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May 2, 2017
Grain Market Outlook
… s that could affect the U.S. corn market in 2017 include the following: First, the pace and timing of
U.S. farmer marketing of the 2016 corn crop – much of which had been placed in storage after fall harvest and
likely has been held for sale through the winter into at least early spring 2017. Second, anticipation of
continued strong use of 2016 crop U.S. corn for domestic U.S. ethanol production and livestock feeding
through spring‐summer 2017. Third, at least moderate continued strength in U.S. corn exports – at least until
what is forecast to be a sizable 2nd crop of corn from South America becomes available on global markets
during Summer 2017. And fourth, the always present possibility of broader U.S. and Foreign economic and/or
financial system disruptions that could impact grain, energy, and other commodity markets in 2017. World
geo‐political events have the potential to provide “shocks” to U.S. and World energy and grain markets – with
the impact on the direction of U.S. and World corn markets being difficult to anticipate depending on which
countries may be involved and their role in global corn export trade.
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USDA Supply‐Demand Forecast for “Next Crop” MY 2017/18. With early USDA projections of 2017 U.S. corn
plantings of 89.996 million acres or ‘ma’ (down 4.0 ma). Harvested acres of approximately 82.4 ma (down
4.35 ma) are forecast, with projected yields of 170.7 bu/ac (vs the record high of 174.6 in 2016), leading to a
2017 U.S. corn production is forecast to be 14.065 bb – down from the record high of 15.148 bb in 2016.
The USDA forecast “next crop” MY 2017/18 total supplies to be 16.435 bb – down 505 mb from last year’s
record high. Total use is forecast at 14.220 bb – down 400 mb from last year’s record high. Ending stocks are
projected to be 2.215 bb (15.58% S/U) – down from 2.320 bb (15.87% S/U) in “current” MY 2016/17. United
States’ corn prices are projected by the USDA to average $3.50 /bu – up from a midpoint estimate of $3.40 /bu
from “current” MY 2016/17 – but within the range of $3.25‐$3.55 /bu for this marketing year. This scenario is
given a 55% likelihood of occurring by KSU Extension Ag Economist D. O’Brien.
Alternative KSU Forecasts for “Next Crop” MY 2017/18: Three alternative KSU‐Scenarios for U.S. corn supply‐
demand and prices are presented for “next crop” MY 2017/18. Each forecast scenario presents the likelihood
of lower U.S. corn acreage, yields and production than projected by the USDA in the February 23‐24, 2017
Agricultural Outlook Forum for “next crop” MY 2017/18.
KSU “Next Crop” MY 2017/18 Scenario #1) “167.3 bu/ac – 13.556 bb” Scenario (25% probability) assumes:
88.500 ma planted, 81.031 ma harvested, 167.3 bu/ac trend yield, 13.556 bb production, 15.926 bb total
supplies, 14.185 bb total use, 1.741 bb ending stocks, 12.27% S/U, & $3.85 /bu U.S. corn average price for
“next crop” MY 2017/18;
KSU “Next Crop” MY 2017/18 Scenario #2) “165.0 bu/ac – 13.370 bb” Scenario (15% probability) assumes:
88.500 ma planted, 81.031 ma harvested, 165.0 bu/ac yield, 13.370 bb production, 15.740 bb total supplies,
14.080 bb total use, 1.660 bb ending stocks, 11.21% S/U, & $4.05 /bu U.S. corn average price for “next crop”
MY 2017/18;
KSU “Next Crop” MY 2017/18 Scenario #3) “150.0 bu/ac – 12.155 bb” Scenario (5% probability) assumes:
88.500 ma planted, 81.031 ma harvested, 150.0 bu/ac yield, 12.155 bb production, 14.525 bb total supplies,
13.460 bb total use, 1.065 bb ending stocks, 7.91% S/U, & $4.75 /bu U.S. corn average price for “next crop” MY
2017/18;
World Corn Supply‐Demand: Record high World corn production of 1,053.8 million metric tons (mmt) is
projected for “current” MY 2016/17, up 9.4% from 963.3 mmt in MY 2015/16, and up 3.7% from 1,016.0 mmt
in MY 2014/15. Record high World corn total supplies of 1,265.6 mmt are projected for “current” MY 2016/17,
up from 1,173.1 mmt in MY 2015/16, and from 1,190.8 mmt in MY 2014/15.
