Transcript WHEAT OUTLOOK Midwest Outlook Conference 2005

Grain Market Outlook
Hoxie, Kansas
February 18, 2008
Daniel O’Brien & Mike Woolverton
K-State Research and Extension
[email protected]
[email protected]
Historic vs Current Grain Prices
Wheat
Corn
Grain Sorghum
Soybeans
Sunflowers
1 National
2000-06
Average
$3.35
$2.24
$2.20
$5.66
$11.57 /cwt
USDA
2007/08
$6.45 – $6.85
$3.75 – $4.25
$3.65 – $4.15
$10.00 – $10.80
$20.60 – $21.90
marketing year average price per unit, 2000-2006.
Current Grain Market Factors

Wheat – Global shortage of quality milling wheat, reduced
Australian & Argentinean production, & acres planted N.
Hemisphere.

Corn/Grain Sorghum – Strong demand from overseas
buyers, ethanol demand, & bid for acres.
Soybeans – Dryness hurting Argentinean & Brazilian crops,
hectares in Brazil up only 1%, & critically low U.S. carryover

Factors to Watch:



Tight global S/D balances for wheat, soybeans & coarse grains
Battle for U.S. crop acres this spring
Harvest of Southern Hemisphere crops (Spring-early Summer 2008)
Wheat
Markets
March 2008 HRW Wheat Futures
KCBT: April 2006-February 2008
“2008 Old Crop March HRW Contract”
Contract Volume & Open Interest
Hoxie, Kansas Cash Wheat Prices
Frontier Ag Inc., Hoxie, Kansas
Feb. 21, 2007 – Feb. 15, 2008
Source: DTN Bid Analyzer
Colby, Kansas Cash Wheat Prices
Cornerstone Ag., Colby, Kansas
Feb. 21, 2007 – Feb. 15, 2008
Source: DTN Bid Analyzer
July 2008 HRW Wheat Futures
KCBT: April 2006-February 2008
“2008 New Crop July HRW Contract”
Contract Volume & Open Interest
Hoxie, KS New Crop Wheat Prices
High Plains Coop, Hoxie, Kansas
Jan. 15, 2008 – Feb. 15, 2008
Source: DTN Bid Analyzer
March 2008 Hard Red Spring Wheat
KCBT: April 2006-February 2008
“2008 Old Crop March HRW Contract”
Contract Volume & Open Interest
U.S. Wheat Supply-Demand
2005/06
Planted Ac. (mln.)
Harvested Ac (mln.)
Yield (bu./ac.)
Beg. Stocks
Production
Total Supplies
Food
Seed
Exports
Feed & Residual
Total Use
End Stocks (%S/U)
U.S. Ave. Farm $
2006/07
2007/08
57.2
57.3
60.4
50.1
46.8
51.0
42.0
38.7
40.5
540
571
456
2,105
1,812
2,067
2,727
2,505
2,613
914
933
945
78
81
86
1,009
909
1,200
154
125
110
2,155
2,049
2,341
(26%) 571 (22%) 456 (12%) 272
$3.42
$4.26 $6.45-$6.85
U.S. Wheat Planted Acreage
1973-2007 + Projected 2008
Kansas HRW Acres Seeded down by 500K in 2007/08
U.S. Wheat Seedings Up 4%, but lower than expected 2007/08
Seedings of U.S. Hard Red Winter Wheat (-1%) (SRW up 21%)
62
.1
57
.2
60
.4
62
.2
75
.1
77
.0
80
80
.4
Million Acres
100
88
.3
120
60
40
20
'73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07
Marketing Year
U.S. Wheat Yields
1973-2007 + Trend
60
U.S. Trend Wheat Yields for 2008/09: 41 bu / ac
Bushels / Acre
50
40
39.4
31.6
34.2
37.7 39.5
43.2
44.2
40.5
30
20
10
0
'73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07
Harvest Year
U.S. Wheat Production
1973-2007 + Projected 2008
4.0
Projected increase in U.S. Wheat Production in 2008/09
