U.S. Meat Export Federation
Record level red meat exports of $18.7 billion last year, had a major impact on the corn and soybean industries, according to an independent study by the Juday Group. The study quantified the returns that red meat exports brought to corn and soybean producers in 2021.
Corn and soybean growers support the international promotion of U.S. pork, beef and lamb by investing a portion of their checkoff dollars in market development efforts conducted by U.S. Meat Export Federation (USMEF).
Dave Juday of The Juday Group outlines the per-bushel value impact of red meat exports on both corn and soybeans.
Juday notes that beef and pork exports are growing as a percentage of U.S. production and that is impacting the value of corn and soybeans.
Key findings from the Juday Group study, which utilized 2021 export data, include:
- Nationally, beef and pork exports accounted for 537 million bushels of corn usage, equating to $2.94 billion (at an average corn price of $5.48/bushel).
- Pork exports accounted for 99.3 million bushels of soybean usage nationwide (the equivalent of 2.36 million metric tons of soybean meal), which equated to $1.3 billion (at an average soybean price of $13.13/bushel).
- Beef and pork exports accounted for 3.4 million tons of DDGS usage, equating to $716 million (at an average price of $209.92/ton).
“The study validates the red meat industry’s collaborative approach to export market development,” says USMEF Chair-elect Dean Meyer, who produces corn, soybeans, cattle and hogs near Rock Rapids, Iowa. “Beef and pork exports drive value directly back to my farm and this study helps confirm the return on this investment for all corn and soybean producers.”
More information about the impact of red meat exports for corn and soybean producers is available on the USMEF website.