World corn exports of 154.4 mmt are projected for “current” MY 2016/17, up 28.7% from 120.0 mmt in MY
2015/16, and up 8.6% from 142.2 mmt in MY 2014/15. Projected record high World corn ending stocks of
223.0 mmt (21.4% S/U) in “new crop” MY 2016/17 are up from 211.8 mmt (22.0% S/U) in MY 2015/16, and
from 209.8 mmt (21.4% S/U) in MY 2014/15.
Although World corn ending stocks are projected to be a record high in “current” MY 2016/17 at 223.0 mmt,
World corn percent ending stocks‐to‐use are forecast to actually decline marginally to 21.4%. Strong World
demand for corn at low prices is expected to continue – especially in the United States, Argentina, Mexico,
Southeast Asia, China, Ukraine, and other Former Soviet Union countries (less Ukraine). An ongoing, strong
demand base for corn could help cause sharply increased corn market volatility in the summer of 2017 IF any
serious threats emerge to the 2017 U.S. corn crop.
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I. U.S. Corn Market Situation and Outlook
April 11th USDA Crop Production & WASDE Reports
On April 11th the USDA World Agricultural Outlook Board (WAOB) released its April 2017 World
Agricultural Supply and Demand Estimates (WASDE) report – containing U.S. and World corn supply‐demand
and price projections for the 2014/15, 2015/16, and “current crop” 2016/17 marketing years (MY) for corn.
The “current” MY 2016/17 for U.S. corn began on September 1, 2016 and will last through August 31, 2017.
On March 31st, the USDA’s National Agricultural Statistics Service (NASS) (https://www.nass.usda.gov/) released
it’s Prospective Plantings (http://usda.mannlib.cornell.edu/usda/current/ProsPlan/ProsPlan‐03‐31‐2017.pdf) and Grain Stocks
(http://usda.mannlib.cornell.edu/usda/current/GraiStoc/GraiStoc‐03‐31‐2017.pdf) reports. These USDA reports were preceded by
the USDA 2017 Agricultural Outlook Forum in Arlington, Virginia on February 23‐24, 2017
(https://www.usda.gov/oce/forum/). At this forum the USDA provided an initial set of supply‐demand and price
forecasts for U.S. corn and other crops for the upcoming 2017/18 marketing year. “Next crop” MY 2016/17 for
U.S. corn will begin on September 1, 2017 and will last through August 31, 2018.
Following its normal procedures, the next supply‐demand and price forecasts for “next crop” 2017/18
from the USDA will be released in the May 10, 2017 USDA WASDE report.
CME MAY 2017 & DECEMBER 2017 Corn Futures Trends
MAY 2017 CME Corn Futures
Following a low of $3.32 1/2 on August 31, 2016, MAY 2017 Chicago Mercantile Exchange (CME) corn
futures prices trended up to a high of $3.75 ¾ on October 20, 2016 (Figure 1). Following that high, MAY 2017
corn futures prices declined to a low of $3.49 ¼ on December 1, 2016, before moving to an eventual high of
$3.87 ¼ on February 16, 2017. Since then, MARCH 2017 corn futures first trended lower to $3.67 ¼ on
February 27th, and then to a high of $3.86 ¼ on February 28th before closing at $3.82 on March 1, 2017
DECEMBER 2017 CME Corn Futures
In a similar trading pattern to MARCH 2017 Corn futures, following a low of $3.58 1/2 on August 31, 2016,
DECEMBER 2017 Chicago Mercantile Exchange (CME) corn futures prices trended up to a high of $3.95 ½ on
October 20, 2016 (Figure 1). Following that high, DECEMBER 2017 corn futures prices declined to lows of
$3.74 ¼ on November 15th and $3.74 ½ on December 1, 2016, before moving to an eventual high of $4.03 ¾ on
February 16, 2017. Since then, DECEMBER 2017 corn futures first trended lower to $3.88 on February 27th,
and then to a high of $4.04 on February 28th before closing at $4.01 ¼ on March 1, 2017.
