Iowa Farm Outlook & News

  • Sept. 2015 Hogs & Pigs: All Hogs and Pigs
       U.S.: 68.395 million head, up 3.7% from last year
       Iowa: 21.2 million head, up 1.9% from last year
  • Sept. 2015 Hogs & Pigs: Breeding Herd
       U.S.: 5.986 million head, up 1.1% from last year
       Iowa: 1 million head, down 2.9% from last year
  • Sept. 2015 Hogs & Pigs: Market Hogs
       U.S.: 62.41 million head, up 3.9% from last year
       Iowa: 20.2 million head, up 2.2% from last year
  • Oct. 2015 Acreage Estimates for 2015/16 Crops:
       Corn 88.4 million acres, down 0.5 million from last month
       Soybean 83.2 million acres, down 1.1 million from last month
  • Oct. 2015 Price Estimates for 2015/16 Crops:
       Corn $3.80 per bushel, up 5 cents from last month
       Soybean $9.15 per bushel, steady from last month
  • Oct. 2015 Yield Estimates for 2015/16 Crops:
       Corn 168.0 bushels per acre, up 0.5 bushels from last month
       Soybean 47.2 bushels per acre, up 0.1 bushels from last month
Acreage Adjustment (10/9/15)

It took until the October reports, but USDA adjusted its crop acreage estimates for corn and soybeans down. Corn area was reduced by a half of a million acres. Soybeans lost 1.1 million acres. These moves more than offset the slight yield bump USDA projected. The national corn yield estimate was raised a half of a bushel to 168 bushels per acre. The national soybean yield estimate increased a tenth of a bushel to 47.2 bushels per acre. National corn production was lowered by 30 million bushels; national soybean production was reduced by 47 million bushels.

There were no adjustments made to new crop corn demand. So the drop in production led to a slight increase in USDA's projection for the marketing year average price. The midpoint of their price range now sits at $3.80 per bushel, up 5 cents from last month. New crop soybean demand took a hit though. While domestic crush increased 10 million bushels, soybean exports were dropped by 50 million bushels. And USDA held firm on their soybean marketing year price range, with the midpoint remaining at $9.15 per bushel.

Hogs and Pigs (10/1/15)

The U.S. inventories of all hogs and pigs and market hogs were both record large, breaking the previous all hogs and pigs inventory record of September 2008 and the previous market hog inventory record of September 2012. The Iowa inventories of all hogs and pigs and market hogs were second only to the December 2014 inventories, taking second place over from the June inventories this year. These record, or near-record, inventories should not be too surprising given expectations coming into the report and the fact that U.S. industry has set records on a regular basis. With higher feed costs and porcine epidemic diarrhea virus in the rear-view mirror the industry is back on track in regards to herd numbers and productivity growth.