extension and outreach/department of economics corn, ethanol, and ddg outlook iowa beef center...
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Extension and Outreach/Department of Economics
Corn, Ethanol, and DDG Outlook
Iowa Beef Center Professional DevelopmentAmes, Iowa
Oct. 29, 2014
Chad HartAssociate Professor/Grain Markets Specialist
chart@iastate.edu515-294-9911
Extension and Outreach/Department of Economics
U.S. Corn Supply and Use2010 2011 2012 2013 2014
Area Planted (mil. acres) 88.2 91.9 97.2 95.4 90.9
Yield (bu./acre) 152.8 147.2 123.4 158.8 174.2
Production (mil. bu.) 12,447 12,360 10,780 13,925 14,475
Beg. Stocks (mil. bu.) 1,708 1,128 989 821 1,236
Imports (mil. bu.) 28 29 162 36 25
Total Supply (mil. bu.) 14,182 13,517 11,932 14,782 15,736
Feed & Residual (mil. bu.) 4,795 4,557 4,329 5,125 5,375
Ethanol (mil. bu.) 5,019 5,000 4,648 5,130 5,125
Food, Seed, & Other (mil. bu.) 1,407 1,428 1,403 1,374 1,405
Exports (mil. bu.) 1,834 1,543 731 1,917 1,750
Total Use (mil. bu.) 13,055 12,528 11,111 13,546 13,655
Ending Stocks (mil. bu.) 1,128 989 821 1,236 2,081
Season-Average Price ($/bu.) 5.18 6.22 6.89 4.46 3.40
Source: USDA-WAOB, with adjustments for stocks
Extension and Outreach/Department of Economics
U.S. DDG Supply and Use2010 2011 2012 2013 2014
Production (mil. metric tons) 38.7 38.6 35.9 39.5 39.5
Imports (mil. metric tons) 0.4 0.4 0.4 0.5 0.5
Total Supply (mil. metric tons) 39.1 39.0 36.3 40.0 40.0
Domestic (mil. metric tons) 30.9 31.4 28.1 27.5 27.5
Exports (mil. metric tons) 8.3 7.5 8.2 12.5 12.5
Total Use (mil. metric tons) 39.2 38.9 36.3 40.0 40.0
Average Price ($/ton) 188 222 257 205 161
My estimates, so take with a grain (or pound) of salt
Extension and Outreach/Department of Economics
Projected Corn Yields
Source: USDA-NASS
Top: 2014 YieldBottom: Change from last monthUnits: Bu/acre
Extension and Outreach/Department of Economics
Corn Objective Yield Data
Source: USDA-NASS
Extension and Outreach/Department of Economics
Corn Stocks
Source: USDA-NASS
Extension and Outreach/Department of Economics
World Corn Production
Source: USDA-WAOB
Extension and Outreach/Department of Economics
Corn Grind for Ethanol
Extension and Outreach/Department of Economics
Renewable Fuels Standard
Extension and Outreach/Department of Economics
U.S. Meat Production & Prices
Source: USDA-WAOB
Extension and Outreach/Department of Economics
Corn Export Shifts
Source: USDA-FAS
Extension and Outreach/Department of Economics
Corn Export Sales
Source: USDA-FAS
Extension and Outreach/Department of Economics
DDG Exports
Source: USDA
Extension and Outreach/Department of Economics
Current Corn Futures
Source: CME Group, 10/24/2014
3.47
3.81
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/
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