(More U.S. Wheat Acres x Trend Yields)
2.8
Billion Bushels
3.0
2.6
2.7
2.2
2.0
2.6
2.4
2.1 2.1 2.1
1.0
0.0
'73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07
Marketing Year
U.S. Wheat Exports
1973/74 thru 2007/08 Marketing Years
2.5
Billion Bushels
2.0
1.5
Strong Pace for U.S. Wheat Exports for 2007/08 Mktg Year to date
Due to high $s, sharp declines expected in March-May 2008
1.77
1.59
1.42
1.38
1.35
1.24
1.2
1.16
1.09
1.0
0.5
0.0
'73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07
Marketing Year
World Wheat Supply-Demand
2005/06 thru 2007/08 Marketing Years
800
Million Metric Tons
621
600
593 604
30 year low for World
Wheat Ending Stocks
(since 1977/78)
624 616 619
"Some" Price Rationing of
Wheat Export Purchases
400
200
116 111 106
148 125
110
Exports
Ending Stocks
0
Production
'2005/06 Mktg Yr
Use
'2006/07 Mktg Yr
'2007/08 Mktg Yr
Production of World Wheat Exporters
2005/06 thru 2007/08 Marketing Years
Million Metric Tons
150
Unchanged-Declining 2007/08 Wheat Production
for World's Major Wheat Exporters
120
90
60
30
0
EU-27
U.S.
'2005/06 Mktg Yr
Canada
Australia Argentina
'2006/07 Mktg Yr
FSU-12
'2007/08 Mktg Yr
Exports of World Wheat Exporters
2005/06 thru 2007/08 Marketing Years
35
U.S. & FSU 12 Only Major Exporters
to increase Sales in 2007/08
Million Metric Tons
30
25
20
15
10
5
0
EU-27
U.S.
'2005/06 Mktg Yr
Canada
Australia Argentina
'2006/07 Mktg Yr
FSU-12
'2007/08 Mktg Yr
U.S. Wheat Ending Stocks
Wheat Ending Stocks as a % of Usage
100
60 Year Low U.S. Wheat Ending Stocks
12% Stocks/Use @ 272 mln bu
% Stocks to Use
80
60
40
20 17
20
20 19
16
27
22
12
0
'73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07
Marketing Year
U.S. Wheat Stocks/Use% vs Price
% Stocks/Use
100
$7.00
Record 2007/08 U.S. Wheat Price:
$6.45 - $6.85 /bu @ 12% Stocks/Use
$6.65
$6.00
$5.00
$4.50
80
$3.99
$3.72
60
$4.26
$3.56
$4.00
$3.42
$3.00
40
$2.00
20
$1.00
0
$0.00
'73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07
Marketing Year
U.S. Wheat Ending Stocks to Use %
U.S. Wheat Price
U.S. Wheat $
120
Impact of Scarce U.S. & World
Wheat Supplies on Prices
Wheat
Price
DWheat
SShort Supply
SMedium Supply
SLarge Supply
PSS
PMS
Marketing Loan$
PLS
QSS
QMS
QLS
Wheat
Quantity
Soybean
Markets
March 2008 Soybean Futures
CBOT: October 2006-February 2008
“2008 Old Crop Soybean Contract”
Contract Volume & Open Interest
Hoxie, Kansas Cash Soybean $s
Frontier Ag Inc., Hoxie, Kansas
Feb. 21, 2007 – Feb. 14, 2008
Source: DTN Bid Analyzer
Colby, Kansas Cash Soybean $s
Cornerstone Ag, Colby, Kansas
Feb. 21, 2007 – Feb. 14, 2008
Source: DTN Bid Analyzer
November 2008 Soybean Futures
CBOT: January 2006-February 2008
“2008 Old Crop Soybean Contract”
Contract Volume & Open Interest
Hoxie, KS New Crop Soybean $s
Hi-Plains Coop, Hoxie, Kansas
Jan. 15, 2008 – Feb. 15, 2008
Source: DTN Bid Analyzer
U.S. Soybean Supply-Demand
2005/06 2006/07
Planted Ac. (mln.)