CME Corn Futures 2017 Contract Spreads
The total futures carrying charge or “term spread” between MARCH 2017 and JULY 2017 corn futures on
Wednesday, March 1st was $0.16 ¾ per bushel (i.e., $3.89 ¼ for JULY 2017 Corn less $3.75 ¾ for MARCH 2017
Corn), or $0.0419 per bushel per month. This compares to commercial grain storage charges in Kansas grain
elevators in the range of $0.04 to $0.05 per bushel per month – before accounting for interest or additional
handling costs or other discounts. The MARCH 2017 Corn futures contract was entering the early stages of its
Page | 4
contract delivery period at that time, with grain elevators “rolling” to the MAY 2017 Corn futures contract for
local basis determination purposes. The spread from the MAY 2017 to JULY 2017 Corn futures contracts was
$0.07 ¼ ($3.89 ¼ ‐ $3.82) or $0.03625 per month.
Figure 1. MAY 2017 & DECEMBER 2017 CME Daily Corn Futures Price Charts (as of May 2, 2017)
ne …
September 5, 2017
Grain Market Outlook
ties, 2) summer corn production problems in select parts of the U.S. Corn Belt, and 3) strong U.S. corn
use for ethanol production, wet corn milling, exports and – to a moderate degree – livestock feeding.
How … …
September 19, 2017
Grain Market Outlook
corn
planting difficulties, 2) summer corn production problems in select parts of the U.S. Corn Belt, and 3) strong
U.S. corn use for ethanol production, wet corn milling, exports and – to a moderate degree – livestock feeding.
Then when t … DA loan rate levels.
3. Major Corn Market Considerations for Fall 2017 through Spring 2018
First, large beginning stocks of U.S. corn coming into “new crop” MY 2017/18 have been a “mitigating”
factor limiting the response of the corn market to 2017 summer‐early fall production risk. The corn market has
been less responsive to any 2017 U.S. corn production threats since beginning stocks for “new crop” MY
2017/18 have been projected to be near 2.335 bb rather than down to 1.000 bb.
Second, it is anticipated that low prices for U.S. corn will continue to help maintain strong usage for
domestic U.S. ethanol and wet milling production, as well as livestock feeding through at least spring 2018.
Third, at least moderate continued strength is expected in U.S. corn exports due to low U.S. corn prices
and also to a moderate weakening of the U.S. dollar against other World currencies. Exports of U.S. corn are
expected to continue at a “decent” pace of 1.850 bb for “new crop” MY 2017/18 even though South American
corn production will continue to be a competitive factor in World trade through at least the end of 2017. Also,
preliminary forecasts for 2018 are that Brazilian corn acreage will be lower due to low prices and poor
profitability in 2017 – which may have a positive effect on U.S. corn exports and price prospects later in 2018.
Fourth, a continuing threat exists of U.S. and Foreign economic and/or financial system disruptions that
could impact grain, energy, and other commodity markets in 2017‐2018. World geo‐political events could
provide “shocks” to U.S. and World energy and grain markets which could in turn impact grain prices in either
direction depending on the circumstances and the countries involved and their role in global corn export trade.
4. USDA Supply‐Demand & Price Forecast for “New Crop” MY 2017/18
With the USDA’s continuing projection of 2017 U.S. corn plantings at 90.886 million acres or ‘ma’ (down
3.118 ma from 2016), harvested acres of 83.496 ma (down 3.252 ma), and projected yields of 169.9 bu/ac (vs
the record high of 174.6 in 2016), 2017 U.S. corn production is forecast to be 14.184 bb – down from the
record high of 15.148 bb in 2016.
The USDA forecast “new crop” MY 2017/18 total supplies to be 16.585 bb – down 355 mb from last year’s
record high. Total use is forecast at 14.250 bb – down 340 mb from last year’s record high. Ending stocks are
projected to be 2.235 bb (16.38% S/U) – down from 2.350 bb (16.11% S/U) in “old crop” MY 2016/17. United
States’ corn prices are projected to average $3.20 /bu (range of $2.80‐$3.60). This is down $0.15 /bu from the
midpoint estimate of $3.35 /bu from “old crop” MY 2016/17. This scenario is given a 60% likelihood of
occurring by KSU Extension Agricultural Economist D. O’Brien.
Page | 3
5. Alternative KSU Supply‐Demand & Price Forecast for “New Crop” MY 2017/18
Three alternative KSU‐Scenarios for U.S. corn supply‐demand and prices are presented for “new crop” MY
2017/18. Each forecast scenario presents the likelihood of lower U.S. corn acreage, yields and production than
projected by the USDA in the September 12, 2017 WASDE report for “new crop” MY 2017/18.
