DENVER – An independent study conducted by World Perspectives Inc. and released by the U.S. Meat Export Federation (USMEF) states US beef and pork exports added 41¢ per bushel to the value of corn and $1.06 per bushel to soybeans in 2020.
“As the study indicates, my farm gains from red meat exports in the price of every acre of crops that we grow,” said Dean Meyer, corn, soybean, cattle and hog producer near Rock Rapids, Iowa. “Red meat exports are vital to my family’s operation.”
Corn and soybean producers invest a portion of their checkoff dollars to support of international promotion of US pork, beef and lamb and market development by USMEF. This funding is leveraged with support from pork and beef checkoff programs and the US Department of Agriculture.
“Something else this study points to is how different sectors of US agriculture can work together to benefit the industry as a whole.” Meyer said. “There is great potential for US agriculture on the world stage.”
Key findings from the study, which utilizes 2020 export data, include:
Value of Red Meat Exports’ Feed Use of Soybeans and Corn in 2020
- US pork exports used 2.45 million tons of soybean meal, which is the equivalent of 103.2 million bushels of soybeans. At an average annual price of $8.98 per bushel, pork exports accounted for $927 million in market value to the soybean industry.
- Beef and pork exports used 530.5 million bushels of corn. At an average annual price of $3.52 per bushel, beef and pork exports accounted for $1.87 billion in market value to the corn industry.
- Beef and pork exports also used 3.03 million tons of distiller’s dried grains with solubles (DDGS) at an annual average price of $154.59 per ton, generating $468 million in market value for ethanol mills’ co-products.
Value to US Corn and Soybean Crop from Red Meat Exports
- In 2020, beef and pork exports contributed 41¢ per bushel, or 11.5% of the average annual price of $3.52 per bushel. With total production of 14.18 billion bushels, the value of red meat exports to the US corn crop was $5.8 billion, meaning corn growers would have lost $5.8 billion in value if there were no beef and pork exports.
- In 2020, pork exports contributed $1.06 per bushel, or 12% of the average annual price of $8.98 per bushel. With total production of 4.14 billion bushels, the value of pork exports was $4.4 billion to the US soybean crop, meaning soybean producers would have lost $4.4 billion in value if there were no pork exports.
“USMEF’s efforts to promote US red meat in international markets have paid off for producers, whether they raise livestock or grow corn and soybeans – or, like me, they do both,” said Mark Legan, a hog farmer from Coatesville, Ind. “The study adds numbers to the story – a story those of us in this business have been telling for a long time – that global trade is vital to all of us involved in US agriculture.”
For details of the impact red meat exports have at the national level and on leading corn and soybean producing states, visit the USMEF website.