Harvested Ac (mln.)
Yield (bu./ac.)
Beg. Stocks
Production
Total Supplies
Crushings
Exports
Seed
Residual
Total Use
End Stocks (%S/U)
U.S. Ave. Farm $
2007/08
72.0
75.5
63.6
71.3
74.6
62.8
43.0
42.7
41.2
256
449
574
3,063
3,188
2,585
3,322
3,647
3,165
1,739
1,806
1,835
940
1,118
1,005
93
78
86
101
70
79
2,873
3,073
3,005
(16%) 449 (19%) 574
(5%) 160
$5.66
$6.43 $10.00-$10.80
U.S. Soybean Planted Acreage
1973-2007 + Projected 2008
100
Recovery in U.S. Soybean Acres Expected for 2008/09
Million Acres
75
71.4
74.3
70.9
75.5
70.0
63.6
50
25
0
'73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09
Marketing Year
U.S. Soybean Yields
1973-2007 + Trend
60
U.S. Trend Soybean Yield for 2008/09: 42 bu/acre
Bushels / Acre
50
40
32
31
29
30 28
34
37
38
41
39
40
43 41
20
10
0
'73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07
Harvest Year
U.S. Soybean Production
1973-2007 + Projected 2008
3.5
Billion Bushels
3.0
2.5
2.0
Higher U.S. Soybean Production Expected for 2008/09
2.7 2.9
2.5
2.3 2.2
2.1
1.5
3.1 3.2
2.9
2.6
1.8
1.5
1.0
0.5
0.0
'73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07
Marketing Year
U.S. Soybean Exports
1973/74 thru 2007/08 Marketing Years
1500
Million Bushels
1250
Foreign Demand for U.S. Soybeans Weakening
Slower Exports Expected for rest of 2007/08 Mktg Year
1000
750
875
700
539
929
838 882
804
1118
1064 1103
1005
973
622
500
250
0
'73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07
Marketing Year
World Soybean Supply-Demand
2005/06 thru 2007/08 Marketing Years
Million Metric Tons
300
250
220
236
220
215 225
200
236
Decreasing World Production
Increasing Use & Exports
Declining Ending Stocks
150
100
76
64 71
50
53 62 46
0
Production
'2005/06 Mktg Yr
Use
Exports
'2006/07 Mktg Yr
Ending Stocks
'2007/08 Mktg Yr
Production of World Soybean Exporters
2005/06 thru 2007/08 Marketing Years
Million Metric Tons
100.00
Brazil 2007/08 Acres up 3.9% to 21.5 mln hectares
(500K hectares less than expected)
80.00
60.00
40.00
20.00
0.00
U.S.
'2005/06 Mktg Yr
Brazil
'2006/07 Mktg Yr
Argentina
'2007/08 Mktg Yr
Exports of World Soybean Exporters
2005/06 thru 2007/08 Marketing Years
Million Metric Tons
40
Not as large an increase in Brazilian soybean production as expected has
diminished Export prospects & pushed World Soybean $Prices higher
30
Record Prospects for
Argentina Soy Exports
20
10
0
U.S.
