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Extension and Outreach/Department of Economics
Economics of Crop Production
Ag Credit SchoolAmes, Iowa
June 2, 2014
Chad HartAssociate Professor/Crop Markets Specialist
chart@iastate.edu515-294-9911
Extension and Outreach/Department of EconomicsSource: USDA-NASS
Iowa Crop Shifts
Extension and Outreach/Department of Economics
Iowa Farms and Farmland
Source: USDA-Census of Ag.
Extension and Outreach/Department of Economics
Productivity
Source: USDA-ERS
Extension and Outreach/Department of Economics
Change in Input Structure
Source: USDA-ERS
Extension and Outreach/Department of Economics
Iowa Yields
Source: USDA-NASS
Extension and Outreach/Department of Economics
Iowa Corn Costs
Source: Duffy, AgDM A1-21
Extension and Outreach/Department of Economics
Iowa Soybean Costs
Source: Duffy, AgDM A1-21
Extension and Outreach/Department of Economics
Iowa Corn Prices vs. Costs
Extension and Outreach/Department of Economics
Iowa Soybean Prices vs. Costs
Extension and Outreach/Department of Economics
U.S. Corn Supply and Use
Source: USDA-WAOB
Supply
Demand
Extension and Outreach/Department of Economics
Arable Land
Extension and Outreach/Department of Economics
Corn Use for the Next Decade
Source: USDA-ERS
Extension and Outreach/Department of Economics
Soybean Use for the Next Decade
Source: USDA-ERS
Extension and Outreach/Department of Economics
U.S. Meat Production
Source: USDA-ERS
Extension and Outreach/Department of Economics
GDP Growth
Source: USDA-ERS
Extension and Outreach/Department of Economics
World Meat Consumption
Source: USDA-PSD
Extension and Outreach/Department of Economics
World Veg. Oil Consumption
Source: USDA-PSD
Extension and Outreach/Department of Economics
Liquid Fuel Usage2007 2015 2020 2025 2030 2035
(Million Barrels Oil Equivalent per
Day) (Percent of 2007 Value)
United States 20.6 98% 100% 102% 104% 107%
Canada 2.3 96% 96% 96% 100% 104%
Mexico 2.1 105% 110% 114% 129% 138%
Europe 15.3 92% 88% 88% 89% 90%
Japan 5.0 84% 86% 86% 84% 82%
China 7.6 132% 153% 178% 201% 222%
India 2.8 114% 129% 139% 154% 168%
Africa 3.1 113% 116% 126% 135% 148%
Central and South America 6.0 110% 112% 117% 125% 133%
World 86.1 103% 107% 113% 121% 128%
Source: DOE-EIA
Extension and Outreach/Department of Economics
U.S. Crude Oil Prices
Source: USDA-ERS
Extension and Outreach/Department of Economics
World Corn Markets
Source: USDA
Extension and Outreach/Department of Economics
Crop Prices for the Next Decade
Source: USDA-ERS
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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