2013 Outlook of the U.S. and World Corn and Soybean Industries, 2012-2022

Richard D. Taylor and Won W. Koo

No 157670, Agribusiness & Applied Economics Report from North Dakota State University, Department of Agribusiness and Applied Economics

Abstract: This report evaluates the United States and world corn and soybean markets for the 2013-2022 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 thenUnited 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 the 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 $4.30 and $6.50 per bushel over the 2013-2022 period. Chinese soybean import is a leading factor influencing the world soybean market. China currently imports 66% of soybean trade in the world market, and that is expected to increase to about 70% by 2022. 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 near $12.00/bushel over the time period.

Keywords: Crop Production/Industries; International Relations/Trade (search for similar items in EconPapers)
Pages: 34
Date: 2013-04
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:ags:nddaae:157670

DOI: 10.22004/ag.econ.157670

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