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Corn Outlook. Industry Outlook Conference West Des Moines, Iowa Apr. 22, 2014 Chad Hart Associate Professor/Crop Markets Specialist chart@iastate.edu 515-294-9911. U.S. Corn Supply and Use. Source: USDA-WAOB for 2010-13. Corn Acreage. Top: 2014 Intended acres Bottom: Change from 2013

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slide1

Corn Outlook

Industry Outlook Conference

West Des Moines, Iowa

Apr. 22, 2014

Chad Hart

Associate Professor/Crop Markets Specialist

chart@iastate.edu

515-294-9911

slide2

U.S. Corn Supply and Use

Source: USDA-WAOB for 2010-13

corn acreage
Corn Acreage

Top: 2014 Intended acres

Bottom: Change from 2013

Units: 1,000 acres

Source: USDA-NASS

crop shifts
Crop Shifts

Source: USDA-NASS

planting progress
Planting Progress

Source: USDA-NASS

slide7

World Corn Production

Source: USDA-WAOB

corn export shifts
Corn Export Shifts

Source: USDA-FAS

corn export sales
Corn Export Sales

Source: USDA-FAS

current corn futures
Current Corn Futures

4.78

4.72

4.68

Source: CME Group, 4/18/2014

slide14

Corn Prices vs. Costs

Per Bushel Cost calculated as Per Acre Cost from ISU Extension divided by Actual Yield per Acre

Sources: USDA-NASS for Prices, Duffy for Costs

thoughts for 2014 and beyond
Thoughts for 2014 and Beyond
  • Supply/demand concerns
    • Demand rebounding? Yes, so far, so good
    • Acreage allocation for 2014: Where do the extra corn acres go?
    • Markets favoring soybeans in the short term and corn longer term
    • Dry soils to start, but El Niño watch for summer
slide21

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/