DENVER — The Juday Group, which has partnered with the US Meat Export Federation (USMEF) since 2016, conducted a study to determine the returns that red meat exports brought to corn and soybean producers in 2021 nationally and in leading corn- and soybean-producing states. According to the study, record-level red meat exports of $18.7 billion had a major positive impact on corn and soybean industries.
Founder and principal of the Juday Group, Dave Juday, noted the “outstanding” performance of beef exports, with 15% of beef production exported — a new record.
“The bottom line is that on a per bushel basis, beef and pork exports added about 12% to the per bushel value of corn, and pork exports added about 12.6% to the per-bushel value of soybeans,” he said.
Key findings from the Juday Group study 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 tonnes 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 tonnes of DDGS usage, equating to $716 million (at an average price of $209.92/tonne).
“The industry-wide collaboration to promote value-added US red meat in international markets works to the benefit of the entire red meat industry,” said 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.”
International promotion of US pork, beef and lamb receives support from corn and soybean producers as they invest a portion of their checkoff dollars in market development efforts conducted by USMEF.
“The study validates the red meat industry’s collaborative approach to export market development,” said 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.”