'2005/06 Mktg Yr
Brazil
'2006/07 Mktg Yr
Argentina
'2007/08 Mktg Yr
U.S. Soybean Ending Stocks
Soybean Ending Stocks as a % of Usage
40
% Stocks to Use
Sharp Reduction in 2007/08 Soybean Stocks (160 mb, 5.3% S/U):
lowest since 2003/04 (112 mln bu)
30
19
16
20
10
7
10
10
8
6
8
9
7 6
9
4
5
0
'73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07
Marketing Year
U.S. Soybean Stocks/Use% vs Price
35
$12.00
Record High U.S. Soybean Price: $10.00 - $10.80 /bu
$10.40
$10.00
25
20
$7.57 $7.83
$6.64
$7.42
$7.35
$7.34
$8.00
$6.81
$6.43
$6.00
15
$4.00
10
5
$2.00
0
$0.00
'73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07
Marketing Year
Stocks/Use%
U.S. Soybean Price
U.S. Soybean $
% Stocks/Use
30
Impact of Scarce U.S. & World
Soybean Supplies on Prices
Soybean
Price
DSoybeans
SShort Supply
SMedium Supply
SLarge Supply
PSS
PMS
Marketing Loan$
PLS
QSS
QMS
QLS
Soybean
Quantity
Feedgrain
Markets:
Corn &
Grain Sorghum
March 2008 Corn Futures
CBOT: February 2006-February 2008
“2008 Old Crop Corn Contract”
Contract Volume & Open Interest
Hoxie, Kansas Corn Cash Prices
Frontier Ag Inc., Hoxie, Kansas
Feb. 20, 2007 – Feb. 15, 2008
Source: DTN Bid Analyzer
Hoxie, KS Grain Sorghum Cash $s
Frontier Ag Inc., Hoxie, Kansas
Feb. 21, 2007 – Feb. 15, 2008
Source: DTN Bid Analyzer
December 2008 Corn Futures
CBOT: Jan 2006-February 2008
“2008 New Crop Corn Contract”
Contract Volume & Open Interest
Colby, KS New Crop Corn Prices
Cornerstone Ag, Hoxie, Kansas
Feb. 21, 2007 – Feb. 15, 2008
Source: DTN Bid Analyzer
Hoxie, KS New Crop Milo Prices
Frontier Ag Inc., Hoxie, Kansas
Jan. 2, 2008 – Feb. 15, 2008
Source: DTN Bid Analyzer
U.S. Corn Supply-Demand
Planted Ac. (mln.)
Harvested Ac (mln.)
Yield (bu./ac.)
Beg. Stocks
Production
Total Supplies
Ethanol
Other Food, Seed, Indust.
Exports
Feed & Residual
Total Use
End Stocks (%S/U)
U.S. Ave. Farm $
2005/06
2006/07
2007/08
81.8
75.1
148.0
2,114
11,114
13,237
1,603
1,378
2,134
6,155
11,270
(17%) 1,967
$2.00
78.3
70.6
149.1
1,967
10,535
12,514
2,117
1,371
2,125
5,598
11,210
(12%) 1,304
$3.04
93.6
86.5
151.1
1,304
13,074
14,393
3,200
1,355
2,450
5,950
12,955
(11%) 1,438
$3.75-$4.25
Dynamics of U.S. Corn Usage
USDA
2006/07
Feed and Residual
Food, Seed, and Industrial
Ethanol for Fuel
Net Exports
Ending Stocks
Total Usage
11,210
Production
1 Assumes
2
USDA
2007/08 est. (Mln. Bu.)
5,598
5,9501 (+6%)
1,371
1,3552 (‫־‬1%)
2,117
3,200 (+51%)
2,125
2,450 (+15%)
1,304
1,438 (+10%)
12,995 (+16%)
10,535
13,074 (+24%)
DDGS retain 30% of the feed value of corn and are included in the feed and residual
category by the USDA.
Industrial, food, and seed less ethanol.
U.S. Grain Sorghum Supply-Demand
Planted Ac. (mln.)
Harvested Ac (mln.)
Yield (bu./ac.)
Beg. Stocks
Production
Total Supplies
Food, Seed, Indust.
