assistant Professor chart@iastate.edu 515-294-9911 John Lawrence Professor jdlaw@iastate.edu 515-294-7801

2. Econ 339X, Spring 2011 Planting Progress Source: USDA - NASS

3. Econ 339X, Spring 2011 Planting Progress Source: USDA - NASS

4. Econ 339X, Spring 2011 Source: USDA - NASS

5. Econ 339X, Spring 2011 Crop Conditions Source: USDA - NASS

6. Econ 339X, Spring 2011 Corn vs. Wheat (CME July 2011 futures)

7. Econ 339X, Spring 2011 U.S. Corn Supply and Use 2008200920102011 Area Planted(mil. acres)86.086.488.292.2 Yield(bu./acre)153.9164.7152.8161.7 Production(mil. bu.)12,09213,09212,44713,537 Beg. Stocks(mil. bu.)1,6241,6731,708675 Imports(mil. bu.)14820 Total Supply(mil. bu.)13,72914,77414,17514,232 Feed & Residual(mil. bu.)5,1825,1405,1505,120 Ethanol(mil. bu.)3,7094,5685,000 Food, Seed, & Other(mil. bu.)1,3161,3711,4001,440 Exports(mil. bu.)1,8491,9871,9502,000 Total Use(mil. bu.)12,05613,06613,50013,560 Ending Stocks(mil. bu.)1,6731,708675672 Season-Average Price($/bu.)4.063.555.40?.??

8. Econ 339X, Spring 2011 U.S. Soybean Supply and Use 2008200920102011 Area Planted(mil. acres)75.777.577.476.6 Yield(bu./acre)39.744.043.543.4 Production(mil. bu.)2,9673,3593,3293,268 Beg. Stocks(mil. bu.)205138151140 Imports(mil. bu.)1315 Total Supply(mil. bu.)3,1853,5123,4953,423 Crush(mil. bu.)1,6621,7521,650 Seed & Residual(mil. bu.)106108125115 Exports(mil. bu.)1,2791,5011,5801,575 Total Use(mil. bu.)3,0473,3613,3553,340 Ending Stocks(mil. bu.)13815114083 Season-Average Price($/bu.)9.979.5911.50??.??

9. Econ 339X, Spring 2011 Thoughts for 2011 and Beyond  General economic conditions  Continued worldwide economic recovery is a major key for crop prices  Supply/demand concerns  Planting intentions vs. realizations  Biofuel growth and energy demand  Will supply be able to keep pace with demand? 2010/11 USDA 2011/12 Futures (4/25/11) Corn$5.40$6.65 Soybeans$11.50$13.40 Wheat$5.60$9.38

10. Econ 339X, Spring 2011 Corn Futures During Class

11. Econ 339X, Spring 2011 Soy Futures During Class

12. Econ 339X, Spring 2011 Class web site: http://www.econ.iastate.edu/~chart/Classes/econ339/ Spring2011/