Red meat exports added 12 percent of bushel value to the U.S. corn farmer in 2019. The U.S. Meat Export Federation (USMEF) recently updated a study on the market value of red meat exports. At an average of $3.75 per bushel, $0.46 is from red meat exports. The study indicated that without red meat exports, corn growers would have lost $6.4 billion in corn revenue in 2019.
Other highlights from the updated study include:
Value of Red Meat Exports’ Feed Use of Corn and Soybeans
- In 2019, U.S. beef and pork exports used 480 million bushels of corn. Corn revenue generated by pork exports totaled $1.8 billion (480 million bushels x average annual price of $3.75/bushel).
- Beef and pork exports also used about 3 million tons of distiller’s dried grains with solubles (DDGS) in 2019 at an annual average price of $137/ton. This generated $411.8 million in revenue for ethanol mills’ co-products.
- The projected market value of red meat exports to U.S. corn from 2020-2029 is $23.1 billion.
“The animal ag industry is the largest user of U.S. corn, and it’s beneficial to have an understanding of the impact of the value of red meat exports,” said Dan Wesely, chairman of the Market Development Action Team. “It’s important to partner with USMEF to work together to continue to expand and grow these markets, especially during these challenging times.”
As a part of the work on the study, USMEF also did an updated infographic and highlighting key statistics and facts from the study. More details on U.S. red meat exports’ value to corn are available in this slide presentation. World Perspectives, Inc. (WPI), conducted the study
Related:
NCGA Sponsoring Farm Journal Webinar – America’s Farmers Carrying On: How Commodities are Adapting in a Pandemic World: The free event is Wednesday, August 19, 2020, at 2:00 p.m. CDT. You can register here.