New information released by the U.S. Meat Export Federation (USMEF) shows beef and pork exports last year at $18.1 billion had a significant impact on the corn and soybean industries.
The numbers, from an independent study conducted by The Juday Group, notes U.S. pork and beef exports contributed an estimated total economic impact of 14.6% per bushel to the value of corn and 13.9% per bushel to soybeans in 2023.
Exporting corn through U.S. beef and pork:
- Beef and pork exports accounted for 512.7 million bushels of U.S. corn usage, which equated to a market value of $3.05 billion (at an average 2023 corn price of $5.95 per bushel).
- Beef and pork exports accounted for 3.07 million tons of DDGS usage, equating to $671.62 million (at an average price of $219 per ton).
- Beef and pork exports contributed an estimated total economic impact of 14.6%, or $0.87, of bushel value at an average price of $5.95 per bushel.
Exporting soybeans through U.S. pork:
- Pork exports accounted for 96.8 million bushels of U.S. soybean usage, which equated to a market value of $1.36 billion (at an average price of $14.07 per bushel).
- Pork exports contributed an estimated total economic impact of 13.9% of bushel value, or $1.95, at an average price of $14.07 per bushel.
More information from this study which details the impact of red meat exports at the national level and on the leading corn-producing and soybean-producing states are available on the USMEF website.