A ‐ KSU “New Crop” MY 2017/18 Scenario #1) “167.3 bu/ac – 13.930 bb” Scenario (35% probability) assumes:
90.753 ma planted, 83.261 ma harvested, 167.3 bu/ac trend yield, 13.930 bb production, 16.330 bb total
supplies, 14.215 bb total use, 2.115 bb ending stocks, 14.88% S/U, & $3.45 /bu U.S. corn average price;
B ‐ KSU “New Crop” MY 2017/18 Scenario #2) “164.0 bu/ac – 13.655 bb” Scenario (5% probability) assumes:
90.753 ma planted, 83.261 ma harvested, 164.0 bu/ac yield, 13.655 bb production, 16.055 bb total
supplies, 14.095 bb total use, 1.960 bb ending stocks, 13.91% S/U, & $3.60 /bu U.S. corn average price;
C ‐ KSU “New Crop” MY 2017/18 “Wildcard” Scenario #3) “167.3 bu/ac – 13.930 bb” Scenario (???% prob.)
assumes: 90.753 ma planted, 83.261 ma harvested, 167.3 bu/ac trend yield, 13.930 bb production, 16.330
bb total supplies, 13.935 bb total use, 2.395 bb ending stocks, 17.19% S/U, & $3.00 /bu U.S. corn average;
Note: even with moderate reductions in 2017 U.S. corn production as represented in the KSU Scenarios A, B
and C above, the presence of large beginning stocks of 2.350 bb in “new crop” MY 2017/18 limit the “tightness”
of corn supply‐demand balances, and hinders any upward price responses.
5. World Corn Supply‐Demand – With & Without China
World corn production of 1,032.6 million metric tons (mmt) is projected for “new crop” MY 2017/18, down
3.6% from the record high of 1,071.2 mmt in “old crop” MY 2016/17, but still up 6.5% from 969.6 mmt in MY
2015/16. Near record World corn total supplies of 1,259.6 mmt are projected for “new crop” MY 2017/18,
down marginally from the record high of 1,285.1 mmt in “old crop” MY 2016/17, but up from 1,179.2 mmt in
MY 2015/16.
World corn exports of a 150.6 mmt are projected for “new crop” MY 2017/18, down 8.9% from the record
high of 165.3 mmt in “old crop” MY 2016/17, and up 25.8% from 119.7 mmt in MY 2015/16. Projected World
corn ending stocks of 202.5 mmt (19.2% S/U) in “new crop” MY 2017/18 are down from the record high 227.0
mmt (21.4% S/U) in “old crop” MY 2016/17, and from 213.9 mmt (22.2% S/U) in MY 2015/16.
An alternative view of the World corn supply‐demand is presented if Chinese corn usage and ending stocks
are isolated from the World market. “World‐Less‐China” corn ending stocks are projected to be 121.2 mmt
(14.8% S/U) in “new crop” MY 2017/18, down from 125.7 mmt (15.2% S/U) in “old crop” MY 2016/17, but up
from 103.1 mmt (13.4% S/U). These figures show that World stocks‐to‐use of corn less China’s direct influence
are projected to be down approximately 23% (i.e., 14.8% S/U for the “World Less China” versus 19.2% S/U for
the “World” overall in “new crop” MY 2017/18).
At the same time, these figures also show that Chinese ending stocks of corn as proportion of the World
total are declining – down from 51.8% in MY 2015/16, to 44.6% in “old crop” MY 2016/17, and down to 40.1%
in “new crop” MY 2017/18. The deliberate actions in recent years ‐ taken by the Chinese government to
reduce feedgrain stockpiles – is impacting the relative amount of World total corn stocks they hold.
…
October 25, 2017
Grain Market Outlook
ummer corn production problems in select parts of the U.S. Corn Belt, and 3) strong
U.S. corn use for ethanol production, wet corn milling, exports and – to a moderate degree – livestock feeding.
DEC 2017 corn … …
December 21, 2017
Grain Market Outlook
ol demand for corn in Kansas and nationwide.
Page | 2
3. Major Corn Market Considerations for Winter‐Spring 2018
First, the corn market is likely to be only moderately responsive to any early season 2018 U.S. corn
production threats since beginning stocks for “new crop” MY 2017/18 have been projected to be near 2.295
bb rather than down to 1.250‐1.500 bb. If no significant production risk emerges in summer 2018, then these
large “old crop” MY 2017/18 carryover supplies will continue to limit 2018 corn crop forward pricing prospects.
