2017 Outlook of the U.S. and World Corn and Soybean Industries, 2017-2026

period using the Global Corn and Soybean Policy Simulation Model. This analysis is based on a series of assumptions about general economic conditions, agricultural policies, weather conditions, and technological change. Corn-based ethanol production has influenced the United States corn industry. However, since 2010 U.S. ethanol production has remained near the 14 billion gallon level. Changes in Federal fuel mandates could significantly impact the world corn market. Under the current assumptions in the model, corn price is expected to slowly increase to $4.02 per bushel from $3.35 per bushel in 2016. Chinese soybean imports are the leading factor influencing the world soybean market. China currently imports 64% of the soybeans traded in the world market, and that is expected to increase by another 21% by 2026. Major exporters will continue to be the U.S., Brazil and Argentina. However, Brazil and Argentina are expected to increase exports while U.S. exports will remain at the current level. Soybean prices are expected to slowly increase to $9.07/bushel over the time period.

Issue Date:
May 31 2017
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Agribusiness & Applied Economics 773

 Record created 2017-08-02, last modified 2020-10-28

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