U.S. Pork and Beef Exports Contribute Over 13% Estimated Economic Value To Both Corn and Soybeans, Study Finds
U.S. pork and beef exports contributed an estimated total economic impact of 15% per bushel to the value of corn and 13% per bushel to soybeans in 2022, according to the study conducted by World Perspectives, Inc. and released by the U.S. Meat Export Federation (USMEF).
“For every bushel of corn we marketed in 2022, a little over $1 was attributed to red meat exports and with soybeans, pork exports contributed $1.94 per bushel,” says Dean Meyer, USMEF Chair and Iowa corn, soybeans, cattle and hog producer, in a release. “Pork and beef exports bring critical support to our bottom lines.”
While pork and beef exports provide support to grain commodities, a portion of the corn and soybean growers checkoff dollars are invested in international promotion of U.S. pork, beef and lamb in market development efforts conducted by USMEF.
World Perspectives Senior Analyst, Dave Juday, says the support of pork and beef was critically important to corn and soybean farmers in 2022, that worked to maintain margins with higher input costs.
“We are a major exporter of corn and soybeans, but this study reminds us of the value of our indirect exports of corn and soybeans through pork and beef. The contributions of pork and beef exports to the per-bushel value of U.S. corn and soybeans in 2022 were the highest estimates we’ve seen to date,” Juday adds.
Value in Corn
Beef and pork exports accounted for 503.4 million bushels of U.S. corn usage, which equated to a market value of $3.4 billion (at an average corn price of $6.75 per bushel), and 3.42 million tons of dried distillers grains (DDGS), equating to $834 million (at an average price of $244 per ton).
Specifically, beef and pork exports contributed an estimated economic impact of 15%, or $1.01, of bushel value in 2022 (at an averaged price of $6.75 per bushel), the study reports.
Value in Soybeans
Pork exports accounted for 89.7 million bushels of U.S. soybean usage, which equated to a market value of $1.33 billion (at an average price of $14.83 per bushel).
The estimated total economic impact contributed by pork exports was 13% of bushel value, or $1.94, in 2022 (at an average price of $14.83 per bushel).
