Beef and Pork Exports Brought Significant Returns to Corn and Soybean Producers in 2023

Published: Apr 02, 2024

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 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.

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.

“We’ve been charting the impact of red meat exports on corn and soybean value since 2016. Despite the international headwinds the red meat industry faced in 2023, red meat exports contributed substantially to the bushel values of U.S. corn and soybeans,” says Dave Juday of The Juday Group.

The quality of U.S. corn and soybeans as feed inputs is a key differentiator for U.S. red meat in international markets, says USMEF Chair Randy Spronk, a pork and grain producer from Edgerton, Minn.

“Our production practices and the quality of our feed inputs is an important part of the story that USMEF promotes to international customers,” says Spronk. “How we raise our soybeans, how we raise our corn, how we process our feed and the efficiencies we strive for ‒ those are sustainable practices that help differentiate us from other beef and pork exporters.”

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.

Handouts detailing the impact of red meat exports at the national level and on the leading corn-producing and soybean-producing states are available from the USMEF website.

For questions or interviews on this topic, please email Rod Manuel or call 303-210-3501.

Accompanying video is available for this story:

This overview video features an explanation of the impact numbers from Dave Juday of The Juday Group.