Second, low prices for U.S. corn will help maintain strong usage for domestic U.S. ethanol and wet milling
production, as well as livestock feeding through at least spring 2018 if not into the summer months.
Third, the USDA is projecting at least “moderate” continued strength in U.S. corn exports of 1.925 bb for
“new crop” MY 2017/18. United States’ corn export shipments have been “slow” to date in the current
marketing year. However, the USDA maintains its optimism for “new crop” MY 2017/18 U.S. corn exports
because of a) low U.S. corn prices, b) expectations of significantly tighter foreign stocks and percent (%)
stocks‐to‐use for corn, and c) the eventual “using up” of competing South American corn exports in early 2018.
Early forecasts are for 2018 Brazilian corn production to be 95 million metric tons (mmt) in this marketing
year with harvests lasting from February through May. Early forecasts are for 2018 Argentina corn production
to be 42 mmt in this marketing year with harvests lasting from March through May. However, dry conditions
may limit 2018 corn production in Argentina and southern Brazil – and subsequently support U.S. corn exports.
Fourth, a continuing threat exists of U.S. and Foreign economic and/or financial system disruptions that
could impact grain, energy, and other commodity markets in 2018. World geo‐political events could provide
“shocks” to U.S. and World energy and grain markets which could in turn impact grain prices in either direction
depending on the circumstances, the countries involved, and their role in global corn export trade.
4. USDA Supply‐Demand & Price Forecast for “New Crop” MY 2017/18
In the December 12th Crop Production reports, the USDA left unchanged its projections of a) projected
yields up to a record high of 175.4 bu/ac (vs the previous record of 174.6 in 2016), and b) 2017 U.S. corn
production up to 14.578 bb – down from the record high of 15.148 bb in 2016. The also USDA left unchanged
its forecast “new crop” MY 2017/18 total supplies to 16.922 bb – down marginally (20 mb) from last year’s
record high. Total use is forecast at 14.485 bb – raised 50 mb from November on higher ethanol use, but still
down 162 mb from last year’s record high. Ending stocks are projected to be a 2.437 bb (16.8% S/U) – up from
2.295 bb (15.7% S/U) in “old crop” MY 2016/17. United States’ corn prices are projected to average $3.20 /bu
(range of $2.85‐$3.55). This is down $0.16 /bu from $3.36 /bu from “old crop” MY 2016/17. This scenario is
given an 80% likelihood of occurring by KSU Extension Agricultural Economist D. O’Brien.
5. Alternative KSU Supply‐Demand & Price Forecast for “New Crop” MY 2017/18
Two alternative KSU‐Scenarios for U.S. corn supply‐demand and prices are presented for “new crop” MY
2017/18. These projections are to show how varying corn export outcomes could affect the USDA’s projection
in the December 9, 2017 WASDE report.
A ‐ KSU “Higher Exports” MY 2017/18 Scenario: “2.250 bb Exports” Scenario (10% probability) assumes:
90.348 ma planted, 82.890 ma harvested, 175.4 bu/ac trend yield, 14.539 bb production, 16.884 bb total
supplies, 2.250 bb exports, 14.785 bb total use, 2.099 bb ending stocks, 14.20% S/U, & $3.55 /bu U.S. corn
average price;
Page | 3
B ‐ KSU “Lower Exports” MY 2017/18 Scenario: “1.800 bb Exports” Scenario (10% probability) assumes:
90.348 ma planted, 82.890 ma harvested, 175.4 bu/ac trend yield, 14.539 bb production, 16.884 bb total
supplies, 1.800 bb exports, 14.360 bb total use, 2.524 bb ending stocks, 17.58% S/U, & $3.20 /bu U.S. corn
average price;
6. USDA Supply‐Demand & Price Forecast for “Next Crop” MY 2018/19
In the November 28th Long Term Baseline projections, the USDA forecast for “next crop” MY 2018/19 that
2018 U.S. corn planted and harvested acres would equal 91.0 million acres (ma) and 83.7 ma, respectively,
both up from 90.429 ma planted and 83.119 ma harvested in 2017. Corn yields in 2018 are forecast at 173.5
bu/ac, down from the record high of 175.4 bu/ac in 2017. U.S. corn production is 2018 is projected to be
14.520 bb – down from 14.578 bb now projected for 2017.
