U.S. Red Meat Exports Bring Returns to Corn and Soy Growers
Hear/Download the Audio Report HERE.
Beef and pork exports of $18.1 billion in 2023 had a significant impact on the corn and soybean industries, according to an independent study conducted by Dave Juday of The Juday Group and released by the U.S. Meat Export Federation (USMEF). The study quantified the returns that beef and pork exports brought to corn and soybean producers nationally and on a state-by-state level for leading corn and soybean-producing states. Juday details the study in this USMEF Audio Report.
Nationally, 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, according to the study.
Key findings from the study, which utilized 2023 statistics provided by USDA’s National Agricultural Statistics Service and data compiled by The Juday Group, include:
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 details on the corn and soy impact study are available in this news release on this USMEF web page, which includes state-specific data on economic impact.