Chad Hart ProfessorCrop Marketing Specialist chartiastateedu 5152949911 US Corn Supply and Use Marketing Year 2023 9123 to 83124 2020 2021 2022 2023 2024 Area Planted mil acres ID: 1047728
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1. Ag Market OutlookDec. 5, 2023Chad HartProfessor/Crop Marketing Specialistchart@iastate.edu515-294-9911
2. U.S. Corn Supply and UseMarketing Year (2023 = 9/1/23 to 8/31/24)20202021202220232024Area Planted(mil. acres)90.793.388.694.991.0Yield(bu./acre)171.4176.7173.4174.9181.0Production(mil. bu.)14,11115,07413,71515,23415,040Beg. Stocks(mil. bu.)1,9191,2351,3771,3612,156Imports(mil. bu.)2424392525Total Supply(mil. bu.)16,05516,33315,13016,62117,221Feed & Residual(mil. bu.)5,6075,7215,5495,6505,800Ethanol(mil. bu.)5,0285,3265,1765,3255,300Food, Seed, & Other(mil. bu.)1,4391,4381,3821,4151,410Exports(mil. bu.)2,7472,4711,6612,0752,050Total Use(mil. bu.)14,82114,95613,76914,46514,560Ending Stocks(mil. bu.)1,2351,3771,3612,1562,661Season-Average Price($/bu.)4.536.006.544.854.50Sources: USDA-WAOB and USDA-OCE
3. U.S. Soybean Supply and UseMarketing Year (2023 = 9/1/23 to 8/31/24)20202021202220232024Area Planted(mil. acres)83.487.287.583.687.0Yield(bu./acre)51.051.749.649.952.0Production(mil. bu.)4,2164,4654,2704,1294,475Beg. Stocks(mil. bu.)525257274268245Imports(mil. bu.)2016253015Total Supply(mil. bu.)4,7614,7384,5694,4284,735Crush(mil. bu.)2,1412,2042,2122,3002,375Seed & Residual(mil. bu.)9710297127123Exports(mil. bu.)2,2662,1581,9921,7551,925Total Use(mil. bu.)4,5044,4644,3014,1824,423Ending Stocks(mil. bu.)257274268245311Season-Average Price($/bu.)10.8013.3014.2012.9011.30Sources: USDA-WAOB and USDA-OCE
4.
5. Source: NOAA CPC
6. U.S. Corn Yield EstimatesSource: USDA-NASSTop: 2023 yield estimateBottom: % change from last year
7. U.S. Soybean Yield EstimatesSource: USDA-NASSTop: 2023 yield estimateBottom: % change from last year
8. World Corn ProductionSource: USDA-WAOB
9. World Soybean ProductionSource: USDA-WAOB
10. South American WeatherSource: USDA-WWCB
11. Global Arable Land
12. Soybean Export SalesSource: USDA-FAS
13. Soybean Export ShiftsSource: USDA-FAS
14. Soybean Export ComparisonSource: USDA-FASOld CropNew Crop
15. Corn Export SalesSource: USDA-FAS
16. Corn Export ShiftsSource: USDA-FAS
17. Corn Export ComparisonSource: USDA-FASOld CropNew Crop
18. U.S. Meat Production & PricesSource: USDA-WAOB
19. Pork Export SalesSource: USDA-FAS
20. Pork Export ShiftsSource: USDA-FAS
21. Beef Export SalesSource: USDA-FAS
22. Beef Export ShiftsSource: USDA-FAS
23. Corn Grind for Ethanol
24. Soy Crushing CapacitySource: ASA
25. Sources: S&P Global Platts and EIA
26. U.S. Soybean Oil Supply and UseMarketing Year (2023 = 10/1/23 to 9/31/24)20202021202220232024Production(mil. lb.)25,02326,15526,22727,02527,925Beg. Stocks(mil. lb.)1,8532,1311,9911,6021,577Imports(mil. lb.)302303376400425Total Supply(mil. lb.)27,17728,58928,61429,02729,927Biofuel(mil. lb.)8,92010,37912,40012,80013,600Food, Feed & Other(mil. lb.)14,39414,44914,21414,30014,400Exports(mil. lb.)1,7311,771378350350Total Use(mil. lb.)25,04626,59826,99227,45028,350Ending Stocks(mil. lb.)2,1311,9911,6021,5771,577Average Price(¢/lb.)56.8772.9865.2661.0055.00Source: USDA-WAOB
27. U.S. Soybean Meal Supply and UseMarketing Year (2023 = 10/1/23 to 9/31/24)20202021202220232024Production(1,000 tons)50,56551,81452,49354,15455,875Beg. Stocks(1,000 tons)341341311371400Imports(1,000 tons)784655632600600Total Supply(1,000 tons)51,69152,81053,43655,12556,875Domestic Disappearance(1,000 tons)37,67438,95938,40239,42540,325Exports(1,000 tons)13,67513,54014,66415,30016,150Total Use(1,000 tons)51,35052,49953,06554,72556,475Ending Stocks(1,000 tons)341311371400400Average Price($/ton)392.31439.81451.91380.00330.00Source: USDA-WAOB
28. Current Corn FuturesSource: CME Group, 12/5/20234.825.06
29. 12.8512.41Current Soybean FuturesSource: CME Group, 12/5/2023
30. 2022/23 Crop Price ProjectionsBased on futures prices
31. 2023/24 Crop Price ProjectionsBased on futures prices
32. Thank you for your time!Any questions?My web site:https://faculty.sites.iastate.edu/chart/Ag Decision Maker:http://www.extension.iastate.edu/agdm/
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