The USDA forecast “new crop” MY 2017/18 total supplies to 17.007 bb – adjusted for changes in the
December WASDE report in MY 2017/18 ending stocks. Total use is forecast at 14.450 bb – down 35 mb from
this current marketing year. Ending stocks are projected to be a 2.557 bb (17.7% S/U) – up from 2.437 bb
(16.8% S/U) in “new crop” MY 2017/18. United States’ corn prices are projected to average $3.30 /bu – up
from $3.20 /bu in “new crop” MY 2017/18.
5. World Corn Supply‐Demand – With & Without China
World corn production of 1,044.8 million metric tons (mmt) is projected for “new crop” MY 2017/18, down
2.9% from the record of 1,074.8 mmt in “old crop” MY 2016/17, but still up 7.3% from 973.5 mmt in MY
2015/16. World corn total supplies of 1,272.1 mmt are down marginally from the record high 1,290.5 mmt in
“old crop” MY 2016/17, but up from 1,183.2 mmt in MY 2015/16.
World corn exports of a 151.6 mmt are projected for “new crop” MY 2017/18, down 7.6% from the record
high of 164.1 mmt in “old crop” MY 2016/17, and up 26.7% from 119.7 mmt in MY 2015/16. Projected World
corn ending stocks of 204.1 mmt (19.1% S/U) in “new crop” MY 2017/18 are down from the record high 227.3
mmt (21.4% S/U) in “old crop” MY 2016/17, and from 214.9 mmt (22.2% S/U) in MY 2015/16. Projected
Foreign (Non‐U.S.) corn ending stocks of 142.2 mmt (16.5% S/U) in “new crop” MY 2017/18 are down from
169.0 mmt (19.8% S/U) in “old crop” MY 2016/17, and from 170.8 mmt (23.1% S/U) in MY 2015/16.
An alternative view of the World corn supply‐demand is presented if Chinese corn usage and ending stocks
are isolated from the World market. “World‐Less‐China” corn ending stocks are projected to be 124.5 mmt
(15.0% S/U) in “new crop” MY 2017/18, down from 126.6 mmt (15.2% S/U) in “old crop” MY 2016/17, but up
from 104.1 mmt (13.9% S/U) in MY 2015/16. These figures show that World stocks‐to‐use of corn less China’s
direct influence are projected to be approximately 21% lower (i.e., 15.0% S/U for the “World‐Less‐China”
versus 19.1% S/U for the “World” overall in “new crop” MY 2017/18).
At the same time, these figures also show that Chinese ending stocks of corn as proportion of the World
total are declining – down from 51.5% in MY 2015/16, to 44.3% in “old crop” MY 2016/17, and down to 39.0%
in “new crop” MY 2017/18. The deliberate actions in recent years ‐ taken by the Chinese government to
reduce feedgrain stockpiles – is impacting the relative amount of World total corn stocks they hold. These
actions may increase Chinese import demand for both U.S. corn and grain sorghum.
…
February 4, 2016
Grain Marketing Presentations
imports continue to grow?
• Livestock feed demand, inelastic food … RFS driven) & Wet Milling
o Livestock feed & exports more price … Domestic Food use
o Exports & Livestock feed use are more price responsive
• …
February 2, 2009
to handling of animals at livestock attention to handling of … to handling of animals at livestock
auction markets (facilities … surveillance of
animal handling at livestock auction markets and animal …
September 3, 2017
Section 5: Long-Range Planning (FINLRB)
Income derived from the sale of commodities,
livestock, and/or custom services provided as part
of the farming operation (reported on Schedule F)
Income Tax Basics
• … Anything purchased that must be depreciated
(machinery, breeding livestock, buildings)
– Assets held until disposition but that are not
depreciable (i.e. land – …
April 17, 2018
Land Use Value Research
cash rent survey of Kansas Livestock Association Members, County … costs of providing water to livestock. The procedures were the … fence ownership costs.
Livestock Watering Costs
In previous …
October 22, 2018
Q3.2017
http://agmanager.info/livestock-meat/meat-demand
Glynn … USDA-ERS, Compiled by LMIC
Livestock Marketing Information Center
PerCapCons … USDA-ERS, Compiled by LMIC
Livestock Marketing Information Center
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