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The Outlook for Ethanol, Corn, and Beef

The Outlook for Ethanol, Corn, and Beef. Chad Hart Center for Agricultural and Rural Development & Food and Agricultural Policy Research Institute Iowa State University chart@iastate.edu 515-294-9911 Beef Quality Summit: Beef Quality in the Ethanol Era Omaha, Nebraska November 8, 2007.

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The Outlook for Ethanol, Corn, and Beef

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  1. The Outlook for Ethanol, Corn, and Beef Chad Hart Center for Agricultural and Rural Development & Food and Agricultural Policy Research Institute Iowa State University chart@iastate.edu 515-294-9911 Beef Quality Summit: Beef Quality in the Ethanol Era Omaha, Nebraska November 8, 2007

  2. Outline • Look at key variables for ethanol, crops, and beef sectors • FAPRI March 2007 Baseline • FAPRI August 2007 Update

  3. Model Interactions

  4. U.S. Ethanol Industry • Current ethanol capacity: 131 plants, 6.92 billion gallons/year • Total capacity under construction and expansion: 6.56 billion gallons/year • 73 new ethanol plants and 10 expansion projects underway • 2.2 billion bushels of corn were used in producing fuel ethanol in 2006/2007 marketing year. • 3.2-3.5 billion bushels of corn are expected to be used in producing fuel ethanolfor 2007/2008 marketing year.

  5. Projected U.S. Ethanol Production

  6. Wholesale Gasoline and Ethanol Prices

  7. Projected U.S. Corn Acreage

  8. Projected U.S. Corn Production

  9. Projected U.S. Corn Prices

  10. Projected Utilization of U.S. Corn

  11. Projected U.S. Wheat Acreage

  12. Projected U.S. Wheat Prices

  13. Projected U.S. Soybean Acreage

  14. Projected U.S. Soybean Prices

  15. Projected U.S. Soybean Meal Prices

  16. Projected U.S. Hay Acreage

  17. Projected U.S. Distillers Grains Production

  18. Projected U.S. Distillers Grains Prices

  19. Projected U.S. Beef Cows (Jan. 1)

  20. Projected U.S. Cattle and Calves (Jan. 1)

  21. Projected U.S. Beef Production

  22. Projected U.S. Beef Domestic Use

  23. Projected U.S. Cattle Prices 1100-1300 lb. NE Direct Steers

  24. Projected U.S. Beef Retail Prices

  25. Projected U.S. Cow-Calf Net Returns

  26. Thank You

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