Exports
Feed & Residual
Total Use
End Stocks (%S/U)
U.S. Ave. Farm $
2005/06
2006/07
2007/08
6.5
5.7
68.5
57
393
450
50
194
140
384
(17%) 66
$1.86
6.5
4.9
56.2
66
278
343
45
157
109
311
(10%) 32
$3.29
7.7
6.8
74.2
32
505
537
35
285
175
495
(9%) 42
$3.65-$4.15
U.S. Corn Planted Acreage
1973-2007 + Projected 2008
100.0
93.6
88.0
Million Acres
90.0
80.0
70.0
60.0
50.0
'73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09
Marketing Year
U.S. Corn Yields
1973-2007 + Trend
180
Bushels / Acre
150
132
139
127
160
148 151
142
138
120
90
60
30
0
'73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07
Harvest Year
U.S. Corn Production
1973-2007 + Projected 2008
15.0
Billion Bushels
12.0
9.0
13.1
12.5
11.8
Record 2007 Corn Production
Projected Decrease in 2008
7.9
8.2
8.9
9.5
10.1
9.9
6.0
3.0
0.0
'73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07
Marketing Year
U.S. Corn Food, Seed & Industrial Use
1973/74 thru 2007/08 Marketing Years
Billion Bushels
5.0
4.0
2007/08 Ethanol-related Use of Corn = 3.2 Billion Bushels
25% of Total U.S. Corn Use
3.0
Estimated Bioenergy / Ethanol Use for 1973/74 - 2001/02
2.0
1.0
0.0
'73
'76
'79
'82
'85
'88
'91
'94
'97
'00
'03
Marketing Year
Other Food, Seed, Industrial Use
Ethanol
'06
U.S. Ethanol Industry at a Glance
2006





2008
Number of operating ethanol plants:
97
139 Under construction or expanding:
35
69
Announced plants:
300(17%) 100(?)
Current production capacity: (BGPY) 4.8
7.9
Projected production capacity:
11.7 BGPY end of 2008
13.5 BGPY end of 2009
Feedstock Use Proportion:
Corn
97%
Sorghum
2%
Other
1%
Ethanol vs RBOB Prices
March 2007 – February 2008 (Source: DTN)
Corn Demand Increase
Due to Ethanol Development
Corn
Price
DCorn
DCorn w. Ethanol
Corn
Quantity
U.S. Corn Exports
1973/74 thru 2007/08 Marketing Years
3.5
325 Million Bu Increase (15%) in 2007/08 over 2006/07
Billion Bushels
3.0
2.5
2.40
2.37
2.23
?
2.45
2.15
2.0
1.5
1.0
0.5
0.0
'73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07
Marketing Year
Total U.S. Corn Use
1973/74 thru 2007/08 Marketing Years
15.0
Total Use Over Trend in 2007/08
Due to Ethanol, Exports, etc.
Billion Bushels
12.0
9.4
9.0
6.0
7.6
5.9
6.2
7.2
9.3
9.8
13.0
11.3
10.7
8.1
3.0
0.0
'73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07
Marketing Year
World Corn Supply & Demand

Global production up
9% from 2006/07.
Use up 7%
750
Million MT
700
650
600

Production will be 5.37
MMT (212 mil. Bu.)
less than Usage
550
500
450
400
350

World Ending Stocks
to decrease 5.37 MMT
from last year, down
to 13 % of Usage.
300
250
200
80 982 984 986 988 990 992 994 996 998 000 002 004 006 008
9
1
1
1
1
1
1
1
1
1
1
2
2
2
2
2
9 / 81 / 83 / 85 / 87 / 89 / 91 / 93 / 95 / 97 / 99 / 01 / 03 / 05 / 07 /
7
19 19 19 19 19 19 19 19 19 19 19 20 20 20 20
Production
Consumption
World Coarse Grain Supply-Demand
2005/06 thru 2007/08 Marketing Years
Million Metric Tons
1500
World Coarse Grain S-D driven by
U.S. Feedgrain S-D Trends:
1200
977 982
1052
1062
992 1010
900
Record World Corn Exports,…
Lowest Ending Stocks in 30 Yrs
600
300
107 115 120
164 137 126
Exports
Ending Stocks
0
Production
'2005/06 Mktg Yr
Use
'2006/07 Mktg Yr
'2007/08 Mktg Yr
Production of World Coarse Grain
Exporters
2005/06 thru 2007/08 Marketing Years
400
Major Increase in U.S. Coarse Grain Production
Million Metric Tons
350
300
250
200
150
Record '07
Canada Corn
Crop
100
50
0
U.S.
