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2010 Outlook for the U.S. and World Corn and Soybean Industries, 2009-2019

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

Abstract

This report evaluates the United States and world corn and soybean markets for the 2009-2019 time 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. The major influence in the corn market will be U.S. corn based ethanol production. If the production of corn based ethanol remains strong, corn prices will likely remain strong. However, if the U.S. Federal government subsidies or mandates change, the world corn market could be negatively impacted. Under the current assumptions in the model, corn price is expected to remain in a range between $3.70 and $4.10 per bushel. The level of Chinese soybean imports is the leading factor in the world soybean market. China currently imports 60% of the available soybeans, and that is expected to increase to about 65% by 2019. Major exporters will continue to be the U.S., Brazil and Argentina. However both Brazil and Argentina should increase exports while U.S. exports will remain at the current level. Soybean prices are expected to fluctuate, but remain in the $9.70 per bushel range throughout the forecast period.

Suggested Citation

  • Taylor, Richard D. & Koo, Won W., 2010. "2010 Outlook for the U.S. and World Corn and Soybean Industries, 2009-2019," Agribusiness & Applied Economics Report 92003, North Dakota State University, Department of Agribusiness and Applied Economics.
    • Handle: RePEc:ags:nddaae:92003
    DOI: 10.22004/ag.econ.92003
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    References listed on IDEAS

    as
    1. Beghin, John C. & Dong, Fengxia & Elobeid, Amani & Fabiosa, Jacinto F. & Fuller, Frank H. & Hart, Chad E. & Kovarik, Karen P. & Tokgoz, Simla & Yu, Tun-Hsiang & Wailes, Eric J. & Chavez, Edward & Woma, 2007. "FAPRI 2007 U.S. And World Agricultural Outlook," Staff General Research Papers Archive 12805, Iowa State University, Department of Economics.
      • Beghin, John C. & Dong, Fengxia & Elobeid, Amani E. & Fabiosa, Jacinto F. & Fuller, Frank H. & Hart, Chad E. & Kovarik, Karen & Tokgoz, Simla & Yu, Tun-Hsiang (Edward) & Wailes, Eric J. & Chavez, Eddi, 2007. "FAPRI 2007 U.S. and World Agricultural Outlook," FAPRI Staff Reports 7296, Food and Agricultural Policy Research Institute (FAPRI).
    2. Beghin, John C. & Dong, Fengxia & Elobeid, Amani E. & Fabiosa, Jacinto F. & Fuller, Frank H. & Hart, Chad E. & Kovarik, Karen & Tokgoz, Simla & Yu, Tun-Hsiang (Edward) & Wailes, Eric J. & Chavez, Eddi, 2006. "FAPRI 2006 U.S. and World Agricultural Outlook," FAPRI Staff Reports 7319, Food and Agricultural Policy Research Institute (FAPRI).
    3. 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.
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