2014 Outlook of the U.S. and World Corn and Soybean Industries, 2013-2023

This report evaluates the United States and world corn and soybean markets for the 2013-2023 period using the Global Corn and Soybean Policy Simulation Model. This analysis is based on a series of assumptions that general economic conditions, agricultural policies, weather conditions, and technological change remain at the current levels. Corn-based ethanol production has influenced the United States corn industry. As long as the production of corn-based ethanol remains strong, corn prices will likely remain at a level higher than the long term average. However, changes in Federal fuel mandates could significantly impact the world corn market. Under the current assumptions in the model, corn price is expected to remain in a range between $4.60 and $5.90 per bushel. Chinese soybean imports are the leading factor influencing the world soybean market. China currently imports 67% of the soybeans traded in the world market, and that is expected to increase by another 42% by 2023. Major exporters will continue to be the U.S., Brazil and Argentina. However both Brazil and Argentina could increase exports while U.S. exports will remain at the current level. Soybean prices are expected to remain over $12.30/bushel over the time period.

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Agribusiness & Applied Economics Report

 Record created 2017-04-01, last modified 2020-10-28

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