Cattle and Hog Farmers Aren’t the Only Ones to Benefit from U.S. Red Meat Exports
Dean Meyer depends on red meat exports in more ways than one. On his farm near Rock Rapids, Iowa, he grows corn, soybeans, cattle and hogs.
An independent study shows U.S. beef and pork exports added 41 cents per bushel to the value of corn and $1.06 per bushel to soybeans in 2020. The study, conducted by World Perspectives, Inc., was released on Wednesday by the U.S. Meat Export Federation (USMEF) and underlines the critical returns U.S. red meat exports brought to the corn and soybean industries last year.
“As the study indicates, my farm gains from red meat exports in the price of every acre of crops that we grow,” Meyer says. “Red meat exports are vital to my family’s operation.”
Corn and soybean producers 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, the organization said in a release. This funding is leveraged with support from pork and beef checkoff programs and USDA.
“Something else this study points to is how different sectors of U.S. agriculture can work together to benefit the industry as a whole,” Meyer adds.
Mark Legan, a hog farmer from Coatesville, Ind., believes this study affirms the importance of U.S. red meat promotion in international markets.
“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 U.S. agriculture,” Legan says.
Let the Numbers Speak
Key findings from the study, which utilizes 2020 export data according to a USMEF release, include:
Value of Red Meat Exports’ Feed Use of Soybeans and Corn in 2020
• U.S. 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/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/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/ton, generating $468 million in market value for ethanol mills’ co-products.
Value to U.S. Corn and Soybean Crop from Red Meat Exports
• In 2020, beef and pork exports contributed 41 cents per bushel, or 11.5% of the average annual price of $3.52/bushel. With total production of 14.18 billion bushels, the value of red meat exports to the U.S. 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/bushel. With total production of 4.14 billion bushels, the value of pork exports was $4.4 billion to the U.S. soybean crop, meaning soybean producers would have lost $4.4 billion in value if there were no pork exports.
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.
Read More:
Pork Industry Pleas for More Access to Foreign-Born Workers
Delay Enforcement of Animal Confinement Law in Massachusetts, Meat Institute Urges
