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2015 Outlook of the U.S. and World Corn and Soybean Industries, 2014-2024

Author

Listed:
  • Taylor, Richard D.
  • Koo, Won W.

Abstract

This report evaluates the United States and world corn and soybean markets for the 2014-2024 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 $4.20 per bushel. Chinese soybean imports are the leading factor influencing the world soybean market. China currently imports 65% of the soybeans traded in the world market, and that is expected to increase by another 37% by 2024. 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 $9.79/bushel over the time period.

Suggested Citation

  • Taylor, Richard D. & Koo, Won W., 2015. "2015 Outlook of the U.S. and World Corn and Soybean Industries, 2014-2024," Agribusiness & Applied Economics Report 205345, North Dakota State University, Department of Agribusiness and Applied Economics.
    • Handle: RePEc:ags:nddaae:205345
    DOI: 10.22004/ag.econ.205345
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    File URL: https://ageconsearch.umn.edu/record/205345/files/AAE741.pdf
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    References listed on IDEAS

    as
    1. Benirschka, Martin & Koo, Won W., 1995. "World Wheat Policy Simulation Model: Description and Computer Program Documentation," Agricultural Economics Reports 23333, North Dakota State University, Department of Agribusiness and Applied Economics.
    2. Nerlove, Marc, 1972. "Lags in Economic Behavior," Econometrica, Econometric Society, vol. 40(2), pages 221-251, March.
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    Cited by:

    1. Qiao, Fangbin & Huang, Jikun & Wang, Dan & Liu, Huaiju & Lohmar, Bryan, 2016. "China's hog production: From backyard to large-scale," China Economic Review, Elsevier, vol. 38(C), pages 199-208.

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