Agricultural News
Red Meat Exports Deliver Value Back to Corn and Soybean Producers, Says Study
Fri, 17 Jun 2022 09:15:55 CDT
Record-level red meat exports of $18.7 billion in 2021 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 nationally, and at state levels for leading corn-producing and soybean-producing states.
"The study validates the red meat industry's collaborative approach to export market development," says U.S. Meat Export Federation (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."
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 USMEF.
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 industry-wide collaboration to promote value-added U.S. red meat in international markets works to the benefit of the entire red meat industry," says Mark Legan, a hog farmer from Coatesville, Ind., who serves on the USMEF Executive Committee. "Red meat export growth results in greater demand for feed inputs and added value at every step of the supply chain. This study demonstrates the significance of global trade to the bottom line of American farmers and ranchers."
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 with Dave Juday of The Juday Group.
Clean clips of Juday without b-roll or supers are available below:
Juday 1: Juday outlines the per-bushel value impact of red meat exports on both corn and soybeans.
Juday 2: Juday looks at the specific price impacts on corn.
Juday 3: Juday looks at the specific price impacts on soybeans.
Juday 4: Beef and pork exports are growing as a percentage of U.S. production and that is impacting the value of corn and soybeans.
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