Iowa Farm Outlook & News

Headlines
  • Dec. 2017 Cattle on Feed: Placements:
       U.S.: 1,000+ head: 1.799 million head, up 0.8% from last year
       Iowa: 1,000+ head: 100,000 head, down 3.8% from last year
       Iowa: 1-999 head: 90,000 head, up 53% from last year
  • Dec. 2017 Cattle on Feed: Marketings:
       U.S.: 1,000+ head: 1.752 million head, down 1.4% from last year
       Iowa: 1,000+ head: 98,000 head, down 3.9% from last year
       Iowa: 1-999 head: 46,000 head, down 2.1% from last year
  • Jan. 2018 Cattle on Feed:
       U.S.: 1,000+ head: 11.489 million head, up 8.3% from last year
       U.S.: 1-999 head: 2.517 million head, up 2.3% from last year
       Iowa: 1,000+ head: 700,000 head, up 16.7% from last year
       Iowa: 1-999 head: 560,000 head, unchanged from last year
  • Feb. 2018 Prices for 2017/18 Crops:
       Corn $3.30 per bushel, up 5 cents from last month
       Soybean $9.30 per bushel, steady with last month
  • Jan. 2018 Yield for 2017/18 U.S. Crops:
       Corn 176.6 bushels per acre, up 1.2 bushels from last month
       Soybean 48.4 bushels per acre, down 1.1 bushels from last month
  • Jan. 2018 Yield for 2017/18 Iowa Crops:
       Corn 202.0 bushels per acre, down 1 bushel from last year
       Soybean 56.5 bushels per acre, down 3.5 bushels from last year
Livestock
Crush Margin App (2/1/18)

For several years, Iowa State University Extension and Outreach has been tracking the crush margin for cattle and hogs and posting them online. The margin is calculated every Wednesday using the futures close on that date. The web page will continue and have historical margins in addition to comparing placement month margins. A new ISU Livestock Crush Margin App is a complement to the ISU Livestock Crush Margin website and allows users to select cattle or hogs and pick their placement date for feeder cattle or weaned pigs. It uses the appropriate futures contract close price from the previous day to calculate the margin without any additional inputs. Historical basis information is programmed to be used in the app. Users can also enter their own prices or basis for the inputs if they wish to override the defaults. The app is designed to minimize inputs, yet still provide some flexibility for users. The app is a web-based app and internet access is needed to use the app to access CME futures price. The app will run in a browser on your computer or the app can be saved on a smart phone for access by selecting the icon from the screen. The assumptions used in calculating the margins and basis information are available as links on the crush margin app web page. You can find the new app on the websites of the Iowa Beef Center and the Iowa Pork Industry Center.

Crops
Opposite Shifts in Exports (2/8/18)

USDA provided the weekly export report and updated the world's crop supply and usage situation today. For U.S. corn, the only change was in the export column, with projected exports raised 125 million bushels on the basis of price competitiveness and reduced supplies in Argentina and Ukraine. For U.S. soybeans, exports were also the only change, but in the opposite direction. Soybean exports were lowered by 60 million bushels as Brazilian beans are in large supplies and at very competitive prices. Overall, world supplies were reduced slightly, mainly on reductions to Argentine crops. The season-average price estimates for the 2017/18 crops rose slightly for corn, to $3.30 per bushel, and held steady for soybeans, at $9.30 per bushel.

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