Argentina Australia
'2005/06 Mktg Yr
Canada
Brazil
'2006/07 Mktg Yr
China
FSU-12
'2007/08 Mktg Yr
Exports of World Coarse Grain Exporters
2005/06 thru 2007/08 Marketing Years
80
U.S. is the only major Supplier with marked
increase in Exports in 2007/08 Mktg Year
Million Metric Tons
70
60
50
Limited prospects for other Coarse Grain Exporters
40
30
1.15 mmt MORE
Canada Coarse
Grain Exports
20
4.37 mmt LESS
China Coarse
Grain Exports
10
0
U.S.
Argentina Australia
'2005/06 Mktg Yr
Canada
Brazil
'2006/07 Mktg Yr
China
FSU-12
'2007/08 Mktg Yr
U.S. Corn Ending Stocks
Corn Ending Stocks as a % of Usage
72
66
62
% Stocks to Use
60
55
2007/08 Ending Stocks:
1.438 Billion Bu.
11% Stocks/Use
49
48
36
23
24
27
23
27
25
19 20
17
12 8 7
11
11
5
10
20
11 9
12 11
0
'73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07
Marketing Year
U.S. Corn Stocks/Use% vs Price
70
$4.50
% Stocks/Use
60
50
$3.12
40
$4.00
$4.00
$3.50
$3.21
$3.24
$3.04
$3.02
$2.42
30
20
$3.00
$2.50
$2.00
$2.00
10
$1.50
0
$1.00
'73 '75 '77 '79 '81 '83 '85 '87 '89 '91 '93 '95 '97 '99 '01 '03 '05 '07
Marketing Year
Stocks/Use%
U.S. Corn Price
U.S. Corn $
2007/08 Record High:
$3.75 - $4.25 / bu
@ 11% Stocks/Use
Short Run Ethanol Effect on Prices
Corn
Price
DCorn
DCorn w. Ethanol
Short Run Supply
(2007-08 Corn Crop & Stocks)
PSR
P0
Q 2007-08
Corn
Quantity
Long Run Effect of Ethanol
on Corn-Feedgrain Prices
Corn
Price
DCorn
DCorn w. Ethanol
SSht Run
Long Run Supply
(2008-2012 Corn Supplies)
PSR
PLR
Q07 Q2008-2012
Corn
Quantity
Long Run
Grain
Market
Perspectives
Land in Crops
(Millions of acres)
5 yr. Ave.
Corn
79.6
Soybeans
74.2
Hay
62.4
Wheat
59.5
Cotton
14.1
Grain Sorghum
8.1
Principle Crops 297.9
CRP
07/08USDA
Proj. 08/09
93.6
63.6
61.8
60.4
10.8
7.7
297.9
35.9
88.0 (-6%)
70.0 (+10%)
61.8 (--)
62.2 (+3%)
10.0 (-7%)
7.4 (-4%)
299.4
34.9 (-3%)
Total crop land in the United States – 441.6 million acres
Crop Acres Coming Out of CRP
2007–2017 (Source: USDA, FSA)
1.75
1.4
1.25
1.3
1.1
1.0
0.9 1.0
1.00
0.9
0.8 0.8
0.75
0.5
0.50
0.4
0.25
2017
2016
2015
2014
2013
2012
2011
2010
2009
2008
0.00
2007
Million Acres
1.50
Long Run Grain Prices
Wheat
Corn
Grain Sorghum
Soybeans
Sunflowers
1 National
2000-06
Average
$3.35
$2.24
$2.20
$5.66
$11.57
USDA
Long Run
2007/08
Projection
$6.45 – $6.85
$5.00
$3.70 – $4.30
$3.50
$3.60 – $4.20
$3.40
$9.90 – $10.90
$7.50
$19.60 – $21.20
$15.50
marketing year average price per unit, 2000-2006.
Questions???
K-State Extension Agricultural Economics:
www.AgManager.info